CERS

MKT CAP:$380M

Cerus Corporation

Market Cap

$380M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$2.08+$0.11 (+5.58%)

Apr 17, 2026

Company Details

Cerus Corporation operates as a biomedical products company. The company focuses on developing and commercializing the INTERCEPT Blood System to enhance blood safety. Its INTERCEPT Blood System, a proprietary technology for controlling biol...

CEO

William Greenman

IPO Date

Jan 31, 1997

Website

www.cerus.com

Key Metrics TTM

Revenue

$206M

+17.0% YoY

Net Income

-$16M

EPS (Diluted)

-$0.08

Free Cash Flow

$1M

Revenue / Share

$1.08

Gross Margin

54.5%

Operating Margin

-4.2%

Net Margin

-7.6%

FCF Margin

0.5%

P/S

1.8x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 2, 2026

$206M+14.3%EPS -$0.08

Q4 2025

Mar 2, 2026

$58MEPS -$0.01

Q3 2025

Nov 6, 2025

$53M+14.5%EPS -$0.00

Q2 2025

Aug 5, 2025

$52M+16.3%EPS -$0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$40M	$20M	-$7M
Q1 22	$37M	$19M	-$10M
Q2 22	$41M	$21M	-$7M
Q3 22	$40M	$22M	-$7M
Q4 22	$44M	$25M	-$10M
Q1 23	$31M	$17M	-$14M
Q2 23	$39M	$21M	-$12M
Q3 23	$40M	$22M	-$5M
Q4 23	$47M	$26M	$976.0K
Q1 24	$38M	$21M	-$8M
Q2 24	$45M	$25M	-$4M
Q3 24	$46M	$26M	-$961.0K
Q1 25	$43M	$25M	-$6M
Q2 25	$52M	$29M	-$3M
Q3 25	$53M	$28M	$1M
Q4 25	$58M	$30M	-$641.0K

Valuation

Quarter	P/S	P/E
Q4 21	2.9x	—
Q1 22	2.6x	—
Q2 22	2.5x	—
Q3 22	2.4x	—
Q4 22	2.3x	—
Q1 23	2.4x	—
Q2 23	2.5x	—
Q3 23	2.5x	—
Q4 23	2.4x	—
Q1 24	2.3x	—
Q2 24	2.2x	—
Q3 24	2.2x	—
Q1 25	2.2x	—
Q2 25	2.0x	—
Q3 25	2.0x	—
Q4 25	1.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$1M	-$2M
Q1 22	-$21M	-$22M
Q2 22	-$345.0K	-$423.0K
Q3 22	-$2M	-$3M
Q4 22	-$2M	-$3M
Q1 23	-$9M	-$10M
Q2 23	-$9M	-$9M
Q3 23	-$11M	-$13M
Q4 23	-$15M	-$15M
Q1 24	$2M	$860.0K
Q2 24	$401.0K	$360.0K
Q3 24	$4M	$3M
Q1 25	-$844.0K	-$956.0K
Q2 25	-$2M	-$3M
Q3 25	$2M	$94.0K
Q4 25	$6M	$5M

Capital Expenditures

Quarter	CapEx
Q4 21	$464.0K
Q1 22	$113.0K
Q2 22	$78.0K
Q3 22	$574.0K
Q4 22	$1M
Q1 23	$2M
Q2 23	$444.0K
Q3 23	$3M
Q4 23	$6.0K
Q1 24	$1M
Q2 24	$41.0K
Q3 24	$721.0K
Q1 25	$112.0K
Q2 25	$477.0K
Q3 25	$2M
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+41.4%	+10.1%
Q1 22	+60.2%	+18.7%
Q2 22	+30.2%	+4.2%
Q3 22	+9.5%	-0.5%
Q4 22	+10.5%	+15.3%
Q1 23	-17.3%	-4.6%
Q2 23	-5.2%	+5.6%
Q3 23	+0.5%	-4.3%
Q4 23	+6.2%	-15.2%
Q1 24	+23.9%	+2.7%
Q2 24	+16.0%	-3.1%
Q3 24	+15.7%	+4.4%
Q1 25	-7.5%	+7.2%
Q2 25	+36.7%	+20.6%
Q3 25	+16.9%	+5.2%
Q4 25	+25.5%	+24.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$6M	17.2%
Q2 22	$5M	12.2%
Q3 22	$6M	14.6%
Q4 22	$7M	16.5%
Q1 23	$0	0.0%
Q2 23	$6M	14.7%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$6M	12.6%
Q3 24	$6M	12.7%
Q1 25	$7M	15.3%
Q2 25	$6M	10.8%
Q3 25	$0	0.0%
Q4 25	$11M	18.3%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 21	$16M	$22M
Q1 22	$14M	$21M
Q2 22	$15M	$20M
Q3 22	$16M	$20M
Q4 22	$19M	$23M
Q1 23	$17M	$22M
Q2 23	$19M	$21M
Q3 23	$17M	$16M
Q4 23	$14M	$17M
Q1 24	$14M	$20M
Q2 24	$15M	$19M
Q3 24	$14M	$18M
Q1 25	$17M	$20M
Q2 25	$19M	$21M
Q3 25	$16M	$19M
Q4 25	$16M	$21M

Revenue Segments

Quarter	Product
Q1 25	$43M

Revenue by Geography

Quarter	Europe Middle East And Africa	North America	Other
Q4 21	$16M	$24M	$417.0K
Q1 22	$15M	$22M	$444.0K
Q2 22	$15M	$26M	$522.0K
Q3 22	$13M	$26M	$377.0K
Q4 22	$13M	$30M	$430.0K
Q1 23	$14M	$17M	$328.0K
Q2 23	$14M	$24M	$843.0K
Q3 23	$14M	$26M	$175.0K
Q1 24	$13M	$25M	$178.0K
Q2 24	$14M	$31M	$558.0K
Q3 24	$14M	$32M	$696.0K
Q1 25	$12M	$31M	$427.0K
Q2 25	$17M	$35M	$547.0K
Q3 25	$17M	$35M	$923.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$38M	$70M	$109M
Q2 22	$32M	$75M	$107M
Q3 22	$29M	$75M	$104M
Q4 22	$36M	$67M	$102M
Q1 23	$28M	$67M	$95M
Q2 23	$21M	$64M	$85M
Q3 23	$17M	$62M	$79M
Q4 23	$12M	$54M	$66M
Q1 24	$21M	$52M	$72M
Q2 24	$12M	$59M	$71M
Q3 24	$22M	$54M	$76M
Q4 24	$20M	$60M	$80M
Q1 25	$19M	$61M	$81M
Q2 25	$16M	$62M	$78M
Q3 25	$16M	$63M	$79M
Q4 25	$20M	$63M	$83M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	173M	+0.7%	+3.4%
Q1 22	174M	+0.8%	+3.3%
Q2 22	177M	+1.4%	+3.3%
Q3 22	177M	+0.2%	+3.1%
Q4 22	177M	+0.1%	+2.5%
Q1 23	178M	+0.4%	+2.2%
Q2 23	181M	+1.3%	+2.1%
Q3 23	181M	+0.2%	+2.1%
Q4 23	181M	+0.2%	+2.1%
Q1 24	182M	+0.5%	+2.1%
Q2 24	185M	+1.6%	+2.4%
Q3 24	185M	+0.2%	+2.5%
Q1 25	187M	+0.9%	+3.2%
Q2 25	191M	+2.3%	+5.1%
Q3 25	192M	+0.3%	+3.7%
Q4 25	191M	-0.6%	+2.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$135.6K	294
Q1 22	$127.4K	294
Q2 22	$139.5K	294
Q3 22	$134.6K	294
Q4 22	$142.5K	309
Q1 23	$100.2K	309
Q2 23	$125.7K	309
Q3 23	$128.7K	309
Q4 23	$162.4K	288
Q1 24	$133.2K	288
Q2 24	$156.5K	288
Q3 24	$159.8K	288
Q1 25	$153.9K	281
Q2 25	$186.6K	281
Q3 25	$187.5K	281
Q4 25	$210.0K	275

Revenue / Employee