Cerus (CERS) investor relations material

Executive summary

• Q3 total revenue was $64.0M, up 6% YoY; product revenue rose 10% to $57.7M. Nine-month total revenue increased 11% to $187.2M, with product revenue up 14% to $168.8M.

• Adjusted EBITDA was positive for a 10th consecutive quarter, at $5.7M versus $5.0M; Q3 operating cash flow was $3.0M.

• Phase 3 RedeS met its primary non-inferiority efficacy endpoint; FY 2026 product revenue guidance was reaffirmed.

Financial highlights

• Q3 government contract revenue declined 16% YoY to $6.3M; nine-month revenue fell 12% to $18.4M, reflecting the FDA contract conclusion and lower BARDA 2016 activity, partly offset by BARDA 2024 work.

• Q3 operating expenses rose 5% to $36.2M, including R&D of $14.3M and SG&A of $21.9M; product gross profit rose 8% to $30.3M.

• Net loss attributable was $0.55M in Q3 versus $0.02M; nine-month net loss was $5.13M versus $13.44M.

• Adjusted EBITDA was $5.7M in Q3 versus $5.0M; nine-month adjusted EBITDA was $12.7M versus $6.1M.

Outlook and guidance

• FY 2026 product revenue guidance remains $229M–$231M, including IFC revenue of $23M–$25M and expected growth of 11%–12% YoY.

• Essentially all IFC sales are expected to be kits in 2027; the kit-only model is expected to benefit reported gross margins.

• INT200 EMEA placements are expected to continue in Q4; red-cell CE mark clearance is expected in late 2027, and full RedeS analysis is expected in first-half 2027.

• Cash, cash equivalents, short-term investments, expected product sales and government contract receipts are projected to cover capital needs for at least 12 months.