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Cerus (CERS) investor relations material
Cerus Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record Q3 2025 product revenue of $52.7 million, up 15% year-over-year, driven by strong global platelet demand and rapid IFC adoption, with total Q3 revenue reaching $60.2 million, up 19%.
Raised full-year 2025 product revenue guidance to $202–$204 million, reflecting continued commercial momentum and global execution.
Sixth consecutive quarter of positive non-GAAP Adjusted EBITDA, totaling $5 million for Q3, with net loss narrowing to $20,000.
Transitioned IFC sales model from direct hospital sales to kit-based sales to blood centers, improving margins and market access.
Completed enrollment in U.S. phase III RedeS trial for red blood cells; results expected in H2 2026.
Financial highlights
Q3 2025 product revenue: $52.7 million (up 15% year-over-year); nine months: $148.4 million (up 15%).
Q3 government contract revenue: $7.5 million (up 63% year-over-year); nine months: $20.8 million (up 38%).
Q3 product gross profit was $28.1 million (up 7%); gross margin was 53.4%, down from 56.9% due to tariffs, inflation, and higher IFC costs.
Q3 operating expenses were $34.4 million; R&D expenses $15.8 million, SG&A $18.6 million.
Q3 net loss narrowed to $20,000; cash, cash equivalents, and short-term investments totaled $78.5–$79.7 million at quarter-end.
Outlook and guidance
Full-year 2025 product revenue guidance raised to $202–$204 million; IFC sales expected at $16–$17 million.
Expects to achieve positive full-year 2025 non-GAAP adjusted EBITDA and continued positive operating cash flow.
Anticipates strong Q4 with record revenue, continued INT200 installations, and further IFC kit adoption.
Government contract revenue anticipated to rise through 2026 as multiple contracts ramp up.
Management believes available liquidity is sufficient for at least the next 12 months.
What is the plan to mitigate IFC production cost impact
Detail INTERCEPT RBC system's path post-Redes trial
How will operating cash flow improve in Q4 2025?
IFC kit sales: When will margin benefits materialize?
RBC CE Mark delay: Impact on market entry?
U.S. platelet penetration: Drivers to 80% range?
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Frequently asked questions
Cerus Corporation develops and markets blood safety technologies intended to reduce the risk of transfusion-transmitted infections. Its INTERCEPT platform is used to treat blood components such as platelets and plasma. The company serves blood centers, hospitals, and transfusion services. The company is headquartered in Concord, California, and its shares are listed on the NASDAQ.
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