Cerus (CERS) Q2 2026 earnings summary

Executive summary

• Q2 2026 product revenue reached $57.4 million, up 10% year-over-year, with strong growth in North America and EMEA and total revenue of $63.3 million.

• U.S. INTERCEPT Fibrinogen Complex (IFC) revenue was $6.7 million for Q2, contributing to a first-half total of $12.4 million, with demand up ~20% in Q2 and ~50% for the first half year-over-year.

• Updated 2026 product revenue guidance is $229–$231 million, including $23–$25 million from IFC, representing 40–50% year-over-year growth.

• Achieved ninth consecutive quarter of positive adjusted EBITDA and improved net loss to $2.9 million ($0.01 per share) for Q2 2026.

• Submitted PMA for INT200 Illuminator to FDA; regulatory decision expected as early as H1 2027.

Financial highlights

• Q2 2026 product revenue: $57.4 million (+10% YoY); total revenue: $63.3 million; product gross profit: $29.5 million (+2% YoY); product gross margin: 51.4% (down from 55.2% YoY) due to FX and inflation.

• Operating expenses for Q2 2026 were $37.3 million, down from $40.1 million in Q2 2025; R&D: $14.4 million (-24% YoY); SG&A: $22.9 million (+8% YoY).

• Q2 GAAP net loss improved to $2.9 million ($0.01/share) from $5.7 million ($0.03/share) YoY; adjusted EBITDA was $3 million, up from $0.9 million YoY.

• Cash, cash equivalents, and short-term investments: $56.3 million as of June 30, 2026.

• Debt: $35.0 million term loan, $30.1 million drawn on revolving credit facility; $14.9 million additional credit available.

Outlook and guidance

• Full-year 2026 product revenue guidance raised to $229–$231 million (+11–12% YoY), with IFC revenue expected between $23–$25 million (+40–50% YoY).

• Anticipates continued positive adjusted EBITDA and is targeting GAAP profitability for 2026.

• Expects to maintain gross margins in the low 50s for 2026, with potential improvement if external pressures ease.

• Mix shift to IFC kits from finished product sales expected to benefit gross margins.

• Anticipates regulatory milestones for INT200 and RBC system.