Cerus (CERS) Q4 2025 earnings summary

Executive summary

• Achieved record total revenue of $233.8 million in 2025, up 16% year-over-year, with product revenue of $206.1 million, up 14%, driven by strong global platelet franchise and successful INT200 device launch.

• INTERCEPT-treated blood components reached nearly 600,000 patients in 40 countries in 2025, enabled by highest annual kit shipments.

• Expanded commercial reach through a new group purchasing agreement with Blood Centers of America (BCA), covering about 50% of the U.S. blood supply.

• Continued progress in red blood cell program with regulatory milestones in Europe and U.S. clinical trial completion.

• Net loss narrowed to $15.6 million for 2025, a 25% improvement from 2024.

Financial highlights

• Fourth quarter 2025 product revenue was $57.8 million, up 14% year-over-year; full-year product revenue reached $206.1 million, up 14%.

• Government contract revenue for 2025 was $27.7 million, up from $21.1 million in 2024.

• EMEA product revenue increased 25% in Q4 and 14% for the year, excluding FX impact.

• IFC product revenue rose 40% in Q4 and 80% for the full year to $16.7 million; underlying IFC volume demand up 110%.

• Q4 product gross margin was 51.5%, down from 53.9% last year, impacted by higher costs and tariffs; full-year product gross margin was 54.5%.

Outlook and guidance

• 2026 product revenue guidance reaffirmed at $224–$228 million, representing 9–11% growth.

• IFC revenue expected at $20–$22 million in 2026, up 20–30% year-over-year.

• Anticipates third consecutive year of positive adjusted EBITDA in 2026.

• Product gross margin expected to remain in the low 50% range, with ongoing tariff and inflationary pressures.