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, driven by strong global platelet franchise and successful INT200 device launch.

• INTERCEPT Blood System treated approximately 3 million blood components, benefiting around 600,000 patients in nearly 40 countries.

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

• Advanced regulatory and clinical milestones for red blood cell programs in both Europe and the U.S.

• Net loss narrowed to $15.6 million for 2025, compared to $20.9 million in 2024, with positive non-GAAP adjusted EBITDA for the second consecutive year at $9.5 million.

Financial highlights

• Total 2025 revenues reached $233.8 million, up 16% year-over-year; product revenue grew 14% to $206.1 million, exceeding prior guidance.

• EMEA product revenue increased 25% in Q4 and 14% for the year, excluding FX impact; North America product revenue was $135.9 million (+13%), EMEA $67.4 million (+20%).

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

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

• Ended 2025 with nearly $83 million in cash and short-term investments; full year operating cash flow was $4.8 million.

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.

• Expects continued operating cash flow generation and prudent cash management.