Key Highlights

  • Product Revenue rose 9.5% to USD 57.7 million, while government contract revenue fell to USD 6.3 million.
  • Gross Margin on product sales was 52%, compared with 53% in the third quarter of 2025.
  • Operating income was USD 0.4 million versus USD 1.2 million, and the net loss was USD 0.6 million.
  • Nine-month product revenue rose to USD 168.8 million, and the nine-month net loss narrowed to USD 5.2 million.

Quarter in Numbers

Cerus Corporation (NASDAQ:CERS), which sells the INTERCEPT Blood System for platelets and plasma, reported third-quarter 2026 product revenue of USD 57.7 million, up from USD 52.7 million. The increase came from sales Volume growth in disposable platelet kits, INTERCEPT Fibrinogen Complex sales to U.S. customers and LED illuminator sales in EMEA. Government contract revenue declined to USD 6.3 million from USD 7.5 million, so total revenue was about USD 64.0 million versus USD 60.2 million by our calculation.

Cost of product revenue rose 12% to USD 27.4 million on higher revenue, tariffs and freight, and Gross Profit on product revenue was USD 30.3 million versus USD 28.1 million. Gross margin on product sales was 52% versus 53%, with the decrease driven mainly by currency rates and inventory cost, partly offset by pricing and mix.

Operating Costs and Result

Research and development expense fell 10% to USD 14.3 million, mainly on lower government contract work and spending on the LED illuminator. Selling, general and administrative expense rose to USD 21.9 million from USD 18.6 million, a 17.7% increase. Total operating expenses were USD 36.2 million versus USD 34.4 million, leaving income from operations of USD 0.4 million versus USD 1.2 million.

Interest expense fell 42% to USD 1.2 million, and other income was USD 0.4 million versus USD 1.0 million, partly because the prior year included more interest tied to an employee retention Credit refund. The net loss was USD 0.6 million versus USD 20 thousand, and the net loss attributable to the company was USD 0.55 million, which rounds to USD 0.00 per share on about 201.7 million shares.

For the nine months, product revenue was USD 168.8 million versus USD 148.4 million, an increase of about 13.8% by our calculation, and government contract revenue was USD 18.4 million versus USD 20.8 million. Gross profit on product revenue was USD 87.7 million versus USD 82.5 million, as cost of product revenue rose 23%. Operating expenses fell to USD 107.9 million from USD 111.4 million on a 16% reduction in research and development. The loss from operations narrowed to USD 1.8 million from USD 8.0 million, and the net loss narrowed to USD 5.2 million from USD 13.5 million.

Balance Sheet and Management Comments

Cash and cash equivalents were USD 16.4 million and short-term investments were USD 40.8 million at September 30, 2026, so combined liquid holdings were about USD 57.1 million versus about USD 82.9 million at year end by our calculation. Current inventories rose to USD 64.7 million from USD 56.1 million.

Management said the international team's focus on customer support contributed strongly to third-quarter sales and that it anticipates the trend to continue in the fourth quarter. It also pointed to innovation as a second priority, with new products and expanded indications designed to bring the INTERCEPT system to more patients and increase the addressable market.

Margin and Liquidity Indicators

Items to track include product gross margin under currency and Tariff pressure, the decline in government contract revenue, selling expense growth, inventory build and the level of Liquid assets after the first nine months.