Key Highlights

  • CERS reported third-quarter 2026 product Revenue of $57.7 million, up 10% from $52.7 million a year earlier.
  • Adjusted EBITDA was $5.7 million versus $5.0 million, the tenth straight quarter of positive results.
  • Full-year 2026 product revenue guidance of $229 million to $231 million was reaffirmed.
  • INTERCEPT Fibrinogen Complex product revenue rose to $5.6 million from $3.9 million, with 90% of shipments in kit form.
  • Cash, cash equivalents and short-term investments were $57.1 million at Sep 30, 2026.

US Platelet and Fibrinogen Demand Drive a 10% Rise in Product Revenue

Cerus (NASDAQ:CERS) reported results for the third quarter ended Sep 30, 2026, on Nov 3, 2026. Product revenue reached $57.7 million, up 10% from $52.7 million, and nine-month product revenue climbed 14% to $168.8 million. Government contract revenue declined to $6.3 million from $7.5 million, so total revenue was about $64.0 million (calculated), up roughly 6.3% (calculated).

Cerus sells the INTERCEPT Blood System, which uses pathogen reduction technology to make donated platelets, plasma and other blood components safer for transfusion. North American product revenue grew 12% and made up just over two-thirds of the quarter. EMEA product revenue rose 5% as reported, held back by Russian orders, deferred orders from a French blood agency and a currency drag of about 2%.

The fibrinogen product line generated $5.6 million, with kits making up 90% of shipments as the company shifts to selling kits to blood centers instead of finished product to hospitals.

Margin Slips to 52.4% but Operating Leverage Holds Net Loss Below $1 Million

Product gross Margin was 52.4%, versus 53.4% a year earlier and 51.4% in the second quarter. Currency and Inflation weighed on margin, while pricing and the kit shift helped. Management expects some fourth-quarter relief from a stronger US dollar.

Operating expenses rose 5% to $36.2 million from $34.4 million, below product revenue growth of 10%. Research and Development fell to $14.3 million from $15.8 million, while selling, general and administrative expense rose to $21.9 million from $18.6 million, partly because of one-time credits in 2025. Income from operations was $0.4 million, compared with $1.2 million.

The net loss attributable to Cerus was $0.55 million, or $0.00 per share, compared with $0.02 million a year earlier. Operating Cash Flow was $3.0 million, and cash and short-term investments rose by nearly $1 million from June 30.

Positive REDeS Phase III Data Pair With Longer Timelines in Europe and the US

Alongside earnings, Cerus announced top-line results from its Phase III REDeS study of INTERCEPT-treated red blood cells. The trial met its primary efficacy endpoint of non-inferiority in adjusted hemoglobin increment, and the company reported no statistically significant difference in treatment-emergent adverse events. A full analysis is expected over the coming months, with management saying first-half 2027 is a reasonable timeframe.

The company now expects European CE Mark clearance for red cells in late 2027 as it adds the REDeS study report to a pending French regulatory review. In the US, the FDA sent preliminary questions on the INT200 illuminator approval submission, requiring additional data. Timing visibility will improve once the scope is agreed.

Reaffirmed $229 Million to $231 Million Guidance Frames the Fourth Quarter

Cerus reaffirmed 2026 product revenue guidance of $229 million to $231 million, including $23 million to $25 million from the fibrinogen product. Nine-month product revenue of $168.8 million implies fourth-quarter product revenue of roughly $60.2 million to $62.2 million (calculated). The company is also refreshing its shelf registration with its quarterly filing.