Cerus Corporation (CERS)
NASDAQ:CERS
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Cerus
(NASDAQ:CERS)
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Rating:53Neutral
Price Target:
$1.50
▼(-19.79% Downside)
Action:ReiteratedDate:03/17/26
The score is driven primarily by improving financial performance (shrinking losses, better leverage, and newly positive operating/free cash flow) and supportive earnings-call momentum (reaffirmed 2026 growth outlook and continued positive adjusted EBITDA). These positives are weighed down by weak technicals (below major moving averages with negative MACD) and limited valuation support due to ongoing losses and no dividend.
Positive Factors
Recurring consumables-driven business model
Cerus’s revenue mix is anchored in repeat consumable kit sales tied to treated blood unit volumes and installed INTERCEPT systems. This creates recurring, volume-linked revenue that scales with treatment adoption, supporting durable topline predictability and long-run unit economics independent of one-off device sales.
Negative Factors
Persistent GAAP losses despite improvement
Although margins and revenues have improved materially, trailing GAAP losses mean returns on equity and capital reinvestment remain constrained. Persisting unprofitability limits balance-sheet compounding and could require continued careful cash allocation, weighing on durability of shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables-driven business model
Cerus’s revenue mix is anchored in repeat consumable kit sales tied to treated blood unit volumes and installed INTERCEPT systems. This creates recurring, volume-linked revenue that scales with treatment adoption, supporting durable topline predictability and long-run unit economics independent of one-off device sales.
Read all positive factors
Cerus (CERS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$368.97M
Dividend YieldN/A
Average Volume (3M)1.96M
Price to Earnings (P/E)―
Beta (1Y)1.73
Revenue Growth13.03%
EPS Growth21.28%
CountryUS
Employees614
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.01
Shares Outstanding192,171,780
10 Day Avg. Volume1,192,422
30 Day Avg. Volume1,960,203
Financial Highlights & Ratios
PEG Ratio0.99
Price to Book (P/B)6.11
Price to Sales (P/S)1.90
P/FCF Ratio46.07
Enterprise Value/Market Cap1.21
Enterprise Value/Revenue2.16
Enterprise Value/Gross Profit3.97
Enterprise Value/Ebitda-58.96
Forecast
1Y Price Target
$5.00Price Target Upside167.38% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.07
Revenue Forecast (FY)$251.73M
Cerus Business Overview & Revenue Model
Company Description
Cerus Corporation operates as a biomedical products company. The company focuses on developing and commercializing the INTERCEPT Blood System to enhance blood safety. Its INTERCEPT Blood System, a proprietary technology for controlling biological ...
How the Company Makes Money
Cerus primarily makes money by selling consumables and related system components used to perform INTERCEPT pathogen-reduction treatments, along with revenue associated with deploying and supporting the INTERCEPT platform at blood centers and hospi...
Cerus Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The earnings call conveyed a predominantly positive commercial and financial momentum: record revenues (+16% YoY), strong product and EMEA growth, rapidly expanding IFC demand and continued positive adjusted EBITDA and cash runway. Key strategic milestones were achieved including CE Mark and commercial launch of INT200, completion of U.S. RedeS enrollment, and a major group purchasing agreement with BCA that could materially expand U.S. penetration. Offsetting these positives are margin compression driven by higher IFC production costs, import tariffs and inflation, an expected taper in BARDA-reimbursed R&D revenue as the contract expires, and ongoing regulatory/timing uncertainties for RBC approvals. Overall, the positives (strong revenue and demand growth, improving profitability metrics, strategic partnerships and product launches) outweigh the challenges, while management continues to highlight areas of uncertainty that could affect near-term margins and timing.Positive Updates
Record Annual Revenue
Total revenues for 2025 were $233.8 million (record), up 16% year-over-year versus 2024.
Negative Updates
Product Gross Margin Compression
Q4 product gross margin was 51.5% versus 53.9% in prior year (decline of ~2.4 percentage points). Management attributes decline to higher IFC therapeutic production costs, import tariffs and inflationary pressures.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue
Total revenues for 2025 were $233.8 million (record), up 16% year-over-year versus 2024.
Read all positive updates
Company Guidance
Cerus reaffirmed 2026 product revenue guidance of $224–$228 million (up ~9–11% year‑over‑year vs. 2025), including expected IFC revenue of $20–$22 million (≈+20–30% YoY versus 2025 IFC product sales of $16.7M; Q4 IFC was $4.2M, +40% YoY; underlying IFC volume growth ~110%), and said it expects product gross margin to trend around the low‑50% range in 2026 (Q4 2025 product gross margin 51.5% vs. 53.9% a year earlier), while noting FX provided ~3% benefit in Q4 and ~1.6% for the full year; management also expects a third consecutive year of positive non‑GAAP adjusted EBITDA in 2026 after reporting $3.4M in Q4 and $9.5M for full‑year 2025, is progressing toward GAAP profitability (2025 GAAP net loss $15.6M; Q4 GAAP loss $2.2M), and plans to continue generating operating cash flow (full‑year 2025 operating cash flow $4.8M; Q4 $6.2M) while ending 2025 with approximately $83M of cash and short‑term investments, though it cautioned that import tariffs and inflation could cause quarterly margin variability.Cerus Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
57
Neutral
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 206.13M | 180.27M | 156.37M | 162.05M | 130.86M |
| Gross Profit | 112.29M | 99.52M | 86.40M | 87.09M | 67.38M |
| EBITDA | -13.43M | -10.02M | -26.34M | -33.52M | -45.99M |
| Net Income | -15.63M | -20.92M | -37.49M | -42.78M | -54.37M |
Balance Sheet | |||||
| Total Assets | 221.86M | 200.92M | 197.75M | 218.09M | 237.50M |
| Cash, Cash Equivalents and Short-Term Investments | 82.88M | 80.45M | 65.85M | 102.15M | 129.36M |
| Total Debt | 96.95M | 98.10M | 96.00M | 87.24M | 87.59M |
| Total Liabilities | 156.89M | 144.02M | 144.30M | 149.53M | 151.88M |
| Stockholders Equity | 64.22M | 56.15M | 52.65M | 67.61M | 84.62M |
Cash Flow | |||||
| Free Cash Flow | 8.52M | 8.52M | -47.77M | -27.61M | -34.83M |
| Operating Cash Flow | 11.36M | 11.36M | -43.17M | -25.61M | -33.92M |
| Investing Cash Flow | -8.13M | -8.13M | 8.62M | 8.46M | 12.69M |
| Financing Cash Flow | 4.96M | 4.96M | 10.67M | 4.19M | 34.29M |
Cerus Technical Analysis
Positive
1.87
Price Trends
2.09
Negative
2.07
Negative
1.74
Positive
Market Momentum
-0.06
Negative
50.55
Neutral
63.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CERS, the sentiment is Positive. The current price of 1.87 is above the 20-day moving average (MA) of 1.80, below the 50-day MA of 2.09, and above the 200-day MA of 1.74, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 50.55 is Neutral, neither overbought nor oversold. The STOCH value of 63.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CERS.
Cerus Risk Analysis
Cerus disclosed 39 risk factors in its most recent earnings report. Cerus reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cerus Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $378.31M | 19.35 | 10.87% | ― | 18.90% | 29.22% | |
79 Outperform | $554.67M | 14.77 | 12.01% | ― | 27.37% | 269.84% | |
62 Neutral | $549.19M | 34.75 | 9.26% | ― | 9.28% | 21.00% | |
58 Neutral | $262.78M | 11.38 | 13.25% | ― | 4.49% | 3.61% | |
53 Neutral | $368.97M | -25.12 | -26.42% | ― | 13.03% | 21.28% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $76.82M | -0.69 | -54.99% | ― | 4.65% | 68.71% |
* Healthcare Sector Average
CERS
Cerus
1.92
0.53
38.13%
TCMD
Tactile Systems Technology
24.14
10.55
77.63%
VMD
Viemed Healthcare
9.80
3.15
47.37%
BWAY
Brainsway
13.23
8.85
202.05%
OM
Outset Medical
4.20
-5.74
-57.75%
MASS
908 Devices
7.03
3.02
75.31%
Cerus Corporate Events
Executive/Board Changes
Cerus Announces CEO Succession and Executive Compensation Changes
Positive
Mar 16, 2026
On March 16, 2026, Cerus Corporation announced that Chief Operating Officer Vivek Jayaraman will become president and chief executive officer effective July 1, 2026, succeeding William “Obi” Greenman, who will transition to executive c...
Executive/Board Changes
Cerus announces planned board transition as director departs
Neutral
Jan 23, 2026
On January 19, 2026, Cerus Corporation announced that director Timothy L. Moore, whose current term runs until the company’s 2026 annual meeting of stockholders, has notified the board that he will not stand for re-election at that meeting. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.