The raised guidance and strong IFC growth signal accelerating commercial momentum. Watch for the Phase 3 RedeS readout and INT200 PMA submission as near-term catalysts. The CEO transition adds some uncertainty but appears orderly.
Price Chart
Executive Summary
Cerus Corp reported Q1 2026 product revenue of $53.7M (+24% YoY), beating consensus estimates, and narrowed its net loss to $1.6M from $7.7M a year ago. The company raised its full-year 2026 product revenue guidance to $227M-$231M (from $224M-$228M), driven by strong IFC demand and global platelet franchise growth.
Key Financial Metrics
Key Facts
- Q1 2026 product revenue $53.7M, up 24% YoY from $43.2M
- Total revenue $59.9M, up 23% YoY from $48.9M
- Net loss narrowed to $1.6M ($0.01/share) from $7.7M ($0.04/share) YoY
- Non-GAAP adjusted EBITDA improved to $4.0M from $0.2M YoY
- Full-year 2026 product revenue guidance raised to $227M-$231M (10-12% growth)
- IFC demand up ~120% YoY; U.S. IFC sales $5.7M vs $3.0M
- Signed 4-year supply agreement with French Blood Establishment (EFS)
- CEO transition announced: Vivek Jayaraman to become CEO effective July 1, 2026
Financial Impact
Product revenue beat consensus by ~$2.5M (4.9%); guidance raised by $3M at midpoint
Risk Factors
- Product gross margin compressed to 52.0% from 58.8% due to tariffs, FX, and one-time benefits in prior year
- Operating cash flow negative $3.0M in Q1 vs negative $0.8M a year ago
- Debt of $84.8M ($65M term loan + $19.9M revolver) vs $80.4M cash; net debt position
- CEO transition effective July 1 introduces execution risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-197129 |
| Document: cers-20260430.htm | 0001193125-26-197129 |
| Document: 0001193125-26-197129-index-headers.html | 0001193125-26-197129 |
| Document: 0001193125-26-197129-index.html | 0001193125-26-197129 |
| Document: 0001193125-26-197129.txt | 0001193125-26-197129 |
| 8-K Data (Synthetic) | 0001193125-26-197129 |
Track record builds as more directional reports settle.
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Jul 21, 2026 13w ago | GOVT-CONTRACT | $3.02 $2.85 | ▼ −5.63% | ▼ −8.53% | $2.38 (−21.36%) |
Jul 2, 2026 16w ago | Insider Cluster | $3.16 $2.89 | ▼ −8.54% | ▼ −8.13% | $2.38 (−24.84%) |
Jul 2, 2026 16w ago | Insider Cluster | $3.16 $2.89 | ▼ −8.54% | ▼ −8.13% | $2.38 (−24.84%) |
Apr 30, 2026 25w ago | 8-K | $2.72 $2.84 | ▲ +4.41% | ▼ −0.87% | $2.38 (−12.68%) |
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Apr 21, 2026 26w ago | 8-K | $1.94 $2.70 | ▲ +39.18% | ▲ +36.01% | $2.38 (+22.42%) |
Mar 6, 2026 33w ago | Insider Cluster | $1.93 $1.85 | ▲ +4.15% | ▲ +2.10% | $2.38 (−23.06%) |
Mar 6, 2026 33w ago | Insider Cluster | $1.93 $1.85 | ▼ −4.15% | ▼ −2.10% | $2.38 (+23.06%) |
Mar 5, 2026 33w ago | Insider Cluster | $2.04 $1.86 | ▼ −8.82% | ▼ −5.03% | $2.38 (+16.42%) |
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