The Q2 EPS miss is overshadowed by the Q3 operational update showing tangible progress in CNSide commercialization. Key catalysts to watch: CMS final pricing decision (Jan 2027), Q4 test volume run rate (1,250 annualized), and initial cash collections from Q3 billings. Revenue guidance timing is critical for the stock's next move.
Price Chart
Executive Summary
Cerenome reported Q2 2026 EPS of -$1.31, a 43.2% miss vs consensus of -$0.92, with revenue of $1.3M in line with estimates. The Q3 business update highlights progress in CNSide diagnostics: 158M covered lives, favorable preliminary CMS pricing, and an on-track annualized gross billing run rate of $10M-$12M by Q4 2026. The EPS miss is significant for a pre-revenue company, but the operational milestones provide a counterbalance.
Key Financial Metrics
Key Facts
- Q2 2026 EPS -$1.31 vs consensus -$0.92 (43.2% miss)
- Q2 2026 revenue $1.3M (in line with consensus)
- CNSide TCE Test now at 158M contracted covered lives, targeting ~200M by early 2027
- Favorable preliminary CMS pricing decision for PLA code 0640U with Jan 1, 2027 target effective date
- Q3 2026 gross billings of $1.55M from 222 tests billed; cash collections expected in Q4 2026
- On track for annualized gross billing run rate of $10M-$12M in Q4 2026
- Launching CSF Molecular Profile Test and multiple Breast Cancer Protein Expression Assays in Q4 2026
Financial Impact
EPS miss of -$0.39 vs consensus; Q3 gross billings $1.55M (not GAAP revenue); annualized billing run rate target $10M-$12M
Risk Factors
- Gross billings are not GAAP revenue; actual collected revenue may be substantially lower
- EPS miss of 43.2% indicates continued cash burn and lack of near-term profitability
- Dependence on Medicare coverage and reimbursement rates for CNSide tests
- Launch of new tests in Q4 2026 may face delays or lower-than-expected adoption
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3371783 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 2, 2026 25d ago | 8-K | $1.60 | awaiting T+20 | — | $1.66 (+3.75%) |
Sep 30, 2026 27d ago | Press Release | $1.87 | awaiting T+20 | — | $1.66 (−11.23%) |
Sep 22, 2026 5w ago | Press Release | $2.03 $1.68 | ▼ −17.24% | ▼ −16.68% | $1.66 (−18.23%) |
Sep 16, 2026 5w ago | Press Release | $2.04 $1.74 | ▼ −14.71% | ▼ −17.88% | $1.66 (−18.63%) |
Sep 10, 2026 6w ago | 8-K | $2.39 $1.79 | ▲ +25.10% | ▲ +27.23% | $1.66 (+30.54%) |
Aug 14, 2026 10w ago | Press Release | $3.20 $2.12 | ▲ +33.75% | ▲ +31.77% | $1.66 (+48.13%) |
US Market Status
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