Cerus (CERS) Q1 2026 earnings summary

Executive summary

• Q1 2026 total revenue reached $59.9 million, up 23% year-over-year, with product revenue at $53.7 million, driven by strong global platelet and IFC demand.

• Net loss narrowed to $1.6 million ($0.01 per share) from $7.7 million ($0.04 per share) year-over-year, reflecting improved operating performance.

• Full-year 2026 product revenue guidance raised to $227–$231 million, with IFC revenue guidance increased to $22–$24 million.

• North America contributed nearly 70% of Q1 product revenue, with significant gains in platelet kit volumes and treatable doses; EMEA region delivered robust growth, led by France and Belgium, supported by a renewed multi-year contract with the French Blood Establishment.

• Leadership transition announced: Vivek Jayaraman to become CEO effective July 2026, with Obi Greenman moving to chairman role.

Financial highlights

• Product revenue was $53.7 million, up 24% year-over-year; total revenue, including government contracts, was $59.9 million, up 23%.

• Product gross margin declined to 52% from 58.8% due to inflation, tariffs, and prior year one-time benefit.

• Operating expenses declined 7% year-over-year to $34.5 million, with R&D expenses down 12% to $14.5 million and SG&A down 2% to $19.9 million.

• Non-GAAP adjusted EBITDA improved to $4 million, marking the eighth consecutive positive quarter.

• Cash, cash equivalents, and short-term investments totaled $80.4 million at quarter-end; net cash used in operating activities was $3 million.

Outlook and guidance

• Full-year product revenue growth expected at 10–12% year-over-year; IFC revenue growth projected at 30–40%.

• 2026 gross margin anticipated to remain in the low 50s due to persistent inflation, FX, and tariffs.

• Third consecutive year of positive adjusted EBITDA expected for 2026.

• INT200 U.S. PMA submission planned for Q2 2026, with launch expected in H1 2027; INTERCEPT Red Blood Cell System CE Mark approval targeted for H1 2027, pending regulatory review and study readout.

• Expects government contract revenue to decrease as the 2016 BARDA agreement ends in September 2026.