Revenue growth accelerated sharply to 38.5% in Q1 2026, but gross margin volatility (51.4% to 58.8% range) and persistent operating losses indicate that scaling efforts have not yet generated meaningful operating leverage.
Cerus Corporation (CERS) annual income statement — 29-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 227.78M | 206.13M | 180.27M | 156.37M | 162.05M | 130.86M | 91.92M | 74.65M | 60.91M | 43.57M | 37.18M | 34.22M | 36.5M | 39.66M | 36.7M | 33.04M | 23.11M | 17.98M | 16.51M | 11.04M | 35.58M | 24.37M | 13.91M | 9.66M | 8.49M | 4.54M | 1.85M | 2.4M | 2.9M | 6.9M |
| Revenue Growth % | 18.32% | 14.35% | 15.29% | -3.51% | 23.83% | 42.36% | 23.14% | 22.56% | 39.8% | 17.17% | 8.65% | -6.25% | -7.95% | 8.07% | 11.05% | 42.99% | 28.51% | 8.94% | 49.47% | -68.96% | 45.99% | 75.19% | 43.93% | 13.84% | 87.21% | 145% | -22.88% | -17.24% | -57.97% | - |
| Cost of Goods Sold | 106.24M | 95.84M | 80.75M | 69.97M | 74.95M | 63.48M | 41.16M | 33.42M | 31.63M | 22.53M | 20.3M | 23.46M | 21.18M | 22.6M | 20.62M | 18.54M | 12.05M | 12.58M | 9.67M | 5.23M | 1.54M | 0 | 0 | 0 | 0 | 0 | -634K | -600K | -700K | -700K |
| COGS % of Revenue | - | 46.5% | 44.79% | 44.75% | 46.25% | 48.51% | 44.77% | 44.77% | 51.94% | 51.71% | 54.58% | 68.56% | 58.01% | 56.99% | 56.18% | 56.09% | 52.13% | 69.96% | 58.57% | 47.34% | 4.33% | - | - | - | - | - | -34.25% | -25% | -24.14% | -10.14% |
| Gross Profit | 121.55M | 110.29M | 99.52M | 86.4M | 87.09M | 67.38M | 50.76M | 41.23M | 29.27M | 21.04M | 16.89M | 10.76M | 15.33M | 17.05M | 16.08M | 14.51M | 11.06M | 5.4M | 6.84M | 5.82M | 34.04M | 24.37M | 13.91M | 9.66M | 8.49M | 4.54M | 2.48M | 3M | 3.6M | 7.6M |
| Gross Margin % | 53.36% | 53.5% | 55.21% | 55.25% | 53.75% | 51.49% | 55.23% | 55.23% | 48.06% | 48.29% | 45.42% | 31.44% | 41.99% | 43.01% | 43.82% | 43.91% | 47.87% | 30.04% | 41.43% | 52.66% | 95.67% | 100% | 100% | 100% | 100% | 100% | 134.25% | 125% | 124.14% | 110.14% |
| Gross Profit Growth % | - | 10.82% | 15.19% | -0.8% | 29.25% | 32.74% | 23.12% | 40.84% | 39.15% | 24.57% | 56.97% | -29.8% | -10.13% | 6.07% | 10.82% | 31.15% | 104.79% | -21.01% | 17.59% | -82.91% | 39.67% | 75.19% | 43.93% | 13.84% | 87.21% | 82.49% | -17.17% | -16.67% | -52.63% | - |
| Operating Expenses | 135.85M | 146.63M | 113.75M | 116.45M | 121.17M | 116.32M | 109.1M | 107.46M | 84.26M | 78.57M | 78.19M | 71.83M | 59.68M | 45.35M | 33.38M | 30.43M | 26.84M | 28.39M | 37.37M | 48.98M | 43.52M | 33.71M | 37.88M | 63.5M | 67.77M | 58.41M | 42.62M | 27.9M | 34.3M | 23.5M |
| OpEx % of Revenue | - | 71.14% | 63.1% | 74.47% | 74.78% | 88.89% | 118.69% | 143.95% | 138.34% | 180.33% | 210.27% | 209.9% | 163.48% | 114.37% | 90.96% | 92.1% | 116.14% | 157.9% | 226.38% | 443.52% | 122.31% | 138.33% | 272.27% | 657.01% | 798.2% | 1288.05% | 2302.43% | 1162.5% | 1182.76% | 340.58% |
| Selling, General & Admin | 82.26M | 80.91M | 75.89M | 75.52M | 83.33M | 81.29M | 67.02M | 66.2M | 56.84M | 52.41M | 48.75M | 45.99M | 37.78M | 29.96M | 25.66M | 23.05M | 21.58M | 21.87M | 27.16M | 24.57M | 14.01M | 9.58M | 10.22M | 11.02M | 11.35M | 10.17M | 7.16M | 4.8M | 3.8M | 3.2M |
| SG&A % of Revenue | - | 39.25% | 42.1% | 48.29% | 51.43% | 62.12% | 72.91% | 88.69% | 93.32% | 120.3% | 131.12% | 134.38% | 103.51% | 75.56% | 69.94% | 69.76% | 93.37% | 121.6% | 164.56% | 222.52% | 39.38% | 39.3% | 73.5% | 113.98% | 133.64% | 224.17% | 386.82% | 200% | 131.03% | 46.38% |
| Research & Development | 61.13M | 65.72M | 58.91M | 67.64M | 64.11M | 63.69M | 64.41M | 60.38M | 42.56M | 33.71M | 31.32M | 25.64M | 21.69M | 15.19M | 7.6M | 7.18M | 5.2M | 6.37M | 10.21M | 14.96M | 29.51M | 24.13M | 27.65M | 52.48M | 56.42M | 48.25M | 34.82M | 22.5M | 29.8M | 19.6M |
| R&D % of Revenue | - | 31.88% | 32.68% | 43.26% | 39.56% | 48.67% | 70.07% | 80.88% | 69.88% | 77.37% | 84.24% | 74.93% | 59.42% | 38.3% | 20.72% | 21.72% | 22.48% | 35.44% | 61.82% | 135.43% | 82.93% | 99.03% | 198.77% | 543.03% | 664.56% | 1063.88% | 1881.36% | 937.5% | 1027.59% | 284.06% |
| Other Operating Expenses | -1000K | 0 | -21.05M | -26.7M | -26.27M | -28.66M | -22.33M | -19.13M | 1.75M | 3.86M | -1.28M | 71K | 130K | 266K | 31K | 202K | 67K | 155K | 0 | 9.45M | 0 | 0 | 0 | 0 | 0 | 0 | 634K | 600K | 700K | 700K |
| Operating Income | -8.45M | -36.35M | -14.22M | -30.05M | -34.08M | -48.94M | -58.33M | -66.23M | -54.99M | -57.53M | -61.45M | -61.08M | -44.35M | -28.3M | -17.3M | -15.92M | -15.96M | -23.83M | -30.53M | -43.17M | -9.48M | -9.34M | -26.83M | -53.84M | -59.28M | -53.88M | -40.13M | -24.9M | -30.7M | -15.9M |
| Operating Margin % | -3.71% | -17.63% | -7.89% | -19.22% | -21.03% | -37.4% | -63.46% | -88.72% | -90.28% | -132.05% | -165.26% | -178.46% | -121.49% | -71.36% | -47.15% | -48.19% | -69.06% | -132.54% | -184.95% | -390.85% | -26.64% | -38.33% | -192.84% | -557.01% | -698.2% | -1188.05% | -2168.18% | -1037.5% | -1058.62% | -230.43% |
| Operating Income Growth % | - | -155.51% | 52.67% | 11.82% | 30.36% | 16.11% | 11.92% | -20.44% | 4.42% | 6.37% | -0.61% | -37.71% | -56.72% | -63.58% | -8.64% | 0.21% | 33.04% | 21.94% | 29.27% | -355.34% | -1.49% | 65.18% | 50.17% | 9.18% | -10.02% | -34.25% | -61.18% | 18.89% | -93.08% | - |
| EBITDA | -6.96M | -34.35M | -12.37M | -27.45M | -31.1M | -45.79M | -53.88M | -63.82M | -53.54M | -55.72M | -59.63M | -60.87M | -44.15M | -28.1M | -17.1M | -15M | -15.11M | -22.92M | -29.88M | -42.39M | -8.76M | -8.69M | -24.67M | -50.54M | -56.78M | -52.69M | -39.5M | -24.3M | -30M | -15.2M |
| EBITDA Margin % | -3.05% | -16.66% | -6.86% | -17.56% | -19.19% | -34.99% | -58.61% | -85.5% | -87.91% | -127.89% | -160.37% | -177.87% | -120.94% | -70.85% | -46.59% | -45.4% | -65.4% | -127.45% | -181.01% | -383.85% | -24.63% | -35.65% | -177.37% | -522.96% | -668.79% | -1161.74% | -2133.93% | -1012.5% | -1034.48% | -220.29% |
| EBITDA Growth % | 70.52% | -177.66% | 54.94% | 11.71% | 32.08% | 15.02% | 15.58% | -19.2% | 3.91% | 6.56% | 2.04% | -37.89% | -57.12% | -64.33% | -13.97% | 0.73% | 34.06% | 23.3% | 29.52% | -383.71% | -0.86% | 64.78% | 51.18% | 10.98% | -7.77% | -33.38% | -62.55% | 19% | -97.37% | - |
| D&A (Non-Cash Add-back) | 1.49M | 2M | 1.85M | 2.6M | 2.98M | 3.15M | 4.46M | 2.4M | 1.45M | 1.81M | 1.82M | 202K | 202K | 202K | 202K | 922K | 845K | 915K | 651K | 774K | 716K | 652K | 2.15M | 3.29M | 2.5M | 1.19M | 634K | 600K | 700K | 700K |
| EBIT | 2.4M | -6.94M | -11.88M | -28.94M | -36.51M | -49.13M | -55.83M | -67.02M | -53.33M | -53.68M | -60.29M | -57.83M | -37.96M | -42.79M | -15.12M | -15.88M | -16.13M | -24.13M | -29.17M | -43.17M | -2.35M | -9.34M | -25.17M | -53.84M | -59.28M | -53.88M | -40.13M | -24.89M | -30.7M | -15.9M |
| Net Interest Income | -5.96M | -8.34M | -8.88M | -8.39M | -5.83M | -4.92M | -3.75M | -6.07M | -4.01M | -3.02M | -2.44M | -1.71M | -599K | -332K | -551K | -964K | -689K | -10K | -10K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 4.08M | 8.34M | 8.88M | 8.39M | 5.83M | 4.92M | 3.75M | 6.07M | 4.01M | 3.02M | 2.44M | 1.71M | 599K | 520K | 551K | 964K | 689K | 302K | 10K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 2M | 21.06M | -6.53M | -7.27M | -8.26M | -5.12M | -1.24M | -4.75M | -2.35M | 832K | -1.28M | 1.54M | 5.94M | -14.82M | 1.63M | -1.06M | -953K | -302K | 1.35M | 4.07M | 4.7M | 22.41M | -4.33M | -4.43M | 2.08M | 4.61M | 4.1M | 0 | 1.2M | 1.2M |
| Pretax Income | -6.44M | -15.28M | -20.76M | -37.32M | -42.34M | -54.06M | -59.57M | -70.98M | -57.34M | -56.7M | -62.73M | -59.54M | -38.37M | -43.12M | -15.68M | -16.98M | -16.91M | -24.67M | 0 | -52.62M | -4.78M | 12.75M | -31.15M | -4.43M | -57.19M | -49.27M | -36.03B | 0 | -29.5M | -14.7M |
| Pretax Margin % | -2.83% | -7.41% | -11.51% | -23.87% | -26.13% | -41.31% | -64.81% | -95.09% | -94.13% | -130.14% | -168.71% | -173.97% | -105.12% | -108.73% | -42.72% | -51.39% | -73.18% | -137.22% | - | -476.42% | -13.43% | 52.31% | -223.95% | -45.86% | -673.64% | -1086.37% | -1946682.93% | - | -1017.24% | -213.04% |
| Income Tax | 390K | 354K | 205K | 325K | 488K | 319K | 284K | 263K | 229K | 3.89M | 175K | -3.67M | 195K | 218K | 242K | 0 | 0 | 228K | -1.35M | 2.14M | 0 | -22.41M | 0 | 53.84M | 0 | 100K | 4.1B | -2.3M | -1.1M | 0 |
| Effective Tax Rate % | -6.05% | -2.32% | -0.99% | -0.87% | -1.15% | -0.59% | -0.48% | -0.37% | -0.4% | -6.86% | -0.28% | 6.17% | -0.51% | -0.51% | -1.54% | 0% | 0% | -0.92% | - | -4.06% | 0% | -175.75% | 0% | -1214.69% | 0% | -0.2% | -11.36% | - | 3.73% | 0% |
| Net Income | -6.78M | -15.63M | -20.92M | -37.49M | -42.78M | -54.37M | -59.86M | -71.24M | -57.56M | -60.59M | -62.91M | -55.87M | -38.57M | -43.34M | -15.92M | -16.98M | -16.91M | -24.14M | -29.18M | -45.3M | -4.78M | 13.06M | -31.15M | -58.27M | -57.19M | -49.37M | -36.03M | -22.6M | -29.6M | -14.7M |
| Net Margin % | -2.98% | -7.58% | -11.6% | -23.97% | -26.4% | -41.55% | -65.12% | -95.44% | -94.51% | -139.06% | -169.18% | -163.25% | -105.65% | -109.28% | -43.38% | -51.39% | -73.18% | -134.22% | -176.78% | -410.21% | -13.43% | 53.6% | -223.95% | -602.87% | -673.64% | -1088.58% | -1946.68% | -941.67% | -1020.69% | -213.04% |
| Net Income Growth % | 64.07% | 25.29% | 44.2% | 12.37% | 21.32% | 9.16% | 15.98% | -23.76% | 4.99% | 3.69% | -12.6% | -44.86% | 11.01% | -172.27% | 6.27% | -0.42% | 29.93% | 17.29% | 35.59% | -847.98% | -136.58% | 141.94% | 46.53% | -1.88% | -15.85% | -37% | -59.44% | 23.65% | -101.36% | - |
| Net Income (Continuing) | -3.85M | -15.64M | -20.96M | -37.65M | -42.83M | -54.38M | -59.86M | -71.24M | -57.56M | -60.59M | -62.91M | -55.87M | -38.76M | -43.34M | -15.92M | -16.98M | -16.91M | -24.14M | -29.18M | -39.1M | 2.35M | 13.06M | -31.15M | -58.27M | -57.19M | -49.37M | -36.03M | -22.6M | -29.6M | -14.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 691K | 741K | 751K | 794K | 952K | 998K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.03 | -0.08 | -0.11 | -0.21 | -0.24 | -0.32 | -0.37 | -0.51 | -0.44 | -0.56 | -0.62 | -0.58 | -0.50 | -0.64 | -0.29 | -0.35 | -0.42 | -0.69 | -0.90 | -1.42 | -0.17 | 0.55 | -1.41 | -3.01 | -3.61 | -3.27 | -2.75 | -2.04 | -3.17 | -1.76 |
| EPS Growth % | 68.63% | 25.45% | 47.62% | 12.5% | 25% | 13.51% | 27.45% | -15.91% | 21.43% | 9.68% | -6.9% | -16% | 21.88% | -120.69% | 17.14% | 16.67% | 39.13% | 23.33% | 36.62% | -735.29% | -130.91% | 139.01% | 53.16% | 16.62% | -10.4% | -18.91% | -34.8% | 35.65% | -80.11% | - |
| EPS (Basic) | - | -0.08 | -0.11 | -0.21 | -0.24 | -0.32 | -0.37 | -0.51 | -0.44 | -0.56 | -0.62 | -0.58 | -0.52 | -0.64 | -0.29 | -0.35 | -0.42 | -0.69 | -0.90 | -1.42 | -0.18 | 0.58 | -1.41 | -3.01 | -3.61 | -3.27 | -2.75 | -2.04 | -3.17 | -1.76 |
| Diluted Shares Outstanding | 197.37M | 190.59M | 184.56M | 180.27M | 176.54M | 171.28M | 163.95M | 139.83M | 131.66M | 108.22M | 101.83M | 96.91M | 76.53M | 67.57M | 55.06M | 48.05M | 40.3M | 34.75M | 32.43M | 31.87M | 28.61M | 23.95M | 22.14M | 19.37M | 15.83M | 15.11M | 13.09M | 11.1M | 9.33M | 8.35M |
| Basic Shares Outstanding | 197.37M | 190.59M | 184.56M | 180.27M | 176.54M | 171.28M | 163.95M | 139.83M | 130.83M | 108.19M | 101.46M | 96.07M | 74.77M | 67.57M | 54.52M | 48.05M | 40.3M | 34.75M | 32.43M | 31.87M | 26.87M | 22.35M | 22.14M | 19.37M | 15.83M | 15.11M | 13.09M | 11.1M | 9.33M | 8.35M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CERS stock.
For fiscal year 2025, Cerus Corporation (CERS) reported total revenue of $206.1M. This represents a 2887.4% increase compared to $6.9M in 1997.
Cerus Corporation (CERS) reported a net loss of $15.6M for the fiscal year ending 2025.
Cerus Corporation (CERS) reported an operating income of $-36.3M, resulting in an operating profit margin of -17.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Cerus Corporation (CERS) generated $110.3M in gross profit for the year, representing a gross profit margin of 53.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses despite growth
Metrics are mathematically derived from official filings.
Revenue Growth Accelerates on Stronger Volume
Cerus's revenue growth has accelerated significantly, with Q1 2026 posting a 38.5% year-over-year increase, a sharp acceleration from the 12-16% range seen in most of 2024 and 2025, suggesting improving commercial traction for its blood safety products.
The acceleration in growth, particularly the jump to 38.5% in Q1 2026, appears to be driven by volume expansion rather than pricing, as gross margins have not expanded commensurately. This trend suggests the company is gaining market share or expanding its addressable market, but the sustainability of this growth rate will be a key focus for investors.
Gross Margin Volatility Amidst Scaling Efforts
Gross margins have been volatile, ranging from 51.4% to 58.8% over the past ten quarters, with the most recent quarter at 51.4%, indicating potential pricing pressure or unfavorable product mix as the company scales its operations.
The fluctuation in gross margins, particularly the dip to 51.4% in Q2 2026 despite strong revenue growth, suggests that Cerus may be facing cost pressures in its manufacturing or supply chain, or that newer, lower-margin revenue streams are gaining prominence. This volatility warrants monitoring as it directly impacts the path to profitability.
Operating Leverage Remains Elusive
Despite revenue growth accelerating to 38.5% in Q1 2026, operating losses persisted at -$354K, indicating that operating expenses, particularly R&D and SG&A, are scaling nearly in line with revenue, preventing meaningful operating leverage.
The company's operating margin has not shown consistent improvement, swinging from -26.5% to 2.3% and back to negative territory. This pattern suggests that Cerus is in a phase of heavy investment, where incremental revenue is being absorbed by ongoing R&D and commercialization costs, delaying the realization of scale benefits.
R&D and SG&A Dominate Cost Structure
Research and development and selling, general & administrative expenses consistently consume over 60% of revenue, with R&D alone averaging around 28% of sales, highlighting the high-investment nature of Cerus's business model.
The cost structure is heavily weighted towards R&D and SG&A, which together totaled $37.3M in Q2 2026 against $57.4M in revenue. This indicates that the company is prioritizing product development and market expansion over near-term profitability, a common strategy for growth-stage medical device firms but one that requires sustained capital.
Growth at the Expense of Profitability
The strongest challenge to the income statement narrative is that accelerating revenue growth has not translated into improved profitability, as net losses have widened in absolute terms and stock-based compensation remains a significant non-cash expense.
While top-line growth is encouraging, the company's net loss was -$2.9M in Q2 2026, and stock-based compensation of $5.5M represents a substantial portion of operating expenses. This raises questions about the quality of earnings and whether the growth is being achieved through unsustainable spending, potentially diluting shareholders without a clear path to positive cash flow.