Revenue growth reached 24.1% in 2026Q1, yet operating margins remain negative at -0.7% due to heavy R&D expenditures that frequently exceed $15 million per quarter.
| 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 | 216.56M | 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 % | 16.97% | 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 | 101.8M | 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 | 114.76M | 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 % | 52.99% | 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 | 138.68M | 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 | 80.58M | 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 | 65.65M | 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 | -17.69M | -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 % | -8.17% | -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 | -15.86M | -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 % | -7.32% | -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 % | 1.99% | -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) | 1.83M | 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 | -16.39M | -36.35M | -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 | -6.23M | -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 | 6.23M | 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 | 8.5M | 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 | -9.2M | -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 % | -4.25% | -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 | 371K | 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 % | -4.03% | -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 | -9.55M | -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 % | -4.41% | -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 % | 49.6% | 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) | -9.56M | -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 | 733K | 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) | -0.05 | -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 % | 49.61% | 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 | 194.14M | 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 | 194.14M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and dilution risk
As reported in recent financial statements, Cerus achieved a 24.1% year-over-year revenue increase in 2026Q1, signaling that the company's transition toward broader market penetration for its pathogen reduction technology is gaining momentum despite the inherent volatility associated with quarterly stocking orders from large blood center distributors.
The double-digit growth trajectory suggests that the company is successfully converting regulatory tailwinds into actual clinical usage. Investors should monitor whether this expansion is sustainable or if it remains heavily dependent on the timing of large-scale procurement cycles.
Based on reported figures, Cerus has maintained gross margins in the 52% to 58% range over the last ten quarters, reflecting the structural costs of manufacturing specialized chemical kits and the inherent difficulty of scaling production for highly regulated medical device consumables in a competitive landscape.
The consistency in these margins suggests that the company possesses some pricing power, yet they appear structurally capped by the high variable costs of amotosalen and specialized plastics. Future margin expansion likely hinges on the successful commercialization of the INTERCEPT Fibrinogen Complex, which may offer a more favorable margin profile than the legacy platelet business.
According to recent SEC filings, Cerus continues to struggle with operating leverage, as evidenced by the persistent gap between gross profit and operating expenses, which has resulted in negative operating margins in nine of the last ten quarters despite consistent top-line growth across the period.
The inability to scale operating income faster than gross profit suggests that the company is still in a heavy investment phase, particularly regarding R&D for the red blood cell system. This indicates that the current business model is not yet optimized for profitability and remains highly sensitive to the pace of revenue scaling.
Data from the income statement indicates that R&D spending remains a significant drag on profitability, frequently exceeding $15 million per quarter, which underscores the company's reliance on long-term clinical trial success to justify its current cost structure and future market expansion potential.
The high level of R&D expenditure appears to be a strategic choice to secure future growth, yet it leaves the company vulnerable to cash flow shortfalls. Management's expense discipline is difficult to assess given the necessity of these trials, but the lack of GAAP profitability warrants close scrutiny of the company's cash runway.
As indicated by the company's financial data, the combination of persistent net losses and a limited cash position of $19.9 million suggests that Cerus faces significant liquidity risks that could necessitate dilutive financing, potentially undermining the long-term value proposition for existing shareholders in the near term.
Short-term investors should be wary of the potential for capital raises, which could be required to bridge the gap until the red blood cell system reaches commercial viability. The reliance on non-dilutive funding like BARDA grants may mask the true underlying burn rate, making the company's financial health appear more stable than it might be in a purely commercial context.
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.