Revenue growth of 9.5% to $57.7M in 2026Q3 is encouraging, yet a 51.4% to 52.4% gross margin and a -10.3% operating margin indicate that SG&A of $21.9M and R&D of $14.3M still overwhelm gross profit.
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 | 226.57M | 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 % | 13.74% | 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 | 109.13M | 93.84M | 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 | - | 45.53% | 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 | 117.44M | 112.29M | 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 % | 51.83% | 54.47% | 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 % | - | 12.83% | 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 | 126.21M | 120.97M | 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 | - | 58.68% | 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 | 85.56M | 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 | 59.58M | 67.72M | 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 | - | 32.85% | 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 | -3M | -27.66M | -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 | -8.77M | -8.68M | -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 % | -3.87% | -4.21% | -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 % | - | 38.97% | 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 | -7.05M | -7.25M | -12.37M | -27.45M | -31.1M | -45.79M | -55.22M | -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 % | -3.11% | -3.52% | -6.86% | -17.56% | -19.19% | -34.99% | -60.08% | -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 % | 13.2% | 41.35% | 54.94% | 11.71% | 32.08% | 17.09% | 13.47% | -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) | 1.72M | 1.43M | 1.85M | 2.6M | 2.98M | 3.15M | 3.11M | 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 | -6.88M | -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 | -6.79M | -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 | 6.79M | 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 | 1.75M | -6.6M | -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 | -7.02M | -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 % | -3.1% | -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 % | -5.28% | -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 | -7.31M | -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 % | -3.23% | -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 % | 54.18% | 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) | -7.39M | -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 | 661K | 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) | -0.04 | -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 % | 54.19% | 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 | 201.65M | 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 | 201.65M | 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 $-8.7M, resulting in an operating profit margin of -4.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Cerus Corporation (CERS) generated $112.3M in gross profit for the year, representing a gross profit margin of 54.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Steady Top-Line Growth Without Profit Follow-Through
According to reported quarterly figures, Cerus grew revenue about 9.5% year over year to $57.7M in 2026Q3, a pace that has moderated from the mid-teens seen through 2025, suggesting demand is expanding but not accelerating.
Revenue growth has oscillated between roughly 9% and 24% over the past several quarters, with the 2026Q1 spike appearing more timing-driven than structural. The sustained high-single-digit pace suggests a durable installed-base or product-adoption story, though the reported figures do not disclose whether volume or pricing is the primary driver. Investors should monitor whether growth can re-accelerate toward the mid-teens without further widening operating losses.
Gross Margin Holding but Below Peer Strength
Based on reported figures, Cerus's gross margin has remained in a 51% to 53% band across recent quarters, well below the roughly 65% to 69% reported by peers such as BioLife Solutions and Natera.
The stability of gross margin indicates a consistent unit-cost structure, yet the gap to higher-margin diagnostics and bioprocessing peers suggests limited pricing power or a product mix weighted toward lower-margin consumables. Gross margin has not structurally expanded despite revenue growth, which points to cost of goods rising in step with sales. This warrants further investigation into manufacturing scale benefits.
Operating Losses Persist Despite Gross Profit Growth
As reported in financial statements, Cerus's gross profit reached $30.3M in 2026Q3, yet SG&A of $21.9M and R&D of $14.3M still drove an operating loss of $5.9M, or a -10.3% operating margin.
Operating expenses consume nearly all incremental gross profit, indicating that operating leverage has not yet materialized. The operating margin has swung from -26.5% in 2025Q1 to positive in 2025Q3, but has since deteriorated again, which suggests the cost base is not yet stable. Management's ability to scale overhead relative to revenue will determine whether losses narrow.
Net Loss Narrowing but Dilution Persists
According to recent SEC filings, Cerus reported a net loss of $550K in 2026Q3, a sharp improvement from -$7.7M in 2025Q1, though EPS remains negative at roughly -$0.00 to -$0.04 per share across the period.
The narrowing net loss is largely a function of falling operating losses rather than one-time items, though the reported figures do not fully reconcile operating and net income trends in every quarter. Stock-based compensation of $4.9M to $10.6M per quarter represents a material non-cash expense that inflates the reported loss, and it also signals ongoing equity dilution. Investors should view EPS improvement with caution until SBC intensity declines.
Persistent Losses and Margin Stagnation Risks
Based on reported quarterly figures, Cerus has posted operating losses in nearly every quarter shown, and its gross margin has not expanded meaningfully, raising questions about whether revenue growth can ever translate into sustainable profitability.
The bear case centers on the possibility that the company's cost structure is inherently too heavy for its gross margin profile, meaning revenue growth may keep producing losses. Peer operating margins are also negative, so Cerus is not an outlier, but the absence of a clear path to positive operating income is the central concern. Investors should monitor whether SBC and R&D intensity decline meaningfully over the next several reporting periods.