Cerus Corporation
- Open
- 2.64
- Day high
- 2.67
- Day low
- 2.52
- Prev close
- 2.60
- Volume
- 367K
- Mkt cap
- $517M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 7.4
- P/S
- 2.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$791K over the last 3 months (0 open-market buys, 7 sales)
- 🏛Institutions accumulating (13F)
Cerus Corporation (CERS) is a Healthcare company listed on NASDAQ. The stock is up 97% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 7 sales (SEC Form 4). Drillr has 1 published research article covering CERS.
Cerus Corporation (CERS) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CERS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $-0.01 | $-0.01 | +25.0% | $63M | +0.6% |
| Apr 30, 2026 | $-0.03 | $-0.01 | +66.7% | $60M | +7.6% |
| Nov 6, 2025 | $-0.02 | $-0.00 | +99.5% | $53M | -11.1% |
| May 1, 2025 | $-0.05 | $-0.04 | +20.0% | $43M | -8.9% |
| Feb 20, 2025 | $-0.01 | $-0.01 | +0.0% | $51M | -4.0% |
| Aug 1, 2024 | $-0.02 | $-0.03 | -25.0% | $45M | -2.7% |
| May 2, 2024 | $-0.05 | $-0.05 | -7.1% | $38M | -5.5% |
| Mar 5, 2024 | $-0.01 | $-0.01 | -58.2% | $47M | -4.5% |
| Nov 2, 2023 | $-0.05 | $-0.03 | +40.0% | $40M | -21.4% |
| Aug 2, 2023 | $-0.05 | $-0.07 | -40.0% | $39M | -7.3% |
| May 4, 2023 | $-0.05 | $-0.09 | -80.0% | $31M | -12.5% |
| Feb 28, 2023 | $-0.05 | $-0.08 | -68.4% | $44M | -10.8% |
CERS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 17, 2026 | Jensen Chrystalofficer: Chief Legal Officer | Sell | 30,000 | $2.98 |
| Jul 20, 2026 | Jayaraman Vivek Kofficer: Chief Executive Officer | Sell | 16,666 | $3.16 |
| Jul 2, 2026 | Greenman William Marinerdirector, officer: President and CEO | Sell | 101,919 | $2.94 |
| Jul 2, 2026 | Jensen Chrystalofficer: Chief Legal Officer | Grant | 55,000 | — |
| Jul 2, 2026 | Green Kevin Dennisofficer: Chief Financial Officer | Sell | 33,676 | $2.94 |
| Jul 2, 2026 | Greenman William Marinerdirector, officer: President and CEO | Grant | 192,500 | — |
| Jul 2, 2026 | Green Kevin Dennisofficer: Chief Financial Officer | Grant | 63,600 | — |
| Jul 2, 2026 | Jayaraman Vivek Kofficer: Chief Operating Officer | Sell | 42,359 | $2.94 |
| Jul 2, 2026 | Jayaraman Vivek Kofficer: Chief Operating Officer | Grant | 369,686 | — |
| Jul 2, 2026 | Jensen Chrystalofficer: Chief Legal Officer | Sell | 24,329 | $2.94 |
| Jul 2, 2026 | Jayaraman Vivek Kofficer: Chief Operating Officer | Grant | 554,529 | — |
| Jul 2, 2026 | Jayaraman Vivek Kofficer: Chief Operating Officer | Grant | 80,000 | — |
| Jun 11, 2026 | BJERKHOLT ERICdirector | Sell | 20,454 | $2.60 |
| Jun 2, 2026 | NACHTSHEIM JAMI Kdirector | Grant | 60,000 | — |
| Jun 2, 2026 | Shan Huadirector | Grant | 60,000 | — |
Source: CERS SEC Form 4 filings, latest Aug 17, 2026. For informational purposes only — not investment advice.
See the full CERS insider & 13F page →CERS research & analysis
Cerus Corporation company profile
Overview
Cerus Corporation (NASDAQ:CERS) is a biomedical products company founded in 1991 and headquartered in Concord, California. The company went public in 1997 and has spent over three decades developing and commercializing blood safety technologies. Cerus operates as a specialized medical device company focused on pathogen reduction systems for blood transfusions, representing a critical niche within the broader healthcare industry. The company has evolved from a research-stage biotechnology firm into a commercial-stage enterprise with global operations, achieving its first profitable year in 2024 after years of development and market penetration efforts.
Business
Cerus Corporation operates in the blood safety and pathogen reduction sector of the medical device industry. The company's core business revolves around its proprietary INTERCEPT Blood System, a technology platform designed to inactivate harmful pathogens in donated blood components before they are transfused into patients. The blood transfusion industry faces persistent safety challenges from blood-borne pathogens including viruses, bacteria, and parasites that can be transmitted through donated blood. Traditional blood screening methods test for known pathogens but cannot detect emerging threats or pathogens present in very small quantities. Cerus's INTERCEPT technology addresses this gap by using a photochemical process that damages the DNA and RNA of pathogens, preventing them from replicating and causing infection. The company's product portfolio consists of three main systems: 1. INTERCEPT Blood System for Platelets (~70-75% of revenue): This system treats platelet concentrates, which are blood components crucial for clotting and preventing bleeding in patients with low platelet counts or platelet dysfunction. Platelets have a short shelf life and are particularly susceptible to bacterial contamination. 2. INTERCEPT Blood System for Plasma (~15-20% of revenue): This system processes plasma, the liquid portion of blood containing proteins, antibodies, and clotting factors. Plasma products are used to treat various conditions including immune deficiencies and bleeding disorders. 3. INTERCEPT Blood System for Red Blood Cells (in development): This system for red blood cell treatment is still undergoing clinical trials and regulatory approval processes. Red blood cells are the most commonly transfused blood component, making this a potentially significant market opportunity. Additionally, Cerus markets the INTERCEPT Fibrinogen Complex (IFC), a specialized plasma-derived product used to treat massive hemorrhage and bleeding disorders, which represents a growing but smaller revenue segment (~5% of revenue).
Revenue model
Cerus operates on a medical device sales model where it generates revenue primarily through the sale of disposable processing kits and related equipment to blood centers, hospitals, and national blood services. The company's customers are institutional buyers including the American Red Cross, Canadian Blood Services, and blood centers across Europe, the Middle East, and other international markets. The revenue model consists of several components: 1. Disposable Kit Sales: The majority of revenue (approximately 95%) comes from single-use INTERCEPT processing kits that blood centers purchase to treat each unit of blood. This creates a recurring revenue stream as blood centers must continuously purchase new kits for each blood unit processed. 2. Equipment Sales: Cerus sells illumination devices and other capital equipment needed to operate the INTERCEPT systems, though this represents a smaller portion of total revenue. 3. Government Contracts: The company receives funding from government agencies like BARDA (Biomedical Advanced Research and Development Authority) for research and development activities, particularly for red blood cell system development. Several factors influence Cerus's profitability margins: Positive margin drivers include increasing adoption rates that provide economies of scale, successful market penetration in high-value markets, the recurring nature of disposable kit sales, and premium pricing justified by the critical safety benefits. Long-term contracts with major customers like the American Red Cross provide revenue stability and predictability. Negative margin pressures include high manufacturing costs for specialized medical devices, significant regulatory compliance expenses across multiple international markets, ongoing R&D investments for new product development, competition from alternative blood safety technologies, and currency fluctuations in international markets. The company also faces margin pressure from the need to maintain extensive quality control and manufacturing capabilities across multiple geographic regions.
Competitive moat
Cerus Corporation possesses a moderate but potentially strengthening competitive moat based on several key factors. The company's primary competitive advantage lies in its regulatory approvals and established market position in the specialized blood pathogen reduction market. Obtaining regulatory approval for blood safety devices requires extensive clinical trials, regulatory expertise, and significant capital investment, creating meaningful barriers to entry for potential competitors. The company's long-term contracts with major blood service organizations provide some protection from competition. Multi-year agreements with institutions like the American Red Cross and Canadian Blood Services create switching costs and relationship-based advantages. These customers have invested in training, infrastructure, and operational processes specifically designed around INTERCEPT technology, making transitions to alternative systems costly and disruptive. Cerus also benefits from network effects and clinical validation. As more blood centers adopt INTERCEPT technology and accumulate positive clinical experience, this creates a body of real-world evidence that supports further adoption. The company's technology has been used to process millions of blood units, providing extensive safety and efficacy data that newer competitors would need years to replicate. However, the moat faces several challenges. The company operates in a relatively small, specialized market where large medical device companies could potentially enter with superior resources. Alternative blood safety approaches, including improved pathogen testing technologies or competing pathogen reduction systems, could erode market share. Additionally, Cerus's technology requires ongoing innovation to address emerging pathogens and maintain its competitive edge. The strength of the moat is also geographically variable. In markets where Cerus has achieved high penetration and established relationships, the competitive position is stronger. In emerging markets or regions where adoption is still early-stage, the company faces greater competitive vulnerability from both established medical device companies and potentially lower-cost alternatives.
Risks & safety
Cerus Corporation presents a moderate margin of safety with some financial stability concerns but reasonable liquidity position. Liquidity and Solvency: • Cash and short-term investments: $19.5 million (Q1 2025) • Current ratio: 2.32, indicating adequate short-term liquidity • Debt-to-equity ratio: 1.79, showing significant leverage • Free cash flow: Recently turned positive ($8.5 million in FY 2024) after years of negative cash flows • Operating cash flow: $11.4 million positive in FY 2024 Valuation Metrics: • Trading at 1.6x book value, reasonable for a profitable medical device company • EV/EBITDA multiple not meaningful due to minimal EBITDA • Revenue multiple appears reasonable given 15% growth trajectory and market position • Company achieved first profitable year (adjusted EBITDA positive) in 2024 Other Considerations: • Recurring revenue model from disposable kit sales provides some predictability • Dependence on key customers creates concentration risk • Regulatory approval requirements create both protection and risk • International exposure adds currency and regulatory complexity
Recent development
Over the past few years, Cerus has undergone significant strategic evolution from a development-stage company to a profitable commercial enterprise. The most significant milestone was achieving positive adjusted EBITDA for the first time in 2024, marking a fundamental shift in the company's financial trajectory after decades of losses. The company has focused heavily on expanding its commercial footprint, particularly in North America where it has captured nearly two-thirds of the U.S. platelet market. Major contract wins include securing long-term agreements with the American Red Cross and achieving 100% adoption by Canadian Blood Services. This commercial success has been supported by extending platelet shelf life to 7 days in some markets, improving the value proposition for blood centers. Product development initiatives have centered on expanding the INTERCEPT platform. The company has advanced its red blood cell system through Phase 3 clinical trials and is pursuing regulatory approvals in both the U.S. and Europe. Development of a new LED-based illumination device (INT200) represents a technological upgrade that received CE Mark approval in 2025, with plans for broader market rollout. The INTERCEPT Fibrinogen Complex (IFC) has emerged as a significant growth driver, with revenue growing 42% in 2024 to $9.2 million. The company has secured contracts with blood centers representing approximately 60% of the U.S. cryoprecipitate market and expanded its hospital-focused sales organization to drive adoption. International expansion has become a key strategic priority, with the company pursuing market entry in China (expecting NMPA approval in 2025), expanding in the Middle East and Saudi Arabia, and targeting opportunities in Germany. These efforts represent potential significant market expansion beyond the company's traditional North American and European markets. Manufacturing and supply chain optimization has been another focus area, with the company working to expand production capacity for IFC products and securing additional BLA approvals for manufacturing partners to enable broader distribution capabilities.
CERS company profile · for informational purposes only — not investment advice.
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