Cerus Corporation (NASDAQ: CERS) reported full‑year 2025 revenue of $233.8 million, up 16 % from $201.3 million in 2024. Product revenue rose to $206.1 million, a 14 % increase, driven by higher platelet kit shipments and expanding INT200 sales in Europe. The company posted a net loss of $15.6 million for the year, a reduction from the $20.9 million loss in 2024, and achieved non‑GAAP adjusted EBITDA of $9.5 million, up from $5.7 million in 2024.
In the fourth quarter, Cerus generated $64.6 million in total revenue, missing analyst estimates of $69.2 million. Adjusted earnings per share were –$0.01, in line with consensus, while GAAP net loss for the quarter was $2.2 million, or $0.01 per share. Q4 product revenue was $50.8 million, and product gross margin fell to 51.5 % from 53.9 % a year earlier.
Full‑year product gross margin was 54.5 %, down from 55.2 % in 2024, reflecting higher IFC therapeutic production costs, import tariffs, and inflationary pressures. Despite margin compression, the company’s disciplined cost management helped narrow the net loss and lift non‑GAAP EBITDA.
Cerus reaffirmed its 2026 product revenue guidance at $224 million to $228 million, maintaining a 9 %–11 % growth outlook. The company also reiterated its forecast for IFC revenue of $20 million to $22 million, signaling continued momentum in the fibrinogen kit market.
Analysts and investors reacted with mixed sentiment. Some market participants noted the Q4 revenue miss and slightly wider loss, leading to a decline in the stock in after‑hours trading, while others focused on the record full‑year revenue, positive adjusted EBITDA, and steady guidance, keeping the stock largely flat or slightly higher.
President and CEO William “Obi” Greenman said, "Our strong 2025 results reflect our disciplined execution, as we continued to deliver on our mission of safeguarding the world's blood supply. This past year, we achieved our highest annual kit shipments, enabling an estimated 600,000 patients worldwide to receive INTERCEPT‑treated blood components." He added, "This translated into record product revenue of over $206 million, a narrowing of our GAAP net loss, and positive non‑GAAP adjusted EBITDA for the second consecutive year. Looking ahead to 2026, we remain focused on improving global access to our INTERCEPT technologies, advancing our product development programs and building upon the solid financial foundation we have established." CFO Kevin Green noted that the kit mix shift could mean IFC guidance "may underestimate" current enthusiasm.
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