Cerus Raises Outlook as Product-Sales Growth Slows
Second-quarter revenue rose 5% to $63.3 million, easing sharply from the prior quarter’s pace.
The blood-safety company Cerus Corp. (CERS) raised its 2026 product-revenue outlook after second-quarter product sales grew 10%, even as growth and margins lost momentum from the start of the year.
Product revenue reached $57.4 million, up 6.9% sequentially, though year-over-year growth slowed from 24% in the first quarter. Total revenue increased 5.7% from $59.9 million in the prior quarter, while government contract revenue fell 24% to $5.9 million as older federal agreements ended or wound down and spending under a newer BARDA contract shifted in timing.
U.S. INTERCEPT Fibrinogen Complex sales remained the principal growth driver, climbing to $6.7 million from $5.7 million in the first quarter and $5.6 million a year earlier. IFC sales have increased for four consecutive reported quarters, though year-over-year sales and volume growth slowed to about 20% from roughly 90% and 120%, respectively, in the first quarter.
The broader platelet business was softer. Worldwide platelet-kit growth was 1%, as a 2% increase in North America offset a 3% international decline. Treatable platelet doses were flat globally, with North American growth of 4% countering a 9% decline internationally.
Product gross margin narrowed to 51.4% from 55.2% a year earlier and 52.0% in the first quarter, reflecting currency pressure and inflation-driven product costs. Gross profit rose just 2% to $29.5 million despite the 10% increase in product revenue.
Lower research spending helped the quarterly net loss narrow to $2.9 million from $5.7 million a year earlier, although it widened from $1.6 million in the first quarter. Operating expenses fell 7% year over year to $37.3 million, while adjusted earnings before interest, taxes, depreciation and amortization increased to $3.0 million from $0.9 million.
Cerus now expects 2026 product revenue of $229 million to $231 million, raising the lower end of its previous range by $2 million and implying growth of 11% to 12%. The company also lifted its IFC revenue forecast to $23 million to $25 million from $22 million to $24 million, compared with its original outlook of $20 million to $22 million.
The company completed a refinancing that reduced its term loan by $30 million, using $20 million of cash and a $10 million revolver draw. Cash and short-term investments fell to $56.3 million at June 30, while Cerus expanded its 2024 BARDA agreement by $21.9 million and submitted the INT200 premarket approval application, with an FDA decision expected in early 2027.