Cerus Reiterates 2026 Product Sales After RedeS Readout

The Tip Desk · November 10, 2026 · 4 min read

Third-quarter product revenue was $57.7 million, up 10% from a year earlier, as the company held full-year guidance of $229 million to $231 million.

Cerus Corporation (CERS), the blood-products company, reported third-quarter product revenue of $57.7 million, up 10% from a year earlier, matching the year-over-year pace of the second quarter and slowing from 24% growth in the first quarter.

Total revenue was $64.0 million. Government contract revenue was $6.3 million, down 16% from a year earlier. The company said the decline reflected completion of its FDA contract in 2025 and the wind-down of the BARDA 2016 contract, offset in part by higher expenses on the BARDA 2024 contract.

President and chief executive officer Vivek Jayaraman said third-quarter performance built on a strong first half and increased confidence as the company approached year-end. He cited continued growth from the INTERCEPT Fibrinogen Complex business, the core platelet franchise, and international INT 200 rollout.

IFC volumes, including kits and finished therapeutic doses measured in FC15 equivalent units, grew approximately 80% from the year-ago period, after about 20% growth in the second quarter and about 120% growth in the first. U.S. IFC sales were $5.6 million, down from $6.7 million in the second quarter.

The company said third-quarter product growth was driven by higher U.S. IFC sales, strength of the U.S. platelet franchise, and INT 200 illuminator sales in EMEA. North America product revenue was $39.1 million, up 12% from a year earlier. Europe, Middle East and Africa product revenue was $17.6 million, up 5%.

Worldwide platelet kit growth was 3% year over year, with North America up 5% and international down 3%. Worldwide calculated treatable platelet doses grew 2%, with North America up 5% and international down 4%.

Product gross profit was $30.3 million. Product gross margin was 52.4%, compared with 53.4% a year earlier. The company said the year-over-year margin decrease was largely driven by a weaker U.S. dollar relative to the euro and higher product costs from inflationary pressures, offset partially by pricing and a favorable product mix shift.

Total operating expenses were $36.2 million, up 5% from a year earlier, after a 7% year-over-year decrease in both the second and first quarters. Research and development expenses were $14.3 million. The company said the decrease primarily reflected lower costs associated with the RedeS study following completion of enrollment, INT 200 development following the U.S. PMA submission, and expenses tied to government-funded projects. Selling, general and administrative expenses were $21.9 million, up from $18.6 million a year earlier. The company said the increase was due in part to higher employee-related expenses and that third-quarter 2025 SG&A benefited from a one-time tax credit.

Net loss attributable to Cerus was $0.6 million, or $0.00 a share, compared with a $0.02 million loss a year earlier. Non-GAAP adjusted EBITDA was positive $5.7 million, compared with positive $5.0 million a year earlier.

Cash generated from operations was $3.0 million, compared with $1.9 million a year earlier. The company said the increase was driven by sequentially improved bottom-line results and inventory management. Cash, cash equivalents, and short-term investments were $57.1 million at September 30, 2026. Revolving credit facility draws were $28.5 million, down from $30.1 million at June 30, 2026. Subject to borrowing base levels, the revolving line allowed an additional $16.5 million as of September 30.

Cerus announced positive topline results from the Phase 3 RedeS trial of the INTERCEPT Blood System for red blood cells. The INTERCEPT red blood cell system is under regulatory review in Europe and in late-stage clinical development in the United States.

The company continues to expect full-year 2026 product revenue of $229 million to $231 million, reflecting growth of 11% to 12% from 2025, after raising the lower end of the range in the second quarter. Included in that range is full-year 2026 IFC revenue guidance of $23 million to $25 million.

Cerus appointed Betsy Jensen as chief human resources officer, fully effective December 2026. Ms. Jensen joins from Standard BioTools, where she has served as senior vice president and chief human resources officer.