CERS

Second Quarter 2026 Total Revenue of $63.3 million; Second Quarter 2026 Product Revenue of $57.4 million, +10% Y/Y Raising Lower End of 2026 Product Revenue Guidance: Range now $229 to $231 million;Raising 2026 IFC Sales Outlook to $23 to $25 million, up approximately 40% to 50% Y/Y CONCORD, Calif., July 30, 2026--(BUSINESS WIRE)--Cerus Corporation (Nasdaq: CERS) announced today financial results for the second quarter ended June 30, 2026, and provided a business update. "This quarter we made significant progress in expanding patient access to safer blood components around the globe," said Vivek Jayaraman, Cerus’ president and chief executive officer. "I’m particularly pleased with the performance of our INTERCEPT Fibrinogen Complex (IFC) franchise in the U.S. The value proposition for blood centers, hospitals and clinicians is resonating and leading to earlier patient access to fibrinogen across the country. We view IFC as a compelling growth driver for Cerus." Additional highlights include: Second-quarter 2026 total revenue comprised of (in millions, except percentages): Demand for IFC continued to increase, with second quarter volumes - including kits and finished therapeutic doses (measured in FC15* equivalent units) – up approximately 20% compared to the prior year period. Second quarter U.S. IFC sales totaled $6.7 million, up from $5.6 million in the prior year period. Submitted PMA for the INTERCEPT Blood System for Platelets with INT200 Illuminator, the Company’s next generation LED-based illumination device, to the FDA as planned. Given review timelines, a regulatory decision is anticipated in early 2027. Completed debt refinancing, including a $30 million reduction in the outstanding term loan funded with $20 million of cash on hand and $10 million drawn under the new, lower-cost revolving credit facility. Expanded the Company’s ongoing collaboration with the Biomedical Advanced Research and Development Authority, or BARDA, to further advance the development of the INTERCEPT Red Blood Cell system, increasing the total potential value of the 2024 contract by $21.9 million from $248.6 million to $270.5 million. The BARDA contract is funded in whole or in part with federal funds from the Department of Health and Human Services’ Administration for Strategic Preparedness and Response, Biomedical Advanced Research and Development Authority under Contract No. 75A50124C00046. Cash, cash equivalents, and short-term investments were $56.3 million at June 30, 2026. Revenue Product revenue for the second quarter of 2026 was $57.4 million, compared to $52.4 million for the prior year period, representing year-over-year growth of 10%. Second quarter growth was driven by increases across all product categories. Government contract revenue for the second quarter of 2026 was $5.9 million, compared to $7.7 million during the prior year period. The decrease reflects the completion of the Company’s FDA contract in 2025, the wind-down of the BARDA 2016 contract, and timing of expenses related to the BARDA 2024 contract. Product Gross Profit & Margin Product gross profit for the second quarter of 2026 was $29.5 million, compared to $29.0 million, increasing by 2% over the prior year period. Product gross margin for the second quarter was 51.4% compared to 55.2% in the same period last year. The year-over-year decrease in gross margin was largely driven by a weaker U.S. dollar relative to the Euro and higher product costs driven by inflationary pressures. Operating Expenses Total operating expenses for the second quarter of 2026 were $37.3 million, compared to $40.1 million for the same period of the prior year, reflecting a year-over-year decrease of 7%. R&D expenses for the second quarter of 2026 were $14.4 million, compared to $18.9 million in the second quarter of 2025. The primary contributors to lower R&D expenses were decreased development costs on the INT200, with the U.S. PMA submission completed, as well as lower development costs tied to government-funded projects, as reflected in the government contract revenue. SG&A expenses totaled $22.9 million for the second quarter of 2026, compared to $21.2 million for the second quarter of 2025. The year-over-year increase in SG&A expenses was due to higher costs across various functions. Net Loss Attributable to Cerus Corporation Net loss attributable to Cerus Corporation for the second quarter of 2026 was $2.9 million, or $0.01 per basic and diluted share, compared to a net loss attributable to Cerus Corporation of $5.7 million, of $0.03 per basic and diluted share, for the same period of the prior year. Net loss attributable to Cerus Corporation for the first half of 2026 was $4.6 million, compared to a net loss attributable to Cerus Corporation of $13.4 million for the first half of 2025. Non-GAAP Adjusted EBITDA Non-GAAP adjusted EBITDA for the second quarter of 2026 was positive $3.0 million, compared to non-GAAP adjusted EBITDA of positive $0.9 million for the same period of the prior year. Non-GAAP adjusted EBITDA for the first half of 2026 was a positive $7.0 million compared to non-GAAP adjusted EBITDA of positive $1.1 for the first half of 2025. Balance Sheet and Cash Flows At June 30, 2026, the Company had cash, cash equivalents, and short-term investments of $56.3 million, compared to $82.9 million at December 31, 2025. As of June 30, 2026, the Company had $35.0 million outstanding on its term loan and $30.1 million drawn on its revolving credit facility. The Company’s revolving line of credit allows for an additional $14.9 million as of June 30, 2026, which is dependent on eligible assets supporting the borrowing base. For the second quarter of 2026, cash used in operations totaled $2.7 million, compared to $2.4 million used during the same period of the prior year. Cash use in operations in the second quarter of 2026 was tied to an increase in working capital, namely inventory in support of the expected growth. Narrowing And Raising Low End of 2026 Product Revenue Guidance The Company now expects full-year 2026 product revenue to be in the range of $229 million to $231 million, reflecting growth of 11% to 12% from 2025. Included in this range is increased full-year 2026 IFC revenue guidance of $23 million to $25 million. Previously, the Company’s 2026 product revenue guidance range was $227 million to $231 million, including IFC revenue guidance between $22 million to $24 million. Quarterly Conference Call The Company will host a conference call at 4:30 P.M. ET this afternoon, during which management will discuss the Company’s financial results and provide a general business overview and outlook. To listen to the live webcast, please visit the Investor Relations page of the Cerus website at http://www.cerus.com/ir. A replay will be available on Cerus’ website and will be available approximately three hours after the call through August 20, 2026. *FC15 equivalent to a therapeutic dose of a cryoAHF pool. ABOUT CERUS Cerus Corporation is dedicated solely to safeguarding the world’s blood supply and aims to become the preeminent global blood products company. Headquartered in Concord, California, the company develops and supplies vital technologies and pathogen-protected blood components to blood centers, hospitals, and ultimately patients who rely on safe blood. The INTERCEPT Blood System for platelets and plasma is available globally and remains the only pathogen reduction system with both CE mark and FDA approval for these two blood components. In the U.S., the INTERCEPT Blood System for Cryoprecipitation is approved for the production of Pathogen Reduced Cryoprecipitated Fibrinogen Complex (commonly referred to as INTERCEPT Fibrinogen Complex), a therapeutic product for the treatment and control of bleeding, including massive hemorrhage, associated with fibrinogen deficiency. The INTERCEPT red blood cell system is under regulatory review in Europe, and in late-stage clinical development in the U.S. For more information about Cerus, visit www.cerus.com and follow us on LinkedIn. Cerus, INTERCEPT, and the Cerus logo are trademarks of Cerus Corporation. Forward-Looking Statements Except for the historical statements contained herein, this press release contains forward-looking statements concerning Cerus’ products, prospects and expected results, including statements relating to: Cerus’ expectation that full-year 2026 product revenue will be in the range of $229 million to $231 million, including IFC revenue of between $23 million to $25 million; Cerus’ expectation that full-year 2026 product revenue will grow 11% to 12% year over year; Cerus’ expectation that full-year 2026 IFC sales will grow approximately 40% to 50%; Cerus continuing to have access to $14.9 million under its revolving line of credit; Cerus’ anticipated catalyst path in 2026 and the timing of catalyst events, including ongoing INTERCEPT RBC regulatory review in Europe, the Phase 3 RedeS readout in the U.S., and the U.S. PMA submission for Cerus’ new INT200 illumination device; Cerus’ expectations with respect to the expansion of its 2024 BARDA contract and its collaboration with Blood Centers of America; Cerus’ ability to continue to improve global access to its INTERCEPT technologies, Cerus’ anticipated growth trajectory, and potential market opportunities; Cerus’ ability to advance its product development programs; the continued commercialization and launch of INT200 and IFC; the anticipated impact of Cerus’ recent debt refinancing; and other statements that are not historical fact. Actual results could differ materially from these forward-looking statements as a result of certain factors, including, without limitation: risks associated with the commercialization and market acceptance of, and customer demand for, the INTERCEPT Blood System and IFC; the risk that Cerus may not meet its 2026 annual product revenue guidance; the risk that Cerus may not effectively continue to launch and commercialize the INTERCEPT Blood System for Cryoprecipitation or INT200; the risk that Cerus may not grow sales globally, including in its U.S. and European markets, and/or realize expected revenue contributions resulting from its U.S. and European market agreements; the risk that the U.S. RedeS study may take longer than Cerus expects or may not be completed at all or, if completed, may not demonstrate the safety and/or efficacy of the red blood cell system; risks related to the uncertain and time-consuming development and regulatory process, including the risk that Cerus may be unable to obtain requisite regulatory approvals to advance its pipeline programs and bring them to market in a timely manner or at all, including the risks that existing clinical data may be insufficient in order to obtain a CE Certificate of Conformity and affix a CE Mark to the red blood cell system and its planned modular premarket approval, or PMA, application for the red blood cell system may not be submitted to the FDA on the timeline Cerus anticipates or at all and/or the submission and regulatory decision with respect to Cerus’ modular PMA application for the INT200 may not occur on the timeline Cerus anticipates or at all; risks associated with macroeconomic developments, including the ongoing military conflict in Ukraine and the ongoing military conflict involving Iran, the U.S. and Israel, new or increased tariffs and escalating trade tensions, inflation, rising interest rates and foreign exchange volatility and the resulting global economic and financial disruptions; risks related to Cerus’ ability to demonstrate to the transfusion medicine community and other healthcare constituencies that pathogen reduction and the INTERCEPT Blood System are safe, effective and economical; risks related to product safety; risks associated with Cerus’ ability to maintain an effective, secure manufacturing supply chain, including risks that (a) Cerus’ supply chain could be negatively impacted as a result of macroeconomic developments, (b) Cerus’ manufacturers could be unable to comply with extensive regulatory agency requirements, and (c) Cerus may be unable to maintain its supply agreements with its third-party suppliers; risks associated with Cerus’ ability to access additional funds under its credit facility and to meet its debt service obligations, and its need for additional funding; risks associated with the impact of legislative or regulatory healthcare reforms that may make it more difficult and costly for Cerus to produce, market and distribute its products; as well as other risks detailed in Cerus’ filings with the Securities and Exchange Commission, including under the heading "Risk Factors" in Cerus’ Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 2, 2026 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. Cerus disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release. Use of Non-GAAP Financial Measures We define adjusted EBITDA as net loss attributable to Cerus Corporation as reported on the consolidated statement of operations, as adjusted to exclude, as applicable for the reporting period(s) presented, (i) net loss attributable to noncontrolling interest, (ii) provision for income taxes, (iii) foreign exchange (loss)/gain, (iv) interest income (expense), (v) other income (expense), net, (vi) depreciation and amortization, (vii) share-based compensation, (viii) goodwill and asset impairments, (ix) costs associated with our noncontrolling interest in our joint venture in China and, (x) revenue and direct costs associated with our government contracts. We are presenting this non-GAAP financial measure to assist investors in assessing our operating results. Management believes this non-GAAP information is useful for investors, when considered in conjunction with Cerus’ GAAP financial statements, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Cerus’ operating results as reported under GAAP. This non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. This non-GAAP financial measure is not necessarily comparable to similarly-titled measures presented by other companies. Supplemental Tables View source version on businesswire.com: https://www.businesswire.com/news/home/20260730782516/en/ Contacts Tim Lee – Head of Investor RelationsCerus [email protected]

Interested in Cerus Corporation? Here are five stocks we like better. Cerus reported solid growth, with second-quarter product revenue up 10% year over year to $57.4 million and first-half revenue rising 16% to $111.1 million. The company raised the low end of its 2026 product revenue outlook to $229 million–$231 million and increased IFC revenue guidance to $23 million–$25 million. IFC demand accelerated, with U.S. revenue and volume up about 20% in the quarter; Cerus expects nearly all IFC sales to shift to higher-margin kit form by 2027. Adjusted EBITDA remained positive at $3 million, while refinancing is expected to reduce annual interest expense by up to $3.5 million. The company advanced its pipeline and international expansion, submitting INT200 platelet-device materials to the FDA and remaining on track for Phase III red-blood-cell trial results in the fourth quarter. FDA approval for INT200 could come as early as the first half of 2027. Cerus (NASDAQ:CERS) reported second-quarter product revenue growth of 10% year over year and raised the low end of its 2026 product revenue outlook, citing demand for its INTERCEPT blood-safety products in North America and overseas. Product revenue totaled $57.4 million for the quarter ended June 30, compared with growth measured against the prior-year period, which included $800,000 of previously deferred INTERCEPT fibrinogen complex, or IFC, revenue. First-half product revenue rose 16% to $111.1 million from $95.7 million a year earlier. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now “We continue to experience growing demand for our products and have confidence in our ability to continue driving sustained double-digit growth,” Chief Financial Officer Kevin Green said during the company’s earnings call. Cerus raised its 2026 product revenue guidance to $229 million to $231 million, compared with its prior range of $227 million to $231 million. The revised outlook represents expected product revenue growth of 11% to 12% from 2025. → 3 Value ETFs to Consider as Growth Stocks Lag Behind The company also increased its full-year IFC revenue guidance to $23 million to $25 million, from $22 million to $24 million previously. That range implies approximately 40% to 50% growth for the product, according to Green. Second-quarter North American product revenue increased 9% year over year, while EMEA revenue rose 10%, with growth across multiple countries. Favorable currency exchange rates contributed approximately 2% to reported EMEA growth, Green said. → 5 AI Stocks Are Pulling Back—Which Growth Catalysts Still Look Strongest? President and Chief Executive Officer Vivek Jayaraman said North American sales accounted for roughly two-thirds of quarterly product revenue. He added that INTERCEPT for platelets is the standard of care in the U.S. and Canada, with U.S. market penetration estimated at about two-thirds. Jayaraman pointed to Cerus’ agreement with Blood Centers of America, which took effect at the start of 2026, as a contributor to growth. BCA member centers account for more than half of U.S. blood product distributions, he said, and the company has expanded education efforts among members that have led to new platelet and IFC customers. U.S. IFC revenue and volume demand both rose about 20% to $6.7 million in the second quarter, from $5.6 million a year earlier. Excluding the $800,000 of deferred revenue recognized in the second quarter of 2025, IFC revenue would have increased about 40%, while demand would have risen 43%, Green said. About 70% of IFC sales shipped during the quarter were in kit form. Cerus is shifting the business from a mix of biologics and kits toward kits and expects essentially all IFC sales to be in kit form by 2027. Green said the shift is expected to benefit gross margins because finished biologics have a lower margin profile despite a higher selling price. Jayaraman said Cerus estimates IFC holds about 10% of the nationwide market. The company sees continued opportunity in its five-day post-thaw shelf life and immediate availability for use in critical bleeding situations. He cited an analysis presented by Vanderbilt University Medical Center’s Dr. Jonathan Tucci at a recent obstetric anesthesia meeting. According to Jayaraman, the analysis found thawed IFC reduced the time to first transfusion by 68% compared with Cryo AHF and by 18% compared with fibrinogen concentrate in postpartum hemorrhage treatment. Second-quarter product gross margin was 51.4%, down from 55.2% a year earlier. Green attributed the decline to a stronger euro relative to the U.S. dollar and inflationary pressures. Cerus continues to expect 2026 gross margins in the low-50% range, though it may see relief near year-end if those external factors become less significant. GAAP net loss attributable to Cerus narrowed to $2.9 million from $5.7 million in the prior-year quarter. Non-GAAP adjusted EBITDA was positive $3 million, marking the company’s ninth consecutive quarter of positive adjusted EBITDA. Cerus expects its third consecutive year of positive adjusted EBITDA in 2026. Cash used in operations was $2.7 million, primarily reflecting higher inventory levels to support anticipated growth. The company also completed a debt refinancing that included a $30 million reduction in its term-loan balance, funded by $20 million from its balance sheet and $10 million from a lower-cost revolving credit facility. Green said the refinancing lowered the interest spread, expanded borrowing-base flexibility and is expected to reduce annual interest expense by up to $3.5 million. Cerus submitted a premarket approval application to the U.S. Food and Drug Administration for its INT200 illumination device for platelets. Jayaraman said the company could receive approval as early as the first half of 2027, subject to the FDA review process. The company remains on track to report top-line results from its Phase III RedeS trial for INTERCEPT red blood cells in the fourth quarter. Cerus also expanded its 2024 BARDA contract, increasing its potential value by nearly $22 million to more than $270 million to support U.S. PMA-related activities for the red blood cell program. In Europe, Cerus signed a multiyear agreement with the French Blood Establishment in April. Jayaraman said the contract includes deployment of the INT200 device over the next several years. The company also recently completed a notified-body recertification audit with zero non-conformities, supporting its CE and MDSAP certifications. Jayaraman said Cerus sees Asia-Pacific as a significant longer-term opportunity, though its regional market penetration remains below 1%. The company has customer relationships in Hong Kong and Thailand and is working with its Chinese joint-venture partner to gather in-vitro data supporting a resubmission to China’s National Medical Products Administration. Cerus Corporation is a biomedical products company dedicated to enhancing the safety of blood transfusions worldwide. Its flagship offering, the INTERCEPT Blood System, employs pathogen reduction technology designed to inactivate a broad spectrum of viruses, bacteria, and parasites in donated platelets and plasma. This approach aims to mitigate the risk of transfusion-transmitted infections and improve blood component safety for patients. The INTERCEPT platform integrates seamlessly into existing blood center workflows, providing a one-step treatment process for collected blood products. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Cerus Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Cerus reported Q1 product revenue of $53.7 million, up 24% year-over-year, and raised 2026 product revenue guidance to $227–231M with IFC guidance of $22–24M; Q1 IFC revenue was $5.7M (≈90% growth) while therapeutic dose equivalents rose ~120%. The growth was driven by the INTERCEPT platelet franchise, with North America representing nearly 70% of product revenue, U.S. platelet kit volumes and treatable doses up 6% and 9%, and the BCA group purchasing agreement (covering ~50% of the U.S. blood supply) showing early traction and new member adoption. Profitability and regulatory progress: Q1 gross margin was 52% with 2026 expected in the low-50s, GAAP net loss narrowed to $1.6M and adjusted EBITDA was $4.0M (eighth consecutive positive quarter) with $80.4M cash; key regulatory milestones include planned PMA submissions for INT100 and INT200 (INT200 PMA in Q2 2026 and anticipated U.S. launch H1 2027) and an RBC phase‑III readout expected late 2026. Interested in Cerus Corporation? Here are five stocks we like better. Cerus (NASDAQ:CERS) reported first-quarter 2026 product revenue of $53.7 million, up 24% from the prior-year period, as management pointed to continued strength in its global INTERCEPT platelet franchise and accelerating demand for its INTERCEPT Fibrinogen Complex (IFC) business in the United States. Total revenue, which includes government contract revenue, increased 23% year over year, according to Chief Financial Officer Kevin Green. Chief Operating Officer and incoming President and CEO Vivek Jayaraman said the company’s performance in the quarter increased confidence in its full-year outlook, prompting Cerus to raise its 2026 product revenue guidance to $227 million to $231 million. Jayaraman also said Cerus raised its full-year IFC revenue guidance to $22 million to $24 million. → Palantir Is Down 30%: Noise? Or a Signal to Accumulate? Jayaraman said the revised outlook implies product revenue growth of 10% to 12% versus 2025 and IFC growth of approximately 30% to 40%. Jayaraman said North America represented “nearly 70%” of first-quarter product revenue, with the U.S. platelet franchise continuing to serve as the foundation of Cerus’ business. He highlighted ongoing customer relationships, including the American Red Cross, and said first-quarter North American platelet kit volumes and treatable doses increased 6% and 9%, respectively, compared with the first quarter of 2025. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss A key commercial focus in the U.S. is Cerus’ group purchasing agreement with Blood Centers of America (BCA), which Jayaraman said represents about half of the U.S. blood supply. Since the agreement became effective Jan. 1, Cerus has been working on member education and implementation support. Jayaraman said the company is seeing “early signs of traction,” including increased activity from existing customers and new agreements with BCA members that had not previously used INTERCEPT. Internationally, Jayaraman said Cerus’ EMEA business delivered “another strong quarter” led by France and Belgium. He highlighted a recently signed multi-year contract with the French Blood Establishment (EFS), describing it as an enhancer of forward visibility. Green added that EMEA demand for Cerus’ platelet product was the primary contributor to the region’s growth, citing increased kit volumes and “pricing discipline.” → Did Qualcomm Just Put Apple in Check? Green said reported EMEA revenue grew 28% year over year, including an approximately 11% benefit from favorable foreign exchange. On a consolidated basis, he said FX benefited revenue by about 3% compared with the first quarter of 2025. Management also noted near-term uncertainties in certain areas. Jayaraman said ongoing conflict in the Middle East has created logistical complexities that “may impact shipment timing,” though he said the company believes disruptions can be mitigated by strength elsewhere and reiterated confidence in the region’s long-term growth prospects. Cerus’ IFC business remained a focal point in the quarter, with Jayaraman describing increasing demand supported by more blood centers manufacturing IFC, deeper hospital utilization, and growing awareness of its clinical and logistical attributes, including “immediate availability of fibrinogen alongside 5-day post-thaw shelf life.” Jayaraman said IFC demand in the first quarter, measured by therapeutic dose equivalents, increased approximately 120% year over year, while revenue growth approached 90%. Green reported first-quarter IFC revenue of $5.7 million, up from $3.0 million in the first quarter of 2025, and noted IFC is “exclusively a U.S. product” at present. In response to analyst questions about how IFC strength translated into full-year guidance, Jayaraman emphasized that the business is still in “early growth stage” and can be “a little bit lumpy.” He pointed to the company’s ongoing transition from selling finished therapeutics to selling kits to blood centers, which he said Cerus aims to complete “ideally by the end of this calendar year,” though it could extend into 2027. He also referenced prior-year “anomalies” tied to revenue recognition timing during the early phase of that transition. On commercial drivers, Jayaraman said Cerus is moving historical production partners under the BCA agreement, enabling those partners to leverage BCA’s resource-sharing model. He also said some BCA members that were not previously IFC manufacturers have reached out to begin the process of manufacturing IFC. He characterized IFC penetration as “still single-digit share,” adding that Cerus sees “a tremendous amount” of market headroom. Green said first-quarter gross margin was 52%, compared with 58.8% in the first quarter of 2025. He noted the prior-year quarter was an “unusually tough comp” and was “artificially high by approximately 2%” due to a one-time true-up and non-recurring variance releases. Green said Cerus expects 2026 gross margin to remain in the “low 50s” range, citing persistent headwinds including inflation in shipping and fuel, foreign exchange impacts, and tariffs, while noting the company could see relief if external assumptions prove conservative. Operating expenses declined 7% year over year in the quarter, Green said, with SG&A “largely consistent” as Cerus seeks to grow revenue without proportional increases in SG&A. R&D declined year over year, which Green attributed in part to lower INT200 development costs as the company approaches its planned U.S. PMA submission. He also said Cerus has been shifting R&D emphasis toward government-reimbursed initiatives relative to internally funded development programs. On profitability metrics, Green said GAAP net loss attributable to Cerus improved to $1.6 million. Non-GAAP adjusted EBITDA was $4.0 million, marking the company’s eighth consecutive quarter of positive adjusted EBITDA. Green said Cerus expects 2026 to be its third consecutive year of positive adjusted EBITDA and reiterated management’s commitment to achieving GAAP profitability. Cerus ended the quarter with $80.4 million in cash and equivalents, down from $82.9 million at the end of 2025. Green said cash used in operations was $3.0 million, compared with $0.8 million in the prior-year period, primarily due to working capital investments including increased inventory to support expected revenue growth. On product development and regulatory timelines, Jayaraman said Cerus is on track to submit a PMA for the INT100 to the U.S. Food and Drug Administration during the current quarter. Separately, in response to questions about the company’s next-generation illuminator, he said Cerus expects to submit a PMA for the INT200 device in the second quarter of 2026 and anticipates a U.S. launch in the first half of 2027. He described INT200 as a foundation device for the U.S. market and said international adoption and operational performance have been encouraging. President and CEO Obi Greenman, in what he said would be his final earnings call in the role, provided updates on the INTERCEPT Red Blood Cell System. He said 2026 would be an important year, with “major regulatory and clinical milestones” expected in the second half. Greenman said the phase III RedeS study has completed enrollment and is expected to read out in the fourth quarter. He also said the company’s CE mark submission is under review by the French regulator ANSM and that Cerus completed a recertification audit with TÜV, with remaining CE mark milestones including the ANSM review and an audit of the manufacturing facility. Asked about timing for a CE mark decision, Greenman said it was “probably safe to assume” a first-half 2027 approval timeline, citing uncertainty around potential ANSM questions and response timing. He said the company expects greater clarity later in the year, including around the time of its third-quarter earnings call. Jayaraman also addressed Cerus’ China opportunity for platelets, saying the company remains excited about the market and plans to meet with its joint venture partner, ZBK, at the ISBT meeting in Kuala Lumpur in mid-June. He said Cerus is refining its strategy to collect in vitro data requested for resubmission to China’s NMPA and characterized China revenue generation as likely toward the latter part of the decade. In closing remarks, Greenman reflected on his tenure, noting INTERCEPT is now available in more than 40 countries, that Cerus has secured four FDA PMA approvals in the U.S., and that the company has shipped kits equivalent to treating more than 22 million blood components. He said he was pleased to transition leadership to Jayaraman, describing him as a “bold, team-first leader” to guide Cerus’ next phase. Cerus Corporation is a biomedical products company dedicated to enhancing the safety of blood transfusions worldwide. Its flagship offering, the INTERCEPT Blood System, employs pathogen reduction technology designed to inactivate a broad spectrum of viruses, bacteria, and parasites in donated platelets and plasma. This approach aims to mitigate the risk of transfusion-transmitted infections and improve blood component safety for patients. The INTERCEPT platform integrates seamlessly into existing blood center workflows, providing a one-step treatment process for collected blood products. The article "Cerus Q1 Earnings Call Highlights" was originally published by MarketBeat.

First Quarter 2026 Total Revenue of $59.9 million, Up 23% Over Prior Year; First Quarter 2026 Product Revenue of $53.7 million, Up 24% Over Prior Year Raising Full Year Product Revenue Guidance Range to $227 million - $231 million, reflecting 10% to 12% year-over-year increase CONCORD, Calif., April 30, 2026--(BUSINESS WIRE)--Cerus Corporation (Nasdaq: CERS) announced today financial results for the first quarter ended March 31, 2026, and provided a business update. "We delivered a strong start to 2026, with first quarter performance driven by strength across our business, in particular by increasing demand for our INTERCEPT Fibrinogen Complex," said William "Obi" Greenman, Cerus’ president and chief executive officer. "As a result, we are raising our product revenue guidance for the year. Looking ahead, we have a meaningful catalyst path in 2026, spanning anticipated regulatory, clinical, and pipeline milestones, including ongoing INTERCEPT RBC regulatory review in Europe, the Phase 3 RedeS readout in the U.S., and the planned U.S. PMA submission for our new INT200 illumination device." Additional highlights include: First quarter 2026 total revenue comprised of (in millions, except percentages): INTERCEPT Fibrinogen Complex (IFC) demand continued to increase, with first quarter volumes – including kits and finished therapeutic doses (measured in FC15* equivalent units) – up approximately 120% compared to the prior year period. First quarter U.S. IFC sales totaled $5.7 million, up from $3.0 million in the prior year period. Signed a new, four-year supply agreement with Établissement Français du Sang (EFS), the French Blood Establishment, for the INTERCEPT Blood System for platelets and plasma, as well as the INT200. Announced Vivek Jayaraman, Cerus’ chief operating officer, will be appointed as president and chief executive officer and as a member of the board of directors, effective July 1, 2026. William "Obi" Greenman will become executive chairman of the board of directors. Cash, cash equivalents, and short-term investments were $80.4 million at March 31, 2026. Revenue Product revenue for the first quarter of 2026 was $53.7 million, compared to $43.2 million for the prior year period, representing year-over-year growth of 24%. First quarter growth was primarily driven by the strength of the global platelet franchise as well as increased U.S. IFC sales. Government contract revenue for the first quarter of 2026 was $6.2 million, compared to $5.6 million during the prior year period. The increase was driven by higher BARDA and Department of Defense related projects offset by the completion of the FDA contract in 2025. Product Gross Profit & Margin Product gross profit for the first quarter of 2026 was $27.9 million, compared to $25.4 million, increasing by 10% over the prior year period. Product gross margin for the first quarter of 2026 was 52.0% compared to 58.8% in the same period last year. The year-over-year decrease in gross margin was driven by the favorable prior year impact of a one-time benefit related to the capitalization of inventoriable charges and current period inflationary pressures, unfavorable foreign currency, and tariff impacts. Operating Expenses Total operating expenses for the first quarter of 2026 were $34.5 million, compared to $36.9 million for the same period of the prior year, reflecting a year-over-year decline of 7%. Research and development expenses for the first quarter of 2026 were $14.5 million, compared to $16.6 million for the same period of the prior year, reflecting a 12% decrease. The decrease was primarily driven by lower development costs of INT200 as we approach the planned PMA submission in the U.S. Government funded R&D spending, as a percentage of total R&D expense, increased year-over-year as seen with the higher government contract revenue. Selling, general and administrative expenses for the first quarter of 2026 totaled $19.9 million, compared to $20.3 million for the same period of the prior year, reflecting a 2% decrease and largely consistent with prior year costs, reflecting our ongoing focus on driving leverage. Net Loss Attributable to Cerus Corporation Net loss attributable to Cerus Corporation for the first quarter of 2026 was $1.6 million, or $0.01 per basic and diluted share, compared to a net loss attributable to Cerus Corporation of $7.7 million, or $0.04 per basic and diluted share, for the same period of the prior year. Non-GAAP Adjusted EBITDA Non-GAAP adjusted EBITDA for the first quarter of 2026 was $4.0 million, compared to non-GAAP adjusted EBITDA of $0.2 million for the same period of the prior year. For additional information, please see definitions and the reconciliation of this non-GAAP measure to net loss attributable to Cerus Corporation accompanying this release. Balance Sheet and Cash Flows At March 31, 2026, the Company had cash, cash equivalents, and short-term investments of $80.4 million, compared to $82.9 million at December 31, 2025. As of March 31, 2026, the Company had $65.0 million outstanding on its term loan and $19.9 million drawn on its revolving credit facility. The Company’s revolving line of credit allows for an additional $15.1 million as of March 31, 2026, which is dependent on eligible assets supporting the borrowing base. For the first quarter of 2026, cash used for operations totaled $3.0 million compared to $0.8 million during the same period of the prior year. Cash used for operations in the first quarter of 2026 was primarily tied to an increase in working capital, including inventory in support of the expected product revenue growth. Raising 2026 Product Revenue Guidance The Company now expects full-year 2026 product revenue to be in the range of $227 million to $231 million, reflecting growth of 10% to 12% from 2025. Included in this range is full-year 2026 IFC revenue guidance between $22 million to $24 million. Previously, the Company’s 2026 product revenue guidance range was $224 million to $228 million, including IFC revenue guidance between $20 million to $22 million. Quarterly Conference Call The Company will host a conference call at 4:30 P.M. ET this afternoon, during which management will discuss the Company’s financial results and provide a general business overview and outlook. To listen to the live webcast, please visit the Investor Relations page of the Cerus website at http://www.cerus.com/ir. A replay will be available on Cerus’ website approximately three hours after the call through May 21, 2026. *FC15 equivalent to a therapeutic dose of a cryoAHF pool. ABOUT CERUS Cerus Corporation is dedicated solely to safeguarding the world’s blood supply and aims to become the preeminent global blood products company. Headquartered in Concord, California, the company develops and supplies vital technologies and pathogen-protected blood components to blood centers, hospitals, and ultimately patients who rely on safe blood. The INTERCEPT Blood System for platelets and plasma is available globally and remains the only pathogen reduction system with both CE mark and FDA approval for these two blood components. In the U.S., the INTERCEPT Blood System for Cryoprecipitation is approved for the production of Pathogen Reduced Cryoprecipitated Fibrinogen Complex (commonly referred to as INTERCEPT Fibrinogen Complex), a therapeutic product for the treatment and control of bleeding, including massive hemorrhage, associated with fibrinogen deficiency. The INTERCEPT red blood cell system is under regulatory review in Europe, and in late-stage clinical development in the U.S. For more information about Cerus, visit www.cerus.com and follow us on LinkedIn. Cerus, INTERCEPT and the Cerus logo are trademarks of Cerus Corporation. Forward-Looking Statements Except for the historical statements contained herein, this press release contains forward-looking statements concerning Cerus’ products, prospects and expected results, including statements relating to: Cerus’ expectation that full-year 2026 product revenue will be in the range of $227 million to $231 million, including IFC revenue of between $22 million to $24 million; Cerus’ expectation that full-year 2026 product revenue will grow 10% to 12% year over year; Cerus continuing to have access to $15.1 million under its revolving line of credit; Cerus’ anticipated catalyst path in 2026, including ongoing INTERCEPT RBC regulatory review in Europe, the Phase 3 RedeS readout in the U.S., and the planned U.S. PMA submission for Cerus’ new INT200 illumination device; Cerus’ expectations with respect to its new four-year supply agreement with EFS; Cerus’ expectations regarding the transition of the President and Chief Executive Officer role; Cerus’ ability to continue to improve global access to its INTERCEPT technologies; Cerus’ ability to advance its product development programs; the continued commercialization and launch of INT200 and IFC; and other statements that are not historical fact. Actual results could differ materially from these forward-looking statements as a result of certain factors, including, without limitation: risks associated with the commercialization and market acceptance of, and customer demand for, the INTERCEPT Blood System and IFC; the risk that Cerus may not meet its 2026 annual product revenue guidance; the risk that Cerus may not effectively continue to launch and commercialize the INTERCEPT Blood System for Cryoprecipitation or INT200; the risk that Cerus may not grow sales globally, including in its U.S. and European markets, and/or realize expected revenue contributions resulting from its U.S. and European market agreements; the risk that the U.S. RedeS study may take longer than Cerus expects or may not be completed at all or, if completed, may not demonstrate the safety and/or efficacy of the red blood cell system; risks related to the uncertain and time-consuming development and regulatory process, including the risk that Cerus may be unable to obtain requisite regulatory approvals to advance its pipeline programs and bring them to market in a timely manner or at all, including the risks that existing clinical data may be insufficient in order to obtain a CE Certificate of Conformity and affix a CE Mark to the red blood cell system and its planned modular premarket approval, or PMA, application for the red blood cell system and/or the INT200 may not be submitted to the FDA on the timeline Cerus anticipates or at all; risks associated with macroeconomic developments, including the ongoing military conflict in Ukraine and the ongoing military conflict involving Iran, the U.S. and Israel, new or increased tariffs and escalating trade tensions, inflation, rising interest rates and foreign exchange volatility and the resulting global economic and financial disruptions; risks related to Cerus’ ability to demonstrate to the transfusion medicine community and other healthcare constituencies that pathogen reduction and the INTERCEPT Blood System are safe, effective and economical; risks related to product safety; risks associated with Cerus’ ability to maintain an effective, secure manufacturing supply chain, including risks that (a) Cerus’ supply chain could be negatively impacted as a result of macroeconomic developments, (b) Cerus’ manufacturers could be unable to comply with extensive regulatory agency requirements, and (c) Cerus may be unable to maintain its supply agreements with its third-party suppliers; risks associated with Cerus’ ability to access additional funds under its credit facility and to meet its debt service obligations, and its need for additional funding; risks associated with the impact of legislative or regulatory healthcare reforms that may make it more difficult and costly for Cerus to produce, market and distribute its products; as well as other risks detailed in Cerus’ filings with the Securities and Exchange Commission, including under the heading "Risk Factors" in Cerus’ Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 2, 2026 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Cerus disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release. Use of Non-GAAP Financial Measures We define adjusted EBITDA as net loss attributable to Cerus Corporation as reported on the consolidated statement of operations, as adjusted to exclude, as applicable for the reporting period(s) presented, (i) net loss attributable to noncontrolling interest, (ii) provision for income taxes, (iii) foreign exchange (loss)/gain, (iv) interest income (expense), (v) other income (expense), net, (vi) depreciation and amortization, (vii) share-based compensation, (viii) goodwill and asset impairments, (ix) costs associated with our noncontrolling interest in our joint venture in China and, (x) revenue and direct costs associated with our government contracts. We are presenting this non-GAAP financial measure to assist investors in assessing our operating results. Management believes this non-GAAP information is useful for investors, when considered in conjunction with Cerus’ GAAP financial statements, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Cerus’ operating results as reported under GAAP. This non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. This non-GAAP financial measure is not necessarily comparable to similarly-titled measures presented by other companies. Supplemental Tables View source version on businesswire.com: https://www.businesswire.com/news/home/20260430446683/en/ Contacts Tim Lee – Head of Investor Relations Cerus Corporation [email protected] 925-288-6128

This article first appeared on GuruFocus. Release Date: April 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Cerus Corp (NASDAQ:CERS) reported a 24% increase in product revenue for Q1 2026, driven by strong performance in the global platelet franchise and U.S. ISC business. The company raised its full-year 2026 product revenue guidance to $227 million to $231 million, reflecting confidence in continued demand. Cerus Corp (NASDAQ:CERS) has secured a multi-year contract with the French National Blood Service, enhancing visibility into future growth. The company is seeing early traction from its group purchasing agreement with Blood Centers of America, which represents about half of the U.S. blood supply. Cerus Corp (NASDAQ:CERS) achieved its eighth consecutive quarter of positive non-GAAP adjusted EBITDA, demonstrating strong financial management. The company is facing logistical challenges in the Middle East due to ongoing conflict, which may impact shipment timing. First quarter gross margin decreased to 52% from 58.8% in the previous year, affected by inflationary pressures and tariffs. Government-related R&D expenses and corresponding revenue are expected to taper in 2026 compared to 2025. The company is navigating near-term challenges in certain regions, which could affect overall performance. Despite strong growth, Cerus Corp (NASDAQ:CERS) remains a single-digit market share player in the U.S. ISC market, indicating significant competition. Warning! GuruFocus has detected 4 Warning Signs with CERS. Is CERS fairly valued? Test your thesis with our free DCF calculator. Q: Can you discuss the outlook for the U.S. Intercept Platelet franchise versus the U.S. Intercept Platelet franchise and where you're seeing more upside relative to the outlook at the beginning of the year? A: Vivek Jayaraman, Chief Operating Officer and incoming CEO, explained that the strength of the performance is broad-based both globally and across product categories. The Intercept Platelet franchise is a significant part of the revised upward guidance, with good progress in the U.S. under the BCA agreement and strength internationally, particularly in EMEA. Q: Can you provide more detail on the increased demand from BCA blood centers for the U.S. IFC and how that outlook drove the guidance uptake for the IC franchise? A: Vivek Jayaraman noted that multiple factors are at play, including moving historical production partners under the BCA agreement and new BCA members initiating ISC manufacturing. The transition from selling finished therapeutics to kits allows leveraging blood centers' sales channels, expanding reach and engagement with hospitals. Q: Could you give us some sense of the timeline from the regulatory events discussed today until revenue generation, and key milestones along that pathway to commercialization? A: Obi Greenman, President and CEO, mentioned that for red cells, the focus is on the ANSM review and manufacturing facility audit for the CE mark. For the INT200 device, a PMA submission to the US FDA is expected this quarter, with a launch anticipated in the first half of 2027. Q: What are the implications in terms of business, whether it's penetration or pricing, or simply this being an enabler of retention in terms of launching the INT200? A: Vivek Jayaraman highlighted that the INT200 will serve as the device foundation for the U.S. market, supporting both existing and new customer adoption. It demonstrates Cerus' commitment to innovation, positioning the company uniquely relative to industry peers. Q: Can you walk us through the assumptions regarding the strong growth at the start of the year and the full-year growth outlook for IFC? A: Vivek Jayaraman explained that while the business is a bit lumpy due to the transition from finished therapeutic sales to kit sales, the underlying growth remains strong. The transition is expected to accelerate through 2026, with significant headroom for growth as a single-digit market share player. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Thursday, April 30, 2026 at 4:30 p.m. ET President and Chief Executive Officer — Obi Greenman Chief Operating Officer, Incoming President and Chief Executive Officer — Vivek K. Jayaraman Chief Financial Officer — Kevin D. Green Need a quote from a Motley Fool analyst? Email [email protected] Tim Lee: Thank you, and good afternoon. I would like to thank everyone for joining us today. As part of today's webcast, we are simultaneously displaying slides that you can follow. You can access the slides from the Investor Relations website at ir.cirrus.com. With me on the call are Obi Greenman, Cerus Corporation’s president and chief executive officer; Vivek K. Jayaraman, Cerus Corporation’s chief operating officer, incoming president and chief executive officer; and Kevin D. Green, Cerus Corporation’s chief financial officer. Cerus Corporation issued a press release today announcing our financial results for the first quarter ended March 31, 2026, the company's recent business highlights, and outlook. You can access a copy of this announcement on the company's website at www.cirrus.com. I would like to remind you that some of the statements we will make on this call relate to future events and performance rather than historical facts and are forward-looking statements. Examples of forward-looking statements include those related to our future financial and operating results, including our 2026 product revenue guidance and our expectations for product gross margin, non-GAAP adjusted EBITDA performance, P&L leverage, and our government-reimbursed R&D expenses and corresponding revenue; expected future growth; the potential for us to achieve GAAP profitability; the availability and related timing of data from clinical trials; our mission to establish INTERCEPT as a global standard of care; anticipated regulatory submissions and milestones; commercial expansion prospects; projected market opportunities for the INTERCEPT Blood System, including for ISC; demand expectations with respect to our group purchasing agreement with Blood Centers of America and our multiyear agreement with the French National Blood Service; our potential platelet opportunity in Germany; the anticipated impact of tariffs and ongoing inflationary pressures and related migratory effects on our business; and other statements that are not historical facts. These forward-looking statements involve risks and uncertainties that can cause actual events, performance, and results to differ materially. They are identified and described in today's press release, in our slide presentation, and under Risk Factors in our Form 10-Q for the quarter ended March 31, 2026, which we will file shortly. We undertake no duty or obligation to update our forward-looking statements. On today's call, we will also be discussing non-GAAP adjusted EBITDA, which is a non-GAAP financial measure. Non-GAAP adjusted EBITDA should be considered a supplement to, and not a replacement for, measures presented in accordance with GAAP. For a reconciliation of non-GAAP adjusted EBITDA to net loss attributable to Cerus Corporation, the most comparable GAAP financial measure, to the extent reasonably available, please refer to today's press release and the slide presentation available on our website. We will begin today with opening remarks from Vivek, followed by Kevin to review our financial results, and lastly, closing remarks from Obi. And now it is my pleasure to introduce Vivek K. Jayaraman, Cerus Corporation’s next president and chief executive officer. Vivek K. Jayaraman: Thank you, Tim, and good afternoon, everyone. We appreciate you joining us today. At Cerus Corporation, our mission is clear: to expand access to safe blood for patients around the world. As we enter 2026, we are focused on delivering against that mission while executing on three core priorities: driving sustainable double-digit growth, advancing innovation, and strengthening our financial foundation. Our first quarter results reflect disciplined progress across each of these areas and reinforce our confidence in the path ahead. 2026 is off to a great start, with strong first quarter results and increasing confidence in our sales outlook for the full year. In the first quarter, product revenue, which reflects our core commercial business, was $53.7 million, up 24% compared to 2025. This performance was driven by continued strength in our global platelet franchise and also accelerating demand in our U.S. ISC business. Based on our better-than-expected start to the year, as well as our growing conviction in the underlying demand for INTERCEPT, we are raising our full-year 2026 product revenue guidance to $227 million to $231 million. In addition, we are raising full-year IFC revenue guidance to $22 million to $24 million. This updated guidance represents total year-over-year product revenue growth of 10% to 12% compared to 2025, and approximately 30% to 40% for IFC. From a top-line perspective, North America accounted for nearly 70% of first quarter product revenue, as our U.S. platelet franchise continued to serve as a foundation of our overall business. We are deeply grateful to our key customer partners like the American Red Cross who continue to place their trust in INTERCEPT. First quarter North American platelet kit volumes (treatable doses) increased 69% compared to 2025. This gain outpaced the overall historical market growth rate. Looking forward, we anticipate further platelet penetration as we continue to expand adoption among blood centers and hospitals. A key enabler of this growth is our group purchasing agreement with Blood Centers of America, whose members represent approximately half of the U.S. blood supply. Since the agreement took effect on January 1, we have been focused on execution—educating members through targeted engagement, supporting implementation, and expanding both existing and new customer relationships. We are already seeing early signs of traction, including increased activity at existing Cerus Corporation customers and new agreements to adopt PR platelets at BCA members who have yet to utilize INTERCEPT. Internationally, our EMEA business delivered another strong quarter led by performance in France and Belgium. We continue to view the region as an important contributor to both near- and mid-term growth. The recently signed multiyear contract with the French blood establishment, or EFS, enhances visibility into our forward outlook. We are deeply grateful to EFS for their continued trust in INTERCEPT. France was the first country of scale to fully adopt INTERCEPT to safeguard their platelet supply, and this contract renewal is a strong confirmation of the value they have seen in INTERCEPT. In Germany, progress on the INITIATE study continues to build the clinical and operational foundation for broader adoption over time. While we remain encouraged by the global opportunity, we are also navigating near-term challenges in certain regions. In the Middle East, ongoing conflict has created logistical complexities that may impact shipment timing. That said, we are actively managing the situation and believe that potential disruptions can be mitigated by strength in other parts of the business. Importantly, we remain confident in our long-term growth prospects in that region, and these near-term challenges were considered when deciding to increase our product revenue guidance for the full year. Innovation remains central to how we expand access to safe blood and drive long-term growth. A key example is the continued successful rollout of our generation INT 200 illuminator across international markets, where we are seeing encouraging adoption and operational performance. Domestically, we are on track to submit our PMA for the INT 100 to the U.S. FDA this quarter, which represents an important milestone in bringing this technology to the U.S. market. Innovation is also evident in our U.S. IFC franchise, where demand continues to increase, supported by a growing number of blood centers manufacturing IFC, deeper utilization within hospitals, and increasing awareness of the clinical and logistical advantages—particularly the highly valuable combination of immediate availability of fibrinogen alongside five-day post-thaw shelf life. As with our platelet franchise, we are seeing a marked increase in IFC engagement and adoption from BCA member blood centers under our new agreement. As a result, ISC demand in the first quarter, measured by therapeutic dose equivalents, increased approximately 120% year over year, with revenue growth approaching 90%. We are seeing a continued shift towards kit-based sales, which supports both operational efficiency and long-term margin expansion. Taken together, these results reflect a business that is executing with focus—expanding access to safe blood, delivering sustainable double-digit growth, advancing innovation, and strengthening our financial profile. While there is much work to be done, we are encouraged by the progress we are making and confident in the opportunities ahead. At the end of the day, the most important point to note is that we were able to meaningfully expand access to safer blood in the first quarter of 2026. Thank you for your continued interest in Cerus Corporation. I will now turn the call over to Kevin to review our financial results in more detail. Kevin D. Green: Thanks, Vivek. You have just heard Vivek speak to two of our three pillars: growth and innovation. Today, I will focus my comments on our third pillar, financial strength. First quarter financial tables are included in today's press release. As such, I will focus most of my comments on key takeaways and insights. In addition to the 24% product revenue growth that Vivek mentioned, total revenue, which includes government contract revenue, increased 23% compared to the prior year results. By geography, product revenue growth was broad-based, with both North America and EMEA reporting year-over-year gains of 20% or more. In EMEA, demand for our platelet product was the primary contributor, driven by both increased kit volumes and pricing discipline. As reported, EMEA revenues grew by 28%. Of that reported growth, favorable foreign currency exchange rates benefited EMEA revenue by approximately 11%. On a consolidated basis, FX provided a benefit of approximately 3% when compared to Q1 2025. In North America, growth was led by higher U.S. IFC sales, as well as increased demand for platelet kits in both the U.S. and in Canada. Speaking to IFC, which at this point is exclusively a U.S. product, first quarter revenue was $5.7 million compared to $3 million during 2025. Switching now to government contract revenue, reimbursement for government-related R&D expenses increased year over year. As I noted on our Q4 earnings call, we still expect full-year government-related R&D expenses, and the corresponding reimbursement which we recognize as government contract revenue, to taper this year compared to 2025. Turning away from the top line to gross margin, our first quarter gross margin was 52%, compared to 58.8%. Recall that first quarter 2025 margin was an unusually tough comp and was artificially high by approximately 2% due to a one-time true-up from the capitalization of inventoriable charges and the nonrecurring release of previously accounted for favorable variances. With that said, the factors that we forecast to be headwinds in Q1 have proven to be slightly less impactful than we originally predicted. Nevertheless, these headwinds have been persistent, and we expect that to be the case for the remainder of the year. These referenced headwinds include inflationary pressures, with shipping and fuel costs expected to persist; the impact of foreign currency exchange rates; and the ongoing tariffs. Given the current trends, we continue to believe 2026 gross margin will be in the low-fifties range, although we may see some relief should our assumptions on external factors prove conservative. Moving down the income statement, operating expenses for the first quarter declined 7% compared to 2025. One of our key areas of focus supporting financial strength is disciplined control of operating expenses while growing revenue. To that end, SG&A expenses were largely consistent with the prior year, reflecting our ongoing focus to drive revenue growth without the need for proportional incremental investments in SG&A. R&D expenses declined year over year, due in part to lower development costs of the INT 200 as we approach our planned U.S. PMA submission. Importantly, as you can see from this slide, Cerus Corporation-funded development programs have been trending down as a percent of total R&D expenses. Similar to SG&A, we have been making a concerted effort to generate leverage by focusing relatively more R&D spend on government-reimbursed initiatives compared to those that Cerus Corporation funds. Let us now turn to the bottom line and non-GAAP adjusted EBITDA results. For Q1 2026, GAAP net loss attributable to Cerus Corporation continued to show year-over-year improvement, to a modest level of $1.6 million. As an organization, we are committed to not just growing non-GAAP adjusted EBITDA, but achieving GAAP profitability. On a non-GAAP basis, adjusted EBITDA for the first quarter totaled $4 million and marked our eighth consecutive quarter of posting positive adjusted EBITDA. We continue to match the strong commercial results with disciplined expense management and deliver the inherent leverage in our business. Looking ahead, for the balance of 2026, we expect to deliver our third consecutive year of positive adjusted EBITDA results. Turning to the balance sheet and associated cash flows, we ended the first quarter with cash and equivalents of $80.4 million compared to $82.9 million at 2025 year-end. Cash used from operations was $3 million compared to $0.8 million during the same period of the prior year. Cash used during the first quarter was tied to working capital investments, specifically increased inventory levels in support of the expected revenue growth as suggested by our increased guidance. With all of this said, this progress has resulted in a stronger business. Since 2019, product revenue has grown at a compound annual rate of 18%. We have used that growth to expand patient access to INTERCEPT in new geographies, and to continue investing in our new wave of innovation, including the 200 device and INTERCEPT red blood cells. At the same time, we have managed the business with discipline. Since 2019, operating expenses have increased by less than 3% annually, demonstrating the operating leverage in our business as we continue to scale. As a result, net loss has narrowed meaningfully during the period from 2019 to now, and our adjusted EBITDA has consistently grown over the last few years. Accordingly, we have line of sight into GAAP profitability. With that, let me turn it over to Obi for his closing comments. Obi Greenman: Thank you, Kevin, and good afternoon, everyone. I want to thank all of you for joining us today for what will be my final earnings call as Cerus Corporation’s president and CEO. As I reflect on fifteen years in this role, and more than thirty years with the company, I do so with deep gratitude to our shareholders, to our blood center partners, to our employees, and to the clinicians and patients who have believed in our mission. The advocacy for our pathogen inactivation technology from our largest and longest-term blood center customers like the French EFS, Canadian Blood Services, the Swiss Red Cross, OneBlood, especially the American Red Cross, mattered meaningfully over the company's thirty-five-year history. From the beginning, our vision has been to make INTERCEPT the global standard of care for transfused blood components and to establish Cerus Corporation as a leader in transfusion medicine innovation. When I became CEO fifteen years ago, Cerus Corporation was still in the early stages of translating that vision into broad clinical and commercial impact. Earlier in 2006, when we took back the global commercial rights to INTERCEPT from Baxter and built our European organization to commercialize the platform in Europe and beyond, the clinical experience with INTERCEPT amounted to fewer than 10,000 platelet units transfused. Today, INTERCEPT is available in more than 40 countries. We have secured four FDA PMA approvals in the United States, established INTERCEPT as the standard of care in multiple markets, including the U.S., France, and Switzerland, and shipped kits equivalent to treating more than 22 million blood components. That is meaningful progress for Cerus Corporation, and more importantly, it is meaningful progress for patients and health care systems around the world. And yet, the underlying need remains as compelling as ever. Safe and available blood is one of the fundamental requirements of modern health care. Patients undergoing cancer treatment, trauma care, complex surgery, childbirth, and chronic transfusion support all depend on blood products that are both safe and ready when needed. That is the mission we share with our blood center customers every day. It is also why our work has impact far beyond our company. Advances in blood safety and availability strengthen care delivery and the global health care system. Today, Cerus Corporation is better positioned than at any point in our history to help meet that need. We have built a global commercial footprint, a maturing INTERCEPT portfolio designed to address all major transfused blood components, and an organization with the experience and discipline to execute. While we have made meaningful strides towards making INTERCEPT the global standard of care, I believe the opportunity ahead remains substantial. That is especially true as we advance the INTERCEPT red blood cell program. 2026 is an important year for the RBC program, with major regulatory and clinical milestones ahead in the second half. The phase 3 RETA study, which includes the broader chronic transfusion experience required for an FDA PMA, has completed enrollment and is expected to read out in the fourth quarter. As a reminder, the RBC program previously met its primary endpoint in the phase 3 RECePI study, and the acute transfusion data from that study were included in the CE Mark submission, which is now under French ANSM competent authority review for potential approval in Europe. We believe INTERCEPT red cells remains one of the most important opportunities in blood safety, and success there could materially expand both our clinical impact and our long-term growth potential. For those of you who have followed Cerus Corporation over the years, you know that transfusion medicine is careful and slow to adopt innovation. One of the defining moments in Cerus Corporation’s history was the FDA's 2019 guidance on reducing the risk of transfusion-transmitted bacterial infections, with an implementation deadline in October 2021. That guidance helped accelerate INTERCEPT adoption in the U.S. and influenced many other markets that look to the FDA as an important benchmark. It was a reminder that durable change in the field is possible, and that when regulatory standards evolve, the impact on patient care can be significant. We have built a strong foundation that supports an enduring company: a clear mission, differentiated technology, deep customer relationships, global regulatory and commercial capabilities, and a pipeline with meaningful growth drivers still ahead. That foundation is what gives me such confidence in Cerus Corporation’s future. Over the last three decades, we have built an exceptional team united by the opportunity to protect the blood supply and help ensure that life-saving transfusions are available for patients when they are needed most. For many of us, this mission has always been personal. We remember the devastating impact that HIV and hepatitis had on the blood supply in the 1980s and 1990s, and we were determined to help create a different future—one in which transfusion-transmitted infections would pose far less risk in the face of new pandemic threats, and blood centers and hospitals would be better equipped to serve patients safely and reliably, given the positive impact of INTERCEPT on blood donor deferrals. It has been the privilege of my career to help build Cerus Corporation into a lasting purpose-driven company, and I am very pleased to pass the baton to Vivek. He is a bold, team-first leader who will build on the strong foundation we have established, continue advancing our patient-first mission, and lead Cerus Corporation through its next phase of growth, innovation, and value creation for all stakeholders. With that, let me turn the call over to the operator for questions. Operator: Star 11 on your telephone and wait for your name to be announced. To remove yourself, press star 11 again. One moment for our questions. The first one comes from the line of Josh Jennings with TD Cowen. Please proceed. Josh Jennings: Hi, good afternoon. Thanks for taking the questions. And congratulations, Obi, on moving into your next chapter. It has been a long, resilient run by you, and you are leaving the company in a position of strength here, looking at these Q1 results and being on the cusp of some RBC approvals globally. We will miss you, but congratulations, Vivek, on your new CEO seat. I would like to start just by asking about guidance. It seems like the uptick is being driven mostly by IFC strength, but also by INTERCEPT platelet strength. Maybe just talk about the outlook for the U.S. INTERCEPT platelet franchise versus the OUS INTERCEPT platelet franchise, and where you are seeing more upside relative to the outlook at the beginning of the year. Obi Greenman: Yes. Thanks a lot, Josh, and thanks for the kind comments to start. Vivek, do you want to handle that question? Vivek K. Jayaraman: Yes, I would be happy to. Josh, echoing Obi’s statements, thanks for the kind words—they are much appreciated. We certainly appreciate your continued interest in our story. The thing that is most encouraging to me about Q1 results is that the strength of the performance is really broad-based, both globally and across product categories. You are right to point out that IFC performed quite well, and that is a significant part of our revised upward guidance. But as you also correctly pointed out, platelets is a big component of that as well. If you recall, late last year and earlier this calendar year, we pointed to the BCA agreement in the U.S. and the opportunity to have, effectively, a hunting license in roughly half of the U.S. market where, relatively speaking, PR platelets were underpenetrated. We saw good progress in the first quarter in that section of the market. But we also saw strength with platelets internationally, as evidenced by what Kevin spoke to in terms of strength in our EMEA organization. And then we also highlighted the renewed contract with the EFS. So, as we think about the outlook for the balance of the year, we see continued solid platelet growth in both geographies—continued expansion in the U.S. under the umbrella of the BCA agreement, as well as continued adoption both in growth areas internationally and in some of our core markets where we are seeing a recommitment from customers. There is a lot of enthusiasm coming out of first quarter results and the general qualification of demand in the marketplace. Josh Jennings: Excellent—great to hear. And maybe, clearly, the BCA agreement is bearing early fruit here and may get stronger over the course of the year. But just within U.S. IFC and BCA blood centers—it sounded like you commented about marked increased demand from BCA blood centers. Any way you could build that out, provide a little bit more detail, and whether you are seeing any new IFC customers coming on, and how that outlook drove the guidance uptick for the IFC franchise? Vivek K. Jayaraman: Yes, of course. Happy to provide a bit more color there. There are multiple factors at play, as I am sure you can appreciate. The first is we are actively in the process of moving our historical production partners under the BCA agreement, and as we do that, they are able to take advantage of the resource-sharing model that BCA utilizes. So their outlets in terms of potential blood center customers—and ultimately hospital customers—continue to grow. In addition to that, we have had BCA members who were not previously IFC manufacturers reach out to us and initiate the process of beginning IFC manufacturing. And then, fundamentally, as we have talked about previously, as we transition from selling the finished therapeutic to the kits to blood centers, that enables us to leverage and partner with the sales and marketing channels of the blood centers, thereby significantly expanding our reach and our ability to engage with more hospitals. All of those factors come together and effectively create an environment where we are just reaching out to more hospitals, engaging a broader number of clinicians about IFC, and that is all occurring while the data we collect and user experience with the product continue to grow. It has been really encouraging, but still very much early days. We are proud of the Q1 results and the outlook, but I would remind you that we are still single-digit share in terms of market penetration, so there is a tremendous amount of upside in this market. Josh Jennings: Outstanding. Thanks for the incremental detail, and congratulations on a strong start to the year. Obi Greenman: Thanks a lot, Josh. Thank you. Operator: Our next question comes from the line of William Bonello with Craig-Hallum. Please proceed. William Bonello: Thanks. Hey, I also wanted to say congratulations to Obi and Vivek. In terms of questions, you gave some timing on the expected regulatory catalysts. I am wondering if you could maybe give us some sense of the timeline from the events that you talked about today until we reach revenue generation, and maybe some of the key milestones along that pathway to commercialization. Obi Greenman: Yes, thanks for the question, Bill. I presume you are talking about red cells and not the INT 200, which we will be filing for PMA imminently here in the United States. William Bonello: Talking about both, actually. Kevin D. Green: Great. Well, I will start with red cells; I will let Vivek cover INT 200 because we are also really excited about that. Kevin D. Green: For the near term, the milestones through the remainder of the year are clearly very focused on the ANSM review of the red cell program. We are happy to announce this week we actually completed our recertification audit with TUV. That is exciting, but we have two additional milestones for the CE Mark—one is the ANSM review and then, ultimately, an audit of the manufacturing facility. As far as a pathway to ultimate revenue there, once we have an anticipated approval of the red cell CE Mark, we would move into an early launch of that product with an iteration of the device to ultimately improve the overall scale-up and operational efficiency of processing red cells. That is still a few years out, but the goal right now is to focus on getting that CE Mark so that we can launch the product. Vivek, do you want to cover the INT 200 in the U.S.? Vivek K. Jayaraman: Sure, I would be happy to. Thanks for the question, Bill. As we indicated earlier, we are moving towards the submission to the U.S. FDA—a PMA submission for the INT 200 device this quarter, so in 2026. We would anticipate a launch in 2027, and I anticipate, similar to what we are experiencing in international markets, that there will be a lot of enthusiasm for that launch. It is clear evidence of our commitment to innovation in this space, which I think differentiates us from a lot of our peers, and it will serve ultimately as the device foundation for the U.S. market. That is an upcoming catalyst and one that we are very excited about, given the positive receptivity to the illuminator in international markets. William Bonello: And then, thank you. Just as a follow-up to that, maybe give us some thoughts on the implications in terms of business—whether it is penetration or pricing—or simply this being an enabler of retention in terms of launching that INT 200. Vivek K. Jayaraman: There is a significant market in the U.S. with respect to our installed base of illuminators, and that will be an area of focus for us. Beyond that, if we think about de novo growth opportunities, as I mentioned earlier in response to Josh's question, there are some customers in the U.S. who have yet to begin their journey with us in terms of adoption of the INTERCEPT technology, and part of that process will be equipping them with illuminators. That will most likely be the INT 200 device. While we are not providing specific product-level guidance in terms of our device placements, what I can say is it is a significant enabler in terms of serving as the underlying foundation for our business. Beyond that, as we have stated before, the demonstrated investment in innovation and commitment to continuing to advance research and device development in this space positions us very uniquely relative to our industry peers because we continue to invest in R&D and ultimately bring products to market that meet customer needs and enhance their operational efficiency. We are very much looking forward to introducing that product, and you will hear more about our plans for U.S. commercialization, certainly post-submission of the PMA and then as we approach our launch date. William Bonello: Sure. Thank you. Appreciate it. Operator: Thank you. And as a reminder, if you do have a question, simply press star 11 to get in the queue. Our next question is from Mark Massaro with BTIG. Please proceed. Mark Massaro: Hey, guys. Thanks for taking the questions. Obi, it has been great working with you, and congrats as you transition into the chairman role, and Vivek, congrats on your well-deserved promotion to CEO. Moving into the business, I wanted to get a better sense on the guidance because, when I look at the IFC business, you grew 90% in Q1. The 2026 guidance for IFC has been raised to approximately 30% to 40%. I am just trying to get a sense about the seasonality of this business. It looks like in Q3 last year, it was down sequentially. I recognize there is probably lumpiness as you roll this out. But can you walk us through the assumptions as to the delta between the really strong growth at the start of this year and your full-year growth outlook for IFC? Obi Greenman: Yes, thanks for the question, Mark, and thanks for the comments to start as well. Vivek, do you want to cover that? Vivek K. Jayaraman: Yes, I would be happy to. Mark, thank you for the kind words about the organizational transition—much appreciated. You are right to point out that the business is a little bit lumpy as we are in this early growth stage, but I want to emphasize our conviction around continued growth and the fact that we are still a single-digit market share player and feel like there is a tremendous amount of headroom. I do not want any of that enthusiasm to be lost as we talk about some of the specifics about the current position itself. I will remind you that a year ago there were some anomalies in terms of our posted results. If you recall, we deferred, from an accounting standpoint, some revenue recognition to the second quarter as we were starting the process of transitioning from a finished therapeutic sale to a kit sale. That transition continues, and we are really driving towards being fully kit sales, ideally by the end of this calendar year—that may bleed a little bit into 2027. We have been talking about unit volume from the standpoint of therapeutic dose equivalents as opposed to revenue growth, and you will see that transition accelerate through the balance of 2026. That was part of what factored into the guidance for the full year. Obviously, we took it up pretty significantly—from original guidance of $20 million to $22 million for the full year now to $22 million to $24 million. Underlying growth remains strong. There will probably be some period-to-period idiosyncrasies given that transition and the nature of our business model. But when we think about blood centers manufacturing IFC and hospital starts—some of the things that we are paying attention to—all of those trend lines are strongly positive. Hopefully that gives you a little bit more color. Certainly happy to answer any more questions about the IFC business as you have them. Mark Massaro: That is really helpful. Maybe switching gears to red blood cells. I think I heard you talk about the transition to ANSM, and it seems like we are now getting close. I think you are on the clock. As we put these pieces together, I think you talked about a readout in 2026. Would it be reasonable to think that CE Mark could occur shortly after that readout time period? I am coming in somewhere between either 2027, but I just wanted to get your sense on the timing of CE Mark. Obi Greenman: Yes, thanks, Mark. I think right now it is probably safe to assume a first half 2027 approval timeline, just given that we do not know what questions the ANSM will ask and the timeline for our responding to those questions. I think that is the timing you should be looking at. We will have a lot more clarity through year-end, and I think specifically, as we think about our Q3 earnings call, not only will there be the phase 3 study readout in that time frame, but also some increased clarity around the ANSM timing. That is the way I think you should think about it. Mark Massaro: Great. And then, I know this is probably not core to the thesis or anything, but I figured I would ask if you are still planning to pursue regulatory approval for platelets in China, and maybe any update on that process? Vivek K. Jayaraman: Yes, I would be happy to. Mark, it is a great question. We absolutely continue to be excited about the opportunity in the China market. In fact, we will be meeting with our joint venture partner, ZB, at the upcoming ISCT meeting, which is scheduled to take place in Kuala Lumpur in mid-June. Part of what we are continuing to refine is our strategy to collect in vitro data that is requested in the Chinese market for resubmission to the NMPA. In parallel, our continued channel checks and clinical engagement continue to validate the excitement for, and the need for, pathogen inactivation in that marketplace. It is probably an opportunity that we will realize in terms of revenue generation towards the latter part of the second half, but it is very much a market opportunity that we are working, in partnership with ZB under our joint venture agreement, to advance. Mark Massaro: That makes perfect sense. Congrats on the strong quarter, guys. Operator: Thank you. And, ladies and gentlemen, this will conclude our Q&A session and conference for today. Thank you all for participating. You may now disconnect. Before you buy stock in Cerus, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cerus wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $496,797!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,282,815!* Now, it’s worth noting Stock Advisor’s total average return is 979% — a market-crushing outperformance compared to 200% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of April 30, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Cerus (CERS) Q1 2026 Earnings Transcript was originally published by The Motley Fool

Product revenue growth of 24% was fueled by a combination of global platelet franchise stability and a significant acceleration in the U.S. INTERCEPT Fibrinogen Complex (IFC) business. The U.S. platelet franchise outpaced historical market growth rates, supported by deep partnerships with major providers like the American Red Cross. The new group purchasing agreement with Blood Centers of America (BCA) is serving as a primary growth engine, providing access to approximately half of the U.S. blood supply. International performance was bolstered by a multiyear contract renewal with the French National Blood Service (EFS), confirming long-term commitment to INTERCEPT as a standard of care. Operational leverage is improving as the company focuses R&D spend on government-reimbursed initiatives while keeping SG&A growth well below revenue growth rates. Management is navigating logistical complexities in the Middle East due to ongoing conflict, though they believe geographic diversification will mitigate potential shipment disruptions. Full-year 2026 product revenue guidance was raised to $227 million to $231 million, reflecting increased conviction in underlying demand across all core geographies. IFC revenue guidance was increased to $22 million to $24 million, representing projected year-over-year growth of 30% to 40% as more BCA members initiate manufacturing. The company expects to submit a PMA for the INT-200 illuminator to the U.S. FDA, targeting a commercial launch following the submission and subsequent regulatory review. Red Blood Cell (RBC) program milestones include the Phase III RedeS study readout in Q4 2026 and potential CE Mark approval in the first half of 2027. Management maintains a clear line of sight toward achieving GAAP profitability, supported by eight consecutive quarters of positive adjusted EBITDA. Gross margins are expected to remain in the low 50s range due to persistent headwinds from inflationary shipping costs, fuel prices, and ongoing tariffs. Inventory levels were intentionally increased in Q1, resulting in $3 million in cash used from operations to support anticipated revenue growth in the coming quarters. The IFC business model is transitioning from finished therapeutic sales to kit-based sales, which may cause period-to-period revenue lumpiness through the end of 2026. A leadership transition is underway as Vivek Jayaraman succeeds long-time CEO Obi Greenman, who will transition to the Chairman role. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed the raise to broad-based global performance and early 'hunting license' success under the BCA agreement in underpenetrated U.S. regions. The IFC uptick is specifically driven by existing partners expanding their reach and new BCA members initiating manufacturing processes. The INT-200 will serve as the future device foundation for the U.S. market, with a PMA submission expected this quarter and a launch in early 2027. RBC CE Mark timing is estimated for the first half of 2027, though the exact date depends on the nature of questions from the French regulatory authority (ANSM). Cerus remains committed to the China market through its joint venture with ZBK, currently refining the strategy for in vitro data collection requested by the NMPA. Revenue generation from the China market is viewed as a long-term opportunity likely to materialize toward the latter part of the decade. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.