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Dec 31, 2025
Cerus Q4 2025 Earnings Report
Cerus Corporation reported its fourth quarter 2025 financial results, showing strong product revenue growth and positive adjusted EBITDA.
Key Takeaways
Cerus achieved record product revenue in Q4 2025, driven by strong demand in EMEA and U.S. IFC sales. The company narrowed its GAAP net loss and maintained positive non-GAAP adjusted EBITDA, while generating positive operating cash flow for the quarter.
Product revenue grew 14% year-over-year to $57.8 million in Q4.
U.S. INTERCEPT Fibrinogen Complex (IFC) sales increased to $4.2 million, up from $3.0 million in the prior year period.
The company generated $6.2 million in operating cash flow during the fourth quarter.
Non-GAAP adjusted EBITDA remained positive at $3.4 million for the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Cerus reaffirmed its 2026 product revenue guidance, expecting growth of 9% to 11% year-over-year.
Positive Outlook
- Full-year 2026 product revenue expected between $224 million and $228 million.
- IFC revenue projected to grow 20% to 30% in 2026.
- Continued rollout of INT200 in EMEA markets.
- Group purchasing agreement with Blood Centers of America (BCA).
- Advancement of the INITIATE Phase 4 study in Germany.
Challenges Ahead
- Higher IFC therapeutic production costs impacting margins.
- Ongoing trade regulation and inflationary pressures.
- Foreign exchange rate volatility.
- Increased R&D costs for red blood cell and INT200 programs.
- Dependence on eligible assets for additional credit facility borrowing.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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