Cerus Corp CERS

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 2.28 USD on Nov 1, 2026, +10.7% year to date

Quant rating

Quant rating B Rank 147 of 565 in Health Care

Growth B 85 of 565
Valuation B 127 of 565
Quality B 202 of 565
Revisions B 197 of 565
Momentum C 276 of 565

Wall Street consensus Buy (1.75)Average target 5.17 USD +126.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 459M
Enterprise value: 469M
52-week range: 1.39 – 3.46
3-year range: 1.16 – 3.46
Dividend yield: –
Beta (5 years): 1.84
Shares outstanding: 202M
Next earnings: Nov 4, 2026

About the company

Cerus Corporation is a biomedical products company. The Company is focused on developing and commercializing the INTERCEPT Blood System to enhance blood safety. The INTERCEPT Blood System, which is based on its proprietary technology for controlling biological replication, is designed to reduce blood-borne pathogens in donated blood components intended for transfusion. Its INTERCEPT Blood System is intended for use with blood components and certain of their derivatives: platelets, plasma, red blood cells and to produce INTERCEPT Fibrinogen Complex (IFC), and pathogen reduced plasma, cryoprecipitate reduced. The INTERCEPT Blood System for Cryoprecipitation uses its plasma system to produce IFC for the treatment and control of bleeding, including massive hemorrhage, associated with fibrinogen deficiency. In addition, the INTERCEPT Blood System for Cryoprecipitation is used to produce pathogen reduced plasma, cryoprecipitate reduced.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	234	201	187	188	160	–
Revenue growth	16.1%	7.8%	−0.8%	18.1%	39.6%	15.4%
EPS (basic, normalized)	−0.08	−0.11	−0.19	−0.24	−0.32	–
EPS growth	–	–	–	–	–	–
Gross margin	59.9%	59.9%	62.5%	60.2%	60.2%	60.5%
Net margin	−6.7%	−10.4%	−20.1%	−22.7%	−34.1%	−18.8%
ROE	−26.0%	−38.5%	−62.3%	−56.2%	−57.7%	−48.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	56.3
Current ratio	1.83x
Long-term debt (mil)	34.8
Net debt (mil)	9.3
Total equity (mil)	70.0
Net debt / equity	0.13x
Net debt / EBITDA	0.98x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	234	+16.1%	2.0x	9.5	+28.4%	49.4x	−0.08	+27.3%	−28.5x
2026	249	+6.4%	1.9x	15.9	+67.1%	29.6x	−0.04	+45.8%	−52.6x
2027	271	+8.8%	1.7x	28.0	+76.9%	16.7x	−0.01	+88.5%	−456.0x
2028	308	+13.6%	1.5x	43.9	+56.6%	10.7x	0.03	+700.0%	76.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	249	0.0%	+1.4%	−1.5%	−0.04	0.0%	−8.3%	−30.0%
2027	271	0.0%	+2.1%	−1.2%	−0.01	0.0%	+62.5%	−50.2%
2028	308	0.0%	+7.9%	−1.4%	0.03	0.0%	−50.0%	−70.0%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	38.4	45.1	46.0	50.8	43.2	52.4	52.7	57.8	59.9	63.3
Sales mean (mil)	41.1	46.6	46.1	49.6	49.6	54.8	56.4	60.0	53.2	60.9
Surprise	−6.7%	−3.3%	−0.3%	+2.3%	−12.9%	−4.3%	−6.6%	−3.7%	+12.7%	+3.9%
EPS reported	−0.05	−0.03	−0.02	−0.01	−0.04	−0.03	0.00	−0.01	−0.01	−0.01
EPS mean	−0.05	−0.04	−0.03	−0.01	−0.04	−0.03	−0.03	−0.01	−0.04	−0.01
Surprise	−7.1%	+25.0%	+33.3%	+14.3%	+4.8%	−9.1%	+100.0%	−33.3%	+75.0%	+25.0%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CERS Cerus Corp	459M	0.98x	−6.7%	6.56x	−52.6x	−456.0x	29.6x	16.7x
4543 TERUMO CORPORATION	22.6B	0.27x	12.0%	2.13x	26.9x	18.7x	12.4x	10.5x
ABT Abbott Laboratories	183.8B	2.36x	14.7%	3.60x	19.2x	17.9x	16.0x	14.5x
ESLOY Essilorluxottica SA	95.6B	–	8.1%	2.16x	25.4x	23.6x	12.7x	11.9x
GH Guardant Health, Inc.	24.0B	−2.04x	−42.4%	−107.19x	−115.9x	−378.9x	−133.4x	−1,353.3x
CLPBY Coloplast A/S	15.2B	–	13.0%	8.13x	18.6x	18.6x	10.3x	13.2x
Mean		0.39x	−0.2%	−14.10x	−13.1x	−126.0x	−8.7x	−214.4x
Median		0.63x	10.1%	2.88x	18.9x	18.2x	12.6x	12.6x

Technical analysis

1M−6.9%
3M−21.9%
1Y+52.0%
3Y+79.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Cerus Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	234	201	187	188	160	114
Cost of revenue	93.8	80.7	70.0	75.0	63.5	41.2
Gross profit	140	121	117	113	96.0	73.1
Selling, general & administrative expenses	80.9	75.9	75.5	83.3	81.3	67.0
Research & development	67.7	58.9	67.6	64.1	63.7	64.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	0	3.7	–	–	0.3
Other operating expenses	0	0	0	0	0	0
Operating income	−8.7	−14.2	−30.1	−34.1	−48.9	−58.3
Net interest income (expense)	−9.6	−8.5	−9.0	−6.5	−5.5	−3.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	3.0	2.0	1.8	−1.7	0.4	1.7
Net income before taxes	−15.3	−20.8	−37.3	−42.3	−54.1	−59.6
Provision for taxes	0.4	0.2	0.3	0.5	0.3	0.3
Minority interest	0	0	0.2	0	0	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−15.6	−20.9	−37.5	−42.8	−54.4	−59.9
Extraordinary items	–	–	–	–	–	–
Net income	−15.6	−20.9	−37.5	−42.8	−54.4	−59.9
EBIT, normalized	−8.7	−14.2	−26.3	−34.1	−48.9	−58.0
EBITDA, normalized	−6.7	−12.2	−23.7	−31.1	−45.8	−54.9
Basic EPS, normalized	−0.08	−0.11	−0.19	−0.24	−0.32	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Cerus Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	82.9	80.5	65.9	102	129	134
Receivables	30.4	29.8	35.5	34.4	25.1	21.2
Total inventory	56.1	38.1	39.9	29.0	26.8	23.3
Prepaid expenses	5.0	3.6	3.2	4.6	5.8	5.4
Other current assets	0	0	0	0	0	0
Total current assets	174	152	144	170	187	183
Property, plant & equipment	19.3	15.5	19.4	23.5	25.2	27.0
Goodwill	1.3	1.3	1.3	1.3	1.3	1.3
Intangibles	–	–	–	–	–	0
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	26.8	32.0	32.6	23.2	23.9	9.7
Total assets	222	201	198	218	237	221
Liabilities
Accounts payable	28.0	21.7	23.8	33.0	35.6	24.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	28.2	21.2	21.7	27.3	27.6	26.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	43.3	19.3	20.0	56.2	14.7	8.5
Other current liabilities	1.3	1.4	2.0	0.6	0.7	0.6
Total current liabilities	101	63.6	67.5	117	78.6	60.0
Long-term debt	40.5	64.9	59.8	13.6	54.7	39.6
Minority interest	0.7	0.8	0.8	1.0	1.0	–
Other liabilities	15.5	15.6	17.0	18.8	18.6	18.0
Total liabilities	158	145	145	150	153	118
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.2	0.2	0.2	0.2	0.2	0.2
Additional paid-in capital	1,145	1,122	1,098	1,077	1,049	1,013
Retained earnings (accumulated deficit)	−1,081	−1,066	−1,045	−1,007	−964	−910
Treasury stock	–	–	–	–	–	–
Other equity	−0.2	−0.4	−1.3	−2.8	−0.1	0.7
Total equity	64.2	56.1	52.6	67.6	84.6	104
Total liabilities & shareholders' equity	222	201	198	218	237	221

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Cerus Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−15.6	−21.0	−37.6	−42.8	−54.4	−59.9
Depreciation, depletion & amortization	1.4	1.9	2.6	3.0	3.1	3.1
Deferred taxes	–	–	–	–	–	–
Non-cash items	25.9	25.2	23.9	30.2	26.7	19.7
Changes in working capital	−6.8	5.2	−32.0	−15.9	−9.4	−3.7
Cash from operations	4.8	11.4	−43.2	−25.6	−33.9	−40.7
Investing activities
Capital expenditures	−3.7	−2.8	−4.6	−2.0	−0.9	−1.6
Other investing cash flows	−2.4	−5.3	13.2	10.5	13.6	−47.9
Cash from investing	−6.2	−8.1	8.6	8.5	12.7	−49.6
Financing activities
Financing cash flow items	–	–	0	0	1.0	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	0.2	5.0	10.7	4.2	33.3	91.8
Cash from financing	0.2	5.0	10.7	4.2	34.3	91.8
Foreign exchange effects	0.3	−0.2	−0.1	−0.7	−0.9	–
Net change in cash	−0.8	8.0	−24.0	−13.7	12.1	1.5
Free cash flow	1.1	8.5	−47.8	−27.6	−34.8	−42.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.