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Cerus
(NASDAQ:CERS)
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Rating:48Neutral
Price Target:
$2.50
▼(-14.68% Downside)
Action:Reiterated
Date:08/01/26
The score is held down primarily by below-average financial performance (ongoing losses, elevated leverage, and weak/volatile recent free cash flow) and a bearish price trend with the stock trading below key moving averages. These are partially offset by a stronger earnings-call signal, including raised guidance, robust commercial momentum, and continued positive adjusted EBITDA, though margin compression and timing risks remain.
Positive Factors
Recurring consumables revenue
INTERCEPT’s business is anchored in single-use processing sets and consumables that are required each treatment. This creates durable, procedure-linked recurring revenue and customer lock-in, supporting predictable demand, higher revenue visibility and repeatable cash generation as volumes scale.
Negative Factors
Elevated financial leverage
Debt materially exceeding equity raises financing and covenant risk, limiting strategic flexibility. Elevated leverage increases sensitivity to cash flow volatility, raises interest/covenant pressure after the credit amendment, and constrains capital allocation until profitability and stable cash generation are sustained.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables revenue
INTERCEPT’s business is anchored in single-use processing sets and consumables that are required each treatment. This creates durable, procedure-linked recurring revenue and customer lock-in, supporting predictable demand, higher revenue visibility and repeatable cash generation as volumes scale.
Read all positive factors
Cerus (CERS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$572.33M
Dividend YieldN/A
Average Volume (3M)2.58M
Price to Earnings (P/E)―
Beta (1Y)1.78
Revenue Growth15.09%
EPS Growth65.57%
CountryUS
Employees268
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.03
Shares Outstanding201,524,900
10 Day Avg. Volume2,048,169
30 Day Avg. Volume2,580,345
Financial Highlights & Ratios
PEG Ratio0.99
Price to Book (P/B)6.11
Price to Sales (P/S)1.90
P/FCF Ratio46.07
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$4.50Price Target Upside53.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.05
Revenue Forecast (FY)$255.00M
Cerus Business Overview & Revenue Model
Company Description
Cerus Corporation operates as a biotechnology firm dedicated to advancing and marketing the INTERCEPT Blood System. This proprietary technology significantly enhances the safety of transfusable blood components by neutralizing biological threats, ...
How the Company Makes Money
Cerus makes money primarily by selling its INTERCEPT Blood System consumables and related products to blood centers and hospitals. The core recurring revenue stream is the ongoing use of single-use/disposable processing sets (and associated consum...
Cerus Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call conveyed predominantly positive momentum: double-digit product revenue growth, raised product and IFC guidance, consecutive quarters of positive adjusted EBITDA, meaningful debt refinancing benefits, regulatory progress (PMA submission and upcoming Phase 3 readout), and a clean quality audit. Counterbalancing items include a drop in gross margin (51.4% vs 55.2% prior year) driven by currency and inflationary pressures, reduced government contract revenue this quarter, modest operating cash use for inventory, and regulatory/penetration challenges in Asia-Pacific and for broader IFC adoption. On balance the positives (top-line growth, improving profitability measures, stronger balance sheet flexibility, and regulatory/clinical progress) outweigh the near-term headwinds.Positive Updates
Top-line Product Revenue Growth
Product revenue of $57.4M in Q2 2026, up 10% year-over-year. First half 2026 product revenue rose 16% to $111.1M from $95.7M in H1 2025. North American product revenue grew 9% YoY; EMEA product revenue grew 10% YoY (with ~2% tailwind from favorable FX).
Negative Updates
Product Gross Margin Decline
Q2 2026 product gross margin declined to 51.4% from 55.2% in Q2 2025. Company expects 2026 gross margins in the low 50s, citing headwinds from a stronger euro vs USD and inflationary pressures.
Read all updates
Q2-2026 Updates
Positive
Negative
Top-line Product Revenue Growth
Product revenue of $57.4M in Q2 2026, up 10% year-over-year. First half 2026 product revenue rose 16% to $111.1M from $95.7M in H1 2025. North American product revenue grew 9% YoY; EMEA product revenue grew 10% YoY (with ~2% tailwind from favorable FX).
Read all positive updates
Company Guidance
The company raised full‑year 2026 product revenue guidance to $229–$231 million (up from $227–$231M), and raised IFC revenue guidance to $23–$25 million, implying total product revenue growth of ~11–12% year‑over‑year and IFC growth of roughly 40–50% for the year; Q2 product revenue was $57.4M (up 10% YoY) and H1 product revenue was $111.1M (up 16% vs. $95.7M), with Q2 IFC revenue ~$6.7M (≈20% reported increase vs. $5.6M, or ~40% ex‑$0.8M prior‑period deferred revenue) and 70% of IFC shipments in kit form (with essentially all sales expected to be kits in 2027). Management expects 2026 product gross margins in the low‑50% range (Q2 was 51.4% vs. 55.2% prior year), reiterated guidance for a third consecutive year of positive non‑GAAP adjusted EBITDA (Q2 adjusted EBITDA $3.0M, the ninth consecutive quarter positive) and line‑of‑sight to GAAP profitability, and noted financing improvements — a $30M term‑loan reduction, revolver flexibility and up to $3.5M annual interest expense savings — plus regulatory/clinical timing including possible INT200 PMA approval as early as H1 2027 and REDes Phase‑3 topline expected in Q4 2026.Cerus Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
46
Neutral
Cash Flow
39
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 221.55M | 206.13M | 180.27M | 156.37M | 162.05M | 130.86M |
| Gross Profit | 115.31M | 112.29M | 99.52M | 86.40M | 87.09M | 67.38M |
| EBITDA | 2.91M | -5.51M | -10.02M | -26.34M | -33.52M | -45.99M |
| Net Income | -6.78M | -15.63M | -20.92M | -37.49M | -42.78M | -54.37M |
Balance Sheet | ||||||
| Total Assets | 205.19M | 221.86M | 200.92M | 197.75M | 218.09M | 237.50M |
| Cash, Cash Equivalents and Short-Term Investments | 56.26M | 82.88M | 80.45M | 65.85M | 102.15M | 129.36M |
| Total Debt | 76.80M | 96.95M | 98.10M | 96.00M | 87.24M | 87.59M |
| Total Liabilities | 134.47M | 156.89M | 144.02M | 144.30M | 149.53M | 151.88M |
| Stockholders Equity | 70.02M | 64.22M | 56.15M | 52.65M | 67.61M | 84.62M |
Cash Flow | ||||||
| Free Cash Flow | -1.83M | 8.52M | 8.52M | -47.77M | -27.61M | -34.83M |
| Operating Cash Flow | 2.42M | 11.36M | 11.36M | -43.17M | -25.61M | -33.92M |
| Investing Cash Flow | 18.84M | -8.13M | -8.13M | 8.62M | 8.46M | 12.69M |
| Financing Cash Flow | -19.56M | 4.96M | 4.96M | 10.67M | 4.19M | 34.29M |
Cerus Technical Analysis
Positive
2.93
Price Trends
2.79
Positive
2.52
Positive
2.27
Positive
Market Momentum
-0.09
Negative
55.36
Neutral
81.42
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CERS, the sentiment is Positive. The current price of 2.93 is above the 20-day moving average (MA) of 2.70, above the 50-day MA of 2.79, and above the 200-day MA of 2.27, indicating a bullish trend. The MACD of -0.09 indicates Negative momentum. The RSI at 55.36 is Neutral, neither overbought nor oversold. The STOCH value of 81.42 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CERS.
Cerus Risk Analysis
Cerus disclosed 39 risk factors in its most recent earnings report. Cerus reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cerus Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $537.09M | 22.00 | 11.49% | ― | 17.22% | 74.89% | |
73 Outperform | $679.97M | 73.13 | 12.28% | ― | 31.63% | 65.86% | |
67 Neutral | $349.27M | 24.39 | 10.30% | ― | 25.21% | 6.14% | |
66 Neutral | $417.88M | -10.76 | -25.50% | ― | 0.72% | 56.39% | |
55 Neutral | $79.80M | -1.10 | -62.25% | ― | -1.26% | 79.82% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $572.33M | -82.32 | -10.31% | ― | 15.09% | 65.57% |
* Healthcare Sector Average
CERS
Cerus
2.98
1.74
140.32%
TCMD
Tactile Systems Technology
24.20
11.79
95.00%
VMD
Viemed Healthcare
9.20
2.31
33.53%
BWAY
Brainsway
16.32
9.83
151.46%
OM
Outset Medical
4.51
-8.78
-66.06%
MASS
908 Devices
10.01
3.38
50.98%
Cerus Corporate Events
Business Operations and StrategyExecutive/Board Changes
Cerus Updates Executive Chairman Role and Compensation Terms
Neutral
Jul 10, 2026
Cerus Corporation announced changes to the role and compensation of William “Obi” Greenman, who transitioned from President, Chief Executive Officer and Chairman to Executive Chairman of the Board effective July 1, 2026. Under an amend...
Business Operations and StrategyPrivate Placements and Financing
Cerus amends credit facilities, expands term loan capacity
Positive
Jun 8, 2026
On June 5, 2026, Cerus Corporation amended and restated its term loan and revolving credit facilities with MidCap entities, securing a term loan capacity of up to $65 million and an initial $30 million revolving line, both backed by substantially ...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Cerus Shareholders Approve Equity Plan Expansion and Governance
Positive
Jun 3, 2026
At its annual meeting on June 2, 2026, Cerus Corporation’s stockholders approved an amendment and restatement of the company’s 2024 Equity Incentive Plan, increasing the pool of shares available for equity awards by 10,000,000, and re-...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.