Cerus 2025 Q3 Earnings Record Revenue and Reduced Net Loss

Cerus (CERS) reported Q3 2025 earnings that exceeded expectations, with total revenue rising 18.9% year-over-year to $60.24 million. The company raised its full-year 2025 product revenue guidance to $202–204 million, reflecting strong global demand and operational improvements. Despite a breakeven EPS, Cerus narrowed its net loss by 99.3% to $-20,000, signaling improved profitability.

Revenue

Cerus’s total revenue surged to $60.24 million in Q3 2025, a 18.9% increase from $50.66 million in the prior-year period. EMEA region revenue grew 21% driven by Middle Eastern platelet sales and initial shipments to Germany, while North American revenue rose 11%. IFC product revenue reached $3.9 million for the quarter, up from $2.3 million in 2024.

Earnings/Net Income

The company maintained a breakeven EPS of $0.00 in Q3 2025, aligning with the prior-year period. Notably, Cerus reduced its net loss to $-20,000, a 99.3% improvement from the $-2.93 million loss in 2024 Q3. This marked progress underscores the company’s efforts to stabilize operations and enhance profitability.

Post-Earnings Price Action Review

Cerus’s stock price declined 2.08% on the latest trading day, followed by a 0.71% weekly gain, but it has fallen 11.88% month-to-date. The mixed performance reflects investor caution amid margin pressures and regulatory uncertainties. While the earnings beat and guidance raise suggest operational resilience, concerns over gross margin compression and European regulatory delays for Intercept RBCs weigh on short-term sentiment. Analysts remain cautiously optimistic, with a “buy” consensus and price targets implying significant upside potential.

CEO Commentary

CEO William “Obi” Greenman highlighted record quarterly product revenue driven by “strong global commercial execution” and growing adoption of the INTERCEPT Blood System. He emphasized 110% year-over-year IFC sales growth and progress in the U.S. RedeS trial for INTERCEPT RBCs, with results expected in H2 2026. The CEO expressed confidence in narrowing the GAAP net loss to $0.02 million and achieving positive non-GAAP adjusted EBITDA of $5.0 million for Q3.

Guidance

Cerus raised full-year 2025 product revenue guidance to $202–204 million, reflecting 12–13% growth from 2024. The company expects IFC revenue to reach $16–17 million and anticipates positive non-GAAP adjusted EBITDA for the year. Forward-looking milestones include completing the RedeS trial in H2 2026 and maintaining operational leverage. Risks such as regulatory delays, macroeconomic factors, and supply chain dynamics remain unquantified.

Additional News

Cerus announced a strategic shift to a kit-based model for IFC sales, aiming to improve gross margins and leverage existing sales channels. However, product gross margins declined to 53.4% in Q3 2025 due to import tariffs, inflation, and higher production costs. Additionally, the European regulatory review of Intercept RBCs was delayed by at least six months due to a transition in competent authority oversight. The company also secured a contract with the German Red Cross Blood Service to support the INITIATE study, a multi-center evaluation of pathogen-reduced platelets in Germany.

Key Highlights

• Strategic Shift: Transition to IFC kit-based sales aims to boost margins and expand market access.

• Regulatory Delays: European Intercept RBC approval pushed back by six months due to administrative transitions.

• Collaboration: German Red Cross partnership advances pathogen reduction research under the INITIATE study.