Start here if you're new
what it is
Cerus sells systems that treat donated blood components so hospitals get safer platelets, plasma, and other blood products.
how it gets paid
Last year Cerus made $234M in revenue. INTERCEPT platelets was the main engine at ~$117M, or 50% of sales.
why it's growing
Revenue grew 16.1% last year. The number that mattered was FY2024 EPS of -$0.11.
what just happened
Latest quarter EPS was about -$0.03; trailing-twelve-month revenue reached ~$234M.
At a glance
C++ balance sheet — some cracks in the foundation
60/100 earnings predictability — reasonably predictable
trailing P/E n/m — still loss-making on GAAP
-$0.11 fy2024 eps (actual ~in line)
~$234M revenue — ahead of older ~$201M est snapshot
xvary composite: 43/100 — below average
What they do
Cerus sells systems that treat donated blood components so hospitals get safer platelets, plasma, and other blood products.
Blood centers do not swap safety systems like phone cases. Cerus sells one regulated platform that touches 4 blood product categories: platelets, plasma, red blood cells, and cryo-related products. If your lab is already trained on INTERCEPT, changing vendors means retraining people and reworking your workflow, and leaving is painful.
How they make money
$234M
annual revenue · their business grew +16.1% last year
INTERCEPT platelets
~$117M
INTERCEPT plasma
~$70M
INTERCEPT illuminators and disposables
~$35M
Cryo, IFC, and other
~$12M
The products that matter
pathogen reduction for blood
INTERCEPT Blood System
$234M · essentially the whole story
it's the company's only commercial product and is tied to all $234M of reported revenue. that's focus if you are bullish, concentration risk if you are not.
commercial
plasma-derived therapy
INTERCEPT Fibrinogen Complex (IFC)
no disclosed revenue
this is a pipeline asset with no disclosed revenue in the current snapshot inputs. if you are underwriting growth beyond INTERCEPT, this is part of the hope, not the proof.
pipeline
Key numbers
$234M
ttm revenue
Cerus is real revenue, not a science project. Plain English: hospitals are paying now, and sales grew 16.1% vs. prior year.
-3.7%
operating margin
Negative operating margin → the business still spends more than it earns at the operating line— matches the hook, not a positive 3.7%.
$59M
long-term debt
Debt equals 15% of capital. So what: the company has some leverage, but not enough to hide a prolonged miss.
-$0.11
fy2024 eps est
That is better than the -$0.21 FY2023 loss. Losses were cut by about 48%, which is the progress bulls are paying for.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $59M (15% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for CERS right now.
source: institutional data · return history unavailable
What just happened
losses narrowed
The key takeaway: Cerus reported last EPS of -$0.03 while TTM revenue reached $234M.
The business is still not profitable, but the direction improved. FY2024 EPS was estimated at -$0.11 versus -$0.21 in FY2023, while revenue grew 16.1% to $234M.
$234M
ttm revenue
-$0.03
latest quarter EPS
-3.7%
operating margin
the number that mattered
The number that mattered was FY2024 EPS of -$0.11, because it improved from -$0.21 in FY2023 and shows Cerus is losing less money per share.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is INTERCEPT concentration. Cerus is not juggling ten product lines. It is trying to scale one commercial platform while managing supply and a CEO transition.
med
INTERCEPT is the business
All $234M of reported revenue comes from the INTERCEPT Blood System. There is no second commercial engine if adoption slows or regulation shifts.
A clinical, regulatory, or reimbursement setback would pressure effectively 100% of current revenue.
med
PAS supply disruption would hit real contracts
Management has already flagged Platelet Additive Solution supply as a risk. This is not abstract procurement drama — it affects products customers are already buying.
The disclosed exposure is $23M–$35M of current contract revenue.
med
leadership change raises the bar for clean communication
Vivek Jayaraman becomes CEO on July 1, 2026 after selling $273k in shares in March. Investors will judge the transition against guidance delivery, not titles.
If product growth slips during the handoff, the market will likely treat it as an execution problem, not bad luck.
A PAS disruption alone could pressure $23M–$35M of contract revenue, and the bigger concentration risk still sits over all $234M tied to INTERCEPT.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
the next report needs to answer the guidance question
The next report was due April 29, 2026. You want updated 2026 product revenue commentary more than another small EPS headline.
growth
does +16.1% product growth hold up
Product revenue grew +16.1% in the current snapshot. If that pace fades quickly, the single-product premium disappears with it.
supply
PAS risk is now a quantified issue
The disclosed exposure is $23M–$35M of contract revenue. That is large enough to matter for a business this size.
leadership
watch the CEO transition through numbers, not biographies
July 1, 2026 is the formal handoff date. Your scoreboard is simple: growth, guidance credibility, and whether losses stay stuck around -$0.11 EPS.
Analyst rankings
earnings predictability
60 / 100
This sits in the middle. In human-speak, analysts think the business is readable enough to model, but not steady enough to trust blindly.
price stability
10 / 100
A 10 / 100 score means the stock itself is far less predictable than the business narrative. You should expect violent moves around updates.
source: institutional data
Institutional activity
institutional ownership data for CERS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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