Cerus Corp

cerus.com

What Do They Do?

Sells blood-safety systems that reduce pathogens in donated platelets and plasma, and fibrinogen products, to blood centers, hospitals and distributors.

How Do They Make Money?

Customers pay for kits, illuminators, IFC and other products under purchase orders or sales contracts; maintenance services bring in money over their service term. Government agencies reimburse approved research costs as they are incurred or pay at project milestones.

revenue

Segment	Share	Revenue	How money arrives
Product Mix	88% FY2022: 86%		Mix
Government Contract	12% FY2022: 14%

Who Are Their Customers?

Blood banks, hospitals, universities and government agencies buy directly; distributors sell the platelet and plasma systems in some regions.

Do Revenues Turn Into Profits?

Not on paper. It lost $15.6M in FY2025, but brought in more cash than it spent: $1.1M of free cash flow.

Operating income, FY2025

−4% of revenue

▼ −39% (Loss) vs FY2024 (−$14.2M, −7%)

Net income, FY2025

−7% of revenue

▼ −25% (Loss) vs FY2024 (−$20.9M, −10%)

Free cash flow, FY2025

0% of revenue

▼ −87% vs FY2024 ($8.5M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +10%; vs $52.4M in Q2 FY2025
Net income: ▼ −48% (Loss); vs −$5.7M in Q2 FY2025

Product share of revenue vs 100.0% in Q2 FY2025

Jul 30, 2026 Raised the lower end of 2026 product revenue guidance The range is now $229 million to $231 million, with IFC sales outlook of $23 million to $25 million.
Jul 10, 2026 William Greenman moved from CEO to Executive Chairman

Growing. Revenue grew 47% in 4 years, from $159.5M in FY2021 to $233.8M in FY2025, about 10% a year.

IFC sales focus Earlier, Cerus described selling IFC or disposable kits directly in the U.S.; the latest report says it is shifting emphasis from finished doses for hospitals to kits for blood centers.

Revenue over time

Product Government Contract

$250M$125M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Grifols, Octapharma, MacoPharma International, Kedrion Biopharma, and Terumo

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