Cerus Corporation (CERS) is a biomedical products company dedicated to enhancing the safety of the global blood supply. The company develops and commercializes the INTERCEPT Blood System, a proprietary technology designed to reduce blood-borne pathogens and donor leukocytes in blood components intended for transfusion. Cerus operates globally, selling its products in regions such as the United States, Europe, the Middle East, and Latin America, with a focus on pathogen reduction in platelets, plasma, and red blood cells.
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INTERCEPT Blood System for Platelets and Plasma - Reduces pathogens in platelets and plasma to ensure safer transfusions. Approved by the FDA in the U.S. and certified in the EU, it is marketed globally.
- Disposable Kits - Used for pathogen reduction during blood processing.
- UVA Illumination Devices - Supports the pathogen reduction process.
- Maintenance Services - Includes spare parts and storage solutions for illuminators.
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INTERCEPT Blood System for Cryoprecipitation - Produces INTERCEPT Fibrinogen Complex (IFC) for treating bleeding disorders and pathogen-reduced plasma, cryoprecipitate reduced. Approved by the FDA for use in the U.S..
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INTERCEPT Blood System for Red Blood Cells - Currently in development, this system is undergoing Phase 3 clinical trials in the U.S. and has a pending CE Certificate of Conformity application in the EU. It aims to reduce pathogens in red blood cells for transfusion.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
William M. Greenman ExecutiveBoard | President and Chief Executive Officer | None | Joined Cerus in 1995; became CEO in April 2011. Previously held roles including Chief Business Officer and President of Cerus Europe. | View Report → |
Carol M. Moore Executive | SVP, Regulatory Affairs and Quality | None | Joined Cerus in April 2008. Previously VP at Bayer Corporation, overseeing regulatory affairs and compliance for biological and biotech products. | |
Chrystal Jensen Executive | Chief Legal Officer and General Counsel | None | Joined Cerus in December 2012. Previously Senior Corporate Counsel at Zynga and partner at Cooley LLP. Holds a JD from the University of Chicago. | |
Kevin D. Green Executive | Chief Financial Officer | None | Joined Cerus in 2006. Previously held roles at Macromedia and PricewaterhouseCoopers. CPA with a B.S. in Accounting from California State University, Fresno. | |
Richard Benjamin Executive | Chief Medical Officer | Adjunct Full Professor at Georgetown University; Member of DHHS Advisory Committee on Blood Safety | Joined Cerus in July 2015. Former Chief Medical Officer of the American Red Cross and medical director at Harvard's Joint Program in Transfusion Medicine. | |
Vivek Jayaraman Executive | Chief Operating Officer | None | Joined Cerus in 2016 as Chief Commercial Officer; became COO in March 2020. Previously held roles at TriVascular Technologies and Medtronic. | |
Ann Lucena Board | Director | Member of Harvard Business School Alumni Board and Stanford Arts Advisory Council | Joined Cerus Board in August 2021. Former CEO of San Ramon Regional Medical Center and Chair of the John Muir Health-Tenet Healthcare joint venture board. | |
Daniel N. Swisher Board | Chair of the Board | Board member at Protagonist Therapeutics and Corcept Therapeutics | Joined Cerus Board in June 2011; Chair since October 2013. Former President and COO of Jazz Pharmaceuticals and CEO of Sunesis Pharmaceuticals. | |
Dean Gregory Board | Director | None | Joined Cerus Board in July 2024. Former President of Global Commercial Operations at Fresenius Kabi and SVP at Fenwal Inc. | |
Frank Witney, Ph.D. Board | Director | Board member at Revvity, Telesis Bio, and Standard BioTools; Operating Partner at Ampersand Capital | Joined Cerus Board in March 2014. Former CEO of Affymetrix and Dionex Corporation. Holds a Ph.D. in Molecular and Cellular Biology from Indiana University. | |
Jami Nachtsheim Board | Director | Board member at Intuitive Surgical and Telesis Bio | Joined Cerus Board in March 2019. Former Corporate VP at Intel and Chair of Affymetrix Board before its acquisition by Thermo Fisher Scientific. |
- With your gross margins expected to remain relatively stable near current levels, what specific strategies do you have to significantly improve margins moving forward?
- Given that a significant portion of your R&D expenses are funded by BARDA, how are you preparing for potential fluctuations in government funding, and what steps are you taking to mitigate risks associated with this dependency?
- Considering the anticipated regulatory approval of the LED illuminator in Europe in 2025 and the PMA submission in the U.S. in 2026, how does this timeline affect your competitive positioning, and what measures are you taking to address any potential market challenges?
- As demand for INTERCEPT Fibrinogen Complex (IFC) grows, do you anticipate any manufacturing capacity constraints, and how might these impact your ability to meet customer demand and revenue growth targets?
- With the completion of the ReCePI trial and the planned conclusion of the RedeS trial, how do you plan to offset the potential decrease in government contract revenue and sustain growth in this area?
Research analysts who have asked questions during CERUS earnings calls.
Joshua Jennings
TD Cowen
3 questions for CERS
Jacob Johnson
Stephens Inc.
2 questions for CERS
John Wilkin
Craig-Hallum Capital Group LLC
2 questions for CERS
Matthew Park
Cantor Fitzgerald
2 questions for CERS
Vidyun Bais
BTIG
2 questions for CERS
Eric Anderson
TD Cowen
1 question for CERS
Junwoo Park
Cantor Fitzgerald
1 question for CERS
Mark Massaro
BTIG, LLC
1 question for CERS
Mathew Blackman
Stifel
1 question for CERS
Ross Osborn
Cantor Fitzgerald
1 question for CERS
William Bonello
Craig-Hallum Capital Group
1 question for CERS
| Customer | Relationship | Segment | Details |
|---|---|---|---|
American Red Cross | Cerus supplies the INTERCEPT Blood System and related products (e.g., kits, etc.) | All | 35% of total product revenue for 2024 and 2023. • 2024 total product revenue: $201.3M ⇒ $70.46M (35%). • 2023 total product revenue: $186.8M ⇒ $65.38M (35%). |
Établissement Français du Sang (EFS) | Cerus provides illuminators, platelet/plasma kits, and related services to EFS | All | 11% of total product revenue in 2024. • 2024 total product revenue: $201.3M ⇒ $22.14M (11%). 12% share in 2023. • 2023 total product revenue: $186.8M ⇒ $22.42M (12%). |
Recent press releases and 8-K filings for CERS.
- Cerus reported strong Q2 results with 16% year-over-year growth and increased full-year guidance to a new range of $200 million to $203 million. The company anticipates being operating cash flow positive for the full year and expects to achieve its second consecutive year of positive adjusted EBITDA.
- The Intercept FibroGen Complex (IFC) product guidance was increased to $16 million to $18 million, representing an almost doubling of its profile, and it targets a $300 million total addressable market with primary commercial focus in the United States.
- The INTERCEPT platelet product has achieved 65-70% penetration in the US and is seeing new guidance documents in Germany that model the US situation, with significant global growth opportunities in Asia Pacific, China, Japan, and Latin America.
- Cerus is progressing with its red blood cell product, with an expected European approval decision in H2 2026 and US clinical data also anticipated in H2 2026 to support a future PMA submission.
- The company holds approximately $80 million in cash on its balance sheet and has $65 million in term debt that begins amortizing in April, with an option to extend for an additional year.
- Ceribell Inc. has raised its revenue forecast for 2025 to between $85 million and $88 million, representing an anticipated growth of 30% to 34% over the previous year.
- In the second quarter of 2025, the company reported revenue of $21.2 million, a 38% increase year-over-year, driven by strong commercial execution.
- Despite robust revenue growth and a high gross margin of 88%, Ceribell continues to face profitability challenges with negative operating and net margins, and an EPS of -$1.33.
- Operating expenses significantly increased in Q2 2025 to $33.6 million from $21.6 million in the prior year.
- Notable insider selling activity includes five transactions totaling 113,633 shares sold over the past three months.
- Cerus Corporation reported second quarter 2025 total revenue of $60.1 million, with product revenue reaching a record $52.4 million, representing a 16% increase year-over-year.
- The company raised its full-year 2025 product revenue guidance to a range of $200 million to $203 million, up from the previous range of $194 million to $200 million.
- For the second quarter of 2025, net loss attributable to Cerus Corporation was $5.7 million, while non-GAAP adjusted EBITDA was positive $0.9 million, marking another quarter of positive non-GAAP adjusted EBITDA.
- Growth was notably driven by increased customer demand for INTERCEPT Fibrinogen Complex (IFC), with Q2 IFC revenue at $5.6 million, and the company also received an additional $7.2 million in funding from the U.S. Department of Defense for lyophilized IFC development.
- Market leadership and mission: Cerus Corp emphasized its role as the global market leader in pathogen reduction technologies, dedicated to safeguarding the blood supply with a recurring revenue model and long-standing customer relationships.
- Robust financial outlook: The company provided FY2025 revenue guidance of $194M–$200M and highlighted its continued positive non-GAAP EBITDA momentum, underpinning its strategy for sustained growth.
- Advancing product innovation: Key updates were shared on the INTERCEPT Red Cells program, including promising Phase III (ReCePI study) outcomes for non-inferiority in anemia treatment, along with accelerated adoption of the INTERCEPT fibrinogen complex that enhances treatment turnaround in acute care settings.
- Product revenue increased by 13% to $43.2M in Q1 2025, driving total revenue to $48.9M with $5.6M from government contracts. ,
- Strong U.S. market performance with North American growth at 22% and U.S. IFC sales rising from $1.9M to $3.0M, driven by robust platelet kit demand.
- Profitability turnaround achieved with net loss reduced to $7.7M (or $0.04 per share) and positive non-GAAP EBITDA of $0.2M. ,
- Reiterated full-year product revenue guidance of $194M–$200M with expected IFC revenue of $12M–$15M and improved gross margins from 55.4% to 58.8%. ,,
- Achieved an earlier-than-expected CE Mark for the next-generation LED-based INT-200 device, paving the way for global expansion and a U.S. launch following PMA submission in 2026. ,