Cerus NASDAQ: CERS reported first-quarter 2026 product revenue of $53.7 million, up 24% from the prior-year period, as management pointed to continued strength in its global INTERCEPT platelet franchise and accelerating demand for its INTERCEPT Fibrinogen Complex (IFC) business in the United States. Total revenue, which includes government contract revenue, increased 23% year over year, according to Chief Financial Officer Kevin Green.
Guidance raised on stronger-than-expected start
Chief Operating Officer and incoming President and CEO Vivek Jayaraman said the company’s performance in the quarter increased confidence in its full-year outlook, prompting Cerus to raise its 2026 product revenue guidance to $227 million to $231 million. Jayaraman also said Cerus raised its full-year IFC revenue guidance to $22 million to $24 million.
Jayaraman said the revised outlook implies product revenue growth of 10% to 12% versus 2025 and IFC growth of approximately 30% to 40%.
Platelet business drove growth across regions
Jayaraman said North America represented “nearly 70%” of first-quarter product revenue, with the U.S. platelet franchise continuing to serve as the foundation of Cerus’ business. He highlighted ongoing customer relationships, including the American Red Cross, and said first-quarter North American platelet kit volumes and treatable doses increased 6% and 9%, respectively, compared with the first quarter of 2025.
A key commercial focus in the U.S. is Cerus’ group purchasing agreement with Blood Centers of America (BCA), which Jayaraman said represents about half of the U.S. blood supply. Since the agreement became effective Jan. 1, Cerus has been working on member education and implementation support. Jayaraman said the company is seeing “early signs of traction,” including increased activity from existing customers and new agreements with BCA members that had not previously used INTERCEPT.
Internationally, Jayaraman said Cerus’ EMEA business delivered “another strong quarter” led by France and Belgium. He highlighted a recently signed multi-year contract with the French Blood Establishment (EFS), describing it as an enhancer of forward visibility. Green added that EMEA demand for Cerus’ platelet product was the primary contributor to the region’s growth, citing increased kit volumes and “pricing discipline.”
Green said reported EMEA revenue grew 28% year over year, including an approximately 11% benefit from favorable foreign exchange. On a consolidated basis, he said FX benefited revenue by about 3% compared with the first quarter of 2025.
Management also noted near-term uncertainties in certain areas. Jayaraman said ongoing conflict in the Middle East has created logistical complexities that “may impact shipment timing,” though he said the company believes disruptions can be mitigated by strength elsewhere and reiterated confidence in the region’s long-term growth prospects.
IFC demand surged as kit-based model expands
Cerus’ IFC business remained a focal point in the quarter, with Jayaraman describing increasing demand supported by more blood centers manufacturing IFC, deeper hospital utilization, and growing awareness of its clinical and logistical attributes, including “immediate availability of fibrinogen alongside 5-day post-thaw shelf life.”
Jayaraman said IFC demand in the first quarter, measured by therapeutic dose equivalents, increased approximately 120% year over year, while revenue growth approached 90%. Green reported first-quarter IFC revenue of $5.7 million, up from $3.0 million in the first quarter of 2025, and noted IFC is “exclusively a U.S. product” at present.
In response to analyst questions about how IFC strength translated into full-year guidance, Jayaraman emphasized that the business is still in “early growth stage” and can be “a little bit lumpy.” He pointed to the company’s ongoing transition from selling finished therapeutics to selling kits to blood centers, which he said Cerus aims to complete “ideally by the end of this calendar year,” though it could extend into 2027. He also referenced prior-year “anomalies” tied to revenue recognition timing during the early phase of that transition.
On commercial drivers, Jayaraman said Cerus is moving historical production partners under the BCA agreement, enabling those partners to leverage BCA’s resource-sharing model. He also said some BCA members that were not previously IFC manufacturers have reached out to begin the process of manufacturing IFC. He characterized IFC penetration as “still single-digit share,” adding that Cerus sees “a tremendous amount” of market headroom.
Margins, operating leverage, and cash position
Green said first-quarter gross margin was 52%, compared with 58.8% in the first quarter of 2025. He noted the prior-year quarter was an “unusually tough comp” and was “artificially high by approximately 2%” due to a one-time true-up and non-recurring variance releases. Green said Cerus expects 2026 gross margin to remain in the “low 50s” range, citing persistent headwinds including inflation in shipping and fuel, foreign exchange impacts, and tariffs, while noting the company could see relief if external assumptions prove conservative.
Operating expenses declined 7% year over year in the quarter, Green said, with SG&A “largely consistent” as Cerus seeks to grow revenue without proportional increases in SG&A. R&D declined year over year, which Green attributed in part to lower INT200 development costs as the company approaches its planned U.S. PMA submission. He also said Cerus has been shifting R&D emphasis toward government-reimbursed initiatives relative to internally funded development programs.
On profitability metrics, Green said GAAP net loss attributable to Cerus improved to $1.6 million. Non-GAAP adjusted EBITDA was $4.0 million, marking the company’s eighth consecutive quarter of positive adjusted EBITDA. Green said Cerus expects 2026 to be its third consecutive year of positive adjusted EBITDA and reiterated management’s commitment to achieving GAAP profitability.
Cerus ended the quarter with $80.4 million in cash and equivalents, down from $82.9 million at the end of 2025. Green said cash used in operations was $3.0 million, compared with $0.8 million in the prior-year period, primarily due to working capital investments including increased inventory to support expected revenue growth.
Regulatory milestones: INT200 in U.S., RBC program in Europe and U.S.
On product development and regulatory timelines, Jayaraman said Cerus is on track to submit a PMA for the INT100 to the U.S. Food and Drug Administration during the current quarter. Separately, in response to questions about the company’s next-generation illuminator, he said Cerus expects to submit a PMA for the INT200 device in the second quarter of 2026 and anticipates a U.S. launch in the first half of 2027. He described INT200 as a foundation device for the U.S. market and said international adoption and operational performance have been encouraging.
President and CEO Obi Greenman, in what he said would be his final earnings call in the role, provided updates on the INTERCEPT Red Blood Cell System. He said 2026 would be an important year, with “major regulatory and clinical milestones” expected in the second half. Greenman said the phase III RedeS study has completed enrollment and is expected to read out in the fourth quarter. He also said the company’s CE mark submission is under review by the French regulator ANSM and that Cerus completed a recertification audit with TÜV, with remaining CE mark milestones including the ANSM review and an audit of the manufacturing facility.
Asked about timing for a CE mark decision, Greenman said it was “probably safe to assume” a first-half 2027 approval timeline, citing uncertainty around potential ANSM questions and response timing. He said the company expects greater clarity later in the year, including around the time of its third-quarter earnings call.
Jayaraman also addressed Cerus’ China opportunity for platelets, saying the company remains excited about the market and plans to meet with its joint venture partner, ZBK, at the ISBT meeting in Kuala Lumpur in mid-June. He said Cerus is refining its strategy to collect in vitro data requested for resubmission to China’s NMPA and characterized China revenue generation as likely toward the latter part of the decade.
In closing remarks, Greenman reflected on his tenure, noting INTERCEPT is now available in more than 40 countries, that Cerus has secured four FDA PMA approvals in the U.S., and that the company has shipped kits equivalent to treating more than 22 million blood components. He said he was pleased to transition leadership to Jayaraman, describing him as a “bold, team-first leader” to guide Cerus’ next phase.
About Cerus NASDAQ: CERS
Cerus Corporation is a biomedical products company dedicated to enhancing the safety of blood transfusions worldwide. Its flagship offering, the INTERCEPT Blood System, employs pathogen reduction technology designed to inactivate a broad spectrum of viruses, bacteria, and parasites in donated platelets and plasma. This approach aims to mitigate the risk of transfusion-transmitted infections and improve blood component safety for patients.
The INTERCEPT platform integrates seamlessly into existing blood center workflows, providing a one-step treatment process for collected blood products.
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