What is Cerus' operating income?

Cerus' total operating income in 2025 was -$8.68 million, based on the following breakdown: Total Gross Profit: $112.29 million Total Operating Expenses: $148.63 million

Cerus (CERS) Financials

$2.24 -0.02 (-0.88%)

Closing price 10/14/2026 04:00 PM Eastern

Extended Trading

$2.24 +0.00 (+0.04%)

As of 04:00 AM Eastern

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Annual Income Statements for Cerus

This table shows Cerus' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-56	-63	-61	-58	-71	-60	-54	-43	-37	-21	-16
Consolidated Net Income / (Loss)	-56	-63	-61	-58	-71	-60	-54	-43	-38	-21	-16
Net Income / (Loss) Continuing Operations	-56	-63	-61	-58	-71	-60	-54	-43	-38	-21	-16
Total Pre-Tax Income	-60	-63	-57	-57	-71	-60	-54	-42	-37	-21	-15
Total Operating Income	-61	-61	-58	-55	-66	-58	-49	-34	-30	-14	-8.68
Total Gross Profit	11	19	29	44	41	51	67	87	86	100	112
Total Revenue	34	39	51	76	94	114	160	188	187	201	234
Operating Revenue	34	39	51	76	94	114	160	188	187	201	234
Total Cost of Revenue	23	20	23	32	33	41	63	75	70	81	94
Operating Cost of Revenue	23	20	23	32	33	41	63	75	70	81	94
Total Operating Expenses	72	80	86	99	127	131	145	147	147	135	149
Selling, General & Admin Expense	46	49	53	57	66	67	81	83	76	76	81
Research & Development Expense	26	31	34	43	60	64	64	64	68	59	68
Restructuring Charge	-	-	-	-	-	-	0.00	0.00	3.73	0.00	0.00
Total Other Income / (Expense), net	1.54	-1.28	0.83	-2.35	-4.76	-1.24	-5.12	-8.26	-7.27	-6.53	-6.60
Interest Expense	1.71	2.45	3.02	4.01	6.07	3.75	4.92	5.83	8.39	8.88	8.34
Other Income / (Expense), net	3.24	1.16	3.85	1.66	1.31	2.51	-0.20	-2.43	1.12	2.35	1.74
Income Tax Expense	-3.67	0.18	3.89	0.23	0.26	0.28	0.32	0.49	0.33	0.21	0.35
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	0.00	-0.00	-0.05	-0.16	-0.04	-0.01
Basic Earnings per Share	($0.58)	($0.62)	($0.56)	($0.44)	($0.51)	($0.37)	($0.32)	($0.24)	($0.21)	($0.11)	($0.08)
Weighted Average Basic Shares Outstanding	96.07M	101.83M	108.22M	131.66M	139.83M	163.95M	171.28M	176.55M	180.27M	184.56M	190.59M
Diluted Earnings per Share	($0.61)	($0.62)	($0.56)	($0.44)	($0.51)	($0.37)	($0.32)	($0.24)	($0.21)	($0.11)	($0.08)
Weighted Average Diluted Shares Outstanding	96.91M	101.83M	108.22M	131.66M	139.83M	163.95M	171.28M	176.55M	180.27M	184.56M	190.59M
Weighted Average Basic & Diluted Shares Outstanding	96.30M	101.50M	108.22M	131.66M	139.83M	163.95M	171.28M	177.62M	181.28M	185.79M	192.17M

This table shows Cerus' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-1.33	-9.69	-5.78	-2.93	-2.52	-7.72	-5.71	-0.02	-2.18	-1.64	-2.94
Consolidated Net Income / (Loss)	-1.39	-9.69	-5.78	-2.93	-2.56	-7.72	-5.72	-0.02	-2.18	-1.65	-2.98
Net Income / (Loss) Continuing Operations	-1.39	-9.69	-5.78	-2.93	-2.56	-7.72	-5.72	-0.02	-2.18	-1.65	-2.98
Total Pre-Tax Income	-1.32	-9.62	-5.83	-2.86	-2.45	-7.64	-5.64	0.07	-2.07	-1.56	-2.89
Total Operating Income	0.98	-7.98	-3.84	-0.96	-1.45	-5.85	-3.42	1.24	-0.64	-0.35	-1.86
Total Gross Profit	26	21	25	26	27	25	29	28	30	28	30
Total Revenue	53	43	51	51	57	43	52	60	65	54	57
Operating Revenue	53	43	51	51	57	43	52	60	65	54	57
Total Cost of Revenue	21	17	20	20	23	18	23	25	28	26	28
Operating Cost of Revenue	21	17	20	20	23	18	23	25	28	26	28
Total Operating Expenses	32	34	34	32	35	31	32	34	37	28	31
Selling, General & Admin Expense	17	20	19	18	19	20	21	19	21	20	23
Research & Development Expense	14	14	15	14	15	17	19	16	16	15	14
Other Operating Expenses / (Income)	-	-	-	-	-	-5.61	-7.68	-	-	-6.23	-5.86
Total Other Income / (Expense), net	-2.29	-1.64	-2.00	-1.90	-1.00	-1.79	-2.22	-1.17	-1.42	-1.20	-1.03
Interest Expense	2.23	2.23	2.33	2.26	2.05	2.11	2.15	2.12	1.96	1.87	1.71
Other Income / (Expense), net	-0.06	0.60	0.34	0.36	1.05	0.32	-0.07	0.95	0.54	0.67	0.69
Income Tax Expense	0.07	0.07	-0.06	0.08	0.11	0.07	0.08	0.09	0.12	0.09	0.10
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.06	-0.00	0.00	0.00	-0.04	-0.00	-0.01	-0.00	-	-0.01	-0.04
Basic Earnings per Share	($0.01)	($0.05)	($0.03)	($0.02)	($0.01)	($0.04)	($0.03)	$0.00	($0.01)	($0.01)	($0.01)
Weighted Average Basic Shares Outstanding	180.27M	182.09M	184.98M	185.42M	184.56M	187.07M	191.30M	191.83M	190.59M	194.14M	200.57M
Diluted Earnings per Share	($0.01)	($0.05)	($0.03)	($0.02)	($0.01)	($0.04)	($0.03)	$0.00	($0.01)	($0.01)	($0.01)
Weighted Average Diluted Shares Outstanding	180.27M	182.09M	184.98M	185.42M	184.56M	187.07M	191.30M	191.83M	190.59M	194.14M	200.57M
Weighted Average Basic & Diluted Shares Outstanding	181.28M	184.89M	185.30M	185.72M	185.79M	191.16M	191.70M	192.09M	192.17M	200.37M	201.52M

This table details how cash moves in and out of Cerus' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	48	-49	-8.81	18	5.83	1.48	12	-14	-24	8.00	-0.76
Net Cash From Operating Activities	-51	-54	-52	-31	-65	-42	-34	-26	-43	11	4.84
Net Cash From Continuing Operating Activities	-51	-54	-52	-31	-65	-42	-34	-26	-43	11	4.84
Net Income / (Loss) Continuing Operations	-56	-63	-61	-58	-71	-60	-54	-43	-38	-21	-16
Consolidated Net Income / (Loss)	-56	-63	-61	-58	-71	-60	-54	-43	-38	-21	-16
Depreciation Expense	1.70	1.82	1.81	1.45	2.40	3.11	3.15	2.98	2.60	1.86	1.43
Non-Cash Adjustments To Reconcile Net Income	0.28	8.48	10	12	16	19	26	30	24	25	26
Changes in Operating Assets and Liabilities, net	2.76	-0.92	-3.73	13	-12	-4.20	-8.74	-16	-32	5.23	-6.83
Net Cash From Investing Activities	1.52	-20	0.42	-44	28	-50	13	8.46	8.62	-8.13	-6.17
Net Cash From Continuing Investing Activities	1.52	-20	0.42	-44	28	-50	13	8.46	8.62	-8.13	-6.17
Purchase of Property, Plant & Equipment	-0.72	-0.56	-0.35	-1.14	-8.94	-1.62	-0.91	-2.00	-4.60	-2.84	-3.73
Purchase of Investments	-90	-83	-69	-81	-44	-99	-52	-30	-2.49	-43	-43
Sale and/or Maturity of Investments	93	63	70	38	81	51	66	40	16	38	40
Net Cash From Financing Activities	98	25	43	93	43	92	34	4.19	11	4.96	0.23
Net Cash From Continuing Financing Activities	98	25	43	93	43	92	34	4.19	11	4.96	0.23
Repayment of Debt	-	-0.62	-20	-	-31	-	15	0.21	9.92	4.30	-0.33
Issuance of Common Equity	88	25	33	93	30	88	13	3.98	0.75	0.67	0.56
Effect of Exchange Rate Changes	-	-	-	-	-0.34	1.07	-0.92	-0.73	-0.13	-0.19	0.34
Cash Interest Paid	1.09	1.37	2.03	2.73	3.08	3.27	4.18	5.10	9.21	9.30	8.52
Cash Income Taxes Paid	0.15	0.16	0.16	0.25	0.23	0.27	0.28	0.27	0.32	0.36	0.30

This table details how cash moves in and out of Cerus' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-5.80	8.88	-8.13	9.10	-1.85	-0.78	-3.45	-0.32	3.79	7.88	-9.87
Net Cash From Operating Activities	-15	1.96	0.40	4.07	4.93	-0.84	-2.45	1.93	6.20	-3.05	-2.66
Net Cash From Continuing Operating Activities	-15	1.96	0.40	4.07	4.93	-0.84	-2.45	1.93	6.20	-3.05	-2.66
Net Income / (Loss) Continuing Operations	-1.39	-9.69	-5.78	-2.93	-2.56	-7.72	-5.72	-0.02	-2.18	-1.65	-2.98
Consolidated Net Income / (Loss)	-1.39	-9.69	-5.78	-2.93	-2.56	-7.72	-5.72	-0.02	-2.18	-1.65	-2.98
Depreciation Expense	0.65	0.63	0.48	0.41	0.33	0.31	0.34	0.38	0.39	0.45	0.46
Non-Cash Adjustments To Reconcile Net Income	6.34	6.27	6.44	6.53	6.00	7.89	6.34	5.88	5.77	5.50	6.13
Changes in Operating Assets and Liabilities, net	-21	4.75	-0.74	0.06	1.16	-1.32	-3.42	-4.31	2.22	-7.35	-6.27
Net Cash From Investing Activities	8.22	1.45	-7.11	4.82	-7.29	-1.19	-1.09	-2.51	-1.38	9.86	13
Net Cash From Continuing Investing Activities	8.22	1.45	-7.11	4.82	-7.29	-1.19	-1.09	-2.51	-1.38	9.86	13
Purchase of Property, Plant & Equipment	0.01	-1.10	-0.04	-0.72	-0.98	-0.11	-0.48	-1.83	-1.31	-0.23	-0.87
Purchase of Investments	-0.08	-0.12	-13	-5.65	-24	-7.96	-13	-7.29	-15	-8.41	-0.53
Sale and/or Maturity of Investments	8.29	2.66	5.91	11	18	6.89	12	6.61	15	19	14
Net Cash From Financing Activities	1.18	5.56	-1.40	0.06	0.75	1.07	-0.13	0.32	-1.03	1.19	-20
Net Cash From Continuing Financing Activities	1.18	5.56	-1.40	0.06	0.75	1.07	-0.13	0.32	-1.03	1.19	-20
Repayment of Debt	6.22	5.00	-1.22	-0.26	5.78	-	0.70	-0.00	-1.03	0.93	-31
Issuance of Common Equity	-0.04	0.44	-0.07	0.32	-0.03	0.27	-0.03	0.32	-	0.26	-0.06
Effect of Exchange Rate Changes	-0.02	-0.09	-0.02	0.15	-0.24	0.19	0.21	-0.06	-	-0.12	-0.04

This table presents Cerus' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	139	103	98	163	166	221	237	218	198	201	222
Total Current Assets	130	94	90	147	128	183	187	170	144	152	174
Cash & Equivalents	71	23	14	29	35	37	49	36	12	20	20
Short-Term Investments	37	49	47	89	51	97	81	67	54	60	63
Accounts Receivable	5.79	6.87	12	8.75	17	21	25	34	36	30	30
Inventories, net	11	13	14	14	19	23	27	29	40	38	56
Prepaid Expenses	1.17	1.27	2.33	7.03	6.02	5.42	5.82	4.56	3.22	3.64	5.03
Plant, Property, & Equipment, net	3.55	2.99	2.12	8.13	15	14	12	11	8.64	7.15	9.20
Total Noncurrent Assets	5.45	6.39	6.23	8.43	23	24	38	37	45	42	38
Goodwill	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32
Other Noncurrent Operating Assets	2.58	4.15	4.13	4.05	19	20	35	34	42	39	36
Other Noncurrent Nonoperating Assets	0.61	0.18	0.25	2.73	2.44	2.31	2.29	1.77	1.71	1.10	0.64
Total Liabilities & Shareholders' Equity	139	103	98	163	166	221	237	218	198	201	222
Total Liabilities	45	46	59	79	108	118	152	150	144	144	157
Total Current Liabilities	22	27	23	53	50	60	79	117	68	64	101
Short-Term Debt	2.96	6.93	-	7.86	5.02	8.52	15	56	20	19	43
Accounts Payable	5.22	8.59	11	19	22	24	36	33	24	22	28
Accrued Expenses	9.85	11	12	20	21	25	26	25	19	19	25
Current Deferred Revenue	0.55	0.15	0.45	0.50	0.57	0.58	0.67	0.59	2.00	1.40	1.27
Other Current Liabilities	3.28	-	-	5.93	1.61	1.92	1.91	2.11	2.45	2.28	2.91
Total Noncurrent Liabilities	23	19	36	26	58	58	73	32	77	80	56
Long-Term Debt	17	12	30	22	39	40	55	14	60	65	41
Other Noncurrent Operating Liabilities	5.81	6.36	6.38	4.25	19	18	19	19	17	16	16
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	95	58	39	85	57	104	86	69	53	57	65
Total Preferred & Common Equity	95	58	39	85	57	104	85	68	53	56	64
Total Common Equity	95	58	39	85	57	104	85	68	53	56	64
Common Stock	685	718	760	864	907	1,013	1,049	1,078	1,099	1,122	1,146
Retained Earnings	-598	-661	-721	-779	-850	-910	-964	-1,007	-1,045	-1,066	-1,081
Accumulated Other Comprehensive Income / (Loss)	7.29	0.10	-0.10	-0.28	0.11	0.67	-0.15	-2.79	-1.27	-0.40	-0.16
Noncontrolling Interest	-	-	-	-	-	-	1.00	0.95	0.79	0.75	0.74

This table presents Cerus' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	206	189	185	190	207	213	215	223	205
Total Current Assets	151	138	135	141	162	169	167	175	157
Cash & Equivalents	17	21	12	22	19	16	16	28	18
Short-Term Investments	62	52	59	54	61	62	63	53	38
Accounts Receivable	25	23	24	24	26	31	30	29	31
Inventories, net	43	40	36	37	48	55	53	61	66
Prepaid Expenses	4.72	3.59	3.81	4.15	6.09	4.59	5.70	4.47	4.26
Plant, Property, & Equipment, net	9.25	8.10	7.78	7.44	7.05	6.89	6.58	9.25	9.42
Total Noncurrent Assets	46	43	43	41	38	38	41	38	38
Goodwill	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32
Other Noncurrent Operating Assets	43	40	40	39	36	35	39	36	37
Other Noncurrent Nonoperating Assets	1.77	1.71	1.71	1.63	1.11	1.14	1.14	0.63	0.63
Total Liabilities & Shareholders' Equity	206	189	185	190	207	213	215	223	205
Total Liabilities	157	139	135	135	151	157	153	155	134
Total Current Liabilities	80	57	54	54	70	84	88	107	86
Short-Term Debt	19	20	19	19	20	28	36	52	30
Accounts Payable	39	17	17	16	28	31	25	32	34
Accrued Expenses	20	16	15	16	17	21	22	18	17
Current Deferred Revenue	0.94	2.17	1.10	1.82	2.45	2.21	2.28	1.72	1.57
Other Current Liabilities	2.27	2.19	2.22	2.26	2.53	2.60	2.61	3.14	3.25
Total Noncurrent Liabilities	77	82	81	81	81	73	65	47	49
Long-Term Debt	60	65	65	65	65	57	49	32	35
Other Noncurrent Operating Liabilities	17	17	16	16	16	16	16	15	14
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	49	50	50	54	56	56	62	68	71
Total Preferred & Common Equity	48	49	50	53	55	55	61	68	70
Total Common Equity	48	49	50	53	55	55	61	68	70
Common Stock	1,094	1,105	1,110	1,117	1,129	1,135	1,141	1,151	1,156
Retained Earnings	-1,043	-1,054	-1,060	-1,063	-1,073	-1,079	-1,079	-1,083	-1,086
Accumulated Other Comprehensive Income / (Loss)	-2.23	-1.12	-0.87	-0.10	-0.27	-0.27	-0.17	-0.32	-0.38
Noncontrolling Interest	0.86	0.79	0.79	0.79	0.75	0.74	0.74	0.73	0.69

This table displays calculated financial ratios and metrics derived from Cerus' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	97,138,029.00	103,466,759.00	114,086,442.00	135,689,199.00	142,088,830.00	167,141,975.00	172,266,380.00	177,420,943.00	181,197,000.00	-	192,087,501.00
DEI Adjusted Shares Outstanding	97,138,029.00	103,466,759.00	114,086,442.00	135,689,199.00	142,088,830.00	167,141,975.00	172,266,380.00	177,420,943.00	181,197,000.00	-	192,087,501.00
DEI Earnings Per Adjusted Shares Outstanding	-0.58	-0.61	-0.53	-0.42	-0.50	-0.36	-0.32	-0.24	-0.21	-	-0.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.02%	14.76%	30.68%	48.17%	23.30%	21.83%	39.62%	18.05%	-0.81%	7.78%	16.13%
EBITDA Growth	-53.60%	-4.16%	11.29%	-0.03%	-20.49%	15.67%	12.77%	27.10%	21.43%	61.94%	44.99%
EBIT Growth	-52.35%	-4.24%	10.96%	0.65%	-21.73%	14.00%	11.99%	25.70%	20.74%	58.95%	41.58%
NOPAT Growth	-37.24%	-0.61%	6.37%	4.42%	-20.44%	11.92%	16.11%	30.36%	11.82%	52.67%	38.97%
Net Income Growth	-44.16%	-12.60%	3.69%	4.99%	-23.76%	15.98%	9.16%	21.24%	12.09%	44.32%	25.40%
EPS Growth	0.00%	-1.64%	9.68%	21.43%	-15.91%	27.45%	13.51%	25.00%	12.50%	47.62%	27.27%
Operating Cash Flow Growth	-28.43%	-4.69%	2.42%	40.18%	-109.62%	36.17%	18.87%	24.49%	-68.53%	126.31%	-57.42%
Free Cash Flow Firm Growth	-15.68%	14.12%	-1.02%	41.99%	-164.74%	33.68%	4.29%	16.19%	-49.78%	92.75%	-214.12%
Invested Capital Growth	1,586.06%	-11.98%	45.70%	-175.89%	325.32%	20.08%	46.15%	47.21%	90.71%	-9.39%	9.79%
Revenue Q/Q Growth	0.20%	6.98%	25.27%	-2.98%	7.14%	6.63%	11.54%	0.66%	1.09%	1.72%	3.46%
EBITDA Q/Q Growth	6.64%	2.75%	6.37%	-9.54%	-0.86%	4.93%	10.89%	-13.97%	32.31%	-19.35%	6.10%
EBIT Q/Q Growth	6.39%	2.75%	6.12%	-9.00%	-1.28%	4.36%	10.27%	-12.12%	30.29%	-12.39%	4.10%
NOPAT Q/Q Growth	-3.50%	-0.18%	6.88%	-9.14%	-1.45%	3.42%	13.10%	-9.61%	26.66%	-20.55%	8.52%
Net Income Q/Q Growth	8.85%	1.96%	3.22%	-8.93%	-1.02%	21.79%	-19.52%	-11.75%	24.53%	-5.93%	2.36%
EPS Q/Q Growth	10.29%	-5.08%	5.08%	-4.76%	1.92%	2.63%	11.11%	-4.35%	22.22%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-0.30%	-1.76%	-0.62%	8.60%	-1.75%	-1.65%	18.46%	-2.13%	-45.15%	229.77%	35.64%
Free Cash Flow Firm Q/Q Growth	-25.12%	7.08%	-5.61%	11.87%	-3.88%	-6.11%	11.02%	3.73%	-39.34%	82.69%	12.79%
Invested Capital Q/Q Growth	-16.82%	-45.85%	10.15%	-8,116.67%	-23.34%	-0.68%	-0.44%	-9.34%	40.29%	-1.56%	-3.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.44%	48.33%	56.10%	58.40%	43.97%	44.43%	42.24%	46.25%	46.25%	49.43%	48.03%
EBITDA Margin	-164.03%	-148.87%	-101.05%	-68.22%	-66.66%	-46.14%	-28.83%	-17.80%	-14.10%	-4.98%	-2.36%
Operating Margin	-178.46%	-156.45%	-112.09%	-72.30%	-70.62%	-51.06%	-30.68%	-18.10%	-16.09%	-7.07%	-3.71%
EBIT Margin	-168.99%	-153.50%	-104.58%	-70.12%	-69.23%	-48.86%	-30.80%	-19.39%	-15.49%	-5.90%	-2.97%
Profit (Net Income) Margin	-163.25%	-160.17%	-118.04%	-75.69%	-75.97%	-52.39%	-34.09%	-22.74%	-20.15%	-10.41%	-6.69%
Tax Burden Percent	93.83%	100.28%	106.86%	100.40%	100.37%	100.48%	100.59%	101.15%	100.87%	100.99%	102.32%
Interest Burden Percent	102.95%	104.06%	105.63%	107.52%	109.34%	106.71%	110.02%	115.97%	128.98%	174.73%	220.22%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-1,508.29%	-752.76%	-612.72%	-4,097.03%	-1,250.56%	-278.37%	-173.88%	-82.50%	-42.03%	-15.91%	-9.73%
ROIC Less NNEP Spread (ROIC-NNEP)	-1,488.21%	-724.57%	-564.11%	-4,065.66%	-1,213.46%	-249.44%	-147.06%	-43.13%	109.72%	-164.16%	-650.94%
Return on Net Nonoperating Assets (RNNOA)	1,426.30%	670.29%	487.45%	4,003.78%	1,149.91%	203.95%	116.47%	26.95%	-19.69%	-22.08%	-15.93%
Return on Equity (ROE)	-81.99%	-82.47%	-125.27%	-93.25%	-100.65%	-74.42%	-57.41%	-55.55%	-61.71%	-37.99%	-25.66%
Cash Return on Invested Capital (CROIC)	-810.13%	-740.02%	-649.92%	0.00%	-492.15%	-296.62%	-211.38%	-120.70%	-104.43%	-6.05%	-19.07%
Operating Return on Assets (OROA)	-52.30%	-49.64%	-53.22%	-40.75%	-39.46%	-28.85%	-21.41%	-16.03%	-13.92%	-5.96%	-3.28%
Return on Assets (ROA)	-50.52%	-51.80%	-60.07%	-43.99%	-43.31%	-30.94%	-23.70%	-18.80%	-18.11%	-10.52%	-7.40%
Return on Common Equity (ROCE)	-81.99%	-82.47%	-125.27%	-93.25%	-100.65%	-74.42%	-57.11%	-54.85%	-60.83%	-37.46%	-25.35%
Return on Equity Simple (ROE_SIMPLE)	-58.95%	-108.86%	-155.59%	-68.11%	-124.88%	-57.66%	-64.26%	-63.34%	0.00%	-37.33%	0.00%
Net Operating Profit after Tax (NOPAT)	-43	-43	-40	-38	-46	-41	-34	-24	-21	-9.96	-6.08
NOPAT Margin	-124.92%	-109.52%	-78.46%	-50.61%	-49.44%	-35.74%	-21.47%	-12.67%	-11.26%	-4.95%	-2.60%
Net Nonoperating Expense Percent (NNEP)	-20.08%	-28.19%	-48.61%	-31.37%	-37.10%	-28.93%	-26.82%	-39.38%	-151.74%	148.26%	641.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-17.24%	-15.79%	-7.06%	-4.08%
Cost of Revenue to Revenue	68.56%	51.67%	43.90%	41.60%	35.64%	36.02%	39.79%	39.80%	37.46%	40.11%	40.14%
SG&A Expenses to Revenue	134.38%	124.65%	102.51%	74.74%	70.60%	58.66%	50.96%	44.25%	40.43%	37.70%	34.61%
R&D to Revenue	74.93%	79.75%	65.68%	55.97%	64.38%	56.38%	39.93%	34.04%	36.21%	29.26%	28.97%
Operating Expenses to Revenue	209.90%	204.78%	168.19%	130.71%	134.99%	115.03%	90.89%	78.30%	78.63%	66.96%	63.57%
Earnings before Interest and Taxes (EBIT)	-58	-60	-54	-53	-65	-56	-49	-37	-29	-12	-6.94
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-56	-58	-52	-52	-63	-53	-46	-34	-26	-10	-5.51
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.48	7.79	9.90	8.14	10.51	11.14	13.86	9.58	7.43	5.09	6.16
Price to Tangible Book Value (P/TBV)	6.64	8.08	10.40	8.30	10.78	11.29	14.08	9.77	7.62	5.22	6.29
Price to Revenue (P/Rev)	17.94	11.46	7.51	9.05	6.39	10.12	7.35	3.44	2.10	1.42	1.69
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	86.51	74.36	45.51	0.00	41.89	66.92	47.63	17.89	6.18	4.88	6.08
Enterprise Value to Revenue (EV/Rev)	15.37	10.13	6.91	7.89	5.95	9.38	6.98	3.27	2.17	1.44	1.70
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.57	82.17
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.21	0.34	0.77	0.35	0.78	0.46	0.81	1.02	1.49	1.48	1.29
Long-Term Debt to Equity	0.18	0.22	0.77	0.26	0.69	0.38	0.64	0.20	1.12	1.14	0.62
Financial Leverage	-0.96	-0.93	-0.86	-0.98	-0.95	-0.82	-0.79	-0.62	-0.18	0.13	0.02
Leverage Ratio	1.62	1.59	2.09	2.12	2.32	2.41	2.42	2.95	3.41	3.61	3.47
Compound Leverage Factor	1.67	1.66	2.20	2.28	2.54	2.57	2.67	3.43	4.40	6.31	7.64
Debt to Total Capital	17.29%	25.11%	43.35%	26.11%	43.78%	31.67%	44.78%	50.45%	59.89%	59.66%	56.36%
Short-Term Debt to Total Capital	2.58%	8.99%	0.00%	6.87%	4.94%	5.61%	9.48%	40.59%	15.01%	13.68%	29.12%
Long-Term Debt to Total Capital	14.71%	16.12%	43.35%	19.24%	38.84%	26.06%	35.30%	9.86%	44.88%	45.98%	27.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%	0.69%	0.60%	0.53%	0.50%
Common Equity to Total Capital	82.71%	74.89%	56.65%	73.89%	56.22%	68.33%	54.58%	48.86%	39.52%	39.80%	43.15%
Debt to EBITDA	-0.35	-0.33	-0.57	-0.58	-0.71	-0.91	-1.51	-2.08	-3.03	-8.40	-15.21
Net Debt to EBITDA	1.57	0.89	0.60	1.69	0.66	1.62	1.30	0.97	-0.53	-0.37	-0.18
Long-Term Debt to EBITDA	-0.30	-0.21	-0.57	-0.42	-0.63	-0.75	-1.19	-0.41	-2.27	-6.47	-7.35
Debt to NOPAT	-0.46	-0.45	-0.74	-0.78	-0.96	-1.18	-2.03	-2.93	-3.79	-8.45	-13.80
Net Debt to NOPAT	2.06	1.21	0.77	2.28	0.89	2.09	1.75	1.36	-0.66	-0.37	-0.17
Long-Term Debt to NOPAT	-0.39	-0.29	-0.74	-0.57	-0.85	-0.97	-1.60	-0.57	-2.84	-6.51	-6.67
Altman Z-Score	2.06	-3.79	-6.84	-1.36	-4.04	0.50	-0.51	-3.26	-4.84	-4.90	-3.96
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.53%	1.26%	1.43%	1.40%	1.22%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.97	3.50	3.89	2.79	2.55	3.06	2.38	1.45	2.14	2.39	1.73
Quick Ratio	5.20	2.92	3.16	2.40	2.04	2.58	1.97	1.17	1.50	1.73	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-49	-42	-43	-25	-66	-44	-42	-35	-52	-3.79	-12
Operating Cash Flow to CapEx	-7,081.58%	-9,507.82%	-14,797.45%	-2,731.29%	-733.06%	-2,588.92%	-3,727.69%	-1,280.75%	-939.05%	400.39%	129.71%
Free Cash Flow to Firm to Interest Expense	-28.88	-17.29	-14.14	-6.18	-10.82	-11.62	-8.46	-5.99	-6.23	-0.43	-1.43
Operating Cash Flow to Interest Expense	-29.99	-21.89	-17.28	-7.80	-10.80	-11.16	-6.89	-4.39	-5.15	1.28	0.58
Operating Cash Flow Less CapEx to Interest Expense	-30.41	-22.12	-17.40	-8.08	-12.27	-11.59	-7.08	-4.74	-5.70	0.96	0.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.32	0.51	0.58	0.57	0.59	0.70	0.83	0.90	1.01	1.11
Accounts Receivable Turnover	6.06	6.20	5.32	7.19	7.32	6.01	6.89	6.32	5.34	6.17	7.77
Inventory Turnover	1.82	1.74	1.67	2.26	2.02	1.93	2.54	2.69	2.03	2.07	1.99
Fixed Asset Turnover	9.34	12.02	20.11	14.84	8.14	7.94	12.24	16.25	19.05	25.49	28.59
Accounts Payable Turnover	3.11	2.94	2.30	2.14	1.64	1.77	2.12	2.18	2.46	3.55	3.78
Days Sales Outstanding (DSO)	60.19	58.84	68.56	50.79	49.89	60.78	52.96	57.72	68.32	59.17	46.95
Days Inventory Outstanding (DIO)	200.42	209.91	218.60	161.51	180.37	189.54	143.89	135.85	179.64	176.33	183.29
Days Payable Outstanding (DPO)	117.44	124.13	158.44	170.59	222.70	205.74	171.99	167.05	148.27	102.92	96.66
Cash Conversion Cycle (CCC)	143.17	144.61	128.72	41.72	7.56	44.57	24.86	26.52	99.69	132.59	133.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6.08	5.35	7.80	-5.92	13	16	23	34	66	60	65
Invested Capital Turnover	12.07	6.87	7.81	80.95	25.30	7.79	8.10	6.51	3.73	3.22	3.75
Increase / (Decrease) in Invested Capital	6.49	-0.73	2.45	-14	19	2.68	7.39	11	31	-6.17	5.83
Enterprise Value (EV)	526	398	355	600	558	1,071	1,114	616	406	290	397
Market Capitalization	614	450	386	688	600	1,157	1,173	648	391	286	396
Book Value per Share	$0.98	$0.56	$0.34	$0.62	$0.40	$0.62	$0.49	$0.38	$0.29	$0.30	$0.33
Tangible Book Value per Share	$0.95	$0.54	$0.33	$0.61	$0.39	$0.61	$0.48	$0.37	$0.28	$0.30	$0.33
Total Capital	115	77	69	114	101	152	155	138	133	141	149
Total Debt	20	19	30	30	44	48	69	70	80	84	84
Total Long-Term Debt	17	12	30	22	39	40	55	14	60	65	41
Net Debt	-88	-52	-31	-88	-41	-85	-60	-32	14	3.71	1.01
Capital Expenditures (CapEx)	0.72	0.56	0.35	1.14	8.94	1.62	0.91	2.00	4.60	2.84	3.73
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3.62	2.52	6.07	-15	-2.93	-1.62	-6.12	7.09	31	27	34
Debt-free Net Working Capital (DFNWC)	112	74	67	102	83	132	123	109	97	108	117
Net Working Capital (NWC)	109	67	67	94	78	123	109	53	77	88	74
Net Nonoperating Expense (NNE)	13	20	20	19	25	19	20	19	17	11	9.56
Net Nonoperating Obligations (NNO)	-89	-52	-31	-90	-44	-88	-62	-34	12	2.61	0.37
Total Depreciation and Amortization (D&A)	1.70	1.82	1.81	1.45	2.40	3.11	3.15	2.98	2.60	1.86	1.43
Debt-free, Cash-free Net Working Capital to Revenue	10.58%	6.42%	11.83%	-20.38%	-3.12%	-1.42%	-3.83%	3.77%	16.63%	13.54%	14.56%
Debt-free Net Working Capital to Revenue	325.80%	188.80%	130.08%	134.23%	88.29%	115.51%	77.26%	58.01%	51.89%	53.50%	50.01%
Net Working Capital to Revenue	317.17%	171.14%	130.08%	123.90%	82.94%	108.06%	68.05%	28.19%	41.18%	43.92%	31.47%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.58)	($0.62)	($0.56)	($0.44)	($0.51)	($0.37)	($0.32)	($0.24)	($0.21)	($0.11)	($0.08)
Adjusted Weighted Average Basic Shares Outstanding	96.07M	101.83M	108.22M	131.66M	162.17M	168.22M	173.72M	176.55M	180.27M	184.56M	190.59M
Adjusted Diluted Earnings per Share	($0.61)	($0.62)	($0.56)	($0.44)	($0.51)	($0.37)	($0.32)	($0.24)	($0.21)	($0.11)	($0.08)
Adjusted Weighted Average Diluted Shares Outstanding	96.91M	101.83M	108.22M	131.66M	162.17M	168.22M	173.72M	176.55M	180.27M	184.56M	190.59M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.51)	($0.37)	($0.32)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	99.36M	103.47M	129.60M	136.95M	139.83M	163.95M	171.28M	177.62M	181.28M	185.79M	192.17M
Normalized Net Operating Profit after Tax (NOPAT)	-43	-43	-40	-38	-46	-41	-34	-24	-18	-9.96	-6.08
Normalized NOPAT Margin	-124.92%	-109.25%	-78.46%	-50.61%	-49.44%	-35.74%	-21.47%	-12.67%	-9.87%	-4.95%	-2.60%
Pre Tax Income Margin	-173.97%	-159.72%	-110.47%	-75.39%	-75.69%	-52.14%	-33.89%	-22.48%	-19.98%	-10.31%	-6.54%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-33.92	-24.66	-17.76	-13.31	-10.70	-14.90	-9.98	-6.26	-3.45	-1.34	-0.83
NOPAT to Interest Expense	-25.07	-17.59	-13.33	-9.60	-7.64	-10.90	-6.96	-4.09	-2.51	-1.12	-0.73
EBIT Less CapEx to Interest Expense	-34.34	-24.89	-17.88	-13.59	-12.18	-15.33	-10.17	-6.60	-4.00	-1.66	-1.28
NOPAT Less CapEx to Interest Expense	-25.50	-17.82	-13.44	-9.89	-9.12	-11.33	-7.14	-4.43	-3.06	-1.44	-1.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Cerus' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	181,197,000.00	181,282,725.00	184,890,071.00	185,297,208.00	-	185,789,815.00	191,160,480.00	191,698,794.00	192,087,501.00	192,171,776.00	200,368,974.00
DEI Adjusted Shares Outstanding	181,197,000.00	181,282,725.00	184,890,071.00	185,297,208.00	-	185,789,815.00	191,160,480.00	191,698,794.00	192,087,501.00	192,171,776.00	200,368,974.00
DEI Earnings Per Adjusted Shares Outstanding	-0.01	-0.05	-0.03	-0.02	-	-0.04	-0.03	0.00	-0.01	-0.01	-0.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.94%	12.78%	5.85%	7.21%	6.39%	-0.36%	19.02%	18.91%	13.79%	24.10%	9.53%
EBITDA Growth	114.16%	49.31%	70.99%	95.54%	-104.23%	22.57%	-4.10%	1,479.57%	542.42%	114.58%	77.36%
EBIT Growth	107.82%	47.09%	68.32%	87.65%	-143.64%	25.03%	0.34%	465.22%	74.62%	105.69%	66.38%
NOPAT Growth	109.81%	43.60%	67.04%	81.67%	-248.46%	26.64%	10.77%	43.47%	55.76%	93.95%	45.72%
Net Income Growth	89.81%	38.05%	56.68%	59.73%	-84.45%	20.35%	1.04%	99.32%	14.75%	78.65%	47.82%
EPS Growth	85.71%	44.44%	57.14%	50.00%	0.00%	20.00%	0.00%	100.00%	0.00%	75.00%	66.67%
Operating Cash Flow Growth	-764.64%	123.05%	104.46%	138.80%	132.46%	-143.08%	-709.98%	-52.65%	25.79%	-261.26%	-8.79%
Free Cash Flow Firm Growth	-69.66%	-398.50%	-260.20%	-14.46%	116.87%	93.32%	87.85%	48.37%	-221.77%	-536.33%	-454.69%
Invested Capital Growth	90.71%	70.42%	65.94%	29.13%	-9.39%	-3.32%	1.43%	11.59%	9.79%	21.75%	27.21%
Revenue Q/Q Growth	12.89%	-18.65%	16.42%	0.27%	12.03%	-23.81%	23.08%	0.18%	7.21%	-16.91%	7.04%
EBITDA Q/Q Growth	137.41%	-533.03%	55.25%	93.84%	64.52%	-7,819.70%	39.83%	181.59%	-88.62%	160.96%	-193.44%
EBIT Q/Q Growth	118.83%	-909.43%	52.57%	82.92%	33.44%	-1,290.45%	36.95%	162.60%	-104.62%	411.88%	-472.38%
NOPAT Q/Q Growth	118.62%	-917.52%	51.92%	74.95%	-50.78%	-303.93%	41.52%	84.13%	-17.98%	44.77%	-424.86%
Net Income Q/Q Growth	80.94%	-597.62%	40.40%	49.19%	12.68%	-201.25%	25.95%	99.65%	-10,820.00%	24.54%	-80.95%
EPS Q/Q Growth	75.00%	-400.00%	40.00%	33.33%	50.00%	-300.00%	25.00%	100.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-44.75%	112.90%	-79.53%	914.96%	21.11%	-117.12%	-189.81%	178.78%	221.74%	-149.18%	12.73%
Free Cash Flow Firm Q/Q Growth	-144.44%	-1.08%	12.79%	46.88%	136.02%	-140.01%	-58.63%	-125.84%	15.05%	-109.09%	-38.28%
Invested Capital Q/Q Growth	40.29%	-6.78%	-0.33%	-0.94%	-1.56%	-0.54%	4.58%	8.98%	-3.15%	10.29%	9.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.67%	49.02%	48.83%	51.72%	48.25%	58.80%	48.19%	46.72%	46.07%	51.98%	51.41%
EBITDA Margin	2.92%	-15.56%	-5.98%	-0.37%	-0.12%	-12.09%	-5.23%	4.26%	0.45%	1.42%	-1.24%
Operating Margin	1.83%	-18.39%	-7.59%	-1.90%	-2.55%	-13.54%	-5.69%	2.05%	-0.99%	-0.66%	-3.23%
EBIT Margin	1.71%	-17.01%	-6.93%	-1.18%	-0.70%	-12.80%	-5.80%	3.63%	-0.16%	0.59%	-2.04%
Profit (Net Income) Margin	-2.60%	-22.33%	-11.43%	-5.79%	-4.51%	-17.85%	-9.50%	-0.03%	-3.38%	-3.07%	-5.19%
Tax Burden Percent	105.47%	100.77%	99.04%	102.66%	104.53%	100.97%	101.35%	-30.77%	105.76%	105.84%	103.29%
Interest Burden Percent	-144.41%	130.26%	166.55%	477.93%	615.83%	138.13%	161.62%	2.98%	2,044.55%	-494.29%	246.12%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	130.77%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.78%	-50.80%	-21.14%	-4.90%	-5.75%	-31.66%	-14.03%	-2.23%	-2.60%	-1.72%	-8.02%
ROIC Less NNEP Spread (ROIC-NNEP)	23.71%	14.47%	126.13%	-119.08%	-26.60%	-83.37%	-54.39%	4.08%	-118.99%	-43.39%	-32.48%
Return on Net Nonoperating Assets (RNNOA)	-4.25%	-1.66%	-5.19%	-4.57%	-3.58%	-10.97%	-8.40%	0.40%	-2.91%	-2.34%	-3.52%
Return on Equity (ROE)	0.53%	-52.46%	-26.33%	-9.47%	-9.33%	-42.63%	-22.43%	-1.83%	-5.51%	-4.06%	-11.54%
Cash Return on Invested Capital (CROIC)	-104.43%	-86.51%	-72.61%	-40.82%	-6.05%	-10.69%	-14.73%	-21.34%	-19.07%	-23.01%	-25.56%
Operating Return on Assets (OROA)	1.54%	-16.37%	-7.01%	-1.18%	-0.71%	-13.01%	-6.30%	4.05%	-0.17%	0.67%	-2.43%
Return on Assets (ROA)	-2.34%	-21.49%	-11.57%	-5.80%	-4.56%	-18.14%	-10.32%	-0.04%	-3.74%	-3.49%	-6.19%
Return on Common Equity (ROCE)	0.52%	-51.64%	-25.90%	-9.32%	-9.20%	-42.02%	-22.11%	-1.81%	-5.45%	-4.01%	-11.41%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-64.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.68	-5.59	-2.69	-0.67	-1.01	-4.10	-2.40	-0.38	-0.45	-0.25	-1.30
NOPAT Margin	1.28%	-12.87%	-5.32%	-1.33%	-1.79%	-9.48%	-3.98%	-0.63%	-0.69%	-0.46%	-2.26%
Net Nonoperating Expense Percent (NNEP)	-18.93%	-65.27%	-147.27%	114.18%	20.85%	51.71%	40.36%	-6.31%	116.39%	41.67%	24.45%
Return On Investment Capital (ROIC_SIMPLE)	0.51%	-4.13%	-2.01%	-0.49%	-0.72%	-2.90%	-1.70%	-0.26%	-0.30%	-0.16%	-0.96%
Cost of Revenue to Revenue	39.01%	39.39%	40.41%	39.12%	41.28%	41.20%	39.03%	40.77%	43.36%	48.02%	48.59%
SG&A Expenses to Revenue	32.37%	45.63%	37.56%	35.11%	34.07%	46.92%	35.23%	30.91%	32.25%	37.17%	39.80%
R&D to Revenue	26.79%	33.37%	29.63%	27.66%	27.21%	38.40%	31.43%	26.27%	25.38%	27.08%	25.05%
Operating Expenses to Revenue	59.16%	79.00%	67.19%	62.77%	61.28%	72.34%	66.66%	57.18%	57.63%	52.64%	54.65%
Earnings before Interest and Taxes (EBIT)	0.91	-7.38	-3.50	-0.60	-0.40	-5.53	-3.49	2.18	-0.10	0.32	-1.17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.56	-6.75	-3.02	-0.19	-0.07	-5.23	-3.15	2.57	0.29	0.76	-0.71
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.43	6.94	6.57	6.03	5.09	4.65	4.86	4.96	6.16	5.18	8.36
Price to Tangible Book Value (P/TBV)	7.62	7.13	6.75	6.18	5.22	4.77	4.98	5.07	6.29	5.28	8.52
Price to Revenue (P/Rev)	2.10	1.79	1.67	1.63	1.42	1.28	1.25	1.35	1.69	1.43	2.35
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	6.18	5.82	5.55	5.48	4.88	4.44	4.48	4.62	6.08	4.92	7.55
Enterprise Value to Revenue (EV/Rev)	2.17	1.86	1.74	1.67	1.44	1.31	1.28	1.38	1.70	1.45	2.39
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	747.14	204.41
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	485.24
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	25.57	30.74	48.55	87.47	82.17	134.84	245.93
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.49	1.69	1.66	1.54	1.48	1.51	1.51	1.36	1.29	1.24	0.92
Long-Term Debt to Equity	1.12	1.29	1.29	1.19	1.14	1.15	1.01	0.78	0.62	0.48	0.49
Financial Leverage	-0.18	-0.11	-0.04	0.04	0.13	0.13	0.15	0.10	0.02	0.05	0.11
Leverage Ratio	3.41	3.63	3.77	3.83	3.61	3.72	3.74	3.47	3.47	3.45	3.30
Compound Leverage Factor	-4.92	4.73	6.28	18.29	22.25	5.14	6.05	0.10	70.93	-17.06	8.11
Debt to Total Capital	59.89%	62.87%	62.44%	60.57%	59.66%	60.17%	60.18%	57.72%	56.36%	55.40%	47.86%
Short-Term Debt to Total Capital	15.01%	14.89%	14.02%	13.46%	13.68%	14.23%	19.94%	24.64%	29.12%	34.22%	22.18%
Long-Term Debt to Total Capital	44.88%	47.98%	48.42%	47.11%	45.98%	45.94%	40.24%	33.07%	27.24%	21.18%	25.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.60%	0.59%	0.59%	0.58%	0.53%	0.53%	0.53%	0.50%	0.50%	0.48%	0.51%
Common Equity to Total Capital	39.52%	36.54%	36.97%	38.86%	39.80%	39.30%	39.29%	41.78%	43.15%	44.12%	51.63%
Debt to EBITDA	-3.03	-4.30	-6.75	-9.93	-8.40	-10.00	-9.84	-14.46	-15.21	178.59	22.32
Net Debt to EBITDA	-0.53	-0.65	-1.00	-0.93	-0.37	-0.48	-0.80	-1.09	-0.18	9.28	2.98
Long-Term Debt to EBITDA	-2.27	-3.28	-5.24	-7.72	-6.47	-7.63	-6.58	-8.29	-7.35	68.28	11.98
Debt to NOPAT	-3.79	-5.08	-7.43	-10.09	-8.45	-10.03	-10.38	-12.78	-13.80	-38.09	-57.35
Net Debt to NOPAT	-0.66	-0.76	-1.10	-0.94	-0.37	-0.48	-0.84	-0.96	-0.17	-1.98	-7.64
Long-Term Debt to NOPAT	-2.84	-3.88	-5.76	-7.85	-6.51	-7.66	-6.94	-7.33	-6.67	-14.56	-30.77
Altman Z-Score	-4.34	-4.93	-5.05	-4.84	-4.71	-4.82	-4.62	-4.30	-3.86	-3.98	-3.18
Noncontrolling Interest Sharing Ratio	1.43%	1.57%	1.63%	1.59%	1.40%	1.45%	1.44%	1.32%	1.22%	1.19%	1.13%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.14	2.41	2.51	2.59	2.39	2.32	2.00	1.89	1.73	1.63	1.83
Quick Ratio	1.50	1.65	1.76	1.84	1.73	1.54	1.30	1.22	1.12	1.02	1.02
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-31	-31	-27	-14	5.15	-2.06	-3.27	-7.39	-6.28	-13	-18
Operating Cash Flow to CapEx	0.00%	178.25%	978.05%	564.49%	505.02%	-753.57%	-512.79%	105.13%	474.37%	-1,308.58%	-304.81%
Free Cash Flow to Firm to Interest Expense	-13.71	-13.82	-11.56	-6.33	2.51	-0.98	-1.52	-3.49	-3.20	-7.01	-10.59
Operating Cash Flow to Interest Expense	-6.81	0.88	0.17	1.80	2.40	-0.40	-1.14	0.91	3.16	-1.63	-1.55
Operating Cash Flow Less CapEx to Interest Expense	-6.81	0.39	0.15	1.48	1.93	-0.45	-1.36	0.04	2.49	-1.75	-2.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.90	0.96	1.01	1.00	1.01	1.02	1.09	1.12	1.11	1.14	1.19
Accounts Receivable Turnover	5.34	8.03	8.47	8.09	6.17	8.23	7.85	8.35	7.77	8.77	7.99
Inventory Turnover	2.03	1.92	1.98	1.97	2.07	1.85	1.86	1.99	1.99	1.86	1.77
Fixed Asset Turnover	19.05	20.26	21.57	23.72	25.49	26.56	29.50	32.24	28.59	29.97	30.57
Accounts Payable Turnover	2.46	2.77	2.81	2.87	3.55	3.68	3.58	4.32	3.78	3.42	3.32
Days Sales Outstanding (DSO)	68.32	45.48	43.08	45.10	59.17	44.34	46.50	43.72	46.95	41.60	45.67
Days Inventory Outstanding (DIO)	179.64	190.22	184.00	184.99	176.33	197.18	196.08	183.34	183.29	195.92	206.73
Days Payable Outstanding (DPO)	148.27	131.96	129.76	127.03	102.92	99.22	102.03	84.50	96.66	106.61	110.01
Cash Conversion Cycle (CCC)	99.69	103.74	97.33	103.06	132.59	142.30	140.55	142.56	133.59	130.91	142.40
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	66	61	61	60	60	59	62	67	65	72	79
Invested Capital Turnover	3.73	3.95	3.98	3.69	3.22	3.34	3.52	3.53	3.75	3.72	3.54
Increase / (Decrease) in Invested Capital	31	25	24	14	-6.17	-2.04	0.88	7.01	5.83	13	17
Enterprise Value (EV)	406	356	339	331	290	263	277	312	397	355	594
Market Capitalization	391	343	325	322	286	258	270	305	396	350	585
Book Value per Share	$0.29	$0.27	$0.27	$0.29	$0.30	$0.30	$0.29	$0.32	$0.33	$0.35	$0.35
Tangible Book Value per Share	$0.28	$0.27	$0.26	$0.28	$0.30	$0.29	$0.28	$0.31	$0.33	$0.34	$0.34
Total Capital	133	135	134	138	141	141	141	147	149	153	136
Total Debt	80	85	84	83	84	85	85	85	84	85	65
Total Long-Term Debt	60	65	65	65	65	65	57	49	41	32	35
Net Debt	14	13	12	7.80	3.71	4.05	6.87	6.39	1.01	4.41	8.65
Capital Expenditures (CapEx)	-0.01	1.10	0.04	0.72	0.98	0.11	0.48	1.83	1.31	0.23	0.87
Debt-free, Cash-free Net Working Capital (DFCFNWC)	31	29	29	29	27	31	34	36	34	40	45
Debt-free Net Working Capital (DFNWC)	97	101	100	105	108	112	112	115	117	120	102
Net Working Capital (NWC)	77	81	81	86	88	92	84	79	74	68	72
Net Nonoperating Expense (NNE)	2.07	4.10	3.09	2.26	1.55	3.62	3.32	-0.36	1.74	1.40	1.68
Net Nonoperating Obligations (NNO)	12	11	11	6.17	2.61	2.95	5.73	5.25	0.37	3.78	8.03
Total Depreciation and Amortization (D&A)	0.65	0.63	0.48	0.41	0.33	0.31	0.34	0.38	0.39	0.45	0.46
Debt-free, Cash-free Net Working Capital to Revenue	16.63%	15.06%	14.77%	14.77%	13.54%	15.41%	15.84%	16.12%	14.56%	16.35%	18.19%
Debt-free Net Working Capital to Revenue	51.89%	52.71%	51.38%	52.95%	53.50%	55.64%	51.90%	50.87%	50.01%	49.28%	40.77%
Net Working Capital to Revenue	41.18%	42.21%	41.72%	43.59%	43.92%	45.65%	38.90%	34.83%	31.47%	27.83%	28.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	($0.05)	($0.03)	($0.02)	($0.01)	($0.04)	($0.03)	$0.00	($0.01)	($0.01)	($0.01)
Adjusted Weighted Average Basic Shares Outstanding	180.27M	182.09M	184.98M	185.42M	184.56M	187.07M	191.30M	191.83M	190.59M	194.14M	200.57M
Adjusted Diluted Earnings per Share	($0.01)	($0.05)	($0.03)	($0.02)	($0.01)	($0.04)	($0.03)	$0.00	($0.01)	($0.01)	($0.01)
Adjusted Weighted Average Diluted Shares Outstanding	180.27M	182.09M	184.98M	185.42M	184.56M	187.07M	191.30M	191.83M	190.59M	194.14M	200.57M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	181.28M	184.89M	185.30M	185.72M	185.79M	191.16M	191.70M	192.09M	192.17M	200.37M	201.52M
Normalized Net Operating Profit after Tax (NOPAT)	0.68	-5.59	-2.69	-0.67	-1.01	-4.10	-2.40	0.87	-0.45	-0.25	-1.30
Normalized NOPAT Margin	1.28%	-12.87%	-5.32%	-1.33%	-1.79%	-9.48%	-3.98%	1.44%	-0.69%	-0.46%	-2.26%
Pre Tax Income Margin	-2.47%	-22.16%	-11.54%	-5.64%	-4.32%	-17.68%	-9.38%	0.11%	-3.20%	-2.90%	-5.03%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.41	-3.30	-1.50	-0.26	-0.19	-2.62	-1.62	1.03	-0.05	0.17	-0.68
NOPAT to Interest Expense	0.31	-2.50	-1.15	-0.30	-0.49	-1.94	-1.11	-0.18	-0.23	-0.13	-0.76
EBIT Less CapEx to Interest Expense	0.41	-3.80	-1.52	-0.58	-0.67	-2.68	-1.84	0.17	-0.72	0.04	-1.19
NOPAT Less CapEx to Interest Expense	0.31	-2.99	-1.17	-0.62	-0.97	-1.99	-1.34	-1.04	-0.89	-0.26	-1.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Cerus (NASDAQ:CERS) is showing improving revenue and profitability trends, but remains dependent on cash reserves and investment maturities while operating cash flow is still negative. The company’s Q2 2026 revenue rose to $57.4 million from $52.4 million in Q2 2025 and $50.5 million in Q2 2024. Gross profit was $29.5 million, producing a gross margin of approximately 51.4%, compared with 47.0% in Q2 2025 and 48.8% in Q2 2024.

Profitability has improved year over year. Q2 2026 operating loss narrowed to $1.9 million from $3.4 million in Q2 2025, while the net loss attributable to common shareholders declined to $2.9 million from $5.7 million. However, Cerus has not yet achieved consistent profitability, and the Q2 operating loss widened from the $354,000 loss reported in Q1 2026.

Revenue increased approximately 9.5% year over year in Q2 2026 and is up significantly from Q2 2024, indicating continued top-line growth.
Gross margin improved to approximately 51.4% in Q2 2026 from 47.0% in Q2 2025, suggesting better product economics or a more favorable revenue mix.
The Q2 2026 net loss attributable to common shareholders narrowed to $2.9 million from $5.7 million a year earlier, while EPS improved to a loss of $0.01 from a loss of $0.03.
Total debt declined to approximately $65.9 million at June 30, 2026, from $93.5 million a year earlier and $83.3 million at June 30, 2024.
Total equity increased to $70.7 million from $56.2 million two years earlier, providing a larger balance-sheet cushion despite the accumulated deficit.
Accounts receivable remained relatively stable at $31.0 million in Q2 2026, while revenue expanded, which may indicate that collections have not deteriorated materially.
Cash and short-term investments totaled approximately $56.3 million at the end of Q2 2026, down from $78.0 million in Q2 2025 and $72.7 million in Q2 2024, but still represented a meaningful liquidity reserve.
Q2 investing cash flow was positive at $12.9 million because Cerus received $14.3 million from investment sales or maturities; this supports liquidity but may not represent recurring operating cash generation.
Operating cash flow remained negative at $2.7 million in Q2 2026 and $3.0 million in Q1 2026, showing that the business is not yet funding itself through operations.
Inventory rose to $65.8 million from $54.5 million a year earlier, tying up additional working capital while operating cash flow remained negative.
Cerus repaid $31.1 million of debt in Q2 2026, contributing to a $9.9 million decline in cash and equivalents during the quarter despite proceeds from investment maturities.
The company continues to carry a substantial accumulated retained-earnings deficit of approximately $1.09 billion, reflecting significant historical losses.
Weighted-average basic shares outstanding increased to 200.6 million in Q2 2026 from 191.3 million in Q2 2025, creating dilution for existing shareholders.
Interest expense remained elevated at $1.7 million in Q2 2026, limiting the benefit of improved gross profit and contributing to the company’s continuing net losses.

Overall, Cerus’s improving revenue, gross margin, debt balance and year-over-year losses are constructive. The primary risks are continued negative operating cash flow, declining liquid assets, elevated inventory and shareholder dilution. Investors should watch whether revenue growth and margin improvement can eventually produce sustainable operating cash flow without relying on investment maturities or additional financing.

10/15/26 03:05 AM ETAI Generated. May Contain Errors.

Cerus Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cerus' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Cerus' net income appears to be on an upward trend, with a most recent value of -$15.64 million in 2025, rising from -$55.87 million in 2015. The previous period was -$20.96 million in 2024. See where experts think Cerus is headed by visiting Cerus' forecast page.

Cerus' total operating income in 2025 was -$8.68 million, based on the following breakdown:

Total Gross Profit: $112.29 million
Total Operating Expenses: $148.63 million

Over the last 10 years, Cerus' total revenue changed from $34.22 million in 2015 to $233.80 million in 2025, a change of 583.2%.

In the past 11 quarters, Cerus' cash and equivalents has ranged from $12.40 million in Q2 2024 to $27.85 million in Q1 2026, and is currently $17.98 million as of their latest financial filing in Q2 2026.

Cerus had total debt of $83.89 million at the end of 2025, a 0.3% decrease from 2024, and a 323.6% increase since 2015.

Over the last 10 years, Cerus' book value per share changed from 0.98 in 2015 to 0.33 in 2025, a change of -65.7%.

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Financial statements for NASDAQ:CERS last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cerus (CERS) Financials

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Cerus (CERS) Financials

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Cerus Financials - Frequently Asked Questions

When does Cerus' financial year end?

How has Cerus' net income changed over the last 10 years?

What is Cerus' operating income?

How has Cerus' revenue changed over the last 10 years?

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How has Cerus' book value per share changed over the last 10 years?

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