Cerus Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the third quarter of 2026 was $64.0 million, an 11% increase from $60.2 million in the prior year period.
• Product revenue reached $57.7 million, representing a 10% year-over-year increase from $52.7 million.
• Government contract revenue was $6.3 million, a 16% decrease from $7.5 million in the prior year period.
• Product gross profit was $30.3 million, an 8% increase from $28.1 million, with a gross margin of 52.4% compared to 53.4% in the prior year.
• Total operating expenses were $36.2 million, a 5% increase from $34.4 million in the prior year.
• Research and development expenses decreased to $14.3 million from $15.8 million in the prior year.
• Selling, general and administrative (SG&A) expenses increased to $21.9 million from $18.6 million in the prior year.
• Net loss attributable to Cerus Corporation was $0.6 million ($0.00 per share) for the quarter, compared to a net loss of $0.02 million ($0.00 per share) in the prior year.
• Net loss for the first nine months of 2026 was $5.1 million, a significant improvement from $13.4 million in the same period of 2025.
• Non-GAAP adjusted EBITDA was positive $5.7 million for the quarter, up from positive $5.0 million in the prior year.
• Non-GAAP adjusted EBITDA for the first nine months of 2026 was positive $12.7 million, compared to positive $6.1 million in the prior year.
• Operating cash flow for the third quarter was $3.0 million, compared to $1.9 million in the prior year.
• Cash, cash equivalents, and short-term investments totaled $57.1 million at September 30, 2026, an increase of $0.8 million from June 30, 2026.
• Outstanding debt included $35.0 million on the term loan and $28.5 million drawn on the revolving credit facility.
• The revolving credit facility had $16.5 million available for borrowing as of September 30, 2026.

Guidance and Future Outlook:

• The company reiterated full-year 2026 product revenue guidance of $229 million to $231 million, reflecting 11% to 12% growth from 2025.
• Full-year 2026 IFC revenue guidance is included in the range of $23 million to $25 million.

Business Segments and Product Lines:

• INTERCEPT Fibrinogen Complex (IFC) volumes grew approximately 80% compared to the prior year period.
• U.S. IFC sales totaled $5.6 million in the third quarter, up from $3.9 million in the prior year.
• Platelet kit growth in North America was 5% for the quarter, while international growth was -3%.
• Total IFC demand growth (including kits and finished therapeutic doses) was approximately 80% for the quarter and ~60% for the first nine months.
• The INTERCEPT Blood System for red blood cells achieved positive topline results in the Phase 3 RedeS trial.
• The company announced the appointment of Betsy Jensen as chief human resources officer, effective December 2026.

Market and Competitive Landscape:

• The INTERCEPT Blood System for platelets and plasma remains the only pathogen reduction system with both CE mark and FDA approval for these components globally.
• The INTERCEPT Blood System for Cryoprecipitation is approved in the U.S. for the production of Pathogen Reduced Cryoprecipitated Fibrinogen Complex.
• The INTERCEPT red blood cell system is under regulatory review in Europe and in late-stage clinical development in the U.S.

Risks and Challenges:

• Risks include the potential for topline RedeS results to change following full data analysis and the uncertainty of the regulatory process for obtaining approvals in the U.S. and Europe.
• Macroeconomic risks include inflation, foreign exchange volatility, and ongoing military conflicts affecting supply chains and demand.
• Risks exist regarding the ability to maintain manufacturing supply chains, comply with regulatory requirements, and access additional funds under the credit facility.
• There is a risk that the company may not meet its 2026 annual product revenue guidance or effectively commercialize new products.

Management Commentary and Tone:

• CEO Vivek Jayaraman stated that solid Q3 performance builds on a strong first half of 2026 and increases confidence as the year-end approaches.
• Management highlighted continued growth from the IFC business, the core platelet franchise, and the international INT 200 rollout as strengthening the foundation.
• The positive topline results from the Phase 3 RedeS study were described as an important milestone in establishing INTERCEPT as the global standard of care for red cell transfusions.

Other Key Points:

• The decrease in government contract revenue reflects the completion of an FDA contract in 2025 and the wind-down of the BARDA 2016 contract.
• The decrease in gross margin was driven by a weaker U.S. dollar relative to the euro and higher product costs due to inflationary pressures.
• The increase in SG&A expenses was partly due to higher employee-related expenses, while the prior year benefited from a one-time tax credit.
• The company hosts a conference call to discuss results and the Phase 3 RedeS study, with a replay available on the investor relations website.