Cerus Corporation

Q2 2026 product revenue was $57.4 million, up 10% from Q2 2025; first-half 2026 product revenue was $111.1 million, up 16% from $95.7 million. U.S. IFC product revenue was $6.7 million, up about 20% from $5.6 million, and management said growth would have been about 40% excluding $800,000 of deferred revenue recognized in Q2 2025. Product gross margin was 51.4% versus 55.2% a year ago. GAAP net loss attributable to Cerus improved to $2.9 million from $5.7 million, and adjusted EBITDA was $3 million, marking the ninth straight quarter of positive adjusted EBITDA. For 2026, Cerus now expects product sales of $229 million-$231 million, up from $227 million-$231 million, and IFC revenue of $23 million-$25 million versus $22 million-$24 million previously; that implies 11% to 12% year-over-year product revenue growth and roughly 40% to 50% IFC growth. Management also expects 2026 gross margins to remain in the low 50s and expects third consecutive year of positive adjusted EBITDA.

Vivek Jayaraman framed the quarter around three priorities: durable double-digit growth, innovation, and financial strength. He highlighted broad-based momentum in the U.S. and internationally, especially from the BCA relationship, IFC adoption, and EMEA progress, and said the company is seeing real traction for its value proposition in both clinical and economic terms. His tone was confident and constructive, emphasizing that the company’s technology, pipeline, and customer relationships support a long runway for growth.

Kevin Green emphasized the refinancing as a meaningful financial step, including a $30 million reduction in term loan balance, lower interest spread, removal of smaller fees, and expected annual interest expense savings of up to $3.5 million. He said the new facility increases flexibility, retains optionality for up to an additional $30 million of term debt and up to $15 million of revolver capacity, and supports the company’s self-funding ambitions. On operating performance, he pointed to 51.4% gross margin, $3 million of adjusted EBITDA, and $2.7 million of cash used in operations, noting the cash use was mainly tied to inventory build for expected growth.

Analyst questions focused on IFC adoption speed, the role of BCA, and whether hospitals still need to run their own comparison studies. Management said there is no single adoption path, that the kit model and BCA relationships help accelerate the process, and that most hospitals do not run in-house comparisons; they also said the Northeast hospital’s direct comparison was validating but not typical. Questions also covered U.S. platelets and blood supply trends, where management said BCA-member centers remain underpenetrated and that they have not yet seen donor-shortage headlines flow through to demand. On international growth, management said China and Japan remain meaningful opportunities, that it is working through regulatory steps with its China joint venture partner, and that INT200 deployment in France under the EFS contract should provide additional validation and runway.