CERUS CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CERUS CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	39.3	51.3	76.1	93.8	114	160	188	187	201	234
Cost of revenue	20.3	22.5	31.6	33.4	41.2
Gross profit	16.9	28.8	44.4	60.4	73.1
Research and development	31.3	33.7	42.6	60.4	64.4	63.7	64.1	67.6	58.9	67.7
Selling, general and administrative	49	52.6	56.8	66.2	67	81.3	83.3	75.5	75.9	80.9
Operating expenses	80.4	86.3	99.4	127	131	145	147	147	135	149
Operating income	-61.4	-57.5	-55	-66.2	-58.3	-48.9	-34.1	-30.1	-14.2	-8.68
Interest expense	2.45	3.02	4.01	6.07	3.75	4.92	5.83	8.39	8.88	8.34
Other non-operating income	-1.28	0.83	-2.35	-4.76	-1.24	-5.12	-8.26	-7.27	-6.53	-6.6
Pre-tax income	-62.7	-56.7	-57.3	-71	-59.6	-54.1	-42.3	-37.3	-20.8	-15.3
Income tax	0.18	3.89	0.23	0.26	0.28	0.32	0.49	0.33	0.21	0.35
Net income to minority interests						-0	-0.05	-0.16	-0.04	-0.01
Net income	-62.9	-60.6	-57.6	-71.2	-59.9	-54.4	-42.8	-37.5	-20.9	-15.6
EBITDA	-59.6	-55.7	-53.5	-63.8	-55.2	-45.8	-31.1	-27.5	-12.4	-7.26
EPS, basic	-0.62	-0.56	-0.44	-0.51	-0.37	-0.32	-0.24	-0.21	-0.11	-0.08
EPS, diluted	-0.62	-0.56	-0.44	-0.51	-0.37	-0.32	-0.24	-0.21	-0.11	-0.08
Shares, basic (weighted)	102	108	132	140	164	171	177	180	185	191
Shares, diluted (weighted)	102	108	132	140	164	171	177	180	185	191

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	22.6	13.7	28.9	35	36.6	48.8	35.6	11.6	20.3	20
Short-term investments	45.1	47	88.7	50.7	97	80.6	66.6	54.2	60.2	62.9
Receivables	6.87	12.4	8.75	16.9	21.2	25.1	34.4	35.5	29.8	30.4
Inventory	12.5	14.5	13.5	19.5	23.3	26.8	29	39.9	38.2	56.1
Other current assets	1.8	2.33	7.03	6.02	5.42	5.82	4.56	3.22	3.64	5.03
Total current assets	94.1	89.9	147	128	183	187	170	144	152	174
Property, plant and equipment	2.99	2.12	8.13	14.9	13.9	12.2	11	8.64	7.15	9.2
Lease right-of-use assets				14.1	13.1	13	12.5	10.7	8.38	10.1
Goodwill	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32
Intangible assets	0.74	0.54	0.33	0.13
Other non-current assets	4.15	4.13	4.05	4.52	7.37	21.6	5.88	11.4	16.8	11
Total assets	103	98.2	163	166	221	237	218	198	201	222
Accounts payable	8.59	11	18.6	22.2	24.2	35.6	33	23.8	21.7	28
Accrued liabilities	11.2	11.7	19.8	21	24.8	25.7	25.2	19.2	18.9	25.3
Deferred revenue	0.15	0.45	0.5	0.57	0.58	0.67	0.59	2	1.4	1.27
Total current liabilities	26.9	23.1	52.7	50.3	60	78.6	117	67.5	63.6	101
Lease liabilities				18.4	16.9	16.3	15.3	13.8	11.7	10.2
Other non-current liabilities	1.59	0.61	4.25	0.33	1.17	2.34	3.5	3.24	3.89	5.4
Total liabilities	45.7	59.3	78.9	108	118	152	150	144	144	157
Paid-in capital	718	760	864	907	1,013	1,049	1,077	1,098	1,122	1,145
Retained earnings	-661	-721	-779	-850	-910	-964	-1,007	-1,045	-1,066	-1,081
Other comprehensive income	0.1	-0.1	-0.28	0.11	0.67	-0.15	-2.79	-1.27	-0.4	-0.16
Shareholders' equity	57.8	38.9	84.5	57.1	104	84.6	67.6	52.7	56.1	64.2
Minority interests						1	0.95	0.79	0.75	0.74
Total equity	57.8	38.9	84.5	57.1	104	85.6	68.6	53.4	56.9	65
Total liabilities and equity	103	98.2	163	166	221	237	218	198	201	222
Shares outstanding	103	116	137	144	168	174	178	181	186	192

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-62.9	-60.6	-57.6	-71.2	-59.9	-54.4	-42.8	-37.6	-21	-15.6
Depreciation and amortization	1.82	1.81	1.45	2.4	3.11	3.15	2.98	2.6	1.86	1.43
Stock-based compensation	8.07	9.36	10.4	13.3	18	23.6	24.5	20.3	22.9	22.9
Deferred income tax	0.03	-0.12	0
Change in receivables	-1.07	-5.55	3.66	-8.08	-4.13	-4.22	-9.2	-1.1	5.5	-0.4
Change in inventory	-1.78	-2.09	0.81	-6.04	-4.03	-19.6	-1.77	-14.9	7.03	-14.7
Change in payables	3.26	2.49	5.68	4.94	1.98	12.2	-4.91	-7.34	-1.48	5.73
Cash from operations	-53.5	-52.2	-31.2	-65.5	-41.8	-33.9	-25.6	-43.2	11.4	4.84
Capital expenditures	-0.56	-0.35	-1.14	-8.94	-1.62	-0.91	-2	-4.6	-2.84	-3.73
Purchases of investments	-82.8	-68.8	-80.7	-43.9	-98.8	-52.1	-29.6	-2.49	-43	-42.8
Sales and maturities of investments	63.5	69.6	38	81	50.9	65.7	40.1	15.7	37.7	40.3
Cash from investing	-19.9	0.42	-43.8	28.2	-49.6	12.7	8.46	8.62	-8.13	-6.17
Debt issued		30		39.4		15
Debt repaid	-0.62	-19.6	-0.13	-31.1
Stock issued	22.1	30.2	85	26.9	76.5	2.74	-0.1	-0.18	-0.14	-0.04
Cash from financing	24.6	43	92.8	43.5	91.8	34.3	4.19	10.7	4.96	0.23
Exchange rate effect				-0.34	1.07	-0.92	-0.73	-0.13	-0.19	0.34
Net change in cash	-48.9	-8.81	17.7	5.83	1.48	12.1	-13.7	-24	8	-0.76
Free cash flow	-54.1	-52.6	-32.4	-74.4	-43.4	-34.8	-27.6	-47.8	8.52	1.11
Interest paid	1.37	2.03	2.73	3.08	3.27	4.18	5.1	9.21	9.3	8.52
Income taxes paid	0.16	0.16	0.25	0.23	0.27	0.28	0.27	0.32	0.36	0.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.95 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-1.0%	Operating income / revenue.
EBITDA margin	-0.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.8%	Pre-tax income / revenue.
Net margin	-2.9%	Net income / revenue.
FCF margin	0.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.4%	Cash from operations / revenue.
Return on equity (ROE)	-9.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.6%	Net income / average total assets.
Return on invested capital (ROIC)	-3.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	23.4%	Research and development expense / revenue.
SG&A / revenue	33.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	8.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-57.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-87.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	14.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-9.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.96x	Current assets / current liabilities.
Quick ratio	1.10x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.71x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	62.7%	Total liabilities / total assets.
Interest coverage	-0.36x	Operating income / interest expense.
Working capital	$76.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$74.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.24x	Revenue / average total assets.
Fixed asset turnover	27.0x	Revenue / average property, plant and equipment.
Receivables turnover	8.32x	Revenue / average receivables.
Days sales outstanding	44 days	365 x average receivables / revenue.
Capex / operating cash flow	85.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.26	Revenue / diluted weighted shares.
FCF per share	$0.00	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.02	Cash from operations / diluted weighted shares.
Book value per share	$0.38	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.37	Tangible book value / shares outstanding.
Cash per share	$0.28	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$393.0M	Share price x shares outstanding.
Enterprise value	$335.9M	Market cap + total debt - cash - short-term investments.
P/S	1.55x	Market cap / revenue.
P/B	5.19x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.28x	Market cap / tangible book value, when positive.
P/FCF	795x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	112x	Market cap / cash from operations, when positive.
EV/Sales	1.32x	Enterprise value / revenue.
EV/FCF	680x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.1%	Free cash flow / market cap.
Earnings yield	-1.9%	Net income / market cap (the inverse of P/E).

What was CERUS CORP's revenue in fiscal 2025?

CERUS CORP reported revenue of $233.8M for fiscal 2025, 16.1% higher than the year before.

Was CERUS CORP profitable in fiscal 2025?

No. It reported a net loss of $15.6M.

How much free cash flow did CERUS CORP generate in fiscal 2025?

Cash from operations of $4.8M minus capital expenditures of $3.7M left free cash flow of $1.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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