Cerus (CERS) financial statements
Cerus reported revenue of $234M in fiscal 2025, up 21.9% a year over 9 years.
Net income was -$16M and the operating margin -3.7%, against -156.5% in 2016.
Free cash flow was $1M.
The diluted share count rose 87% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cerus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39M | $51M | $76M | $94M | $114M | $160M | $188M | $187M | $201M | $234M |
| Cost of revenue | $20M | $23M | $32M | $33M | $41M | — | — | — | — | — |
| Gross profit | $17M | $21M | $29M | $41M | $51M | — | — | — | — | — |
| Research and development | $31M | $34M | $43M | $60M | $64M | $64M | $64M | $68M | $59M | $68M |
| Selling, general and admin | $49M | $53M | $57M | $66M | $67M | $81M | $83M | $76M | $76M | $81M |
| Operating income | -$61M | -$58M | -$55M | -$66M | -$58M | -$49M | -$34M | -$30M | -$14M | -$9M |
| Interest expense | $2M | $3M | $4M | $6M | $4M | $5M | $6M | $8M | $9M | $8M |
| Pre-tax income | -$63M | -$57M | -$57M | -$71M | -$60M | -$54M | -$42M | -$37M | -$21M | -$15M |
| Income tax | $175,000 | $4M | $229,000 | $263,000 | $284,000 | $319,000 | $488,000 | $325,000 | $205,000 | $354,000 |
| Net income | -$63M | -$61M | -$58M | -$71M | -$60M | -$54M | -$43M | -$37M | -$21M | -$16M |
| EPS (diluted) | -$0.62 | -$0.56 | -$0.44 | -$0.51 | -$0.37 | -$0.32 | -$0.24 | -$0.21 | -$0.11 | -$0.08 |
| Diluted shares | 102M | 108M | 132M | 140M | 164M | 171M | 177M | 180M | 185M | 191M |
| Gross margin | 43.0% | 41.0% | 38.5% | 44.0% | 44.4% | — | — | — | — | — |
| Operating margin | -156.5% | -112.1% | -72.3% | -70.6% | -51.1% | -30.7% | -18.1% | -16.1% | -7.1% | -3.7% |
| Net margin | -160.2% | -118.0% | -75.7% | -76.0% | -52.4% | -34.1% | -22.7% | -20.1% | -10.4% | -6.7% |
Balance sheet
Fiscal years, from Cerus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $68M | $61M | $118M | $86M | $134M | $129M | $102M | $66M | $80M | $83M |
| Receivables | $7M | $12M | $9M | $17M | $21M | $25M | $34M | $36M | $30M | $30M |
| Inventory | $13M | $14M | $14M | $19M | $23M | $27M | $29M | $40M | $38M | $56M |
| Total current assets | $94M | $90M | $147M | $128M | $183M | $187M | $170M | $144M | $152M | $174M |
| Property, plant and equipment | $3M | $2M | $8M | $15M | $14M | $12M | $11M | $9M | $7M | $9M |
| Goodwill | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M |
| Total assets | $103M | $98M | $163M | $166M | $221M | $237M | $218M | $198M | $201M | $222M |
| Total current liabilities | $27M | $23M | $53M | $50M | $60M | $79M | $117M | $68M | $64M | $101M |
| Total liabilities | $46M | $59M | $79M | $108M | $118M | $152M | $150M | $144M | $144M | $157M |
| Shareholders' equity | $58M | $39M | $85M | $57M | $104M | $85M | $68M | $53M | $56M | $64M |
| Net debt | -$23M | -$14M | -$29M | -$35M | -$37M | -$49M | -$36M | -$12M | -$20M | -$20M |
Cash flow
Fiscal years, from Cerus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$54M | -$52M | -$31M | -$65M | -$42M | -$34M | -$26M | -$43M | $11M | $5M |
| Capital spending | $563,000 | $353,000 | $1M | $9M | $2M | $910,000 | $2M | $5M | $3M | $4M |
| Free cash flow | -$54M | -$53M | -$32M | -$74M | -$43M | -$35M | -$28M | -$48M | $9M | $1M |
| Stock-based compensation | $8M | $9M | $10M | $13M | $18M | $24M | $24M | $20M | $23M | $23M |
| Net borrowing | -$622,000 | $10M | -$133,000 | $8M | — | $15M | — | — | — | — |
| Free cash flow margin | -137.7% | -102.5% | -42.6% | -79.4% | -38.0% | -21.8% | -14.7% | -25.6% | 4.2% | 0.5% |
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Open CERS in InvestinglyQuestions
What was Cerus's revenue in 2025?
$234M in fiscal 2025, from its 10-K filing.
How much free cash flow does Cerus generate?
$1M in fiscal 2025 (operating cash flow minus capital spending).
From Cerus's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.