Here are 1-3 brief analogies to describe Cerus (CERS):

• Ecolab (ECL) for blood purification.
• STERIS (STE) for blood sterilization.

• INTERCEPT Blood System for Platelets: A pathogen reduction technology designed to inactivate viruses, bacteria, parasites, and donor white blood cells in platelet components for transfusion.
• INTERCEPT Blood System for Plasma: A pathogen reduction technology designed to inactivate viruses, bacteria, and parasites in plasma components for transfusion.
• INTERCEPT Blood System for Red Blood Cells: An investigational pathogen reduction system under development to enhance the safety of red blood cell transfusions.

Cerus (CERS) sells primarily to other companies and institutions (B2B).

Based on their public filings, including their annual 10-K reports, Cerus does not disclose any specific individual customer companies that account for 10% or more of its net revenues. This indicates that while they sell to other organizations, there are no "major customers" in the sense of specific, large, publicly traded companies whose names are identified as primary revenue drivers for Cerus.

Instead, Cerus's customer base consists of a broad network of healthcare institutions worldwide that utilize their INTERCEPT Blood System. These primary customer types include:

• Blood Centers: Organizations responsible for collecting, processing, testing, and distributing blood products.
• Hospitals: Healthcare facilities that provide patient treatment, including transfusions.
• Transfusion Services: Departments or entities within hospitals or blood centers specifically responsible for managing blood transfusions.

These customers are generally not publicly traded companies with stock symbols but rather government, non-profit, or privately owned healthcare institutions and blood services.

William "Obi" Greenman, President and Chief Executive Officer

Mr. Greenman has served as President and Chief Executive Officer of Cerus since April 2011, and as a member of its Board since April 2011, becoming Chair of the Board in June 2025. He initially joined Cerus in 1995 as Director of Business Development. His previous roles at the company include Senior Vice President of Business Development and Marketing (August 2008 to April 2011), Chief Business Officer (April 2010), President of Cerus Europe (2006 to August 2008), and Vice President of Business Development (1999 to 2006). Before joining Cerus, he worked in marketing and business development for Baxter's Biotech Division from 1991 to 1995. Mr. Greenman has also served on the Board of Directors for Aduro Biotech and Chinook Therapeutics.

Kevin D. Green, Vice President, Finance, Chief Financial Officer and Principal Accounting Officer

Mr. Green was appointed Chief Financial Officer of Cerus in 2013. Prior to this, he held various positions at Cerus from 2006 to 2013, including Senior Director of Finance, Controller, and Vice President, Finance and Chief Accounting Officer. Before joining Cerus, Mr. Green held financial management positions at Macromedia, Inc. from 2000 to 2006, which was acquired by Adobe Systems in 2005. He also previously worked in the Assurance and Business Advisory Services division at PricewaterhouseCoopers LLP. Mr. Green is an inactive Certified Public Accountant.

Vivek K. Jayaraman, Chief Operating Officer

Mr. Jayaraman was appointed Chief Operating Officer of Cerus in March 2020, overseeing commercial operations, supply chain, customer service, and manufacturing. He previously served as Cerus' Chief Commercial Officer from August 2016 to March 2020. Before joining Cerus in 2016, Mr. Jayaraman led the commercial expansion of TriVascular Technologies, Inc., a venture-backed startup that became a publicly traded global medical device company and was later acquired by Endologix, Inc. in February 2016. His experience also includes various leadership roles at Medtronic, Inc., most recently as Vice President of Global Marketing for its endovascular innovations business.

Richard J. Benjamin, Chief Medical Officer

Dr. Benjamin has served as Cerus' Chief Medical Officer since July 2015. Prior to his role at Cerus, he was the Chief Medical Officer for the American Red Cross, where he was responsible for donor and patient safety matters for a significant portion of the U.S. blood supply. He has also served as a Board Member and Regional Director for North America for the International Society of Blood Transfusion and on the DHHS Secretary's Advisory Committee on Blood Safety and Availability in the US.

Chrystal Jensen, Chief Legal Officer

Ms. Jensen was appointed Chief Legal Officer and General Counsel of Cerus in 2012. Before joining Cerus, she worked as Senior Corporate Counsel at Zynga Inc. From 2000 to 2011, Ms. Jensen was a partner at Cooley LLP, where her practice focused on corporate and securities law.

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Cerus (NASDAQ: CERS) operates primarily in the pathogen reduction systems market, with its main products being the INTERCEPT Blood System for platelets and plasma, as well as the INTERCEPT Blood System for red blood cells and INTERCEPT Fibrinogen Complex (IFC).

The addressable market sizes for Cerus's main products are as follows:

• The global pathogen reduction systems market was valued at approximately USD 1.32 billion in 2024 and is projected to grow to about USD 2.32 billion by 2031, with a compound annual growth rate (CAGR) of 8.41% from 2024 to 2031. Other estimates for the global market include USD 1.50 billion in 2024, expected to reach USD 4.18 billion by 2034 with a CAGR of 10.80%, and USD 1.48 billion in 2023, projected to grow to USD 5.43 billion by 2033, exhibiting a CAGR of 20.4%.

• For pathogen reduction systems specifically for platelets, this segment held the largest market share of 42.64% in 2023 within the global pathogen reduction system market, representing a market value of USD 520.27 million. The broader global blood platelets market was valued at USD 5.72 billion in 2023 and is projected to reach approximately USD 9.86 billion by 2033, growing at a CAGR of 5.59% from 2024 to 2033.
• Pathogen reduction systems for plasma accounted for the second-largest share in the pathogen reduction system market in 2023.
• Geographically, North America held the largest market share in the global pathogen reduction system market, accounting for 36.31% in 2023 with a market value of USD 443.01 million, and is projected to grow at a CAGR of 8.48%. In the U.S., the market penetration for Cerus's INTERCEPT system is estimated to be in the mid-60% range and is expected to increase to over 80%.

Here are 3-5 expected drivers of future revenue growth for Cerus (CERS) over the next 2-3 years:

1. Increased Adoption of INTERCEPT Blood System: Cerus anticipates continued growth through the expanding global adoption of its INTERCEPT Blood System, particularly in the United States and Europe. US market penetration is projected to grow from the mid-60% range to surpass 80%.
2. Growth of INTERCEPT Fibrinogen Complex (IFC): Strong demand for the INTERCEPT Fibrinogen Complex (IFC) is a significant driver, with a 70% year-over-year revenue increase in Q3 2025. The company is transitioning to a kit-based sales model for IFC, which is expected to account for nearly all IFC sales by the end of 2026 and contribute to margin expansion.
3. International Expansion: Cerus is expanding its global reach, evidenced by a 21% increase in EMEA product revenues in Q3 2025, driven by strong platelet sales in the Middle East and initial shipments to Germany for the INITIATE study.
4. Launch and Adoption of New Technologies: The successful early launch and adoption of the next-generation, LED-based INT200 illumination device has exceeded performance and customer experience expectations, contributing to revenue growth.
5. Government Contracts and Clinical Trials: Future revenue growth is also expected from government and international contracts, specifically those associated with the Phase 3 RedeS trial and the broader implementation of pathogen reduction technologies. Results from the RedeS trial are anticipated in the second half of 2026.

Share Repurchases

• Cerus did not report significant share repurchases over the last 3-5 years, with the repurchase of stock for the trailing twelve months ended June 2025 being $0.0 million.
• The 6-month share buyback ratio for Cerus as of June 2025 and October 2025 was -2.98%, suggesting share dilution rather than repurchases.

Share Issuance

• The company generated net proceeds from equity incentives of approximately $4.08 million in 2022, $0.93 million in 2023, and $0.80 million in 2024.
• The number of common shares outstanding increased from approximately 161.73 million at the end of 2020 to 192.09 million as of October 17, 2025.
• Share issuances include common stock from the vesting of restricted stock units and employee stock purchase plan (ESPP) purchases.

Inbound Investments

• Cerus has a long-standing agreement with the Biomedical Advanced Research and Development Authority (BARDA), which provides funding to support the development and implementation of pathogen reduction technology for blood components, including activities for the INTERCEPT Red Blood Cell system.
• In the second quarter of 2025, Cerus was awarded an additional $7.2 million in funding from the U.S. Department of Defense Industrial Base Analysis and Sustainment (IBAS) program to support the development of lyophilized INTERCEPT Fibrinogen Complex (IFC).
• Government contract revenue was $7.5 million in Q3 2025, contributing to a nine-month total of $20.8 million in 2025.

Outbound Investments

• Cerus reported purchases of investments totaling approximately $29.64 million in 2022, $2.49 million in 2023, and $42.98 million in 2024, which appear to be financial investments rather than strategic acquisitions of other companies.
• No significant strategic outbound investments in other companies were explicitly identified over the last 3-5 years.

Capital Expenditures

• Capital expenditures were approximately $2.0 million in 2022, $4.6 million in 2023, and $2.8 million in 2024.
• The company's capital allocation focuses on investing in innovative technology, including the development of new products like the LED-based INT200 illumination device and the INTERCEPT Red Blood Cell system.
• Increased R&D expenses in Q3 2025 were driven by government contract costs, enrollment in the Phase 3 RedeS trial, and U.S. development costs for INT200.