Cerus (CERS)
Market Price (4/15/2026): $2.01 | Market Cap: $386.2 MilSector: Health Care | Industry: Life Sciences Tools & Services
Cerus (CERS)
Market Price (4/15/2026): $2.01Market Cap: $386.2 MilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Biotechnology & Genomics. Themes include Blood Safety Technologies. | Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -100% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -8.7 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.2% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 80x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.0% Key risksCERS key risks include [1] significant regulatory delays for its INTERCEPT Red Blood Cell system in key markets and [2] a persistent lack of profitability highlighted by an increased risk of bankruptcy. |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics. Themes include Blood Safety Technologies. |
| Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -100% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -8.7 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.2% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 80x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.0% |
| Key risksCERS key risks include [1] significant regulatory delays for its INTERCEPT Red Blood Cell system in key markets and [2] a persistent lack of profitability highlighted by an increased risk of bankruptcy. |
Qualitative Assessment
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Cerus (CERS) stock has remained largely at the same level since 12/31/2025 because of the following key factors:
1. Cerus's Q4 2025 earnings report presented a mixed financial picture, tempering investor enthusiasm despite revenue outperformance. The company reported fourth-quarter 2025 revenue of $64.6 million, an increase of 13.8% year-over-year, surpassing consensus estimates of $59.2 million to $59.31 million. However, diluted earnings per share (EPS) remained negative at -$0.01, meeting analyst estimates. Furthermore, operating cash from activities significantly decreased by 60.9% year-over-year for Q4 2025, and the company reported a net loss of $2.2 million for the quarter. While the revenue beat led to an initial stock movement of 4.63% following the release, the continued net loss and weaker operating cash flow likely offset sustained positive momentum, contributing to the stock remaining largely at its level.
2. Divergent analyst sentiment and unfulfilled bullish price targets contributed to investor indecision. While some Wall Street analysts have maintained "Buy" or "Strong Buy" ratings for CERS with bullish median price targets ranging from $4.00 to $5.00, implying significant upside from the current trading price around $1.90-$1.92, other analyst views suggest a "Reduce" or "Hold" consensus. This split in expert opinions, combined with the stock trading well below the more optimistic targets despite positive full-year 2026 product revenue guidance of 9% to 11% year-over-year growth to $224 million to $228 million, indicates a lack of a unified catalyst strong enough to drive significant upward movement in the short term.
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1. Cerus's Q4 2025 earnings report presented a mixed financial picture, tempering investor enthusiasm despite revenue outperformance. The company reported fourth-quarter 2025 revenue of $64.6 million, an increase of 13.8% year-over-year, surpassing consensus estimates of $59.2 million to $59.31 million. However, diluted earnings per share (EPS) remained negative at -$0.01, meeting analyst estimates. Furthermore, operating cash from activities significantly decreased by 60.9% year-over-year for Q4 2025, and the company reported a net loss of $2.2 million for the quarter. While the revenue beat led to an initial stock movement of 4.63% following the release, the continued net loss and weaker operating cash flow likely offset sustained positive momentum, contributing to the stock remaining largely at its level.
2. Divergent analyst sentiment and unfulfilled bullish price targets contributed to investor indecision. While some Wall Street analysts have maintained "Buy" or "Strong Buy" ratings for CERS with bullish median price targets ranging from $4.00 to $5.00, implying significant upside from the current trading price around $1.90-$1.92, other analyst views suggest a "Reduce" or "Hold" consensus. This split in expert opinions, combined with the stock trading well below the more optimistic targets despite positive full-year 2026 product revenue guidance of 9% to 11% year-over-year growth to $224 million to $228 million, indicates a lack of a unified catalyst strong enough to drive significant upward movement in the short term.
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Stock Movement Drivers
Fundamental Drivers
The -2.4% change in CERS stock from 12/31/2025 to 4/14/2026 was primarily driven by a -5.6% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.06 | 2.01 | -2.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 199 | 206 | 3.5% |
| P/S Multiple | 2.0 | 1.9 | -5.6% |
| Shares Outstanding (Mil) | 192 | 192 | -0.2% |
| Cumulative Contribution | -2.4% |
Market Drivers
12/31/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| CERS | -2.4% | |
| Market (SPY) | -5.4% | 35.2% |
| Sector (XLV) | -3.9% | 38.0% |
Fundamental Drivers
The 26.4% change in CERS stock from 9/30/2025 to 4/14/2026 was primarily driven by a 18.6% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.59 | 2.01 | 26.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 193 | 206 | 7.1% |
| P/S Multiple | 1.6 | 1.9 | 18.6% |
| Shares Outstanding (Mil) | 191 | 192 | -0.4% |
| Cumulative Contribution | 26.4% |
Market Drivers
9/30/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| CERS | 26.4% | |
| Market (SPY) | -2.9% | 30.6% |
| Sector (XLV) | 7.4% | 25.4% |
Fundamental Drivers
The 44.6% change in CERS stock from 3/31/2025 to 4/14/2026 was primarily driven by a 30.8% change in the company's P/S Multiple.| (LTM values as of) | 3312025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.39 | 2.01 | 44.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 180 | 206 | 14.3% |
| P/S Multiple | 1.4 | 1.9 | 30.8% |
| Shares Outstanding (Mil) | 186 | 192 | -3.3% |
| Cumulative Contribution | 44.6% |
Market Drivers
3/31/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| CERS | 44.6% | |
| Market (SPY) | 16.3% | 43.4% |
| Sector (XLV) | 3.3% | 39.0% |
Fundamental Drivers
The -32.3% change in CERS stock from 3/31/2023 to 4/14/2026 was primarily driven by a -42.4% change in the company's P/S Multiple.| (LTM values as of) | 3312023 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.97 | 2.01 | -32.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 162 | 206 | 27.2% |
| P/S Multiple | 3.3 | 1.9 | -42.4% |
| Shares Outstanding (Mil) | 177 | 192 | -7.6% |
| Cumulative Contribution | -32.3% |
Market Drivers
3/31/2023 to 4/14/2026| Return | Correlation | |
|---|---|---|
| CERS | -32.3% | |
| Market (SPY) | 63.3% | 39.1% |
| Sector (XLV) | 20.4% | 33.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CERS Return | -2% | -46% | -41% | -29% | 34% | -8% | -73% |
| Peers Return | -44% | -20% | -28% | 83% | -1% | -39% | -64% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 81% |
Monthly Win Rates [3] | |||||||
| CERS Win Rate | 42% | 50% | 42% | 33% | 50% | 75% | |
| Peers Win Rate | 39% | 44% | 44% | 53% | 47% | 17% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CERS Max Drawdown | -31% | -50% | -66% | -30% | -25% | -18% | |
| Peers Max Drawdown | -54% | -47% | -41% | -38% | -50% | -40% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HAE, QDEL, EBS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/14/2026 (YTD)
How Low Can It Go
| Event | CERS | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -84.2% | -25.4% |
| % Gain to Breakeven | 534.4% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -47.7% | -33.9% |
| % Gain to Breakeven | 91.3% | 51.3% |
| Time to Breakeven | 37 days | 148 days |
| 2018 Correction | ||
| % Loss | -56.2% | -19.8% |
| % Gain to Breakeven | 128.2% | 24.7% |
| Time to Breakeven | 244 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -94.3% | -56.8% |
| % Gain to Breakeven | 1655.2% | 131.3% |
| Time to Breakeven | Not Fully Recovered days | 1,480 days |
Compare to HAE, QDEL, EBS
In The Past
Cerus's stock fell -84.2% during the 2022 Inflation Shock from a high on 11/4/2021. A -84.2% loss requires a 534.4% gain to breakeven.
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About Cerus (CERS)
Cerus Corporation operates as a biomedical products company. The company focuses on developing and commercializing the INTERCEPT Blood System to enhance blood safety. Its INTERCEPT Blood System, a proprietary technology for controlling biological replication that is designed to reduce blood-borne pathogens in donated blood components intended for transfusion. The company offers INTERCEPT Blood Systems for platelets and plasma, which is designed to inactivate blood-borne pathogens in platelets and plasma donated for transfusion; INTERCEPT Blood System for red blood cells to inactivate blood-borne pathogens in red blood cells donated for transfusion; and INTERCEPT Blood System for Cryoprecipitation that uses its plasma system to produce pathogen reduced cryoprecipitated fibrinogen complex for the treatment and control of bleeding, including massive hemorrhage associated with fibrinogen deficiency, as well as pathogen reduced plasma, cryoprecipitate reduced. It sells platelet and plasma systems through its direct sales force and distributors in the United States, Europe, the Commonwealth of Independent States, the Middle East, Latin America, and internationally. The company was incorporated in 1991 and is headquartered in Concord, California.
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Here are 1-3 brief analogies to describe Cerus Corporation (CERS):1. Like a specialized Haemonetics (HAE), focused solely on making transfusions safer by actively eliminating blood-borne pathogens.
2. Like a specialized Steris (STE), but focused on inactivating pathogens directly within donated blood components to enhance transfusion safety.
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- INTERCEPT Blood System for Platelets and Plasma: A system designed to inactivate blood-borne pathogens in donated platelets and plasma intended for transfusion.
- INTERCEPT Blood System for Red Blood Cells: A system designed to inactivate blood-borne pathogens in donated red blood cells intended for transfusion.
- INTERCEPT Blood System for Cryoprecipitation: A system that uses its plasma system to produce pathogen-reduced cryoprecipitated fibrinogen complex and pathogen-reduced plasma for treating bleeding.
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Cerus Corporation (CERS) sells its INTERCEPT Blood Systems primarily to organizations involved in blood collection, processing, and transfusion. Its major customers fall into the following categories:
- Blood Banks: Organizations responsible for collecting, testing, processing, and storing blood donations.
- Hospitals: Specifically, their transfusion departments or blood centers, which use the systems to enhance the safety of blood components administered to patients.
- Transfusion Centers: Facilities dedicated to the processing and distribution of blood products for transfusions.
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William 'Obi' M. Greenman, President, Chief Executive Officer, and Chairman of the Board Mr. Greenman was appointed President and Chief Executive Officer in April 2011, having joined Cerus in 1995. Prior to his CEO role, he served as Chief Business Officer since April 2010, Senior Vice President, Business Development and Marketing, and President of Cerus Europe. Before joining Cerus, he worked in various marketing and business development positions at Baxter's Biotech Division from 1991 to 1995. Mr. Greenman has also served as a member of the Board of Directors for Aduro Biotech and Chinook Therapeutics, chairing their Audit and Compensation Committees, respectively. Kevin Green, Chief Financial Officer Mr. Green was appointed Chief Financial Officer in 2013. He joined Cerus in 2006 and held several roles including Senior Director of Finance, Controller, and Vice President, Finance and Chief Accounting Officer. From 2000 until 2006, Mr. Green held various financial management positions with Macromedia, Inc., which was acquired by Adobe Systems in 2005. He was also a member of PricewaterhouseCoopers LLP in the Assurance and Business Advisory Services division. Vivek Jayaraman, Chief Operating Officer Mr. Jayaraman was appointed Chief Operating Officer in March 2020, after serving as Cerus' Chief Commercial Officer since August 2016. Prior to joining Cerus in 2016, he led TriVascular's commercial expansion as it grew from a venture-backed startup into a publicly traded, global medical device company. TriVascular's products were sold in over 30 countries at the time of its merger with Endologix, Inc. in February 2016. He also served in various leadership roles at Medtronic, Inc., including Vice President of Global Marketing for Medtronic's endovascular innovations business. Richard Benjamin, Chief Medical Officer Dr. Benjamin has served as Cerus' Chief Medical Officer since July 2015. Before joining Cerus, he was the Chief Medical Officer for the American Red Cross from 2006, where he oversaw donor and patient safety for approximately 40% of the U.S. blood supply. Prior to the Red Cross, he was a Medical Director at the Adult Transfusion Service at Harvard University's Joint Program in Transfusion Medicine. Carol Moore, Senior Vice President, Regulatory Affairs, Quality, and Clinical Ms. Moore was promoted to Senior Vice President, Regulatory Affairs, Quality, and Clinical in 2013. She has been with Cerus since 2008, previously serving as Vice President, Regulatory Affairs, Quality and Clinical. Before joining Cerus, Ms. Moore served as Vice President, Worldwide Regulatory Affairs at Bayer Corporation for over 30 years, where she was responsible for interactions with health authorities globally regarding the registration and regulatory compliance of Bayer's biological and biotech products.AI Analysis | Feedback
Key Risks to Cerus Corporation (CERS)
The primary risks to Cerus Corporation's business revolve around its financial viability, the ongoing challenges of regulatory approval and market adoption for its specialized blood safety products, and the complexities of maintaining a robust supply chain.- Financial Performance and Capital Requirements: Cerus Corporation has historically generated losses and explicitly states that it may not achieve sustained profitability. The company faces ongoing margin compression due to external factors such as import tariffs, inflationary pressures, and higher production costs, particularly for its INTERCEPT Fibrinogen Complex (IFC) product. While showing improvements in adjusted EBITDA, the company remains net loss-making. Cerus requires continuous investment in its product pipeline and commercialization activities, necessitating careful management of its capital structure. A need for additional capital or an inability to generate consistent positive cash flows could lead to financial distress or dilution of shareholder value.
- Regulatory Approval and Market Acceptance: The success of Cerus' INTERCEPT Blood System, including new applications like the INTERCEPT Blood System for red blood cells and Cryoprecipitation, is highly dependent on achieving and maintaining regulatory approvals in various regions. Delays in these regulatory timelines or negative outcomes from clinical trials could significantly impede future revenue and market expansion. Furthermore, the company faces the risk that its products may not gain widespread market acceptance from blood centers and healthcare constituencies, despite existing approvals and market dominance in specific niches. There is also the inherent risk that no pathogen inactivation process has been shown to eliminate all pathogens, and the INTERCEPT system has certain contraindications and has been associated with an increased incidence of ARDS in some instances.
- Supply Chain and Operational Disruptions: Cerus relies on a complex manufacturing and supply chain for its INTERCEPT Blood System. The company faces risks associated with maintaining an effective and secure supply chain, which can be negatively impacted by macroeconomic developments such as ongoing geopolitical conflicts, rising interest rates, inflation, and trade tensions. Any disruptions in manufacturing or the supply of key components, such as platelet additive solutions, could affect product availability, revenue, and commercial contracts. Additionally, the company depends on third parties for the marketing, selling, distribution, and maintenance of its products, adding another layer of operational risk.
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Cerus Corporation's addressable markets for its main products are as follows:
- INTERCEPT Blood System for Platelets: null
- INTERCEPT Blood System for Plasma: null
- INTERCEPT Blood System for Red Blood Cells: null
- INTERCEPT Blood System for Cryoprecipitation (INTERCEPT Fibrinogen Complex): The U.S. market for INTERCEPT Fibrinogen Complex (IFC) is estimated to be roughly a $300 million opportunity, with potential for expansion. This market is currently solely a U.S. business.
The global pathogen reduction systems market, which encompasses Cerus's technology, was valued at USD 777.3 million in 2023 and is anticipated to grow to USD 1.56 billion by 2032.
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Here are 3-5 expected drivers of future revenue growth for Cerus (CERS) over the next 2-3 years:- Continued Growth and Transition to Kit-Based Sales for INTERCEPT Fibrinogen Complex (IFC): Cerus anticipates significant growth from its INTERCEPT Fibrinogen Complex (IFC), with projected year-over-year revenue increases of 20% to 30% for 2026. The company is strategically transitioning IFC sales to a more scalable kit-based model, with expectations for nearly all IFC volume to be kit-based by the end of 2026, which is seen as a driver for increased market penetration and sustained demand.
- Expansion of U.S. Platelet Market Share: Cerus aims to increase its U.S. platelet market share from the mid-60s% to over 70% in the near to midterm. A new group purchasing agreement with Blood Centers of America (BCA), which covers approximately 50% of the U.S. blood supply, is expected to accelerate the adoption of the INTERCEPT platelet system in the U.S.
- International Market Expansion for Platelets and Plasma: The company is actively pursuing international expansion in key markets. Initiatives include ongoing efforts in Germany, with growth expected in 2027 following the INITIATE trial for INTERCEPT adoption, planned resubmission in China through a joint venture, and entry strategies for the Japan and Brazil markets. Strength in Middle Eastern platelet sales and the expansion of the plasma business in EMEA also contributed to revenue growth in 2025.
- Introduction and Rollout of Next-Generation Products, such as INT200: The commercial launch and European CE mark approval of the INT200, Cerus’s next-generation LED-based illuminator, is expected to drive future revenue. A Premarket Approval (PMA) application submission to the FDA for INT200 is targeted for mid-2026, which could further expand its market reach and upgrade the existing installed base of devices.
- Advancement Towards Commercialization of the Red Blood Cell (RBC) System: Cerus is progressing with its INTERCEPT Blood System for Red Blood Cells, with data from the Phase 3 RedeS study anticipated in the fourth quarter of 2026. Successful commercialization of this system, which targets replacing radiation in 20% of overall red cell transfusions, represents a significant new market opportunity and potential revenue stream.
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Capital Allocation Decisions for Cerus Corporation (CERS) Over the Last 3-5 Years
Share Repurchases
Information on share repurchases or future authorizations for Cerus Corporation was not explicitly available within the provided sources for the last 3-5 years.
Share Issuance
- Cerus Corporation's shares outstanding have generally increased, from approximately 169 million in March 2021 to around 192 million by September 2025, and 185.79 million as of February 6, 2025.
- In March 2026, Cerus's CEO acquired 193,270 shares of common stock as a grant, while the COO received a grant of 80,320 shares, and the CFO acquired 63,854 shares in grants or awards, typically at no stated purchase price.
- The Chief Medical Officer also received a grant or award of 55,220 shares of common stock in March 2026, linked to the vesting of restricted stock units.
Inbound Investments
- ARK Investment Management acquired 612,000 shares of Cerus in March 2026, indicating confidence in the company's potential.
- In Q3 2025, BlackRock, Inc. increased its stake in Cerus by 250,537 shares.
- Notable investments in Q4 2025 include Soleus Capital Management, L.P. adding 4,000,000 shares, UBS Group AG adding 793,244 shares, and Two Sigma Investments, LP adding 712,678 shares to their portfolios.
Outbound Investments
Information regarding Cerus Corporation making strategic outbound investments in other companies or acquisitions was not explicitly available within the provided sources for the last 3-5 years.
Capital Expenditures
- Cerus invested $1.3 million in capital expenditures in Q4 2025, aimed at funding long-term assets and infrastructure.
- In the most recent quarter reported, capital expenditures totaled -$1.833 million USD.
- Over the last 12 months, capital expenditures were reported as -$3.73 million.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Cerus Earnings Notes | 12/16/2025 | |
| Is Cerus Stock Built to Withstand a Pullback? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
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| 03312026 | PGNY | Progyny | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03272026 | CNC | Centene | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.3% | 2.3% | -0.6% |
| 03272026 | OSCR | Oscar Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.0% | 3.0% | -2.6% |
| 03202026 | WAT | Waters | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.4% | -0.4% | -3.3% |
| 03202026 | GILD | Gilead Sciences | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.6% | 1.6% | -2.2% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.99 |
| Mkt Cap | 0.8 |
| Rev LTM | 1,012 |
| Op Inc LTM | 84 |
| FCF LTM | 79 |
| FCF 3Y Avg | -17 |
| CFO LTM | 138 |
| CFO 3Y Avg | 82 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -3.0% |
| Rev Chg 3Y Avg | -0.1% |
| Rev Chg Q | -0.3% |
| QoQ Delta Rev Chg LTM | -0.1% |
| Op Mgn LTM | 9.0% |
| Op Mgn 3Y Avg | 0.1% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 14.0% |
| CFO/Rev 3Y Avg | 4.3% |
| FCF/Rev LTM | 11.4% |
| FCF/Rev 3Y Avg | -0.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.8 |
| P/S | 1.3 |
| P/EBIT | 1.0 |
| P/E | 3.8 |
| P/CFO | 9.8 |
| Total Yield | 1.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -2.6% |
| D/E | 0.8 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.3% |
| 3M Rtn | -26.1% |
| 6M Rtn | 8.4% |
| 12M Rtn | 24.8% |
| 3Y Rtn | -28.6% |
| 1M Excs Rtn | -0.8% |
| 3M Excs Rtn | -28.4% |
| 6M Excs Rtn | 3.3% |
| 12M Excs Rtn | -0.2% |
| 3Y Excs Rtn | -98.0% |
Price Behavior
Price Behavior
| Market Price | $2.01 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 01/31/1997 | |
| Distance from 52W High | -26.6% | |
| 50 Days | 200 Days | |
| DMA Price | $2.05 | $1.75 |
| DMA Trend | up | down |
| Distance from DMA | -2.1% | 14.9% |
| 3M | 1YR | |
| Volatility | 68.3% | 68.4% |
| Downside Capture | 1.31 | 1.21 |
| Upside Capture | 227.40 | 226.96 |
| Correlation (SPY) | 35.4% | 35.1% |
CERS Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.25 | 2.23 | 2.06 | 1.86 | 1.64 | 1.90 |
| Up Beta | 6.29 | 1.13 | 1.63 | -0.86 | 1.27 | 1.55 |
| Down Beta | -0.79 | 0.90 | 1.66 | 1.62 | 1.36 | 1.11 |
| Up Capture | 472% | 315% | 282% | 441% | 447% | 2373% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 6 | 17 | 27 | 58 | 110 | 319 |
| Down Capture | 409% | 255% | 202% | 183% | 154% | 113% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 13 | 21 | 30 | 58 | 119 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CERS | |
|---|---|---|---|---|
| CERS | 74.8% | 68.8% | 1.09 | - |
| Sector ETF (XLV) | 11.9% | 16.0% | 0.52 | 33.7% |
| Equity (SPY) | 24.2% | 12.9% | 1.49 | 36.4% |
| Gold (GLD) | 53.4% | 27.6% | 1.55 | 6.0% |
| Commodities (DBC) | 26.8% | 16.2% | 1.47 | -2.5% |
| Real Estate (VNQ) | 18.7% | 13.8% | 1.00 | 34.1% |
| Bitcoin (BTCUSD) | -6.8% | 42.9% | -0.05 | 28.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CERS | |
|---|---|---|---|---|
| CERS | -18.2% | 67.6% | -0.01 | - |
| Sector ETF (XLV) | 6.6% | 14.6% | 0.27 | 37.9% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 43.8% |
| Gold (GLD) | 22.5% | 17.8% | 1.03 | 9.1% |
| Commodities (DBC) | 11.7% | 18.8% | 0.51 | 4.5% |
| Real Estate (VNQ) | 3.9% | 18.8% | 0.11 | 42.6% |
| Bitcoin (BTCUSD) | 5.8% | 56.5% | 0.32 | 24.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CERS | |
|---|---|---|---|---|
| CERS | -9.9% | 62.0% | 0.10 | - |
| Sector ETF (XLV) | 9.9% | 16.5% | 0.49 | 37.8% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 41.8% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | 8.5% |
| Commodities (DBC) | 8.8% | 17.6% | 0.42 | 11.5% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 35.9% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 17.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/2/2026 | -15.8% | -23.7% | -28.1% |
| 11/6/2025 | 21.3% | 13.5% | 31.9% |
| 8/5/2025 | 0.8% | 0.8% | 3.9% |
| 5/1/2025 | 3.8% | 4.6% | 1.5% |
| 1/13/2025 | 5.7% | 13.3% | 6.3% |
| 10/30/2024 | -8.7% | 5.2% | 7.6% |
| 8/1/2024 | 15.0% | 6.9% | 10.8% |
| 3/5/2024 | 21.6% | 7.5% | -5.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 15 |
| # Negative | 10 | 7 | 7 |
| Median Positive | 10.6% | 6.9% | 6.7% |
| Median Negative | -4.9% | -8.3% | -16.3% |
| Max Positive | 21.6% | 20.7% | 31.9% |
| Max Negative | -18.0% | -34.5% | -36.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/05/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 3/2/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Product Revenue | 224.00 Mil | 226.00 Mil | 228.00 Mil | 0 | Affirmed | Guidance: 226.00 Mil for 2026 | |
| 2026 Product Revenue Growth | 9.0% | 10.0% | 11.0% | 0 | 0 | Affirmed | Guidance: 10.0% for 2026 |
| 2026 IFC Revenue | 20.00 Mil | 21.00 Mil | 22.00 Mil | 0 | Affirmed | Guidance: 21.00 Mil for 2026 | |
| 2026 IFC Revenue Growth | 20.0% | 25.0% | 30.0% | 0 | 0 | Affirmed | Guidance: 25.0% for 2026 |
Prior: Q4 2025 Earnings Reported 1/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Product Revenue | 224.00 Mil | 226.00 Mil | 228.00 Mil | 11.3% | Higher New | Guidance: 203.00 Mil for 2025 | |
| 2026 Product Revenue Growth | 9.0% | 10.0% | 11.0% | -20.0% | -2.5% | Lower New | Guidance: 12.5% for 2025 |
| 2026 IFC Revenue | 20.00 Mil | 21.00 Mil | 22.00 Mil | 27.3% | Higher New | Guidance: 16.50 Mil for 2025 | |
| 2026 IFC Revenue Growth | 20.0% | 25.0% | 30.0% | ||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Jensen, Chrystal | Chief Legal Officer | Direct | Sell | 11262025 | 1.70 | 55,000 | 93,500 | 1,238,100 | Form |
| 2 | Gregory, Dean A | Direct | Buy | 8252025 | 1.25 | 25,000 | 31,250 | 108,406 | Form | |
| 3 | Jensen, Chrystal | Chief Legal Officer | Direct | Sell | 3172025 | 1.45 | 18,949 | 27,476 | 1,179,385 | Form |
| 4 | Jensen, Chrystal | Chief Legal Officer | Direct | Sell | 3172025 | 1.45 | 30,075 | 43,609 | 1,135,776 | Form |
| 5 | Jayaraman, Vivek K | Chief Operating Officer | Direct | Sell | 3172025 | 1.45 | 29,985 | 43,478 | 2,142,128 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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