Cerus (CERS)
Market Price (7/15/2026): $3.07 | Market Cap: $596.0 MilSector: Health Care | Industry: Life Sciences Tools & Services
Cerus (CERS)
Market Price (7/15/2026): $3.07Market Cap: $596.0 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 returns3Y Excs Rtn is -23% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -3.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.5% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 226x Stock price has recently run up significantly12M Rtn12 month market price return is 112% 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 -5.7% 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 returns3Y Excs Rtn is -23% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -3.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.5% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 226x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 112% |
| 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 -5.7% |
| 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 gained about 70% since 3/31/2026 because of the following key factors:
1. Cerus exceeded analyst expectations in fiscal Q1 2026 earnings and significantly raised its full-year revenue guidance.
The company reported fiscal Q1 2026 (ended March 31, 2026) diluted EPS of -$0.01, surpassing the consensus estimate of -$0.03 by $0.02, an 80% positive surprise. Total revenue reached $59.89 million, exceeding the $55.68 million consensus estimate. Product revenue grew 24% year-over-year to $53.7 million, largely due to strong demand for the INTERCEPT Fibrinogen Complex (IFC), which saw a 90% revenue increase and 120% rise in therapeutic dose equivalents. Following this strong performance, Cerus increased its full-year 2026 product revenue guidance to a range of $227 million to $231 million, representing 10% to 12% year-over-year growth, and its IFC revenue guidance to $22 million to $24 million, indicating 30% to 40% growth from 2025.
2. Analysts upgraded Cerus and raised price targets, highlighting confidence in its growth trajectory.
On May 1, 2026, BTIG upgraded Cerus to a "Buy" rating from "Neutral" and set a price target of $4.00. Similarly, TD Cowen maintained a "Buy" rating, emphasizing the INTERCEPT Fibrinogen Complex franchise as an "underappreciated long-term growth engine" and anticipating that a new partnership with the Blood Centers of America (BCA) would materially accelerate its adoption, scalability, and profitability across the U.S. blood center ecosystem. TD Cowen also expressed increased confidence in the sustainability of Cerus' double-digit revenue growth.
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Cerus (CERS) stock has gained about 70% since 3/31/2026 because of the following key factors:
1. Cerus exceeded analyst expectations in fiscal Q1 2026 earnings and significantly raised its full-year revenue guidance.
The company reported fiscal Q1 2026 (ended March 31, 2026) diluted EPS of -$0.01, surpassing the consensus estimate of -$0.03 by $0.02, an 80% positive surprise. Total revenue reached $59.89 million, exceeding the $55.68 million consensus estimate. Product revenue grew 24% year-over-year to $53.7 million, largely due to strong demand for the INTERCEPT Fibrinogen Complex (IFC), which saw a 90% revenue increase and 120% rise in therapeutic dose equivalents. Following this strong performance, Cerus increased its full-year 2026 product revenue guidance to a range of $227 million to $231 million, representing 10% to 12% year-over-year growth, and its IFC revenue guidance to $22 million to $24 million, indicating 30% to 40% growth from 2025.
2. Analysts upgraded Cerus and raised price targets, highlighting confidence in its growth trajectory.
On May 1, 2026, BTIG upgraded Cerus to a "Buy" rating from "Neutral" and set a price target of $4.00. Similarly, TD Cowen maintained a "Buy" rating, emphasizing the INTERCEPT Fibrinogen Complex franchise as an "underappreciated long-term growth engine" and anticipating that a new partnership with the Blood Centers of America (BCA) would materially accelerate its adoption, scalability, and profitability across the U.S. blood center ecosystem. TD Cowen also expressed increased confidence in the sustainability of Cerus' double-digit revenue growth.
3. A new four-year supply agreement with the French Blood Establishment secured future revenue streams.
On April 27, 2026, Cerus announced a new four-year supply agreement with Établissement Français du Sang (EFS), the French Blood Establishment. This agreement covers the INTERCEPT Blood System for platelets and plasma, as well as the next-generation, LED-based INT200 illumination device, providing long-term revenue visibility and underscoring continued adoption of its pathogen reduction technologies in a key international market.
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Stock Movement Drivers
Fundamental Drivers
The 68.7% change in CERS stock from 3/31/2026 to 7/14/2026 was primarily driven by a 62.2% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.82 | 3.07 | 68.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 206 | 217 | 5.1% |
| P/S Multiple | 1.7 | 2.8 | 62.2% |
| Shares Outstanding (Mil) | 192 | 194 | -1.0% |
| Cumulative Contribution | 68.7% |
Market Drivers
3/31/2026 to 7/14/2026| Return | Correlation | |
|---|---|---|
| CERS | 68.7% | |
| Market (SPY) | 15.6% | 15.7% |
| Sector (XLV) | 8.0% | 22.1% |
Fundamental Drivers
The 49.0% change in CERS stock from 12/31/2025 to 7/14/2026 was primarily driven by a 38.7% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.06 | 3.07 | 49.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 199 | 217 | 8.7% |
| P/S Multiple | 2.0 | 2.8 | 38.7% |
| Shares Outstanding (Mil) | 192 | 194 | -1.2% |
| Cumulative Contribution | 49.0% |
Market Drivers
12/31/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| CERS | 49.0% | |
| Market (SPY) | 10.6% | 27.1% |
| Sector (XLV) | 2.7% | 28.6% |
Fundamental Drivers
The 117.7% change in CERS stock from 6/30/2025 to 7/14/2026 was primarily driven by a 93.2% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.41 | 3.07 | 117.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 185 | 217 | 17.0% |
| P/S Multiple | 1.4 | 2.8 | 93.2% |
| Shares Outstanding (Mil) | 187 | 194 | -3.6% |
| Cumulative Contribution | 117.7% |
Market Drivers
6/30/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| CERS | 117.7% | |
| Market (SPY) | 22.7% | 28.2% |
| Sector (XLV) | 19.0% | 26.8% |
Fundamental Drivers
The 24.8% change in CERS stock from 6/30/2023 to 7/14/2026 was primarily driven by a 39.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.46 | 3.07 | 24.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 156 | 217 | 39.2% |
| P/S Multiple | 2.8 | 2.8 | -2.4% |
| Shares Outstanding (Mil) | 178 | 194 | -8.2% |
| Cumulative Contribution | 24.8% |
Market Drivers
6/30/2023 to 7/14/2026| Return | Correlation | |
|---|---|---|
| CERS | 24.8% | |
| Market (SPY) | 75.6% | 38.6% |
| Sector (XLV) | 24.9% | 32.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CERS Return | -2% | -46% | -41% | -29% | 34% | 50% | -55% |
| Peers Return | -44% | -20% | -28% | 83% | -1% | -26% | -57% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| CERS Win Rate | 42% | 50% | 42% | 33% | 50% | 71% | |
| Peers Win Rate | 39% | 44% | 44% | 53% | 47% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| CERS Max Drawdown | -39% | -52% | -67% | -37% | -46% | -38% | |
| Peers Max Drawdown | -66% | -51% | -48% | -49% | -54% | -51% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 7/14/2026 (YTD)
How Low Can It Go
| Event | CERS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.6% | -18.8% |
| % Gain to Breakeven | 48.4% | 23.1% |
| Time to Breakeven | 238 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -56.3% | -9.5% |
| % Gain to Breakeven | 128.8% | 10.5% |
| Time to Breakeven | 952 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -40.5% | -6.7% |
| % Gain to Breakeven | 68.2% | 7.1% |
| Time to Breakeven | 74 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.9% | -33.7% |
| % Gain to Breakeven | 81.5% | 50.9% |
| Time to Breakeven | 27 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.3% | -19.2% |
| % Gain to Breakeven | 43.6% | 23.8% |
| Time to Breakeven | 546 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -69.1% | -3.7% |
| % Gain to Breakeven | 223.3% | 3.9% |
| Time to Breakeven | 351 days | 6 days |
In The Past
Cerus's stock fell -32.6% during the 2025 US Tariff Shock. Such a loss loss requires a 48.4% gain to breakeven.
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| Event | CERS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.6% | -18.8% |
| % Gain to Breakeven | 48.4% | 23.1% |
| Time to Breakeven | 238 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -56.3% | -9.5% |
| % Gain to Breakeven | 128.8% | 10.5% |
| Time to Breakeven | 952 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -40.5% | -6.7% |
| % Gain to Breakeven | 68.2% | 7.1% |
| Time to Breakeven | 74 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.9% | -33.7% |
| % Gain to Breakeven | 81.5% | 50.9% |
| Time to Breakeven | 27 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.3% | -19.2% |
| % Gain to Breakeven | 43.6% | 23.8% |
| Time to Breakeven | 546 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -69.1% | -3.7% |
| % Gain to Breakeven | 223.3% | 3.9% |
| Time to Breakeven | 351 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -32.7% | -17.9% |
| % Gain to Breakeven | 48.5% | 21.8% |
| Time to Breakeven | 73 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -23.9% | -15.4% |
| % Gain to Breakeven | 31.4% | 18.2% |
| Time to Breakeven | 43 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -91.6% | -53.4% |
| % Gain to Breakeven | 1094.8% | 114.4% |
| Time to Breakeven | 1778 days | 1085 days |
In The Past
Cerus's stock fell -32.6% during the 2025 US Tariff Shock. Such a loss loss requires a 48.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Cerus (CERS)
Cerus Corporation (CERS) is a biomedical products company singularly focused on improving the safety of blood transfusions. The company develops and commercializes its flagship product, the INTERCEPT Blood System. This proprietary technology is designed to reduce the risk of transmitting blood-borne pathogens, such as viruses, bacteria, and parasites, by inactivating them in donated blood components before they are transfused to patients.
The company's main product offerings include the INTERCEPT Blood Systems for platelets and plasma, which specifically target and inactivate pathogens in these critical blood components. Cerus also offers an INTERCEPT Blood System for Cryoprecipitation, utilizing its plasma technology to produce pathogen-reduced cryoprecipitated fibrinogen complex for treating bleeding, alongside pathogen-reduced plasma. Additionally, the company is developing an INTERCEPT Blood System for red blood cells.
Cerus markets and sells its platelet and plasma systems globally through a combination of direct sales forces and distributors. Its primary customers are blood banks and healthcare institutions that process donated blood for transfusion, located across the United States, Europe, the Commonwealth of Independent States, the Middle East, Latin America, and other international markets.
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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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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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- 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 | |
|---|---|
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.58 |
| Mkt Cap | 0.9 |
| Rev LTM | 990 |
| Op Inc LTM | 35 |
| FCF LTM | 67 |
| FCF 3Y Avg | 11 |
| CFO LTM | 77 |
| CFO 3Y Avg | 70 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.9% |
| Rev Chg 3Y Avg | -0.2% |
| Rev Chg Q | -2.9% |
| QoQ Delta Rev Chg LTM | -0.7% |
| Op Inc Chg LTM | 46.8% |
| Op Inc Chg 3Y Avg | -10.2% |
| Op Mgn LTM | 5.2% |
| Op Mgn 3Y Avg | 1.6% |
| QoQ Delta Op Mgn LTM | -1.4% |
| CFO/Rev LTM | 11.6% |
| CFO/Rev 3Y Avg | 6.0% |
| FCF/Rev LTM | 9.5% |
| FCF/Rev 3Y Avg | 1.4% |
Price Behavior
| Market Price | $3.07 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 01/31/1997 | |
| Distance from 52W High | -6.4% | |
| 50 Days | 200 Days | |
| DMA Price | $2.72 | $2.13 |
| DMA Trend | up | up |
| Distance from DMA | 12.8% | 43.8% |
| 3M | 1YR | |
| Volatility | 87.4% | 75.1% |
| Downside Capture | 10.93 | 188.23 |
| Upside Capture | 184.98 | 234.99 |
| Correlation (SPY) | 14.6% | 27.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.42 | 0.38 | 1.04 | 1.55 | 1.70 | 1.90 |
| Up Beta | 0.82 | -2.20 | 0.60 | 0.81 | 0.43 | 1.56 |
| Down Beta | 0.46 | 1.72 | 1.04 | 1.42 | 1.40 | 1.13 |
| Up Capture | 2% | 183% | 216% | 275% | 514% | 3314% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 8 | 19 | 29 | 55 | 115 | 321 |
| Down Capture | 44% | -75% | 39% | 146% | 155% | 113% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 13 | 19 | 30 | 60 | 118 | 373 |
[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 | 112.4% | 75.0% | 1.30 | - |
| Sector ETF (XLV) | 18.7% | 15.8% | 0.89 | 26.1% |
| Equity (SPY) | 21.7% | 12.6% | 1.28 | 27.5% |
| Gold (GLD) | 20.5% | 27.9% | 0.65 | 13.6% |
| Commodities (DBC) | 27.3% | 18.9% | 1.14 | -15.9% |
| Real Estate (VNQ) | 13.0% | 13.9% | 0.64 | 26.1% |
| Bitcoin (BTCUSD) | -47.0% | 42.7% | -1.37 | 24.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CERS | |
|---|---|---|---|---|
| CERS | -9.5% | 69.7% | 0.15 | - |
| Sector ETF (XLV) | 5.9% | 14.9% | 0.22 | 37.1% |
| Equity (SPY) | 13.1% | 17.1% | 0.59 | 42.7% |
| Gold (GLD) | 17.2% | 18.4% | 0.76 | 9.4% |
| Commodities (DBC) | 8.6% | 19.5% | 0.33 | 1.4% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 41.4% |
| Bitcoin (BTCUSD) | 12.8% | 53.4% | 0.42 | 24.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CERS | |
|---|---|---|---|---|
| CERS | -6.2% | 63.2% | 0.17 | - |
| Sector ETF (XLV) | 10.0% | 16.6% | 0.49 | 36.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 41.0% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 9.7% |
| Commodities (DBC) | 6.3% | 18.0% | 0.27 | 9.2% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 35.3% |
| Bitcoin (BTCUSD) | 57.3% | 66.2% | 0.97 | 17.1% |
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Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | 34.0% | 28.6% | 39.9% |
| 3/2/2026 | -15.8% | -23.7% | -28.1% |
| 1/12/2026 | 10.2% | 26.2% | 8.3% |
| 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% |
| 2/20/2025 | -5.2% | -8.6% | -12.1% |
| 10/30/2024 | -8.7% | 5.2% | 7.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 16 | 16 |
| # Negative | 13 | 11 | 11 |
| Median Positive | 10.7% | 8.0% | 7.9% |
| Median Negative | -5.5% | -9.8% | -12.1% |
| Max Positive | 34.0% | 28.6% | 39.9% |
| Max Negative | -28.0% | -34.5% | -36.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | 34.0% | 28.6% | 39.9% |
| 3/2/2026 | -15.8% | -23.7% | -28.1% |
| 1/12/2026 | 10.2% | 26.2% | 8.3% |
| 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% |
| 2/20/2025 | -5.2% | -8.6% | -12.1% |
| 10/30/2024 | -8.7% | 5.2% | 7.6% |
| 8/1/2024 | 15.0% | 6.9% | 10.8% |
| 5/2/2024 | -8.0% | 8.5% | 0.6% |
| 3/5/2024 | 21.6% | 7.5% | -5.0% |
| 1/8/2024 | 5.6% | -13.5% | 13.8% |
| 11/2/2023 | 8.8% | -3.1% | 5.0% |
| 8/2/2023 | -18.0% | -34.5% | -36.5% |
| 5/4/2023 | -1.3% | -15.6% | -2.2% |
| 2/28/2023 | -7.3% | -2.4% | -3.1% |
| 1/9/2023 | -28.0% | -16.9% | -15.1% |
| 11/3/2022 | 11.2% | 18.0% | 18.0% |
| 8/4/2022 | -4.3% | -9.8% | -32.6% |
| 5/5/2022 | 10.0% | 1.5% | 4.6% |
| 2/22/2022 | -0.6% | 9.7% | 3.4% |
| 11/2/2021 | 16.6% | 12.1% | 3.3% |
| 8/3/2021 | 20.7% | 20.7% | 25.7% |
| 5/4/2021 | 7.5% | 0.5% | -3.4% |
| 2/25/2021 | -4.8% | -8.5% | -7.6% |
| 10/29/2020 | -5.5% | 3.9% | 19.7% |
| 8/4/2020 | -2.5% | -8.3% | -16.3% |
| SUMMARY STATS | |||
| # Positive | 14 | 16 | 16 |
| # Negative | 13 | 11 | 11 |
| Median Positive | 10.7% | 8.0% | 7.9% |
| Median Negative | -5.5% | -9.8% | -12.1% |
| Max Positive | 34.0% | 28.6% | 39.9% |
| Max Negative | -28.0% | -34.5% | -36.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 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 |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
| 06/30/2019 | 08/01/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Product Revenue | 227.00 Mil | 229.00 Mil | 231.00 Mil | 1.3% | Raised | Guidance: 226.00 Mil for 2026 | |
| 2026 Product Revenue Growth | 10.0% | 11.0% | 12.0% | 1.0% | Raised | Guidance: 10.0% for 2026 | |
| 2026 IFC Revenue | 22.00 Mil | 23.00 Mil | 24.00 Mil | 9.5% | Raised | Guidance: 21.00 Mil for 2026 | |
Prior: 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 | 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 | Affirmed | Guidance: 25.0% for 2026 | |
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% | -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% | ||||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Product Revenue | 202.00 Mil | 203.00 Mil | 204.00 Mil | 0.7% | Raised | Guidance: 201.50 Mil for 2025 | |
| 2025 IFC Revenue | 16.00 Mil | 16.50 Mil | 17.00 Mil | -2.9% | Lowered | Guidance: 17.00 Mil for 2025 | |
| 2025 Revenue Growth | 12.0% | 12.5% | 13.0% | ||||
Insider Activity
Updated 7/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Jayaraman, Vivek K | Chief Operating Officer | Direct | Sell | 7022026 | 2.94 | 42,359 | 124,658 | 4,986,297 | Form |
| 2 | Jensen, Chrystal | Chief Legal Officer | Direct | Sell | 7022026 | 2.94 | 24,329 | 71,598 | 2,844,775 | Form |
| 3 | Green, Kevin Dennis | Chief Financial Officer | Direct | Sell | 7022026 | 2.94 | 33,676 | 99,105 | 3,125,913 | Form |
| 4 | Greenman, William Mariner | President and CEO | Direct | Sell | 7022026 | 2.94 | 101,919 | 299,937 | 14,870,580 | Form |
| 5 | Bjerkholt, Eric | Direct | Sell | 6112026 | 2.60 | 20,454 | 53,180 | 680,365 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Jayaraman, Vivek K | Chief Operating Officer | Direct | Sell | 7022026 | 2.94 | 42,359 | 124,658 | 4,986,297 | Form |
| 2 | Jensen, Chrystal | Chief Legal Officer | Direct | Sell | 7022026 | 2.94 | 24,329 | 71,598 | 2,844,775 | Form |
| 3 | Green, Kevin Dennis | Chief Financial Officer | Direct | Sell | 7022026 | 2.94 | 33,676 | 99,105 | 3,125,913 | Form |
| 4 | Greenman, William Mariner | President and CEO | Direct | Sell | 7022026 | 2.94 | 101,919 | 299,937 | 14,870,580 | Form |
| 5 | Bjerkholt, Eric | Direct | Sell | 6112026 | 2.60 | 20,454 | 53,180 | 680,365 | Form | |
| 6 | Jayaraman, Vivek K | Chief Operating Officer | Direct | Sell | 6022026 | 3.00 | 16,667 | 50,001 | 4,970,121 | Form |
| 7 | Jayaraman, Vivek K | Chief Operating Officer | Direct | Sell | 5052026 | 3.00 | 16,667 | 50,001 | 5,020,122 | Form |
| 8 | Jayaraman, Vivek K | Chief Operating Officer | Direct | Sell | 3162026 | 1.66 | 165,200 | 273,769 | 2,896,245 | Form |
| 9 | Greenman, William Mariner | President and CEO | Direct | Sell | 3162026 | 1.66 | 447,757 | 742,023 | 8,283,503 | Form |
| 10 | Green, Kevin Dennis | Chief Financial Officer | Direct | Sell | 3162026 | 1.66 | 127,544 | 211,366 | 1,724,401 | Form |
| 11 | Benjamin, Richard J | Chief Medical Officer | Direct | Sell | 3162026 | 1.66 | 101,740 | 168,604 | 1,288,243 | Form |
| 12 | Jensen, Chrystal | Chief Legal Officer | Direct | Sell | 3162026 | 1.66 | 113,008 | 187,277 | 1,567,928 | Form |
| 13 | Benjamin, Richard J | Chief Medical Officer | Direct | Sell | 3092026 | 1.88 | 40,426 | 76,029 | 1,653,325 | Form |
| 14 | Green, Kevin Dennis | Chief Financial Officer | Direct | Sell | 3092026 | 2.01 | 27,796 | 55,745 | 2,342,615 | Form |
| 15 | Benjamin, Richard J | Chief Medical Officer | Direct | Sell | 3092026 | 2.01 | 24,235 | 48,603 | 1,844,111 | Form |
| 16 | Jensen, Chrystal | Chief Legal Officer | Direct | Sell | 3092026 | 2.01 | 30,845 | 61,860 | 2,124,103 | Form |
| 17 | Jayaraman, Vivek K | Chief Operating Officer | Direct | Sell | 3092026 | 2.01 | 34,094 | 68,376 | 3,836,269 | Form |
| 18 | Greenman, William Mariner | President and CEO | Direct | Sell | 3092026 | 2.01 | 78,187 | 156,804 | 10,922,454 | Form |
| 19 | Green, Kevin Dennis | Chief Financial Officer | Direct | Sell | 3092026 | 2.06 | 55,225 | 113,902 | 2,466,525 | Form |
| 20 | Benjamin, Richard J | Chief Medical Officer | Direct | Sell | 3092026 | 2.06 | 61,233 | 126,305 | 1,946,698 | Form |
| 21 | Jensen, Chrystal | Chief Legal Officer | Direct | Sell | 11262025 | 1.70 | 55,000 | 93,500 | 1,238,100 | Form |
| 22 | Gregory, Dean A | Direct | Buy | 8252025 | 1.25 | 25,000 | 31,250 | 108,406 | Form |
Investor Activity (13F)
Updated Jul 15, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Life Sciences Tools & Services Resources |
| GenomeWeb |
| BioSpace |
| The Scientist |
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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