CERUS CORP Segments Disclosure
Note 16. Segment, Customer and Geographic Information
The Company manages its business activities on a consolidated basis and operates in one reportable segment. The Company’s is the Chief Operating Decision Maker (“CODM”). The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using loss from operations.
Significant expenses within loss from operations include cost of product revenue, research and development, and selling, general and administrative expenses, which are each separately presented on the Company’s Consolidated Statements of Operations.
The Company’s operations outside of the U.S. include a wholly-owned subsidiary headquartered in Europe. The Company’s operations in the U.S. are responsible for the R&D and global and domestic commercialization of the INTERCEPT Blood System, while operations in Europe are responsible for the commercialization efforts of the platelet and plasma systems in Europe, the Commonwealth of Independent States and the Middle East. Product revenues are attributed to each region based on the location of the customer, and in the case of non-product revenues, on the location of the collaboration partner.
The Company had the following significant customers that accounted for more than 10% of the Company’s total product revenue, during the years ended December 31, 2025, 2024 and 2023 (in percentages):
|
|
Year Ended December 31, |
||||
|
|
2025 |
|
2024 |
|
2023 |
American Red Cross |
|
33% |
|
35% |
|
35% |
Établissement Français du Sang |
|
10% |
|
11% |
|
12% |
Revenues by geographical location were based on the location of the customer during the years ended December 31, 2025, 2024 and 2023, and was as follows (in thousands):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Product revenue: |
|
|
|
|
|
|
|
|
|
|||
United States |
|
$ |
124,723 |
|
|
$ |
109,256 |
|
|
$ |
93,232 |
|
France |
|
|
21,198 |
|
|
|
19,692 |
|
|
|
18,490 |
|
Other countries |
|
|
60,212 |
|
|
|
51,322 |
|
|
|
44,645 |
|
Total product revenue |
|
|
206,133 |
|
|
|
180,270 |
|
|
|
156,367 |
|
Government contract revenue: |
|
|
|
|
|
|
|
|
|
|||
United States |
|
|
27,665 |
|
|
|
21,051 |
|
|
|
30,430 |
|
Total government contract revenue |
|
|
27,665 |
|
|
|
21,051 |
|
|
|
30,430 |
|
Total revenue |
|
$ |
233,798 |
|
|
$ |
201,321 |
|
|
$ |
186,797 |
|
Long-lived assets by geographical location at December 31, 2025 and December 31, 2024, were as follows (in thousands):
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
United States |
|
$ |
5,470 |
|
|
$ |
6,807 |
|
Europe & other |
|
|
3,734 |
|
|
|
347 |
|
Total long-lived assets |
|
$ |
9,204 |
|
|
$ |
7,154 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Mar 8, 2018 | |
| 2016 | Mar 8, 2017 | |
| 2015 | Mar 9, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.