Estados financieros detallados de Cerus Corporation (CERS): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Cerus Corporation registró ingresos de $206.1M en el último ejercicio fiscal, con un CAGR de 5 años del 17.5%.
Márgenes de los últimos 12 meses: margen bruto 52.0%, margen operativo -0.7%, margen neto -3.1%.
Al precio actual de $2.53, CERS presenta beneficios negativos (P/E no significativo) y un ROE del -10.31%. La capitalización bursátil es de $510M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $37.2M | $43.6M | $60.9M | $74.6M | $91.9M | $130.9M | $162.0M | $156.4M | $180.3M | $206.1M |
| Coste de Ventas | $20.3M | $22.5M | $31.6M | $33.4M | $41.2M | $63.5M | $75.0M | $70.0M | $80.7M | $93.8M |
| Beneficio Bruto | $16.9M | $21.0M | $29.3M | $41.2M | $50.8M | $67.4M | $87.1M | $86.4M | $99.5M | $112.3M |
| I+D | $31.3M | $33.7M | $42.6M | $60.4M | $64.4M | $63.7M | $64.1M | $67.6M | $58.9M | $67.7M |
| Generales y Administrativos | $48.8M | $52.4M | $56.8M | $66.2M | $67.0M | $81.3M | $83.3M | $75.5M | $75.9M | $80.9M |
| Gastos Operativos | $78.2M | $78.6M | $84.3M | $107.5M | $109.1M | $116.3M | $121.2M | $116.5M | $113.7M | $121.0M |
| Beneficio Operativo | -$61.4M | -$57.5M | -$55.0M | -$66.2M | -$58.3M | -$48.9M | -$34.1M | -$30.1M | -$14.2M | -$8.7M |
| EBITDA | -$58.5M | -$51.9M | -$51.9M | -$64.6M | -$51.4M | -$46.0M | -$33.5M | -$26.3M | -$10.0M | -$5.5M |
| Gastos por Intereses | $2.4M | $3.0M | $4.0M | $6.1M | $3.7M | $4.9M | $5.8M | $8.4M | $8.9M | $8.3M |
| Beneficio Antes de Impuestos | -$62.7M | -$56.7M | -$57.3M | -$71.0M | -$59.6M | -$54.1M | -$42.3M | -$37.3M | -$20.8M | -$15.3M |
| Impuestos | $175000 | $3.9M | $229000 | $263000 | $284000 | $319000 | $488000 | $325000 | $205000 | $354000 |
| Beneficio Neto | -$62.9M | -$60.6M | -$57.6M | -$71.2M | -$59.9M | -$54.4M | -$42.8M | -$37.5M | -$20.9M | -$15.6M |
| BPA | $-0.62 | $-0.56 | $-0.44 | $-0.51 | $-0.37 | $-0.32 | $-0.24 | $-0.21 | $-0.11 | $-0.08 |
| BPA Diluido | $-0.62 | $-0.56 | $-0.44 | $-0.51 | $-0.37 | $-0.32 | $-0.24 | $-0.21 | $-0.11 | $-0.08 |
| Acciones en Circulación (Diluidas) | $101.8M | $108.2M | $131.7M | $139.8M | $163.9M | $171.3M | $176.5M | $180.3M | $184.6M | $190.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $52.7M | $57.8M | $53.7M | $57.4M |
| Beneficio Bruto | $28.1M | $29.7M | $27.9M | $29.5M |
| Beneficio Operativo | $1.2M | -$641000 | -$354000 | -$1.9M |
| EBITDA | $2.6M | $292000 | $762000 | -$712000 |
| Beneficio Neto | -$19000 | -$2.2M | -$1.6M | -$2.9M |
| BPA | $-0.00 | $-0.01 | $-0.01 | $-0.01 |
| BPA Diluido | $-0.00 | $-0.01 | $-0.01 | $-0.01 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $22.6M | $13.7M | $28.9M | $35.0M | $36.6M | $48.8M | $35.6M | $11.6M | $20.3M | $20.0M |
| Inversiones a Corto | $49.1M | $47.0M | $88.7M | $50.7M | $97.0M | $80.6M | $66.6M | $54.2M | $60.2M | $62.9M |
| Cuentas por Cobrar | $6.9M | $12.4M | $8.8M | $16.9M | $21.2M | $25.1M | $34.4M | $35.5M | $29.8M | $30.4M |
| Inventario | $12.5M | $14.5M | $13.5M | $19.5M | $23.3M | $26.8M | $29.0M | $39.9M | $38.1M | $56.1M |
| Activos Corrientes | $94.1M | $89.9M | $146.9M | $128.1M | $183.4M | $187.1M | $170.1M | $144.4M | $152.0M | $174.4M |
| Inmovilizado Material | $3.0M | $2.1M | $8.1M | $29.0M | $27.0M | $25.2M | $23.5M | $19.4M | $15.5M | $19.3M |
| Fondo de Comercio | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M |
| Activos Intangibles | $738000 | $536000 | $334000 | $132000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $103.5M | $98.2M | $163.5M | $165.5M | $221.4M | $237.5M | $218.1M | $197.7M | $200.9M | $221.9M |
| Cuentas por Pagar | $8.6M | $11.0M | $18.6M | $22.2M | $24.2M | $35.6M | $33.0M | $23.8M | $21.7M | $28.0M |
| Deuda a Corto | $6.9M | 0 | $7.9M | $5.0M | $8.5M | $14.7M | $56.2M | $20.0M | $19.3M | $43.3M |
| Pasivos Corrientes | $26.9M | $23.1M | $52.7M | $50.3M | $60.0M | $78.6M | $117.1M | $67.5M | $63.6M | $100.8M |
| Deuda a Largo | $12.4M | $29.8M | $22.0M | $39.4M | $39.6M | $54.7M | $13.6M | $59.8M | $64.9M | $40.5M |
| Pasivos Totales | $45.7M | $59.3M | $78.9M | $108.5M | $117.6M | $151.9M | $149.5M | $144.3M | $144.0M | $156.9M |
| Reservas | -$660.7M | -$721.3M | -$778.9M | -$850.1M | -$910.0M | -$964.3M | -$1.01B | -$1.04B | -$1.07B | -$1.08B |
| Patrimonio Neto | $57.8M | $38.9M | $84.5M | $57.1M | $103.8M | $84.6M | $67.6M | $52.6M | $56.1M | $64.2M |
| Deuda Total | $19.4M | $29.8M | $29.9M | $64.5M | $66.9M | $87.6M | $87.2M | $96.0M | $98.1M | $96.9M |
| Deuda Neta | -$52.3M | -$30.9M | -$87.7M | -$21.3M | -$66.7M | -$41.8M | -$14.9M | $30.1M | $17.6M | $14.1M |
| Capital Circulante | $67.2M | $66.8M | $94.2M | $77.8M | $123.5M | $108.5M | $53.1M | $76.9M | $88.4M | $73.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $15.7M | $20.0M | $27.9M | $18.0M |
| Activos Totales | $215.2M | $221.9M | $222.9M | $205.2M |
| Pasivos Totales | $153.0M | $156.9M | $154.6M | $134.5M |
| Patrimonio Neto | $61.5M | $64.2M | $67.6M | $70.0M |
| Deuda Total | $98.2M | $96.9M | $97.4M | $76.8M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$62.9M | -$60.6M | -$57.6M | -$71.2M | -$59.9M | -$54.4M | -$42.8M | -$37.5M | -$21.0M | -$15.6M |
| Amortizaciones | $1.8M | $1.8M | $1.4M | $2.4M | $3.1M | $3.1M | $3.0M | $2.6M | $1.9M | $1.9M |
| Compensación en Acciones | $8.1M | $9.4M | $10.4M | $13.3M | $18.0M | $23.6M | $24.5M | $20.3M | $22.9M | $22.9M |
| Cambio en Capital Circulante | -$950000 | -$3.6M | $13.2M | -$12.3M | -$4.2M | -$9.4M | -$16.1M | -$32.0M | $5.2M | -$6.8M |
| Flujo de Caja Operativo | -$53.5M | -$52.2M | -$31.2M | -$65.5M | -$41.8M | -$33.9M | -$25.6M | -$43.2M | $11.4M | $11.4M |
| Inversiones (CapEx) | -$563000 | -$353000 | -$1.1M | -$8.9M | -$1.6M | -$910000 | -$2.0M | -$4.6M | -$2.8M | -$2.8M |
| Adquisiciones | 0 | -$3.5M | 0 | 0 | 0 | $910000 | -$10.5M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | -$104000 | -$175000 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$54.1M | -$52.6M | -$32.4M | -$74.4M | -$43.4M | -$34.8M | -$27.6M | -$47.8M | $8.5M | $8.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $1.9M | $6.2M | -$3.0M | -$2.7M |
| Inversiones (CapEx) | -$1.8M | -$1.3M | -$233000 | -$873000 |
| Flujo de Caja Libre | $94000 | $4.9M | -$3.3M | -$3.5M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $10.6M | $4.9M | $5.5M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +17.2% | +39.8% | +22.6% | +23.1% | +42.4% | +23.8% | -3.5% | +15.3% | +14.3% |
| Crecimiento Beneficio Neto (anual) | | +3.7% | +5.0% | -23.8% | +16.0% | +9.2% | +21.3% | +12.4% | +44.2% | +25.3% |
| Crecimiento BPA (anual) | | +9.7% | +21.4% | -15.9% | +27.5% | +13.5% | +25.0% | +12.5% | +47.6% | +25.5% |
| Cambio en Acciones (anual) | | +6.3% | +21.7% | +6.2% | +17.2% | +4.5% | +3.1% | +2.1% | +2.4% | +3.3% |
| Crecimiento FCF (anual) | | +2.8% | +38.4% | -129.8% | +41.7% | +19.8% | +20.7% | -73.0% | +117.8% | +0.0% |
| Margen Bruto | 45.4% | 48.3% | 48.1% | 55.2% | 55.2% | 51.5% | 53.7% | 55.3% | 55.2% | 54.5% |
| Margen Operativo | -165.3% | -132.0% | -90.3% | -88.7% | -63.5% | -37.4% | -21.0% | -19.2% | -7.9% | -4.2% |
| Margen EBITDA | -157.2% | -119.0% | -85.2% | -86.6% | -55.9% | -35.1% | -20.7% | -16.8% | -5.6% | -2.7% |
| Margen Neto | -169.2% | -139.1% | -94.5% | -95.4% | -65.1% | -41.6% | -26.4% | -24.0% | -11.6% | -7.6% |
| Margen FCF | -145.5% | -120.7% | -53.2% | -99.7% | -47.2% | -26.6% | -17.0% | -30.5% | 4.7% | 4.1% |
| Tasa Impositiva Efectiva | -0.3% | -6.9% | -0.4% | -0.4% | -0.5% | -0.6% | -1.2% | -0.9% | -1.0% | -2.3% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.53 | $-0.49 | $-0.25 | $-0.53 | $-0.26 | $-0.20 | $-0.16 | $-0.26 | $0.05 | $0.04 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $101.5M | $108.2M | $130.8M | $139.8M | $163.9M | $171.3M | $176.5M | $180.3M | $184.6M | $190.6M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | -10.31% |
| Rentabilidad sobre capital invertido | -1.06% |
| Rentabilidad sobre activos | -3.31% |
| Margen bruto | 52.05% |
| Margen operativo | -0.73% |
| Margen neto | -3.06% |
Salud financiera
| Deuda / Patrimonio | 1.10 |
| Ratio corriente | 1.83 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -7.02 | -6.04 | -11.52 | -8.27 | -18.70 | -21.28 | -15.21 | -10.29 | -14.00 | -25.12 |
| P/VC | 7.64 | 9.39 | 7.85 | 10.34 | 10.93 | 13.78 | 9.53 | 7.40 | 5.06 | 6.11 |
| P/V | 11.87 | 8.39 | 10.89 | 7.90 | 12.34 | 8.91 | 3.98 | 2.49 | 1.58 | 1.90 |
| Margen Bruto | 45.4% | 48.3% | 48.1% | 55.2% | 55.2% | 51.5% | 53.7% | 55.3% | 55.2% | 54.5% |
| Margen Operativo | -165.3% | -132.0% | -90.3% | -88.7% | -63.5% | -37.4% | -21.0% | -19.2% | -7.9% | -4.2% |
| Margen Neto | -169.2% | -139.1% | -94.5% | -95.4% | -65.1% | -41.6% | -26.4% | -24.0% | -11.6% | -7.6% |