Demonstrações financeiras detalhadas de Cerus Corporation (CERS): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Cerus Corporation registou receitas de $206.1M no último exercício, com um CAGR de 5 anos de 17.5%.
Margens dos últimos 12 meses: margem bruta 52.0%, margem operacional -0.7%, margem líquida -3.1%.
Ao preço atual de $2.53, CERS apresenta lucros negativos (P/L não significativo) e um ROE de -10.31%. A capitalização de mercado é de $510M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $37.2M | $43.6M | $60.9M | $74.6M | $91.9M | $130.9M | $162.0M | $156.4M | $180.3M | $206.1M |
| Custo da Receita | $20.3M | $22.5M | $31.6M | $33.4M | $41.2M | $63.5M | $75.0M | $70.0M | $80.7M | $93.8M |
| Lucro Bruto | $16.9M | $21.0M | $29.3M | $41.2M | $50.8M | $67.4M | $87.1M | $86.4M | $99.5M | $112.3M |
| P&D | $31.3M | $33.7M | $42.6M | $60.4M | $64.4M | $63.7M | $64.1M | $67.6M | $58.9M | $67.7M |
| Despesas Gerais e Administrativas | $48.8M | $52.4M | $56.8M | $66.2M | $67.0M | $81.3M | $83.3M | $75.5M | $75.9M | $80.9M |
| Despesas Operacionais | $78.2M | $78.6M | $84.3M | $107.5M | $109.1M | $116.3M | $121.2M | $116.5M | $113.7M | $121.0M |
| Lucro Operacional | -$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 |
| Despesas com Juros | $2.4M | $3.0M | $4.0M | $6.1M | $3.7M | $4.9M | $5.8M | $8.4M | $8.9M | $8.3M |
| Lucro Antes de Impostos | -$62.7M | -$56.7M | -$57.3M | -$71.0M | -$59.6M | -$54.1M | -$42.3M | -$37.3M | -$20.8M | -$15.3M |
| Imposto | $175000 | $3.9M | $229000 | $263000 | $284000 | $319000 | $488000 | $325000 | $205000 | $354000 |
| Lucro Líquido | -$62.9M | -$60.6M | -$57.6M | -$71.2M | -$59.9M | -$54.4M | -$42.8M | -$37.5M | -$20.9M | -$15.6M |
| LPA | $-0.62 | $-0.56 | $-0.44 | $-0.51 | $-0.37 | $-0.32 | $-0.24 | $-0.21 | $-0.11 | $-0.08 |
| LPA Diluído | $-0.62 | $-0.56 | $-0.44 | $-0.51 | $-0.37 | $-0.32 | $-0.24 | $-0.21 | $-0.11 | $-0.08 |
| Ações em Circulação (Diluídas) | $101.8M | $108.2M | $131.7M | $139.8M | $163.9M | $171.3M | $176.5M | $180.3M | $184.6M | $190.6M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $52.7M | $57.8M | $53.7M | $57.4M |
| Lucro Bruto | $28.1M | $29.7M | $27.9M | $29.5M |
| Lucro Operacional | $1.2M | -$641000 | -$354000 | -$1.9M |
| EBITDA | $2.6M | $292000 | $762000 | -$712000 |
| Lucro Líquido | -$19000 | -$2.2M | -$1.6M | -$2.9M |
| LPA | $-0.00 | $-0.01 | $-0.01 | $-0.01 |
| LPA Diluído | $-0.00 | $-0.01 | $-0.01 | $-0.01 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $22.6M | $13.7M | $28.9M | $35.0M | $36.6M | $48.8M | $35.6M | $11.6M | $20.3M | $20.0M |
| Investimentos de Curto Prazo | $49.1M | $47.0M | $88.7M | $50.7M | $97.0M | $80.6M | $66.6M | $54.2M | $60.2M | $62.9M |
| Contas a Receber | $6.9M | $12.4M | $8.8M | $16.9M | $21.2M | $25.1M | $34.4M | $35.5M | $29.8M | $30.4M |
| Estoque | $12.5M | $14.5M | $13.5M | $19.5M | $23.3M | $26.8M | $29.0M | $39.9M | $38.1M | $56.1M |
| Ativos Circulantes | $94.1M | $89.9M | $146.9M | $128.1M | $183.4M | $187.1M | $170.1M | $144.4M | $152.0M | $174.4M |
| Imobilizado | $3.0M | $2.1M | $8.1M | $29.0M | $27.0M | $25.2M | $23.5M | $19.4M | $15.5M | $19.3M |
| Ágio | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M |
| Ativos Intangíveis | $738000 | $536000 | $334000 | $132000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Totais | $103.5M | $98.2M | $163.5M | $165.5M | $221.4M | $237.5M | $218.1M | $197.7M | $200.9M | $221.9M |
| Contas a Pagar | $8.6M | $11.0M | $18.6M | $22.2M | $24.2M | $35.6M | $33.0M | $23.8M | $21.7M | $28.0M |
| Dívida de Curto Prazo | $6.9M | 0 | $7.9M | $5.0M | $8.5M | $14.7M | $56.2M | $20.0M | $19.3M | $43.3M |
| Passivos Circulantes | $26.9M | $23.1M | $52.7M | $50.3M | $60.0M | $78.6M | $117.1M | $67.5M | $63.6M | $100.8M |
| Dívida de Longo Prazo | $12.4M | $29.8M | $22.0M | $39.4M | $39.6M | $54.7M | $13.6M | $59.8M | $64.9M | $40.5M |
| Passivos Totais | $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 |
| Patrimônio Líquido | $57.8M | $38.9M | $84.5M | $57.1M | $103.8M | $84.6M | $67.6M | $52.6M | $56.1M | $64.2M |
| Dívida Total | $19.4M | $29.8M | $29.9M | $64.5M | $66.9M | $87.6M | $87.2M | $96.0M | $98.1M | $96.9M |
| Dívida Líquida | -$52.3M | -$30.9M | -$87.7M | -$21.3M | -$66.7M | -$41.8M | -$14.9M | $30.1M | $17.6M | $14.1M |
| Capital de Giro | $67.2M | $66.8M | $94.2M | $77.8M | $123.5M | $108.5M | $53.1M | $76.9M | $88.4M | $73.6M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $15.7M | $20.0M | $27.9M | $18.0M |
| Ativos Totais | $215.2M | $221.9M | $222.9M | $205.2M |
| Passivos Totais | $153.0M | $156.9M | $154.6M | $134.5M |
| Patrimônio Líquido | $61.5M | $64.2M | $67.6M | $70.0M |
| Dívida Total | $98.2M | $96.9M | $97.4M | $76.8M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | -$62.9M | -$60.6M | -$57.6M | -$71.2M | -$59.9M | -$54.4M | -$42.8M | -$37.5M | -$21.0M | -$15.6M |
| Depreciação e Amortização | $1.8M | $1.8M | $1.4M | $2.4M | $3.1M | $3.1M | $3.0M | $2.6M | $1.9M | $1.9M |
| Compensação em Ações | $8.1M | $9.4M | $10.4M | $13.3M | $18.0M | $23.6M | $24.5M | $20.3M | $22.9M | $22.9M |
| Variação Capital de Giro | -$950000 | -$3.6M | $13.2M | -$12.3M | -$4.2M | -$9.4M | -$16.1M | -$32.0M | $5.2M | -$6.8M |
| Fluxo de Caixa Operacional | -$53.5M | -$52.2M | -$31.2M | -$65.5M | -$41.8M | -$33.9M | -$25.6M | -$43.2M | $11.4M | $11.4M |
| CapEx | -$563000 | -$353000 | -$1.1M | -$8.9M | -$1.6M | -$910000 | -$2.0M | -$4.6M | -$2.8M | -$2.8M |
| Aquisições | 0 | -$3.5M | 0 | 0 | 0 | $910000 | -$10.5M | 0 | 0 | 0 |
| Recompra de Ações | 0 | 0 | 0 | 0 | 0 | 0 | -$104000 | -$175000 | 0 | 0 |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | -$54.1M | -$52.6M | -$32.4M | -$74.4M | -$43.4M | -$34.8M | -$27.6M | -$47.8M | $8.5M | $8.5M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $1.9M | $6.2M | -$3.0M | -$2.7M |
| CapEx | -$1.8M | -$1.3M | -$233000 | -$873000 |
| Fluxo de Caixa Livre | $94000 | $4.9M | -$3.3M | -$3.5M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | 0 | $10.6M | $4.9M | $5.5M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +17.2% | +39.8% | +22.6% | +23.1% | +42.4% | +23.8% | -3.5% | +15.3% | +14.3% |
| Crescimento Lucro Líquido (anual) | | +3.7% | +5.0% | -23.8% | +16.0% | +9.2% | +21.3% | +12.4% | +44.2% | +25.3% |
| Crescimento LPA (anual) | | +9.7% | +21.4% | -15.9% | +27.5% | +13.5% | +25.0% | +12.5% | +47.6% | +25.5% |
| Variação de Ações (anual) | | +6.3% | +21.7% | +6.2% | +17.2% | +4.5% | +3.1% | +2.1% | +2.4% | +3.3% |
| Crescimento FCF (anual) | | +2.8% | +38.4% | -129.8% | +41.7% | +19.8% | +20.7% | -73.0% | +117.8% | +0.0% |
| Margem Bruta | 45.4% | 48.3% | 48.1% | 55.2% | 55.2% | 51.5% | 53.7% | 55.3% | 55.2% | 54.5% |
| Margem Operacional | -165.3% | -132.0% | -90.3% | -88.7% | -63.5% | -37.4% | -21.0% | -19.2% | -7.9% | -4.2% |
| Margem EBITDA | -157.2% | -119.0% | -85.2% | -86.6% | -55.9% | -35.1% | -20.7% | -16.8% | -5.6% | -2.7% |
| Margem Líquida | -169.2% | -139.1% | -94.5% | -95.4% | -65.1% | -41.6% | -26.4% | -24.0% | -11.6% | -7.6% |
| Margem FCF | -145.5% | -120.7% | -53.2% | -99.7% | -47.2% | -26.6% | -17.0% | -30.5% | 4.7% | 4.1% |
| Taxa Efetiva de Imposto | -0.3% | -6.9% | -0.4% | -0.4% | -0.5% | -0.6% | -1.2% | -0.9% | -1.0% | -2.3% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $-0.53 | $-0.49 | $-0.25 | $-0.53 | $-0.26 | $-0.20 | $-0.16 | $-0.26 | $0.05 | $0.04 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $101.5M | $108.2M | $130.8M | $139.8M | $163.9M | $171.3M | $176.5M | $180.3M | $184.6M | $190.6M |
O que olhar em Saúde / Farma
O pipeline de I+D é o ativo invisível. Patentes a caducar = receitas a evaporar. Olha inovação e fluxo de caixa.
- I+D / Receita — Indica investimento em pipeline futuro. Farma séria reinveste 15-20%
- Crescimento EPS 5 anos — Após expiração de patentes, ainda crescem?
- Margem bruta — Farma de marca >70%. Genéricos muito mais baixo — define o tipo de negócio
- FCF / Net Income — Qualidade do lucro — farma grande deveria converter >90%
- ROIC — Capital reinvestido com eficiência — chave em farma por ciclos longos de I+D
- Dívida líquida / EBITDA — Aquisições farmacêuticas geram muita dívida — atenção ao pós-M&A
- P/E vs histórico 10 anos próprio — A melhor comparação é com o próprio histórico, não com pares
Rentabilidade
| Retorno sobre patrimônio | -10.31% |
| Retorno sobre capital investido | -1.06% |
| Retorno sobre ativos | -3.31% |
| Margem bruta | 52.05% |
| Margem operacional | -0.73% |
| Margem líquida | -3.06% |
Saúde financeira
| Dívida / Patrimônio | 1.10 |
| Liquidez corrente | 1.83 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | -7.02 | -6.04 | -11.52 | -8.27 | -18.70 | -21.28 | -15.21 | -10.29 | -14.00 | -25.12 |
| P/VP | 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 |
| Margem Bruta | 45.4% | 48.3% | 48.1% | 55.2% | 55.2% | 51.5% | 53.7% | 55.3% | 55.2% | 54.5% |
| Margem Operacional | -165.3% | -132.0% | -90.3% | -88.7% | -63.5% | -37.4% | -21.0% | -19.2% | -7.9% | -4.2% |
| Margem Líquida | -169.2% | -139.1% | -94.5% | -95.4% | -65.1% | -41.6% | -26.4% | -24.0% | -11.6% | -7.6% |