Cerus (CERS) 2026 年第 3 季法說會：營收成長、RedeS 結果與財測指引

重點摘要

• Cerus Corporation (NASDAQ: CERS) 公布 2026 年第三季產品營收為 5,770 萬美元，年增 10%，主要受惠於美國對 INTERCEPT 血小板與 IFC 的需求，以及 INT200 Illuminator 在 EMEA 地區的裝機表現。
• 北美產品營收成長 12%；儘管面臨地緣政治動盪、法國訂單延後以及約 2% 的匯率逆風，EMEA 申報產品營收仍成長 5%。
• IFC 產品營收自去年同期的 390 萬美元增加至 560 萬美元。套件佔單季 IFC 出貨量的 90%，支撐公司轉向毛利率較高的純套件模式。
• Cerus 重申 2026 全年產品營收指引為 2.29 億至 2.31 億美元，其中包括 2,300 萬至 2,500 萬美元的 IFC 銷售額。
• 第三季調整後 EBITDA 達 570 萬美元，創下連續第 10 個季度正數紀錄。營運現金流為 300 萬美元，而歸屬於 Cerus 的 GAAP 淨虧損低於 100 萬美元。
• 三期 RedeS 臨床試驗達到 INTERCEPT 處理紅血球的主要療效終點。在將完整的 RedeS 臨床研究報告納入申請後，Cerus 目前預計將於 2027 年底獲得 CE 認證。

主要財務數據

業務與營運表現

北美貢獻了第三季產品營收的略高於三分之二。管理層表示，血小板套件出貨量與計算血小板劑量年增 5%，優於整體市場成長率。Cerus 表示，其與 Blood Centers of America 簽訂的全美合約持續推動客戶增加，並提升對血小板與 IFC 的採用深度。

IFC 仍是主要的成長引擎。以劑量當量計算，銷售量季增 7%。Cerus 正從向醫院直接銷售 IFC 成品，過渡至透過血液中心銷售套件。儘管套件單價較低，但管理層表示其毛利率更高，且能更廣泛地觸及醫院客戶。公司預計到 2027 年，基本上所有 IFC 銷售都將採用套件形式。

在 EMEA 地區，INT200 Illuminator 裝機量超出管理層預期，並對單季成長提供支撐。然而，俄羅斯訂單受到俄烏衝突影響，法國 EFS 的訂單則有所遞延。管理層預期 EFS 的訂購模式將恢復正常，並預計第四季 INT200 的裝機動能將持續。

三期 RedeS 臨床試驗達到了主要療效終點，證明經 INTERCEPT 處理的紅血球在調整後血紅素增量方面不劣於傳統紅血球。在治療引發的不良事件方面，治療組與對照組之間沒有統計學上的顯著差異，包括在治療組中觀察到的 INTERCEPT RBC 特異性抗體。Cerus 表示，這些抗體沒有臨床影響，且與之前的研究結果一致。

管理層指引

Cerus 重申 2026 全年產品營收指引為 2.29 億至 2.31 億美元。該區間包含預期的 IFC 銷售額 2,300 萬至 2,500 萬美元。政府合約營收均不計入營收指引與非 GAAP 調整後 EBITDA。

管理層預計近期美元走強將使第四季毛利率獲得部分紓解。IFC 持續轉向套件銷售預計也將為合併毛利率提供支撐。

Cerus 目前預計其紅血球系統將於 2027 年底獲得 CE 認證。在獲得批准的前提下，公司計劃在歐洲進行有限度的上市，重點放在少數領先的血液中心，以在擴大商業化之前積累真實世界經驗。

風險與關注焦點

中東和俄羅斯的地緣政治衝突、法國訂單遞延以及外匯波動，對國際營收造成了近期壓力。管理層將這些逆風描述為暫時性的，但其影響時間仍具不確定性。

針對美國 INT200 血小板 PMA 申請，FDA 要求提供額外資訊與數據。Cerus 認為這些問題是可以解決的，但表示在與監管機構就增量要求的範圍達成一致之前，批准時間仍不確定。

RedeS 的次要終點仍在分析中。Cerus 必須在完成完整的統計審查和臨床研究報告後，才能與 FDA 討論美國紅血球系統的批准途徑與時間表。

毛利率仍低於去年同期水準，部分原因在於外匯與通膨影響，但由於定價與 IFC 產品組合帶來支撐，已實現季增改善。

分析師問答亮點

管理層表示，完整的 RedeS 分析可望於 2027 年上半年完成。最終報告旨在提交給 FDA，並用於科學發表與簡報。隨後 Cerus 將尋求進一步明確監管途徑與時間表。

Cerus 正研發第二代紅血球系統，管理層預計其將成為主要的商業平台。公司計劃首先尋求第一代 (Gen 1) 系統的批准，待設計工作確定後，再單獨提出第二代 (Gen 2) 申請。

在德國方面，管理層表示與德國紅十字會合作進行的 INITIATE 上市後血小板研究正以穩健的速度招募患者，並收穫了客戶的正面回饋。另一項關於血小板安全的國家政策審查若最終定案，可能會對 INTERCEPT 有利。

關於 IFC，管理層將需求加速成長歸因於與 Blood Centers of America 的合約、透過血液中心更廣泛的分銷通路、同行之間的臨床教育以及向套件的轉型。Cerus 認為 IFC 有潛力成為標準治療 (standard-of-care) 產品，不過公司並未提供市佔率目標或 2027 年營收指引。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Good day, and thank you for standing by. Welcome to the Cerus Corp. Q3 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker, Tim Lee, Head of Investor Relations. Please go ahead.

Timothy Lee

Thank you, and good afternoon. I'd like to thank everyone for joining us today. As part of today's webcast, we are simultaneously displaying slides that you can follow. You can access the slides from the Investor Relations website at ir.cerus.com.

With me on the call are Vivek Jayaraman, Cerus' President and Chief Executive Officer; Kevin Green, Cerus' Chief Financial Officer; and Dr. Nina Mufti, Cerus' Senior Vice President, Research and Development.

Cerus issued 2 press releases this afternoon, one announcing our financial results for the third quarter ended September 30, 2026, and describing the company's recent business highlights. The other announcing top line results from our Phase 3 RedeS study. You can access copies of both announcements on the company's website at www.cerus.com.

I'd like to remind you that some of the statements we will make on this call relate to future events and performance rather than historical facts and are forward-looking statements. These include statements regarding financial outlook and performance, our business strategy and priorities, expected growth and market opportunities, clinical and regulatory activities, product launches and expansion and other statements that are not historical fact. These forward-looking statements involve risks and uncertainties that can cause actual performance and results to differ materially. Please refer to the forward-looking statement slide accompanying today's webcast, today's press releases and risk factors in our Form 10-Q for the quarter ended September 30, 2026, which we will file shortly.

For important factors that can cause actual results to differ materially. We undertake no duty or obligation to update our forward-looking statements. On today's call, we will also be discussing non-GAAP financial measures, including non-GAAP adjusted EBITDA. These non-GAAP measures should be considered a supplement to and not a replacement for measures presented in accordance with GAAP. For a reconciliation of non-GAAP financial measures to the most comparable GAAP financial measures to the extent reasonably available, please refer to today's press release and the slide presentation available on our website.

We'll begin today with Vivek providing a business update and corporate highlights, followed by Kevin to review our financial results and expectations for the rest of 2026 and lastly, closing remarks from Vivek. And now it's my pleasure to introduce Vivek Jayaraman, Cerus' President and Chief Executive Officer.

Vivek Jayaraman

Thank you, Tim, and good afternoon, everyone. We appreciate you joining us today. At Cerus, our mission is clear: to expand patient access to safer blood and establish INTERCEPT as the standard of care for transfused blood components globally. Our third quarter kit sales represent nearly 800,000 doses of transfusable blood. Each dose represents a step toward improving patient care and enable us to extend the reach of pathogen reduction technology globally. Earlier today, we announced positive top line results from our Phase 3 RedeS study. This is another important step toward extending our pathogen reduction technology to red blood cell transfusion.

Reflecting on my first quarter as CEO, I am more confident than ever in our team, our technology and the opportunities ahead. As noted, our mission is to establish INTERCEPT as the standard of care for transfused blood components globally. Realizing this mission requires us to drive sustained growth, deliver meaningful innovation and build a financially strong business that can self-fund ongoing product and technology advancements. From an operating perspective, we are focused on 3 core priorities that support our mission, delivering sustainable double-digit annual growth, advancing clinical and technological innovation and strengthening our financial foundation.

Our third quarter performance reflects meaningful progress across all 3 priorities. Furthermore, the team executed well despite having to deal with the dynamic geopolitical and macroeconomic environment that created some near-term headwinds. Taken together, our quarterly performance demonstrates the value of our product and geographic breadth, along with the resilience of our team and their ability to navigate near-term obstacles. We are generating strong growth across our core franchises, are successfully transitioning our IFC business model and our international rollout of the INT200 Illuminator is exceeding expectations.

With the completion of our Phase 3 RedeS trial, we have built the largest library of clinical evidence in support of pathogen reduction technology in red cell transfusion. Financially, we delivered our 10th consecutive quarter of positive adjusted EBITDA, improved our margins and generated $3 million in positive cash flow. I am proud of our team's performance this quarter. We will now discuss each of these 3 pillars in further detail. Worldwide product revenue increased 10% year-over-year with U.S. performance leading the way. We witnessed continued momentum in our IFC franchise as well as gains in our core platelet franchise that solidly outpaced underlying market growth.

International placements of the INT200 Illuminator also contributed to growth and helped set the foundation for further kit penetration. North American sales increased 12% and accounted for just over 2/3 of third quarter product revenue. INTERCEPT for platelets continues to be the standard of care in both the United States and Canada. In fact, INTERCEPT platelets are now used at all leading U.S. hospitals that are recognized in the latest U.S. News & World Report rankings. Our collaboration with Blood Centers of America, or BCA, is helping broaden adoption.

As a reminder, we entered into a nationwide agreement with BCA at the beginning of this year and BCA member blood centers account for more than half of all blood products distributed in the U.S. While many BCA members were already Cerus customers. The agreement has created opportunities to deepen those relationships, while also allowing us to secure new customers across both platelets and IFC. Through the first 3 quarters of the year, revenue growth from BCA member blood centers outpaced overall North American growth.

Turning to IFC. Hospital demand continues to increase as our value proposition gains traction. Immediate access to fibrinogen and a 5-day post-thaw shelf life offer compelling benefits to clinicians, hospital administrators and most importantly, patients. The longer shelf life can materially reduce waste, while the availability of pre-thawed IFC can support more timely treatment in critical bleeding situations. Medical education remains important to expanding adoption. At the recent Association for the Advancement of Blood and Biotherapies Annual Meeting, the team from Grady Memorial Hospital in Atlanta, shared their real-world experience with the INTERCEPT Blood System, including IFC.

The team at Grady first adopted IFC in September 2025. Now they keep a unit of IFC thawed at all times ready to be issued. Peer-to-peer exchanges are incredibly valuable and help clinicians learn from one another and better understand how IFC can fit into their clinical practice. We are also evolving our IFC commercial model to support broader patient access and more attractive economics. We are migrating from direct hospital sales to distribution via our blood center customers. I am pleased with the progress we made in Q3 with respect to the pronounced mix shift from finished goods to kit sales.

Kits carry lower unit prices, but offer more attractive gross margins and enable us to leverage the blood center distribution network, which greatly expands our hospital and patient reach. On a dose equivalent basis, IFC sales volume increased 7% sequentially. We are seeing continued strong performance in IFC, as we approach year-end and are highly confident that our IFC franchise will be a meaningful growth driver for years to come. In EMEA, our commercial organization continues to deliver solid performance in an increasingly challenging environment. Geopolitical conflicts in the Middle East and Russia, along with the strengthening U.S. dollar created some near-term headwinds.

We believe these headwinds are transient and that the underlying opportunity for our international business remains attractive. Unit placements of INT200 in EMEA have exceeded our expectations and contributed strongly to the third quarter sales. We expect the trend to continue in the fourth quarter, and I appreciate the international team's unwavering focus on customer support. Our second priority, advancing innovation builds on our commitment to drive clinical and technological advances that improve transfusion medicine. New products and expanded indications can bring INTERCEPT to more patients and increase our addressable market.

This afternoon, we announced positive top line results from our Phase 3 RedeS trial of the INTERCEPT Blood System. Completing the study is a significant milestone in advancing our progress to extend the application of our pathogen reduction technology to red cell transfusion. We are grateful to the patients, investigators, blood centers and Cerus colleagues, whose commitment made this important study possible. Over the past decade, pathogen reduction has become an integral part of the blood safety toolkit for platelets, plasma and IFC. We believe extending pathogen reduction to red blood cell transfusion represents an important opportunity to further improve transfusion safety and expand the reach of our technology.

RedeS compares the safety and efficacy of INTERCEPT-treated red blood cells with conventional red blood cells in patients requiring acute and long-term transfusion support. The study assessed the primary efficacy endpoint and 2 primary safety endpoints. RedeS met its primary efficacy endpoint, demonstrating non-inferiority in adjusted hemoglobin increment compared with conventional red blood cells. Adjusted hemoglobin increment is a commonly used measure of RBC transfusion effectiveness. In addition, when evaluating treatment-emergent adverse events in the RedeS top line results, including the INTERCEPT RBC-specific antibody seen in the treatment arm, there was no statistically significant difference between the treatment and control arm.

The antibodies seen were consistent with prior studies and resulted in no clinical impact. The RedeS top line findings add to the clinical evidence from the STARS, SPARC and ReCePI trials. We are encouraged by the efficacy results and we will complete the full clinical analysis to further characterize the study findings over the coming months. With respect to our CE Mark red cell filing, ANSM continues to review our application. We recently held a constructive meeting with ANSM and are preparing responses to the questions they raised. As part of our response, we will include a full RedeS clinical study report.

The decision to include the RedeS data into our package was well received by the ANSM and will provide more clinical evidence, thereby strengthening our submission. As such, we now expect CE Mark clearance in late 2027. Pending CE Mark approval, we are planning for a limited market release, targeting centers of excellence in Europe. Our initial focus will be a small number of leading blood centers with the goal of generating real-world experience, which will inform our broader go-to-market strategy and approach.

Turning to the U.S. We received preliminary feedback and questions from the FDA on our PMA platelet submission for the INT200 Illuminator. We believe these questions are addressable, although scope will require us to gather some additional data. We'll have more visibility on approval timing once we align with the agency on the scope of these incremental data requirements. Despite the delay, we remain confident in our ability to successfully navigate the regulatory process and bring these technologies to market. In parallel, we will continue to drive ongoing share capture in existing markets and further strengthen the body of real-world experience we are gaining with our technology.

Our third priority is to strengthen our financial foundation. We made good progress last quarter, and this is enabling us to self-fund investments in both market expansion and product innovation. As we grow, we expect to generate greater leverage from our established commercial infrastructure and improve our overall profitability. Our third quarter results reflect this momentum, as evidenced by our improving margin profile, our 10th consecutive quarter of positive adjusted EBITDA -- the generation -- and the generation of meaningful cash flow from operations. We will balance that progress with disciplined investments in the technologies and capabilities that support future growth. Our goal is to build a profitable business that can increasingly fund its own development and expand access to safer blood.

With that, I will turn the call over to Kevin to discuss our third quarter financial results in greater detail.

Kevin Green

Thanks, Vivek, and thank you to those joining us on the call today. On today's call, I'll be discussing our financial results for the third quarter of 2026 and our expectations for the balance of the year.

I'll start with product revenue. For the third quarter of 2026, we reported product revenue totaling $57.7 million, a 10% increase over Q3 2025. For the first 9 months of the year, product revenue increased 14% to $168.8 million compared to the first 9 months of 2025. The primary growth drivers during the quarter were increasing demand for IFC and INTERCEPT platelets in the U.S. as well as EMEA placements for our next-generation LED-based illumination device, the INT200. On a volume basis, North American platelet kit and calculated platelet doses increased 5% year-over-year, demonstrating we are continuing to take share as we outpace the underlying platelet market growth.

By geography, third quarter North American product revenue increased 12% compared to the same period in the prior year. In EMEA, third quarter product revenue, as reported, increased 5% year-over-year. The growth in EMEA shows the resilience and diversity of the business, as we did see some impact from the ongoing conflict between Russia and Ukraine on Russian orders and separately, deferred orders from the EFS in France, who, as a reminder, is at 100% platelet utilization and who we expect will continue more normalized order patterns going forward.

Furthermore, unfavorable foreign currency exchange rates negatively impacted reported EMEA revenue growth by approximately 2%. Switching now to the IFC business in the U.S. As we mentioned throughout the year, we've been converting the business from one in which we sell finished IFC therapeutic to hospitals to a business where we sell kits to blood centers who will then use our products to produce IFC and sell the finished therapeutic to their hospital accounts. As we complete the move to a kit-only model, we expect to see a benefit to our reported gross margins. While the finished biologics carry a higher selling price, the gross margin profile for our kit model is accretive to our consolidated gross margins.

Of the total IFC sales shipped during the quarter, 90% were in kit form, and we continue to expect that essentially all IFC sales will be in kit form in 2027. IFC product revenue for the third quarter was $5.6 million compared to $3.9 million during the third quarter of 2025. As Vivek mentioned as part of his prepared remarks, we saw a marked sequential increase in the IFC mix shift from finished therapeutic products to kits. Based on our strong year-to-date commercial execution and conviction in growth projections for the balance of the year, we are reaffirming our full year 2026 product revenue guidance range of $229 million to $231 million. Included in this range is full year 2026 IFC sales of $23 million to $25 million.

I'd now like to switch to government contract revenue, which, as a reminder, is not included in our revenue guidance or non-GAAP adjusted EBITDA results. Given the conclusion of the FDA contract in 2025 and the wind down of the BARDA 2016 contract, reimbursement for government-related R&D expenses declined year-over-year to $6.3 million from $7.5 million in Q3 2025. BARDA continues to be an extremely supportive partner for our RBC program and with the 2024 contract covering many of the activities related to RBC development. The funding from this ongoing contract provided a partial offset to the wind down of the prior contracts.

Turning now to gross margin on product sales. Our third quarter product gross margin was 52.4% compared to 53.4% during the prior year and 51.4% during Q2 of this year. These results were in line with our expectations going into the quarter. While foreign exchange rates and inflation continue to pose headwinds to our margins, pricing and product mix, namely the continued conversion to IFC kit sales, supported the sequential pickup. For the balance of 2026, we expect to see some relief in Q4 given the recent strengthening of the U.S. dollar.

Moving down the income statement. Total operating expenses for the third quarter totaled $36.2 million compared to $34.4 million for Q3 2025. Total operating expenses increased 5% compared to our product revenue growth of 10,%, as we continue to strive to deliver leverage in the P&L. The increase in total operating expenses was driven by a 10% reduction in R&D expenses, reflecting the completion of the RedeS study enrollment, lower development costs on the INT200 following the U.S. PMA submission and the completion of activities covered under the FDA contract, which concluded in 2025. Offsetting this were year-over-year reported increases in SG&A due to onetime credits received in 2025, artificially affecting the year-over-year comp.

For the third quarter, government-funded R&D expenses accounted for 31% of total R&D spend. As we've previously noted, we expect government-funded R&D expenses to increase as a percentage of total R&D spend. Let's now turn to the bottom line and non-GAAP adjusted EBITDA results. For Q3 2026 and 2025, GAAP net loss attributable to Cerus was under $1 million, approaching breakeven. On a non-GAAP basis, adjusted EBITDA for the third quarter totaled $5.7 million compared to $5 million last year. These results mark our 10th consecutive quarter of posting positive adjusted EBITDA. As an organization, we are committed to looking beyond adjusted EBITDA and have line of sight into achieving GAAP profitability.

Let's now turn our attention to cash flows for the quarter. Cash generation from operations was $3 million, driven in large part by close management of inventory levels from the first half. These results continue to strengthen our balance sheet. As such, cash, cash equivalents and short-term investments as of September 30, 2026, were $57.1 million, up close to $1 million from June 30th.

Before I turn it back to Vivek, I want to mention that our existing shelf registration statement is scheduled to expire. While we've not used the shelf since 2021, we believe it's a matter of good corporate governance to have one in place. And as such, we are refreshing it in connection with our third quarter 10-Q filing.

With that, let me pass it back to Vivek for some closing comments.

Vivek Jayaraman

Thank you, Kevin. Our performance through the first 3 quarters of 2026 reinforces my confidence in our business. We are driving growth via continued penetration in our core markets globally, are successfully transitioning the IFC business model while increasing unit volumes and gaining traction internationally with the continued rollout of the INT200. With respect to innovation, the positive top line results from RedeS added a strong library of clinical data we are building in support of red cell pathogen reduction and reaffirms our commitment to leading the way in terms of investment in scientific research and clinical evidence.

Lastly, our financial profile is strengthening as we are improving our margins, delivering positive adjusted EBITDA, generating cash flows and taking clear steps towards becoming GAAP profitable. What is most important, however, is that each unit of INTERCEPT-treated blood, that is produced takes us one step closer to realizing our mission. This quarter, our kit sales represented nearly 800,000 doses of transfusable blood components. This means more patients around the world are gaining access to safer blood. We are proud of our progress, but realize that there is much work yet to be done. I am confident that we will continue to deliver against our mission. Thank you for your interest in Cerus and for your continued support as we work diligently to improve the safety of the global blood supply.

Operator, please open the call for questions.

Operator

[Operator Instructions] Our first question will be coming from the line of Josh Jennings of TD Cowen.

分析師問答

Colin Clark

This is Colin on for Josh. Congratulations on the positive RedeS results. It was really encouraging to see. I was hoping you could talk a little bit about the next steps with FDA for Gen 1 RBCs. And I know you talked about the clinical process and analysis happening over the coming months. But what are the next steps there after that? And if you have any updates you could share with regard to Gen 2, that would be really helpful.

Vivek Jayaraman

Hey, Colin, thanks for the question, and I appreciate the positive commentary. We're certainly excited about the RedeS results, and certainly evidence of our commitment to investment in evidence generation. As you noted, next steps include the full data analysis, and that is to support submitting that clinical study report to the FDA, as part of the approval process and then also submitting it for publication and presentation of the podium. Once that report is finalized and we submit to the FDA, we'll then be able to sit down with them and get a better understanding of timing in terms of the approval process and the pathway forward.

In parallel, as you noted, we're working from a device development standpoint on our Gen 2 system, which we believe will be sort of the main go-to-market system. We made good progress through the third quarter. And as we enter into 2027, I think we'll be able to talk more about the specifics of that system. But right now, the focus is on taking this good top line data, doing the full statistical analysis and then meeting with the agency to discuss next steps.

Colin Clark

Got you. That's helpful. And I wanted to spend a minute on international. We saw a little bit of lumpiness come up in the platelet kit growth numbers and the change in the number of treatable platelets, kind of similar to 2Q. Can you talk about the underlying health of the international markets, kind of what that Russia-Ukraine dynamic impact looks like and potentially touch on whether you're seeing any distributor choppiness?

Vivek Jayaraman

Yes. Thanks. All great questions, and I think demonstrative of the good insight you have into our business. As we noted during the call, certainly, the geopolitical climate and some of the tensions in different parts of the world are impacting our business. As I mentioned earlier, we believe that this is transient. The fact is our position in those markets in terms of share and leadership remains strong. We've been working very closely with our distributor partners and with their hospital and blood center customers to do everything we can to ensure continuity of supply so that ultimately, patients have access to pathogen-treated blood.

The underlying impact in terms of long-term belief in the technology and the strength of our product remains unchanged, and we saw continued strong adoption of the INT200 international markets. So there are signals that we believe over the mid and long term are encouraging. It's just a matter of navigating some of these acute issues that we saw sort of manifest in the second and third quarter. And then the other contributing factor that I'd point to is Forex, which certainly the strengthening dollar remains a bit of a headwind, but ultimately, we're trying to focus on the things over which we have control, and that's really ensuring that we serve our customers well, that we provide quality product and we continue to deliver in terms of clinical education and market development. And we saw good progress in international markets this past quarter.

Colin Clark

I appreciate the response. Last one for me before I hop back in queue. I'm curious whether your experience at AABB was a bit different this year now that the BCA agreement is on board. Are you hearing about members with firsthand either PR platelet or IFC experience comparing notes? Or are there any opportunities with this buzz going on to get centers over the fence who are already considering becoming customers or get new opportunities to come your way?

Vivek Jayaraman

Yes. AABB was great. We were in Atlanta. I guess it's now last month since we've turned the calendar to November. But it was certainly, we're seeing tangible evidence of the BCA agreement, which we mentioned, really got underway officially being this calendar year. We're seeing that agreement bear some real fruit at this point in time. I think as mentioned before, peer-to-peer marketing is arguably the most effective tool in our toolkit. And we saw a number of new BCA centers jump on board, both in terms of IFC production and distribution, but then also platelet production and distribution as well.

And as we've noted, BCA members account for about 50% of blood products distributed nationwide, and that's where we had the largest room to grow in terms of both platelet and IFC adoption. So there was a lot of good dialogue between blood centers and then also their hospital customers in Atlanta last month. So we're certainly encouraged, and we believe that momentum will continue through '26 and really for years to come.

Operator

Our next question will be coming from the line of Mark Massaro of U.S. Bancorp BTIG.

Mark Massaro

I echo the congratulations on the positive Phase 3 RedeS data. My first question is around the -- what are your expectations for the ballpark timing of the full data analysis? Is that something that we could perhaps pencil in the first half of '27, just thinking about upcoming conferences and typical time line.

Vivek Jayaraman

Thanks for the question, Mark, and for the positive comment as well. I appreciate it. I think that's a reasonable expectation around timing. Obviously, as we get deeper into the data analysis, we'll learn more and during that time, that information is embargoed so that we can ensure we get the best possible audience in terms of clinical publication and ultimately podium presence. And obviously, we have to submit that information to the various regulatory bodies for their ongoing review and ultimate approval. But I think in broad brush strokes, that timing that you suggest seems in line with what we're driving towards. We'll certainly work diligently to get it out as quickly as possible, certainly not compromising quality in the interest of speed. But we're very excited about the library of evidence we've built in support of PR for red cell transfusions.

Mark Massaro

Okay. Fantastic. And then as we think about the full study results reporting out, just double checking, is it correct that the secondary endpoints have not read out yet? And do you remain blinded to those?

Vivek Jayaraman

Sorry, could you repeat that question, Mark?

Mark Massaro

Yes. The Phase 3 RedeS, we saw that you had successful on the primary endpoint. I'm asking about the secondary endpoints of the...

Vivek Jayaraman

Oh yes, sorry. Yes. No, that's correct. That's part of the ongoing analysis. We just reported this afternoon top line results from the primary endpoint as well as the primary safety endpoints with secondary endpoints and further data analysis will be distributed and published once we finish the complete analysis.

Mark Massaro

Okay. That's what I figured. And then obviously, you put up another strong double-digit quarter for product revenue. It might be a little early to talk about '27. But what I would like to get at is do you anticipate any potential structural challenges internationally? Kevin, feel free to weigh in here as it relates to some of your international business. I would expect continued strong growth from IFC next year as that product remains in early days of penetration. But just wondering if you could just help us frame some of the puts and takes as you're thinking about product revenue in 2027.

Vivek Jayaraman

Yes, certainly. And obviously, we'll demur in terms of guidance for '27 at the moment. But if I think about the performance in Q3, as you correctly noted, Mark, the U.S. business was really the acute source of strength, not only in IFC, as you mentioned, but also continued share capture for our core platelet business, driven principally by continued penetration within BCA members, on the heels of that BCA agreement. So that's encouraging across multiple dimensions, and we see continued strength in the U.S. as we continue through Q4 and head into the next calendar year.

We noted some transient headwinds internationally. And certainly, if anyone guess as to how some of these events may unfold. But even with those headwinds, we're seeing continued enthusiastic adoption of the INT200. That leads to further opportunities for improved kit penetration and growth. And then we continue to work on strategic market access in larger geographies, that we believe will manifest in terms of meaningful growth opportunities through the balance of this decade. So our overall enthusiasm for the international business and the evidence we're getting in terms of continued adoption and strong real world experience gives us long-term confidence. But I think my belief is the team is doing a nice job navigating acute headwinds. And while that's occurring, the U.S. business is really strengthening. So we're in a good spot, and I think that speaks to the value of a diverse portfolio.

Operator

And our next question will come from the line of William Bonello of Craig-Hallum Capital Group.

William Bonello

You talked a little bit about the Gen 2 device. Can you just explain how that would end up getting incorporated into the FDA process? Would that just be some kind of a modification to the FDA application along the way? Is it something that would have -- you get approved on the initial device and you go back afterwards? Just how should we be thinking about that?

Vivek Jayaraman

I think the latter part of your statement is how you should be thinking about it, Bill. We would -- we're applying for approval on the Gen 1 system. And then once we get past design freeze, all of the work on Gen 2, we will then submit for approval of that system, but it would be a follow-on to a Gen 1 device approval.

William Bonello

Okay. That's helpful. And then just in the past, you've been talking about what's been going on with the evaluation in Germany. Any update there?

Vivek Jayaraman

Yes. Thanks. Great question. So as we had noted in the past, we began the INITIATE clinical trial, which was in partnership with the German Red Cross, that was to evaluate the INTERCEPT system for platelets in a real-world setting in Germany. That study -- that post-market study continues to enroll at a healthy clip and the feedback we're getting from customers is quite positive. Separate and independent of that, there has been work at the health policy level in Germany by the PEI to look at what I would describe as something akin to the FDA's guidance on bacterial safety for platelets, looking at proposing a policy countrywide around how to ensure that platelet transfusions are as safe as possible.

And we certainly encourage that evaluation at the health policy level. We believe if that were, in fact, to go final, that would accrue to our benefit and be favorable in terms of how INTERCEPT is viewed in the German market. But independent of that, the INITIATE study continues to enroll positively, and we believe Germany will represent a pretty meaningful growth opportunity for INTERCEPT over the course of the rest of this decade. So things in Germany continue to go well.

William Bonello

Okay. That's great. And then just one more, if I could, flipping back to red blood cell. Again, just -- so you laid out, it was very helpful, both the sort of next steps between here and submitting for publication and submitting something to the FDA and some time line along with that. Can you just remind us of sort of how you see this evolving then over time? So fast forward to hopefully a time when you get FDA approval. What are kind of the critical steps that have to happen in the marketplace for red blood cell to become a big product? Do you need something like the FDA guidance document, but as it applies to red blood cell, what -- how are you kind of thinking about that? And is there any advanced preparation you do on that kind of stuff? Or is just the focus right now solely on the regulatory and the data?

Vivek Jayaraman

Yes. Very good questions, Bill, and I appreciate it. One thing I want to be explicit about, certainly don't engage in any sort of market awareness or development or priming prior to approval. So our acute focus is on getting the clinical study data final -- getting the study data analyzed completely, pulling together final clinical study report and then submitting it not only to the FDA, but for publication in the podium. I think that will facilitate meeting with the FDA and getting clarity on kind of the acute steps between here and approval.

The benefit of developing such a strong body of clinical evidence and support of red cell transfusion, so not only with RedeS, but if you think about SPARC and ReCePI, is that we are educating through clinical evidence generation, the broader market. And you add to that the fact that now between platelets, plasma and IFC, there's well over a decade of experience with pathogen reduction in blood transfusions. We think that creates an underlying desire for this product. We certainly get that feedback from customers all over the world.

And so what we're attempting to do, and we mentioned that in the context of the limited market release in Europe, post CE Mark, we will generate real-world experience with red cells and that real-world use even in geographies outside of the U.S., I think, will be informative and educational as we think about and approach U.S. commercialization. We see that -- the question was asked earlier about AABB. We saw that AABB where it's a fairly small industry in terms of influential blood center customers and clinicians. And so experience that has accrued in one market certainly has influence elsewhere. We're seeing this, for example, with our IFC rollout where the more experience and the progress we make in the U.S., we're getting inbound unsolicited inquiries from international markets about IFC. So I wouldn't be surprised to see a similar dynamic in play with respect to red cells once we're in a post-market environment.

Operator

[Operator Instructions] Our next question will come from Gabie, Cantor Fitzgerald.

Gabrielle Ingoglia

I want to double-click on IFC demand, because it was really impressive. It looks like volumes grew about 80% in the third quarter and 60% year-to-date. Could you just give some incremental color on what's behind that acceleration and which customer types are contributing the most?

Vivek Jayaraman

Certainly, Gabie, thanks for the question. It's great to have you on the call. As we had indicated, heading into calendar year 2026, we officially kicked off our nationwide agreement with Blood Centers of America. They represent over 50% of distributions of blood products nationwide and a number of BCA member blood centers were already partnering with us as IFC production partners heading into this calendar year. So as part of that agreement, what we are able to do is leverage their resource sharing model, transfer those production partners to BCA member agreements and then gain access to their network of sales and marketing and customer fulfillment professionals to effectively really scale and expand our reach into U.S. hospitals.

So that's a big underlying driver of our growth. It's really leveraging a broader SG&A network. In addition to that, as you can probably appreciate, is that with increased customer depth and user experience and leveraging podium and symposia opportunities with number of not only clinician conferences, but blood center conferences as well. The volume of center experience that's on the podium peer-to-peer dialogue that's occurring about IFC use and the value drives to patients is really starting to expand, which accrues to our benefit.

And then the other piece that we had mentioned is by virtue of transitioning to the kit model, it just allows us to more quickly penetrate accounts, again, through leveraging their channel and then also offers better economics for Cerus. And so it was really a combination of all of those factors that contributed. And it's still early days. We have a lot of headroom with respect to growth in this market. And so we view IFC as being a meaningful growth driver for the business really for years to come.

Gabrielle Ingoglia

Okay. That's helpful. And then I have that you guys lost estimated IFC share at about 10% last quarter. So just kind of leading into that response, where do you think it can go over the next few years?

Vivek Jayaraman

We certainly believe that IFC has the ability to become standard of care. That is our aspiration really across all of our product categories. And so there's no reason why, certainly, given product performance and clinical enthusiasm and most importantly, the impact that it has on patients, we believe it truly can be a life-saving intervention. So we certainly believe standard of care is something that we can deliver against, and it is our goal internally. So that's why I point to the fact that I think this is going to be a material growth driver for the company for years to come.

Gabrielle Ingoglia

Congrats on the positive RedeS read out.

Vivek Jayaraman

Great. Thank you.

Operator

And I have no further questions at this time. This concludes today's program. Thank you for participating. You may now disconnect.