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Cytosorbents
(NASDAQ:CTSO)
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Rating:46Neutral
Price Target:
$6.00
▲(1664.71% Upside)
Action:Reiterated
Date:10/21/26
The score is held down primarily by weak financial performance—large ongoing losses, negative cash flow, and a deteriorated balance sheet with negative equity. Offsetting this are earnings-call signals of improving operating metrics and a stated path toward operating cash-flow breakeven, while technicals remain challenged versus longer-term moving averages and valuation support is limited due to continued losses and no dividend.
Positive Factors
Strong gross margins and efficiency
Gross margin of 73% provides a substantial foundation for future operating leverage as revenue scales. The improvement was tied to manufacturing optimization, sourcing and production efficiencies, suggesting margin support can persist beyond a single reporting period.
Negative Factors
Persistent losses and negative cash flow
The company remains materially loss-making and cash generative capacity is still negative despite recent improvement. Continued operating and free-cash-flow deficits can consume available resources, constrain investment in growth, and require breakeven execution or outside funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong gross margins and efficiency
Gross margin of 73% provides a substantial foundation for future operating leverage as revenue scales. The improvement was tied to manufacturing optimization, sourcing and production efficiencies, suggesting margin support can persist beyond a single reporting period.
Read all positive factors
Cytosorbents (CTSO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$16.61M
Dividend YieldN/A
Average Volume (3M)46.97K
Price to Earnings (P/E)―
Beta (1Y)0.63
Revenue Growth8.64%
EPS Growth-61.01%
CountryUS
Employees129
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-5.75
Shares Outstanding3,151,101
10 Day Avg. Volume119,471
30 Day Avg. Volume46,972
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)6.74
Price to Sales (P/S)1.07
P/FCF Ratio-3.17
Enterprise Value/Market Cap2.95
Enterprise Value/Revenue1.32
Enterprise Value/Gross Profit1.84
Enterprise Value/Ebitda-3.51
Forecast
1Y Price Target
$11.33Price Target Upside3233.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)-4.48
Revenue Forecast (FY)$38.73M
Cytosorbents Business Overview & Revenue Model
Company Description
Cytosorbents Corporation specializes in creating and bringing to market innovative medical devices. Their core expertise lies in a unique blood purification platform, built upon a proprietary adsorbent and porous polymer technology. The company's ...
How the Company Makes Money
CytoSorbents makes money primarily by selling its CytoSorb hemoadsorption cartridges and related consumables for use in hospitals, with revenue recognized when products are delivered/used according to customer contracts. The company’s key revenue ...
Cytosorbents Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Neutral
The call presented a balanced mix of operational progress and material challenges. Positives include stable revenue (~$9.6M), improved gross margin (73%), reduced operating loss (down ~27%), meaningful adjusted metric improvements (adjusted EBITDA loss down ~38%), lower cash burn (net operating burn ~ $200k excluding restructuring) and encouraging safety/efficacy signals and regulatory engagement for DrugSorb-ATR (publication, safety profile, significant subset results and a defined FDA path). Offsetting these are the missed primary efficacy endpoint in the mITT population, the FDA's prior de novo denial (appeal upheld) requiring additional mechanistic and RWE data, protocol imbalances in STAR-T that complicate interpretation, market headwinds in Germany and the Middle East, a modest cash balance (~$5.9M) and continued net losses. Given the meaningful operational and clinical positives tempered by substantive regulatory, clinical robustness and funding risks, the overall tone is balanced.Positive Updates
Stable Revenue with Sequential Growth
Revenue of ~$9.6M in Q2 FY2026, essentially flat year-over-year and up ~9% sequentially from Q1. Distributor and strategic partner territories grew ~16% year-over-year (and ~18% sequentially); direct sales outside Germany up ~9% year-over-year. Foreign currency tailwind contributed ~+4% to revenue versus prior year.
Negative Updates
Missed Primary Efficacy Endpoint in mITT Population
The STAR-T trial did not achieve statistical significance for the primary efficacy endpoint in the modified intent-to-treat (mITT) population (132 patients), requiring reliance on subset (CABG per-protocol) analyses for positive signals.
Read all updates
Q2-2026 Updates
Positive
Negative
Stable Revenue with Sequential Growth
Revenue of ~$9.6M in Q2 FY2026, essentially flat year-over-year and up ~9% sequentially from Q1. Distributor and strategic partner territories grew ~16% year-over-year (and ~18% sequentially); direct sales outside Germany up ~9% year-over-year. Foreign currency tailwind contributed ~+4% to revenue versus prior year.
Read all positive updates
Company Guidance
Management guided that it expects to achieve operating cash‑flow breakeven in the second half of 2026, supported by Q2 results of ~$9.6M revenue (up 9% sequentially), 73% gross margin (vs 69% in Q1), a 27% reduction in operating loss to $2.6M, a 38% improvement in adjusted EBITDA loss to $1.6M, an adjusted net loss improvement of 22% to $2.9M ($0.05/sh), and materially lower cash burn (Q2 cash burn $400k including ~$200k restructuring, or ~ $200k net operating burn), with total cash of ~$5.9M at 6/30/26; operational actions include adding 3–5 sales reps through early‑2027 and continuing distributor expansion (distributor territories +16% YoY, direct sales outside Germany +9% YoY) to drive growth. For DrugSorb‑ATR the company reiterated plans to pursue a new de‑novo submission (after pre‑submission meetings later this month) using additional mechanistic data plus real‑world evidence rather than a new pivotal trial, citing STAR‑T trial toplines (140 randomized, mITT 132, CABG per‑protocol 111; win ratio 1.59 for severe bleeding, 58% relative risk reduction / 16.3% absolute reduction, NNT=6) and two FDA Breakthrough designations; HemoDefend‑BGA progress (>$16M non‑dilutive DoD funding, 15‑minute cartridge processing, >1 year shelf life) was also highlighted as a near‑term strategic value driver over the next 6–18 months.Cytosorbents Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
18
Very Negative
Cash Flow
21
Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 37.22M | 37.06M | 35.59M | 31.08M | 34.69M | 40.11M |
| Gross Profit | 26.65M | 26.49M | 24.89M | 21.95M | 20.73M | 29.06M |
| EBITDA | -13.96M | -4.36M | -19.27M | -27.88M | -29.75M | -24.17M |
| Net Income | -18.21M | -8.20M | -20.72M | -29.25M | -32.81M | -24.56M |
Balance Sheet | ||||||
| Total Assets | 37.96M | 44.18M | 47.37M | 53.26M | 63.23M | 89.52M |
| Cash, Cash Equivalents and Short-Term Investments | 4.41M | 6.25M | 3.28M | 14.13M | 22.14M | 52.14M |
| Total Debt | 26.33M | 29.11M | 26.89M | 18.31M | 18.25M | 13.82M |
| Total Liabilities | 38.71M | 38.28M | 36.26M | 29.99M | 27.86M | 26.94M |
| Stockholders Equity | -751.00K | 5.90M | 11.11M | 23.28M | 35.37M | 62.58M |
Cash Flow | ||||||
| Free Cash Flow | -10.42M | -12.54M | -14.71M | -22.59M | -34.69M | -18.29M |
| Operating Cash Flow | -10.31M | -12.38M | -14.43M | -21.66M | -28.23M | -14.01M |
| Investing Cash Flow | -321.00K | -415.00K | -669.43K | -936.24K | -6.46M | -4.28M |
| Financing Cash Flow | 2.48M | 9.31M | 9.33M | 14.47M | 4.96M | 715.20K |
Cytosorbents Technical Analysis
Neutral
0.34
Price Trends
5.55
Negative
6.75
Negative
9.72
Negative
Market Momentum
-0.04
Negative
55.61
Neutral
72.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CTSO, the sentiment is Neutral. The current price of 0.34 is below the 20-day moving average (MA) of 4.18, below the 50-day MA of 5.55, and below the 200-day MA of 9.72, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 55.61 is Neutral, neither overbought nor oversold. The STOCH value of 72.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CTSO.
Cytosorbents Risk Analysis
Cytosorbents disclosed 39 risk factors in its most recent earnings report. Cytosorbents reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cytosorbents Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $16.61M | -0.92 | -445.14% | ― | 8.64% | -61.01% | |
46 Neutral | $43.56M | -1.25 | 1248.13% | ― | 6.09% | 30.65% | |
46 Neutral | $46.35M | -4.13 | 120.69% | ― | -44.99% | 48.57% | |
46 Neutral | $3.46M | -0.15 | -174.26% | ― | 41.62% | 20.47% | |
44 Neutral | $63.56M | -4.15 | 524.69% | ― | 33.45% | 0.24% | |
40 Underperform | $14.26M | -0.81 | -48.23% | ― | ― | ― |
* Healthcare Sector Average
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Cytosorbents Corporate Events
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
CytoSorbents Regains Nasdaq Compliance, Pursues Growth Initiatives
Positive
Sep 23, 2026
On September 22, 2026, CytoSorbents regained compliance with Nasdaq’s minimum bid price rule after its shares closed at or above $1.00 for 10 consecutive trading sessions, leading Nasdaq to close the matter the following day. The company rem...
Delistings and Listing ChangesRegulatory Filings and ComplianceShareholder MeetingsStock Split
CytoSorbents Announces One-for-Twenty Reverse Stock Split
Neutral
Sep 8, 2026
On September 3, 2026, CytoSorbents announced that it would implement a one-for-twenty reverse stock split of its common stock, following shareholder approval at its August 13, 2026 annual meeting. The company filed an amendment to its certificate ...
Executive/Board ChangesShareholder MeetingsStock Split
CytoSorbents Shareholders Approve Governance Measures and Reverse Split
Positive
Aug 14, 2026
CytoSorbents Corporation held its 2026 Annual Meeting of Stockholders on August 13, 2026, with a quorum of 42,487,327 shares represented out of 62,842,748 outstanding. Stockholders elected five directors to serve until the 2027 meeting and approve...
Business Operations and StrategyFinancial Disclosures
Cytosorbents Advances Toward Operating Cash Flow Breakeven
Positive
Aug 7, 2026
On August 6, 2026, CytoSorbents reported Q2 2026 revenue of $9.6 million and trailing 12-month core CytoSorb product sales of $37.3 million, supported by strong gross margins of 73% and minimal operating cash burn of about $200,000 excluding restr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.