Cytosorbents Corporation
- Open
- 0.40
- Day high
- 0.41
- Day low
- 0.39
- Prev close
- 0.37
- Volume
- 22K
- Mkt cap
- $25M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 11.4
- P/S
- 0.7
- Yield
- —
- Per share
- —
- ▲Insiders net buying $149K over the last 3 months (3 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Cytosorbents Corporation (CTSO) is a Healthcare company listed on NASDAQ. The stock is down 69% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 0 sales (SEC Form 4).
Cytosorbents Corporation (CTSO) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CTSO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 13, 2026 | $-0.06 | $-0.08 | -33.3% | $9M | -5.7% |
| Mar 25, 2026 | $-0.05 | $-0.09 | -80.0% | $9M | -5.6% |
| Nov 13, 2025 | $-0.06 | $-0.04 | +33.3% | $9M | +2.9% |
| Aug 7, 2025 | $-0.07 | $-0.05 | +28.6% | $10M | +4.3% |
| May 14, 2025 | $-0.08 | $-0.06 | +25.0% | $9M | -3.1% |
| Mar 31, 2025 | $-0.07 | $-0.03 | +57.1% | $7M | -35.3% |
| Nov 7, 2024 | $-0.07 | $-0.08 | -14.3% | $9M | -8.9% |
| May 9, 2024 | $-0.12 | $-0.12 | +0.0% | $10M | +0.1% |
| Mar 14, 2024 | $-0.14 | $-0.12 | +14.3% | $9M | -6.6% |
| Nov 9, 2023 | $-0.12 | $-0.21 | -75.0% | $8M | -17.8% |
| May 2, 2023 | $-0.13 | $-0.17 | -30.8% | $8M | -9.4% |
| Mar 9, 2023 | $-0.17 | $-0.01 | +94.1% | $8M | -12.4% |
CTSO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 16, 2026 | MARIANI PETER Jofficer: Chief Financial Officer | Buy | 100,000 | $0.44 |
| Jun 15, 2026 | Chan Phillip P.director, officer: Chief Executive Officer | Buy | 251,136 | $0.40 |
| Jun 15, 2026 | Chan Phillip P.director, officer: Chief Executive Officer | Buy | 10,333 | $0.43 |
| Nov 20, 2025 | Chan Phillip P.director, officer: Chief Executive Officer | Grant | 100,000 | $0.64 |
| Aug 8, 2025 | Kim Jinydirector | Grant | 22,000 | $1.00 |
| Aug 8, 2025 | Deliargyris Efthymiosofficer: Chief Medical Officer | Grant | 70,000 | — |
| Aug 8, 2025 | Jones Edward Raymonddirector | Grant | 22,000 | $1.00 |
| Aug 8, 2025 | Chan Phillip P.director, officer: Chief Executive Officer | Grant | 105,600 | — |
| Aug 8, 2025 | Capponi Vincentofficer: President and COO | Grant | 89,100 | — |
| Aug 8, 2025 | Sobel Alan D.director | Grant | 22,000 | $1.00 |
| Aug 8, 2025 | Capponi Vincentofficer: President and COO | Grant | 111,100 | $1.00 |
| Aug 8, 2025 | MARIANI PETER Jofficer: Chief Financial Officer | Grant | 71,500 | — |
| Aug 8, 2025 | Chan Phillip P.director, officer: Chief Executive Officer | Grant | 136,400 | $1.00 |
| Aug 8, 2025 | BATOR MICHAEL G.director | Grant | 44,000 | $1.00 |
| Aug 8, 2025 | MARIANI PETER Jofficer: Chief Financial Officer | Grant | 90,000 | $1.00 |
Source: CTSO SEC Form 4 filings, latest Jun 16, 2026. For informational purposes only — not investment advice.
See the full CTSO insider & 13F page →Cytosorbents Corporation company profile
Overview
CytoSorbents Corporation (NASDAQ:CTSO) is a medical device company founded in 1997 and headquartered in Princeton, New Jersey. The company specializes in blood purification technology, developing and commercializing medical devices that remove harmful substances from blood during critical care situations. Originally incorporated as MedaSorb Technologies Corporation, the company changed its name to CytoSorbents Corporation in May 2010 and went public in 2006. Today, CytoSorbents operates primarily in international markets with over 270,000 of its flagship devices used across 70+ countries, while pursuing regulatory approval to enter the lucrative U.S. healthcare market.
Business
CytoSorbents operates in the blood purification segment of the medical device industry, which involves removing toxic substances, excess cytokines, and other harmful compounds from patients' blood during critical medical situations. The company's core technology platform uses proprietary adsorbent and porous polymer technology - essentially specialized materials that act like molecular sponges to selectively capture and remove specific substances from blood as it circulates through external filtration devices. The company's flagship product is CytoSorb, an extracorporeal (outside the body) cytokine filter used as adjunctive therapy in treating sepsis, critical care applications, and complications from heart surgery. Sepsis occurs when the body's immune system overreacts to infection, releasing excessive inflammatory molecules called cytokines that can cause organ failure and death. CytoSorb helps remove these excess cytokines from the blood, potentially reducing the severity of the inflammatory response. The device is also used during cardiopulmonary bypass surgery to prevent complications and in organ transplant procedures to maintain organ quality. Beyond CytoSorb, the company has developed several specialized variants and pipeline products representing approximately different revenue streams: 1. DrugSorb-ATR (Antithrombotic Removal): Currently under FDA review, this device removes blood-thinning medications like Brilinta from patients who need emergency heart surgery. This represents the company's primary growth opportunity for U.S. market entry, with an estimated addressable market of $300 million potentially expanding to over $1 billion. 2. PuriFi hemoperfusion pump: A standalone blood circulation system that enables CytoSorb treatment in healthcare facilities that lack existing dialysis infrastructure, essentially expanding the company's addressable market geographically. 3. Pipeline products including VetResQ for animal treatment, HemoDefend for blood supply purification, and various other specialized filtration devices for specific medical conditions. Current revenue is approximately 95% from CytoSorb and related products, with minimal contribution from grants and development programs.
Revenue model
CytoSorbents generates revenue primarily through direct product sales of single-use medical devices to hospitals, surgical centers, and healthcare distributors. The company's business model centers on selling disposable cartridges that must be replaced for each patient treatment, similar to a razor-and-blade model but in the medical device space. The company's customers are primarily hospitals and healthcare systems that purchase CytoSorb devices for use in intensive care units, cardiac surgery departments, and other critical care settings. Revenue streams include: direct sales to healthcare facilities (representing the largest portion), sales through medical device distributors and partners (approximately 20-25% of revenue), and minimal grant revenue from research partnerships. With 2024 product revenue of $35.6 million and gross margins of 71%, the company demonstrates strong unit economics on its core product. However, the business faces significant operating leverage challenges, with current operating losses of approximately $20 million annually despite positive gross margins. Several factors influence the company's profitability margins: Manufacturing scale significantly impacts gross margins, as higher production volumes reduce per-unit costs and the company has historically achieved gross margins between 70-80% depending on volume. Regulatory approval in new markets, particularly the United States, would dramatically expand addressable market and pricing power. Hospital capital spending cycles and staffing shortages in healthcare systems directly impact demand, as evidenced during the COVID-19 pandemic when procedure volumes fluctuated significantly. Currency fluctuations affect international revenue, as the company generates substantial sales in Europe. Competition from alternative blood purification technologies could pressure pricing, though CytoSorbents currently maintains a strong clinical evidence advantage with significantly more published studies than competitors. The company's path to profitability depends heavily on achieving sufficient scale to cover its fixed operating costs, which management targets through continued international expansion and potential U.S. market entry through DrugSorb-ATR approval.
Competitive moat
CytoSorbents possesses a moderate but potentially strengthening competitive moat based primarily on clinical evidence, regulatory barriers, and switching costs, though the moat faces meaningful challenges from technological and competitive threats. The company's strongest moat element is its extensive clinical evidence base, with over 270,000 device uses generating real-world data that competitors cannot easily replicate. This clinical evidence creates significant switching costs for hospitals, as medical professionals become familiar with CytoSorb's protocols and outcomes, and regulatory bodies increasingly require robust clinical data for approvals. The company has also built regulatory expertise and approvals across 70+ countries, creating barriers for new entrants who must navigate complex medical device approval processes. However, the moat has notable weaknesses. The core polymer adsorption technology appears to have limited patent protection, as evidenced by the company's focus on clinical differentiation rather than proprietary technology claims. The manufacturing process does not appear to have significant trade secrets or complexity that would prevent well-funded competitors from replicating the product. Additionally, the company operates in a highly regulated industry where large medical device companies with superior resources could potentially develop competing technologies. The most significant competitive threat comes from large medical device manufacturers like Baxter, Fresenius, or Medtronic, who possess greater financial resources, established hospital relationships, and existing blood purification product lines. These companies could develop competing cytokine removal technologies or acquire smaller competitors. Alternative treatment approaches for sepsis and critical care, including pharmaceutical interventions or next-generation blood purification technologies, could also disrupt the market. The company's moat strength will largely depend on successfully establishing itself in the U.S. market through DrugSorb-ATR approval, which would provide scale advantages and make it a more formidable competitor against larger rivals. Without U.S. market access, the company remains vulnerable to well-funded competition in its international markets.
Risks & safety
CytoSorbents presents moderate to high financial risk with limited margin of safety, characterized by cash burn concerns and high debt levels relative to its market capitalization. • Liquidity and Cash Burn: Pro forma cash position of approximately $17 million following recent financing, but with historical quarterly cash burn of $2-5 million, providing roughly 3-4 quarters of runway at current burn rates. Free cash flow of -$14.7 million in 2024 indicates continued cash consumption. • Debt and Solvency: Debt-to-equity ratio of 2.42 indicates high leverage. Total liabilities of $36.3 million against total assets of $47.4 million leaves limited equity cushion. However, current ratio of 2.20 suggests adequate short-term liquidity management. • Valuation Metrics: Trading at 1.9x 2024 revenue ($66 million market cap vs $35.6 million revenue), which appears reasonable for a medical device company but reflects the speculative nature given ongoing losses. Price-to-book ratio of 4.5x indicates premium valuation relative to tangible assets. • Other Considerations: Company has access to $20 million credit facility providing additional liquidity buffer. Revenue growth of 15% in 2024 demonstrates business momentum, but path to profitability remains uncertain without U.S. market approval. Management targets near cash flow breakeven by end of 2025, though execution risk is high.
Recent development
CytoSorbents has undergone significant strategic evolution over the past few years, pivoting from a COVID-19 beneficiary to a focused growth company preparing for U.S. market entry. The most critical development has been the DrugSorb-ATR regulatory submission to the FDA and Health Canada in 2024, representing the company's primary pathway to accessing the large North American market. This device, designed to remove blood-thinning medications during emergency cardiac surgery, received FDA breakthrough device designation and addresses an estimated $300 million addressable market that could expand to over $1 billion as generic alternatives to Brilinta become available. The company has also launched the PuriFi hemoperfusion pump, a standalone blood circulation system that enables CytoSorb treatment in healthcare facilities lacking existing dialysis infrastructure. This strategic initiative aims to expand the geographic addressable market, particularly in developing regions, following a printer-cartridge business model where the pump enables ongoing cartridge sales. Operationally, CytoSorbents has implemented significant cost reduction measures, cutting operating expenses by 30% year-over-year in 2024 and reducing workforce by 17% to preserve cash and extend runway toward profitability. The company paused the expensive STAR-D clinical trial to focus resources on the more promising DrugSorb-ATR opportunity. Financially, the company has strengthened its balance sheet through a $20 million credit facility with Avenue Capital Group and a $7.3 million shareholder rights offering, providing additional runway to reach key regulatory milestones. Management has set a target of achieving near cash flow breakeven in the core business by the end of 2025, contingent on continued international growth and potential U.S. market entry through DrugSorb-ATR approval. The company has also expanded its international presence, securing medical device registration in Taiwan and forming strategic partnerships in India, while reorganizing its German sales operations to restore growth in that key market.
CTSO company profile · for informational purposes only — not investment advice.
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