CTSO

MKT CAP:$40M

Cytosorbents Corporation

Market Cap

$40M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$0.65-$0.01 (-1.20%)

Apr 23, 2026

Company Details

Cytosorbents Corporation engages in the research, development, and commercialization of medical devices with its blood purification technology platform incorporating a proprietary adsorbent and porous polymer technology. Its flagship produc...

CEO

Phillip Chan

IPO Date

Aug 8, 2006

Website

www.cytosorbents.com

Key Metrics TTM

Revenue

$37M

+7.4% YoY

Net Income

-$8M

EPS (Diluted)

-$0.13

Free Cash Flow

-$13M

Revenue / Share

$0.59

Gross Margin

71.5%

Operating Margin

-38.9%

Net Margin

-22.1%

FCF Margin

-33.8%

P/S

1.1x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 30, 2026

$37M+4.1%EPS -$0.13

Q4 2025

Mar 30, 2026

$9M+0.9%EPS -$0.09

Q3 2025

Nov 13, 2025

$9M+10.1%EPS -$0.05

Q2 2025

Aug 7, 2025

$10MEPS $0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$9M	$6M	-$5M
Q4 21	$11M	$8M	-$10M
Q1 22	$8M	$6M	-$8M
Q2 22	$8M	$5M	-$8M
Q3 22	$6M	$2M	-$9M
Q4 22	$9M	$6M	-$6M
Q1 23	$9M	$5M	-$8M
Q2 23	$9M	$6M	-$7M
Q3 23	$8M	$5M	-$7M
Q1 24	$9M	$7M	-$5M
Q3 24	$9M	$5M	-$4M
Q4 24	$9M	$9M	-$4M
Q1 25	$9M	$6M	-$4M
Q2 25	$10M	$7M	-$4M
Q3 25	$9M	$7M	-$3M
Q4 25	$9M	$7M	-$4M

Valuation

Quarter	P/S	P/E
Q3 21	8.1x	—
Q4 21	4.4x	—
Q1 22	3.4x	—
Q2 22	2.6x	—
Q3 22	1.8x	—
Q4 22	2.6x	—
Q1 23	4.5x	—
Q2 23	4.5x	—
Q3 23	2.4x	—
Q1 24	1.2x	—
Q3 24	2.3x	—
Q4 24	1.4x	—
Q1 25	1.5x	—
Q2 25	2.2x	—
Q3 25	1.6x	—
Q4 25	1.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$4M	-$5M
Q4 21	-$5M	-$7M
Q1 22	-$8M	-$9M
Q2 22	-$8M	-$13M
Q3 22	-$7M	-$7M
Q4 22	-$5M	-$6M
Q1 23	-$3M	-$4M
Q2 23	-$7M	-$7M
Q3 23	-$5M	-$5M
Q1 24	-$5M	-$5M
Q3 24	-$2M	-$3M
Q4 24	-$2M	-$2M
Q1 25	-$3M	-$4M
Q2 25	-$2M	-$2M
Q3 25	-$3M	-$3M
Q4 25	-$5M	-$5M

Capital Expenditures

Quarter	CapEx
Q3 21	$1M
Q4 21	$2M
Q1 22	$848.0K
Q2 22	$5M
Q3 22	$716.5K
Q4 22	$206.1K
Q1 23	$682.9K
Q2 23	$209.4K
Q3 23	$257.7K
Q1 24	$127.0K
Q3 24	$298.4K
Q4 24	$124.2K
Q1 25	$47.2K
Q2 25	$36.9K
Q3 25	$17.0K
Q4 25	$62.9K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-13.1%	+17.2%
Q4 21	-9.8%	+39.4%
Q1 22	-21.9%	+20.9%
Q2 22	-25.3%	+3.5%
Q3 22	-27.4%	+8.2%
Q4 22	-12.9%	-22.6%
Q1 23	+19.2%	+10.3%
Q2 23	+10.9%	-5.2%
Q3 23	+20.0%	-2.4%
Q1 24	-4.3%	-13.3%
Q3 24	-8.9%	-25.0%
Q4 24	-2.9%	-17.4%
Q1 25	+12.6%	-16.5%
Q2 25	+7.0%	-3.0%
Q3 25	+10.1%	-5.1%
Q4 25	+0.9%	+0.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$1M	15.3%
Q4 21	$1M	10.2%
Q1 22	$946.5K	11.9%
Q2 22	$0	0.0%
Q3 22	$1M	21.4%
Q4 22	$1M	11.7%
Q1 23	$1M	11.4%
Q2 23	$214.5K	2.3%
Q3 23	$1M	17.4%
Q1 24	$959.5K	10.7%
Q3 24	$486.5K	5.6%
Q4 24	$2M	16.5%
Q1 25	$818.4K	9.4%
Q2 25	$0	0.0%
Q3 25	$488.0K	5.1%
Q4 25	$1M	15.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 21	$4M	$8M	—	—
Q4 21	$6M	$641.2K	$160.0K	—
Q1 22	$4M	$10M	—	—
Q2 22	$4M	$553.1K	$115.0K	—
Q3 22	$3M	$9M	—	—
Q4 22	$3M	$554.0K	$224.0K	—
Q1 23	$4M	$669.2K	$55.0K	—
Q2 23	$4M	$1M	$38.0K	—
Q3 23	$4M	$9M	—	—
Q1 24	$2M	$9M	$35.2K	—
Q3 24	$2M	$8M	—	—
Q4 24	$1M	—	—	$10M
Q1 25	$2M	—	—	—
Q2 25	$1M	—	—	—
Q3 25	$918.0K	—	—	$9M
Q4 25	$1M	—	—	$10M

Revenue Segments

Quarter	Cyto Sorb Sales	Other Sales	Other product sales
Q3 21	$9M	$797	—
Q1 22	$8M	—	$57.6K

Revenue by Geography

Quarter	All other countries	Germany	United States
Q3 21	$5M	$4M	$577.4K
Q1 22	$4M	$4M	$212.3K
Q3 22	$4M	$2M	$200.5K
Q1 23	$5M	$3M	$2M
Q2 23	$5M	$3M	$1M
Q4 24	$6M	$4M	—
Q1 25	$6M	$3M	$62.6K
Q2 25	$6M	$3M	$61.0K
Q3 25	$7M	$3M	$28.0K
Q4 25	$6M	$3M	$97.4K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$43M	$0	$43M
Q2 22	$30M	$0	$30M
Q3 22	$23M	$0	$23M
Q4 22	$22M	$0	$22M
Q1 23	$19M	$0	$19M
Q2 23	$13M	$0	$13M
Q3 23	$8M	$0	$8M
Q4 23	$14M	$0	$14M
Q1 24	$9M	$0	$9M
Q2 24	$8M	$0	$8M
Q3 24	$6M	$0	$6M
Q4 24	$3M	$0	$3M
Q1 25	$12M	$0	$12M
Q2 25	$10M	$0	$10M
Q3 25	$8M	$0	$8M
Q4 25	$6M	$0	$6M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	43M	+0.2%	+4.3%
Q4 21	43M	+0.2%	+4.5%
Q1 22	43M	+0.0%	+0.6%
Q2 22	44M	+0.2%	+0.6%
Q3 22	44M	+0.1%	+0.5%
Q4 22	43M	-0.3%	+0.0%
Q1 23	44M	+0.5%	+0.4%
Q2 23	44M	+0.8%	+1.0%
Q3 23	44M	+0.8%	+1.8%
Q1 24	54M	+22.3%	+24.8%
Q3 24	54M	+0.4%	+24.7%
Q4 24	55M	+0.5%	+24.3%
Q1 25	61M	+11.0%	+36.9%
Q2 25	67M	+10.6%	+23.8%
Q3 25	63M	-6.6%	+15.2%
Q4 25	63M	+0.1%	+14.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$45.7K	195
Q4 21	$48.8K	221
Q1 22	$35.9K	221
Q2 22	$38.4K	221
Q3 22	$29.2K	221
Q4 22	$47.4K	198
Q1 23	$47.7K	198
Q2 23	$47.6K	198
Q3 23	$39.2K	198
Q1 24	$48.3K	186
Q3 24	$46.3K	186
Q4 24	$61.4K	149
Q1 25	$58.6K	149
Q2 25	$64.5K	149
Q3 25	$63.7K	149
Q4 25	$71.6K	129

Revenue / Employee