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what it is
CytoSorbents sells blood-cleaning devices for ICU and cardiac surgery patients.
how it gets paid
Last year Cytosorbents made $36M in revenue. CytoSorb ICU use was the main engine at $18M, or 50% of sales.
what just happened
Revenue hit $28M in the latest quarter, but EPS stayed at -$0.04.
At a glance
C+ balance sheet — struggling to keep the lights on
40/100 earnings predictability — expect surprises
-$0.38 fy2024 eps est
$2B fy2026 rev est
47.2% operating margin
xvary composite: 24/100 — weak
What they do
CytoSorbents sells blood-cleaning devices for ICU and cardiac surgery patients.
CytoSorb is EU-approved as safe and effective, so your hospital buyer is not gambling on a lab demo. The company has 149 employees and sells through its own reps plus distributors. That means your patient-facing team gets a device already tied to ICU and cardiac surgery routines, where changing the setup is pain.
How they make money
$36M
annual revenue
CytoSorb ICU use
$18M
CytoSorb cardiac surgery
$9M
Distributor and partner sales
$5M
CytoSorb-XL and other pipeline
$4M
The products that matter
blood purification device
CytoSorb
$37M revenue · 73–75% gross margin
it's the commercial business today: $37M in annual revenue with 73–75% gross margin. that's attractive unit economics on a revenue base that is still small.
core revenue
antithrombotic drug removal device
DrugSorb-ATR
De Novo path · decision expected mid-2026
this is the catalyst product. a De Novo FDA application is expected in Q1 2026, with a regulatory decision expected mid-2026. for a $44M company, that is not a side plot.
binary catalyst
Key numbers
$36M
annual revenue
This is the size of the whole business. It is tiny next to the $44M market cap, which tells you the stock is priced on hope, not scale.
47.2%
operating margin
For every $1 of sales, the company lost about 47 cents at the operating line. That is a cash drain, not a victory lap.
70.7%
gross margin
The device keeps 71 cents of each sales dollar before overhead. That is the one number keeping the model alive.
$27M
long-term debt
Debt is $27M, or 37% of capital. That is a real burden for a company with $36M of annual revenue.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $27M (37% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for CTSO right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $28M in the latest quarter, but EPS stayed at -$0.04.
Sales were up 193% vs. prior year. Gross margin held at 70.7%, but the business still carried a -47.2% operating margin on the year.
$9M
revenue
-$0.04
eps
70.7%
gross margin
revenue
The $28M quarter mattered because it proved demand can scale fast, but the margin gap still swallows the gains.
source: company earnings report, 2025
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What could go wrong
the #1 risk is DrugSorb-ATR failing to reach the market before cash pressure forces dilution.
med
cash burn and funding risk
A -101% return on equity and a C+ balance sheet tell you the capital structure is already under strain. With a $44M market cap and $27M in long-term debt, this company does not have much room for operational misses.
If operating cash needs keep rising, existing shareholders are the easiest source of financing. That usually means dilution.
med
binary FDA outcome for DrugSorb-ATR
The De Novo application is expected in Q1 2026, with a decision expected mid-2026. For a company this size, approval changes the narrative. Delay or rejection probably keeps it trapped as a one-product story.
That puts a meaningful share of the valuation on one regulatory event rather than on already proven commercial scale.
med
revenue concentration
CytoSorb generates the current $37M revenue base. Q4 revenue was flat at $9.2M, which is a reminder that strong margin does not automatically produce growth.
If the core product stalls while the pipeline waits on regulators, the thesis narrows from growth story to survival story very quickly.
A $44M company with $37M in revenue, $27M in debt, and one decision expected mid-2026 is carrying concentrated risk by definition.
source: institutional data · regulatory filings · risk analysis
Pay attention to
regulatory catalyst
DrugSorb-ATR FDA decision
Expected mid-2026. This is the event most likely to change how the market values the whole company.
calendar
Q1 2026 De Novo submission
The filing itself matters because it turns the story from anticipated catalyst to active regulatory review.
financial
gross margin versus cash pressure
73–75% gross margin is strong. Watch whether that strength starts funding the business, or just masks how small the revenue base still is.
trend
whether $37M revenue starts compounding
Flat Q4 revenue at $9.2M is the quiet warning sign. The core business needs to grow, not just hold margin, for the equity story to improve.
Analyst rankings
earnings predictability
40 / 100
Low predictability means the business does not produce smooth, easily modeled earnings. In human-speak, surprises are part of the package.
beta
1.1
Beta measures how much a stock tends to move with the market. Here it says "roughly market-like," but the bigger risk is still company-specific execution and regulation.
risk rank
5
Safer than 5% of stocks means riskier than 95% of them. Welcome to micro-cap medtech.
source: institutional data
Institutional activity
institutional ownership data for CTSO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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