Cytosorbents Corp CTSO
We are a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery through blood purification. CytoSorbents' proprietary blood purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption. Cartridges filled with these beads can be used with standard blood pumps already in the hospital (e.g. dialysis, continuous renal replacement therapy or CRRT, extracorporeal membrane oxygenation or ECMO, and heart-lung machines), where blood is repeatedly recirculated outside the body, through our cartridges where toxic substances are removed, and then back into the body. CytoSorbents' technologies are used in a number of broad applications. Specifically, two important applications are 1) the removal of blood thinners during and after cardiothoracic surgery to reduce the risk of severe bleeding, and 2) the removal of inflammatory agents and toxins in common critical illnesses that can lead to massive inflammation, organ failure and patient death. The breadth of these critical illnesses include, for example, sepsis, burn injury, trauma, lung injury, liver failure, cytokine release syndrome, and pancreatitis as well as the removal of liver toxins that accumulate in acute liver dysfunction or failure, and the removal of myoglobin in severe rhabdomyolysis that can otherwise lead to renal failure. In these diseases, the risk of death can be extremely high, and there are few, if any, effective treatments.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $37.1M | $35.6M | $31.1M | $34.7M | $43.2M | $41.0M | $24.9M | $22.5M | $15.2M | $8.2M |
| Cost of revenue | $10.6M | $10.7M | $9.1M | $14.0M | $11.0M | $11.1M | $7.4M | $7.5M | $5.5M | $4.0M |
| Gross profit | $26.5M | $24.9M | $22.0M | $20.7M | $32.1M | $30.0M | $17.6M | $15.0M | $9.6M | $5.6M |
| R&D | — | — | $15.7M | $15.1M | $16.4M | $8.8M | $12.1M | $7.7M | $3.2M | $4.1M |
| SG&A | $35.6M | $33.7M | $38.3M | $34.3M | $35.8M | $28.5M | $22.0M | $20.9M | $14.9M | $11.8M |
| Total operating expenses | $41.2M | $41.3M | $53.9M | $52.3M | $54.9M | $40.3M | $36.6M | $30.6M | $19.5M | $17.1M |
| Operating income | -$14.7M | -$16.5M | -$31.9M | -$31.5M | -$22.7M | -$10.4M | -$19.0M | -$15.6M | -$9.8M | -$11.5M |
| Pre-tax income | -$8.6M | -$22.4M | -$30.1M | -$33.9M | -$25.3M | -$9.0M | -$20.4M | -$17.8M | -$9.1M | -$12.1M |
| Income tax | $401.0K | $1.7M | $813.7K | $1.1M | $736.0K | $1.1M | $1.1M | $619.5K | $676.7K | $318.6K |
| Net income | -$8.2M | -$20.7M | -$29.2M | -$32.8M | -$24.6M | -$7.8M | -$19.3M | -$17.2M | -$8.5M | -$11.8M |
| EPS, basic | -0.13 | -0.38 | -0.65 | -0.75 | -0.57 | -0.20 | -0.60 | — | — | — |
| EPS, diluted | -0.13 | -0.38 | -0.65 | -0.75 | -0.57 | -0.20 | -0.60 | -0.56 | -0.32 | -0.46 |
| Shares, diluted (wtd. avg.) | $62.2M | $54.4M | $44.7M | $43.6M | $43.4M | $38.8M | $32.3M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.2M | $3.3M | $15.6M | $23.8M | $53.8M | $71.4M | $12.2M | $22.4M | $17.3M | $5.2M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $0 |
| Receivables | $7.5M | $7.3M | $6.1M | $5.7M | $4.5M | $5.2M | $4.5M | $3.9M | $2.2M | $1.4M |
| Inventory | $5.3M | $2.7M | $2.0M | $1.7M | $4.8M | $2.7M | $2.1M | $833.1K | $795.7K | $834.0K |
| Total current assets | $20.6M | $21.6M | $23.6M | $28.2M | $64.3M | $82.5M | $20.9M | $28.3M | $20.7M | $7.8M |
| Property, plant and equipment | $7.8M | $9.0M | $10.1M | $10.7M | $5.2M | $2.1M | $1.9M | $1.7M | $1.4M | $569.4K |
| Other intangibles | $3.2M | $3.7M | $3.9M | $4.4M | $4.7M | $4.2M | $3.4M | $2.6M | $1.8M | — |
| Total assets | $44.2M | $47.4M | $52.4M | $57.5M | $89.5M | $90.0M | $27.4M | $34.2M | $24.1M | $9.7M |
| Accounts payable | $2.9M | $3.3M | $3.8M | $1.7M | $2.8M | $1.8M | $2.0M | $1.5M | $1.2M | $1.3M |
| Short-term debt | — | — | $2.5M | — | — | $0 | $1.7M | $666.7K | $4.0M | $833.3K |
| Total current liabilities | $9.7M | $9.8M | $10.0M | $9.5M | $13.7M | $10.2M | $9.9M | $6.9M | $7.8M | $4.3M |
| Long-term debt | $16.7M | $14.0M | $2.5M | $5.0M | — | $0 | $13.4M | $9.3M | $6.0M | $4.1M |
| Total liabilities | $38.3M | $36.3M | $28.0M | $27.5M | $26.9M | $10.7M | $24.0M | $17.3M | $13.8M | $8.4M |
| Retained earnings | -$312.2M | -$304.0M | -$268.0M | -$261.4M | -$221.2M | -$196.6M | -$188.8M | -$169.5M | -$152.3M | -$143.5M |
| Total equity | $5.9M | $11.1M | $23.5M | $35.4M | $62.6M | $79.2M | $3.4M | $16.9M | $10.3M | $1.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$12.4M | -$14.4M | -$21.7M | -$28.2M | -$14.0M | -$5.6M | -$16.8M | -$10.8M | -$6.5M | -$6.7M |
| Depreciation and amortisation | $1.2M | $1.3M | $1.2M | $688.6K | $571.2K | $553.9K | $495.7K | $329.5K | $177.8K | $126.1K |
| Stock-based compensation | $2.8M | $3.8M | $4.2M | $3.4M | $4.0M | $3.5M | $1.7M | $4.4M | $3.3M | $2.8M |
| Capital expenditure | $164.0K | $284.0K | $538.1K | $6.1M | $3.6M | $708.4K | $698.2K | $672.0K | $990.7K | $140.7K |
| Investing cash flow | -$415.0K | -$669.0K | -$936.2K | -$6.5M | -$4.3M | -$1.7M | -$1.5M | -$1.5M | -$1.7M | $1.6M |
| Financing cash flow | $9.3M | $9.3M | $14.5M | $5.0M | $715.2K | $66.3M | $8.2M | $17.5M | $20.1M | $5.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-077798.
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