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1. Company Snapshot

1.a. Company Description

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 product is CytoSorb, an extracorporeal cytokine filter for adjunctive therapy in the treatment of sepsis, adjunctive therapy in other critical care applications, prevention and treatment of perioperative complications of cardiopulmonary bypass surgery, and maintaining or enhancing the quality of solid organs harvested from donors for organ transplant.The company also develops VetResQ, a device for adjunctive therapy in the treatment of sepsis, pancreatitis, and other critical illnesses in animals; CytoSorb-XL, a device for adjunctive therapy in the treatment of sepsis and other critical illnesses; HemoDefend blood purification technology platform to reduce contaminants in the blood supply that can cause transfusion reactions or disease when administering blood and blood products to patients, as well as removal of anti-A and anti-B blood group antibodies from fresh whole blood and plasma; K+ontrol for treatment of severe hyperkalemia in patients with life-threatening conditions; and ContrastSorb for the removal of IV contrast in blood administered during CT imaging, an angiogram, or during a vascular interventional radiology procedure to reduce the risk of contrast-induced nephropathy.


In addition, it is involved in the development of BetaSorb, a device for the prevention and treatment of health complications caused by the accumulation of metabolic toxins in patients with chronic renal failure; DrugSorb, a device to remove toxic chemicals from the blood; and DrugSorb-ATR, an antithrombotic removal system.The company was formerly known as MedaSorb Technologies Corporation and changed its name to Cytosorbents Corporation in May 2010.Cytosorbents Corporation was founded in 1997 and is headquartered in Princeton, New Jersey.

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1.b. Last Insights on CTSO

CytoSorbents Corporation's recent performance was driven by strong product revenue growth, estimated at 22% to 25% year-over-year in the fourth quarter. The company's gross margin is also expected to improve to approximately 70% in the same period. Additionally, CytoSorbents' management will host investor meetings in San Francisco during the J.P. Morgan Healthcare Conference week, indicating increased investor interest and potential opportunities for the company.

1.c. Company Highlights

2. CytoSorbents' Q3 2025 Earnings: Progress on Multiple Fronts

CytoSorbents reported revenue of $9.5 million for Q3 2025, a 10% year-over-year increase, with core product revenue reaching $37 million, also a 10% increase. The gross margin remained strong at 70%. The company's EPS loss was narrower than expected, at $-0.04 compared to analyst estimates of $-0.06. The revenue growth was driven by record sales in distributor territories and direct markets, although the German market declined by 3%. As noted by Pete Mariani, the company is "pleased with the 70% level and sees opportunities for improvement through increased efficiencies and higher volumes."

Publication Date: Nov -18

📋 Highlights
  • Core Product Revenue Growth:: Achieved $37 million in revenue, up 10% YoY, driven by record sales in distributor and direct markets.
  • DrugSorb-ATR Regulatory Timeline:: FDA pre-submission meeting expected late 2025/early 2026, with de novo submission planned for Q1 2026.
  • Financial Performance:: Total revenue reached $9.5 million, a 10% YoY increase, with a stable 70% gross margin.
  • Cost Optimization:: Launched workforce and operational cost reduction programs to achieve cash flow breakeven by Q1 2026.
  • Loan Amendment:: Secured $2.5 million immediate funding and extended interest-only period on the Avenue Capital loan to December 31, 2026.

Operational Highlights and Future Prospects

The company is making progress on its U.S. regulatory path for DrugSorb-ATR, with a pre-submission meeting expected in late 2025 or early 2026, and plans to file a new de novo submission in the first quarter of 2026. This device addresses an unmet medical need by removing blood thinners from the bloodstream. The company's international business remains strong, with CytoSorb approved in the European Union and available in over 70 countries.

Cash Flow and Funding

CytoSorbents has taken steps to achieve cash flow breakeven in Q1 2026 through a strategic workforce and cost reduction program. The company amended its loan and security agreement with Avenue Capital Partners, securing immediate funding of $2.5 million and extending the interest-only period to December 31, 2026. It has also issued warrants to Avenue Capital to purchase 1.4 million shares of common stock.

Valuation and Growth Prospects

Analysts estimate next year's revenue growth at 22.5%. The current valuation metrics indicate a P/S Ratio of 1.2 and an EV/EBITDA of -2.94. The ROE is -91.54%, and the ROIC is -35.8%. Given the company's progress on multiple fronts, including its regulatory path for DrugSorb-ATR and its strong international business, the valuation appears to be reasonable. However, investors will need to closely monitor the company's ability to achieve cash flow breakeven and drive long-term shareholder value creation.

3. NewsRoom

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Updated: CytoSorbents to Present at the Jefferies Global Healthcare Conference in London

Nov -17

Source: prnewswire.com

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Cytosorbents Corporation (CTSO) Q3 2025 Earnings Call Transcript

Nov -14

Source: seekingalpha.com

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CytoSorbents Reports Third Quarter 2025 Financial Results and Provides Business Update

Nov -13

Source: prnewswire.com

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CytoSorbents to Participate at the Jefferies Global Healthcare Conference in London

Nov -11

Source: prnewswire.com

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CytoSorbents to Report Third Quarter 2025 Financial Results and Recent Business Highlights

Oct -30

Source: prnewswire.com

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In Memoriam: Dr. Robert Hawes Bartlett (1939-2025) - Father of Extracorporeal Membrane Oxygenation (ECMO) and Former CytoSorbents Chief Medical Officer

Oct -28

Source: prnewswire.com

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CytoSorbents to Showcase Pioneering New Cardiac Surgery Data in Key Applications at the EACTS 2025 Annual Meeting in Copenhagen

Sep -29

Source: prnewswire.com

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CytoSorbents Provides DrugSorb-ATR Regulatory Update

Sep -16

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.96%)

6. Segments

CytoSorb

Expected Growth: 9.03%

CytoSorb's 9.03% growth driven by increasing adoption in cardiac surgery, sepsis treatment, and growing demand for blood purification technologies. Strong sales in Europe and Asia, coupled with expanding distribution channels, contribute to growth. Additionally, ongoing clinical trials and regulatory approvals for new indications fuel further expansion.

Grant

Expected Growth: 8.5%

Cytosorbents Corporation's 8.5% growth is driven by increasing adoption of its CytoSorb blood purification technology, expansion into new markets, and growing demand for critical care products. Additionally, strategic partnerships, investments in R&D, and a strong sales pipeline contribute to the company's growth momentum.

Other

Expected Growth: 10.42%

Cytosorbents' 10.42% growth driven by increasing adoption of CytoSorb blood purification technology in cardiac surgery and ICU, expansion into new markets, and growing demand for critical care products. Strong sales in Germany and the US, coupled with increasing distribution partnerships, contribute to the company's growth momentum.

7. Detailed Products

CytoSorb

CytoSorb is a porous polymer bead-based blood purification therapy that reduces excessive levels of cytokines and other inflammatory mediators in the blood, which can contribute to organ dysfunction and failure.

OmegaThera

OmegaThera is a novel, proprietary technology platform that enables the development of novel, targeted therapies for various diseases and conditions.

HemoDefend

HemoDefend is a blood purification technology that removes inflammatory mediators and other toxins from the blood, which can contribute to organ dysfunction and failure.

ContrastSorb

ContrastSorb is a blood purification technology that removes iodinated contrast agents from the blood, which can contribute to kidney damage and other complications.

8. Cytosorbents Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Cytosorbents Corporation operates in the medical technology industry, where substitutes are limited. However, the company's products may face competition from alternative treatments or therapies.

Bargaining Power Of Customers

Cytosorbents Corporation's customers are primarily hospitals and healthcare providers, who have limited bargaining power due to the company's specialized products and limited alternatives.

Bargaining Power Of Suppliers

Cytosorbents Corporation relies on a few key suppliers for raw materials and components. While the company has some bargaining power, suppliers may still exert some influence on prices and delivery terms.

Threat Of New Entrants

The medical technology industry has high barriers to entry, including significant research and development costs, regulatory hurdles, and the need for specialized expertise. New entrants are unlikely to pose a significant threat to Cytosorbents Corporation.

Intensity Of Rivalry

Cytosorbents Corporation operates in a competitive industry, but the company's specialized products and strong intellectual property position help to mitigate the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 18.88%
Debt Cost 3.95%
Equity Weight 81.12%
Equity Cost 7.06%
WACC 6.47%
Leverage 23.27%

11. Quality Control: Cytosorbents Corporation passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Hyperfine

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Value: 6.8

Growth: 7.4

Quality: 4.0

Yield: 0.0

Momentum: 9.0

Volatility: 0.7

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Apyx Medical

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Value: 6.8

Growth: 2.9

Quality: 3.6

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Value: 6.8

Growth: 4.7

Quality: 3.8

Yield: 0.0

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Volatility: 1.0

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Cytosorbents

A-Score: 3.4/10

Value: 7.6

Growth: 4.7

Quality: 3.9

Yield: 0.0

Momentum: 3.0

Volatility: 1.0

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Value: 6.6

Growth: 2.2

Quality: 2.4

Yield: 0.0

Momentum: 2.0

Volatility: 1.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.73$

Current Price

0.73$

Potential

-0.00%

Expected Cash-Flows