Cytosorbents Corp Financials
This page shows Cytosorbents Corp (CTSO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 29 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
High gross margins are still being overwhelmed by a financing-dependent cost structure, leaving operations reliant on outside capital.
From FY2023 to FY2025, net loss improved from-$29.2M to-$8.2M , showing the income statement moved meaningfully toward break-even. But free cash flow remained-$12.5M in FY2025 while financing inflows were$9.3M , so the business is still being carried by outside capital rather than self-funding.
Gross margin held near
Liquidity looks acceptable on paper with a current ratio of 2.1x, but the cushion is thinner than it appears because cash was only
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Cytosorbents Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cytosorbents Corp scores -9.48, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($24.0M) relative to total liabilities ($38.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Cytosorbents Corp passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Cytosorbents Corp generates $1.51 in operating cash flow (-$12.4M OCF vs -$8.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Cytosorbents Corp generated $37.1M in revenue in fiscal year 2025. This represents an increase of 4.1% from the prior year.
Cytosorbents Corp's EBITDA was -$13.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.6% from the prior year.
Cytosorbents Corp reported -$8.2M in net income in fiscal year 2025. This represents an increase of 60.4% from the prior year.
Cytosorbents Corp earned $-0.13 per diluted share (EPS) in fiscal year 2025. This represents an increase of 65.8% from the prior year.
Cash & Balance Sheet
Cytosorbents Corp generated -$12.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 14.8% from the prior year.
Cytosorbents Corp held $6.2M in cash against $16.7M in long-term debt as of fiscal year 2025.
Cytosorbents Corp had 63M shares outstanding in fiscal year 2025. This represents an increase of 14.5% from the prior year.
Margins & Returns
Cytosorbents Corp's gross margin was 71.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.6 percentage points from the prior year.
Cytosorbents Corp's operating margin was -39.8% in fiscal year 2025, reflecting core business profitability. This is up 6.4 percentage points from the prior year.
Cytosorbents Corp's net profit margin was -22.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 36.1 percentage points from the prior year.
Cytosorbents Corp's ROE was -138.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 47.7 percentage points from the prior year.
Capital Allocation
Cytosorbents Corp invested $164K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 42.3% from the prior year.
CTSO Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.9M-4.0% | $9.2M-2.6% | $9.5M-1.4% | $9.6M+10.2% | $8.7M-4.6% | $9.2M+6.2% | $8.6M-2.6% | $8.8M |
| Cost of Revenue | $2.7M+12.5% | $2.4M-13.8% | $2.8M+0.6% | $2.8M+11.2% | $2.5M-13.0% | $2.9M-13.7% | $3.4M+43.5% | $2.3M |
| Gross Profit | $6.1M-9.9% | $6.8M+2.1% | $6.7M-2.2% | $6.8M+9.8% | $6.2M-0.8% | $6.3M+19.0% | $5.3M-19.2% | $6.5M |
| R&D Expenses | $1.0M | N/A | N/A | N/A | $1.7M | N/A | $1.9M+21.8% | $1.5M |
| SG&A Expenses | $8.1M-13.6% | $9.4M+9.6% | $8.6M-6.1% | $9.2M+8.7% | $8.4M+10.4% | $7.6M-7.6% | $8.3M-3.4% | $8.6M |
| Operating Income | -$3.0M+30.6% | -$4.4M-53.2% | -$2.9M+20.8% | -$3.6M+7.0% | -$3.9M-14.5% | -$3.4M+29.7% | -$4.8M-35.3% | -$3.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $0 | N/A | -$401K | N/A | $0 | N/A | $0 | N/A |
| Net Income | -$5.1M+6.7% | -$5.5M-73.4% | -$3.2M-262.8% | $1.9M+231.6% | -$1.5M+80.5% | -$7.6M-173.4% | -$2.8M+35.5% | -$4.3M |
| EPS (Diluted) | $-0.08 | N/A | $-0.05-266.7% | $0.03+250.0% | $-0.02 | N/A | $-0.05+37.5% | $-0.08 |
CTSO Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $40.6M-8.2% | $44.2M-3.4% | $45.8M-4.7% | $48.0M-5.5% | $50.8M+7.2% | $47.4M-0.9% | $47.8M-10.5% | $53.4M |
| Current Assets | $17.8M-13.9% | $20.6M-3.2% | $21.3M-7.3% | $23.0M-9.5% | $25.4M+17.6% | $21.6M+30.2% | $16.6M-24.4% | $22.0M |
| Cash & Equivalents | $4.8M-23.0% | $6.2M-17.1% | $7.5M-26.1% | $10.2M-11.9% | $11.6M+253.3% | $3.3M-42.3% | $5.7M-32.8% | $8.5M |
| Inventory | $4.5M-15.1% | $5.3M+32.0% | $4.0M+7.9% | $3.7M+22.9% | $3.0M+10.4% | $2.7M-15.8% | $3.2M-24.8% | $4.3M |
| Accounts Receivable | $7.2M-5.3% | $7.5M+1.7% | $7.4M-4.1% | $7.7M+0.9% | $7.7M+4.8% | $7.3M+10.4% | $6.6M-15.2% | $7.8M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $38.4M+0.2% | $38.3M+4.2% | $36.7M+0.9% | $36.4M+0.5% | $36.2M-0.1% | $36.3M+4.6% | $34.7M-3.7% | $36.0M |
| Current Liabilities | $16.3M+67.9% | $9.7M-4.0% | $10.1M+2.7% | $9.8M+1.1% | $9.7M-0.9% | $9.8M+18.6% | $8.3M-14.1% | $9.6M |
| Long-Term Debt | $10.3M-38.1% | $16.7M+14.4% | $14.6M+1.3% | $14.4M+1.3% | $14.2M+1.4% | $14.0M+1.4% | $13.8M+1.0% | $13.7M |
| Total Equity | $2.2M-62.8% | $5.9M-34.6% | $9.0M-22.1% | $11.6M-20.3% | $14.5M+30.9% | $11.1M-17.0% | $13.4M-23.2% | $17.4M |
| Retained Earnings | -$317.3M-1.6% | -$312.2M-1.8% | -$306.7M-1.0% | -$303.5M+0.6% | -$305.5M-0.5% | -$304.0M-2.6% | -$296.4M-0.9% | -$293.7M |
CTSO Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.2M+75.9% | -$4.8M-87.2% | -$2.6M-70.8% | -$1.5M+56.5% | -$3.5M-48.1% | -$2.3M+5.0% | -$2.5M+48.6% | -$4.8M |
| Capital Expenditures | $11K-89.8% | $108K+535.3% | $17K-54.1% | $37K+1750.0% | $2K-97.1% | $69K-54.6% | $152K+753.5% | $18K |
| Free Cash Flow | -$1.2M+76.2% | -$4.9M-90.2% | -$2.6M-67.8% | -$1.5M+55.4% | -$3.5M-43.9% | -$2.4M+7.8% | -$2.6M+45.7% | -$4.8M |
| Investing Cash Flow | -$46K+84.2% | -$291K-629.1% | $55K+141.7% | -$132K-180.9% | -$47K+62.1% | -$124K+58.5% | -$299K-151.3% | -$119K |
| Financing Cash Flow | $6.8M+175.7% | $2.5M | $0 | $0-100.0% | $6.8M+3990.4% | $167K+268.7% | -$99K-101.0% | $9.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CTSO Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.2%-4.5pp | 73.7%+3.4pp | 70.3%-0.6pp | 70.9%-0.3pp | 71.1%+2.8pp | 68.3%+7.3pp | 61.0%-12.5pp | 73.6% |
| Operating Margin | -34.3%+13.1pp | -47.5%-17.3pp | -30.2%+7.4pp | -37.6%+7.0pp | -44.5%-7.4pp | -37.1%+19.0pp | -56.1%-15.7pp | -40.4% |
| Net Margin | -57.9%+1.6pp | -59.5%-26.1pp | -33.4%-53.7pp | 20.3%+37.2pp | -17.0%+65.8pp | -82.7%-50.6pp | -32.1%+16.4pp | -48.6% |
| Return on Equity | -233.8%-140.7pp | -93.1%-58.0pp | -35.1%-51.9pp | 16.8%+27.0pp | -10.2%+58.0pp | -68.1%-47.5pp | -20.7%+4.0pp | -24.6% |
| Return on Assets | -12.6%-0.2pp | -12.4%-5.5pp | -6.9%-11.0pp | 4.1%+7.0pp | -2.9%+13.1pp | -16.0%-10.2pp | -5.8%+2.3pp | -8.0% |
| Current Ratio | 1.09-1.0 | 2.13+0.0 | 2.11-0.2 | 2.34-0.3 | 2.61+0.4 | 2.20+0.2 | 2.00-0.3 | 2.28 |
| Debt-to-Equity | 4.70+1.9 | 2.82+1.2 | 1.61+0.4 | 1.24+0.3 | 0.98-0.3 | 1.26+0.2 | 1.03+0.2 | 0.78 |
| FCF Margin | -13.2%+40.2pp | -53.4%-26.1pp | -27.4%-11.3pp | -16.1%+23.7pp | -39.7%-13.4pp | -26.3%+4.0pp | -30.4%+24.1pp | -54.4% |
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Frequently Asked Questions
What is Cytosorbents Corp's annual revenue?
Cytosorbents Corp (CTSO) reported $37.1M in total revenue for fiscal year 2025. This represents a 4.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cytosorbents Corp's revenue growing?
Cytosorbents Corp (CTSO) revenue grew by 4.1% year-over-year, from $35.6M to $37.1M in fiscal year 2025.
Is Cytosorbents Corp profitable?
No, Cytosorbents Corp (CTSO) reported a net income of -$8.2M in fiscal year 2025, with a net profit margin of -22.1%.
What is Cytosorbents Corp's EBITDA?
Cytosorbents Corp (CTSO) had EBITDA of -$13.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cytosorbents Corp have?
As of fiscal year 2025, Cytosorbents Corp (CTSO) had $6.2M in cash and equivalents against $16.7M in long-term debt.
What is Cytosorbents Corp's gross margin?
Cytosorbents Corp (CTSO) had a gross margin of 71.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cytosorbents Corp's operating margin?
Cytosorbents Corp (CTSO) had an operating margin of -39.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cytosorbents Corp's net profit margin?
Cytosorbents Corp (CTSO) had a net profit margin of -22.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Cytosorbents Corp's return on equity (ROE)?
Cytosorbents Corp (CTSO) has a return on equity of -138.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cytosorbents Corp's free cash flow?
Cytosorbents Corp (CTSO) generated -$12.5M in free cash flow during fiscal year 2025. This represents a 14.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cytosorbents Corp's operating cash flow?
Cytosorbents Corp (CTSO) generated -$12.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cytosorbents Corp's total assets?
Cytosorbents Corp (CTSO) had $44.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cytosorbents Corp's capital expenditures?
Cytosorbents Corp (CTSO) invested $164K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Cytosorbents Corp's current ratio?
Cytosorbents Corp (CTSO) had a current ratio of 2.13 as of fiscal year 2025, which is generally considered healthy.
What is Cytosorbents Corp's debt-to-equity ratio?
Cytosorbents Corp (CTSO) had a debt-to-equity ratio of 2.82 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cytosorbents Corp's return on assets (ROA)?
Cytosorbents Corp (CTSO) had a return on assets of -18.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cytosorbents Corp's cash runway?
Based on fiscal year 2025 data, Cytosorbents Corp (CTSO) had $6.2M in cash against an annual operating cash burn of $12.4M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Cytosorbents Corp's Altman Z-Score?
Cytosorbents Corp (CTSO) has an Altman Z-Score of -9.48, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cytosorbents Corp's Piotroski F-Score?
Cytosorbents Corp (CTSO) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cytosorbents Corp's earnings high quality?
Cytosorbents Corp (CTSO) has an earnings quality ratio of 1.51x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Cytosorbents Corp?
Cytosorbents Corp (CTSO) scores 40 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.