Despite maintaining a robust gross margin profile near 70%, the company continues to struggle with operating losses, as reflected by the -34.3% operating margin reported in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 37.2M | 37.06M | 35.59M | 31.08M | 34.69M | 40.11M | 39.45M | 22.77M | 20.25M | 13.38M | 8.21M | 4.06M | 3.15M | 821.79K | 151.57K | 36.08K | 0 | 0 | 0 | 0 | 0 | 10K |
| Revenue Growth % | 5.29% | 4.12% | 14.51% | -10.39% | -13.51% | 1.66% | 73.3% | 12.41% | 51.34% | 63.07% | 102.33% | 28.96% | 282.7% | 442.17% | 320.13% | - | - | - | - | - | -100% | - |
| Cost of Goods Sold | 10.79M | 10.57M | 10.71M | 9.13M | 13.96M | 11.05M | 11.05M | 7.36M | 7.49M | 5.52M | 3.95M | 2.21M | 2.13M | 1.91M | 319.3K | 11.76K | 0 | 0 | 0 | 0 | 0 | 10K |
| COGS % of Revenue | - | 28.52% | 30.08% | 29.38% | 40.23% | 27.54% | 28.01% | 32.35% | 36.98% | 41.24% | 48.18% | 54.55% | 67.85% | 232.61% | 210.65% | 32.6% | - | - | - | - | - | 100% |
| Gross Profit | 26.41M | 26.49M | 24.89M | 21.95M | 20.73M | 29.06M | 28.4M | 15.4M | 12.76M | 7.86M | 4.25M | 1.84M | 1.01M | -1.09M | -167.72K | 24.32K | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 71.01% | 71.48% | 69.92% | 70.62% | 59.77% | 72.46% | 71.99% | 67.65% | 63.02% | 58.76% | 51.82% | 45.45% | 32.15% | -132.61% | -110.65% | 67.4% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 6.45% | 13.36% | 5.89% | -28.66% | 2.33% | 84.39% | 20.68% | 62.31% | 84.92% | 130.7% | 82.32% | 192.77% | -549.74% | -789.71% | - | - | - | - | - | - | - |
| Operating Expenses | 39.81M | 40.73M | 41.34M | 53.9M | 52.25M | 51.81M | 38.77M | 34.38M | 28.35M | 17.71M | 15.74M | 11.15M | 8.29M | 3.62M | 3.32M | 4.46M | 2.82M | 3.03M | 3.24M | 3.07M | 2.96M | 80K |
| OpEx % of Revenue | - | 109.89% | 116.14% | 173.4% | 150.64% | 129.16% | 98.27% | 151% | 139.97% | 132.31% | 191.86% | 274.84% | 263.59% | 440.92% | 2192.4% | 12365.11% | - | - | - | - | - | 800% |
| Selling, General & Admin | 35.36M | 35.65M | 33.73M | 38.31M | 2.79M | 38.48M | 31.51M | 24.47M | 22.88M | 15.43M | 12.28M | 8.01M | 6.84M | 3.49M | 1.98M | 1.57M | 1.07M | 1.07M | 1.26M | 1.65M | 1.85M | 70K |
| SG&A % of Revenue | - | 96.17% | 94.77% | 123.23% | 8.05% | 95.94% | 79.87% | 107.48% | 112.96% | 115.27% | 149.68% | 197.54% | 217.36% | 424.12% | 1307.6% | 4359.55% | - | - | - | - | - | 700% |
| Research & Development | 4.45M | 5.08M | 7.61M | 15.59M | 15.12M | 16.38M | 8.81M | 12.09M | 7.72M | 4.05M | 4.78M | 3.87M | 2.43M | 1.74M | 2.53M | 2.89M | 1.76M | 1.96M | 1.98M | 1.42M | 1.11M | 0 |
| R&D % of Revenue | - | 13.72% | 21.37% | 50.17% | 43.58% | 40.84% | 22.33% | 53.11% | 38.13% | 30.26% | 58.29% | 95.45% | 77.33% | 211.6% | 1670.79% | 8005.56% | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 34.34M | -3.06M | -1.55M | -2.18M | -2.25M | -1.77M | -1.32M | -735.86K | -2.43M | -1.6M | -1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 10K |
| Operating Income | -13.4M | -14.24M | -16.45M | -31.95M | -31.52M | -22.74M | -10.37M | -18.97M | -15.58M | -9.84M | -11.49M | -9.3M | -7.28M | -4.71M | -3.49M | -4.44M | -2.82M | -2.43M | -3.24M | -3.07M | -2.96M | -80K |
| Operating Margin % | -36.01% | -38.42% | -46.22% | -102.78% | -90.87% | -56.71% | -26.29% | -83.34% | -76.95% | -73.55% | -140.04% | -229.39% | -231.45% | -573.53% | -2303.06% | -12297.71% | - | - | - | - | - | -800% |
| Operating Income Growth % | - | 13.45% | 48.5% | -1.35% | -38.59% | -119.33% | 45.34% | -21.75% | -58.34% | 14.35% | -23.52% | -27.82% | -54.44% | -35.02% | 21.32% | -57.11% | -16.23% | 25.1% | -5.79% | -3.45% | -3605.39% | - |
| EBITDA | -12.17M | -12.61M | -14.71M | -29.93M | -30.64M | -21.62M | -9.71M | -18.39M | -15.19M | -9.62M | -11.33M | -9.19M | -7.21M | -4.65M | -3.44M | -4.4M | -2.81M | -2.38M | -3.14M | -2.88M | -1.71M | -70K |
| EBITDA Margin % | -32.71% | -34.02% | -41.32% | -96.27% | -88.33% | -53.89% | -24.61% | -80.79% | -75.03% | -71.92% | -138.08% | -226.61% | -229.36% | -565.7% | -2267.03% | -12189.19% | - | - | - | - | - | -700% |
| EBITDA Growth % | 14.26% | 14.28% | 50.85% | 2.33% | -41.75% | -122.62% | 47.21% | -21.05% | -57.87% | 15.06% | -23.28% | -27.41% | -55.17% | -35.29% | 21.86% | -56.71% | -18% | 24.28% | -9.19% | -68.32% | -2341.12% | - |
| D&A (Non-Cash Add-back) | 1.23M | 1.63M | 1.74M | 2.02M | 882.62K | 1.13M | 660.79K | 581.53K | 390.55K | 218.27K | 161.61K | 112.97K | 65.55K | 64.35K | 54.61K | 39.15K | 17.8K | 51.7K | 103.7K | 190.44K | 1.26M | 10K |
| EBIT | -8.16M | -5.99M | -21.01M | -29.9M | -30.89M | -22.74M | -10.37M | -19.32M | -16.37M | -8.39M | -11.85M | -9.3M | -6.89M | -4.71M | -3.49M | -4.44M | -2.82M | -3.03M | -3.24M | -3.35M | -2.93M | -80K |
| Net Interest Income | -1.15M | -2.61M | -1.4M | -157.89K | 132.6K | 28.01K | -1.2M | -1.03M | -1.46M | -749.08K | -231.8K | 9.3K | -310.02K | -422.84K | -564.43K | -1.04M | 0 | 0 | 0 | 3.42M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 133K | 28K | 0 | 0 | 0 | 0 | 0 | 18.6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67.36K | 0 | 0 |
| Interest Expense | 1.15M | 2.61M | 1.4M | 157.89K | 0 | 0 | 1.2M | 1.03M | 1.46M | 749.08K | 231.8K | 9.3K | 310.02K | 422.84K | 564.43K | 1.04M | 84.85K | 8.14K | 22.21K | -3.35M | 4.74M | 0 |
| Other Income/Expense | 1.15M | 5.64M | -5.96M | 1.89M | -2.38M | -2.55M | 1.41M | -1.38M | -2.25M | 705.06K | -589.88K | 847.32K | -2.81M | -422.84K | -564.43K | -1.04M | 5.73M | 12.14M | -22.21K | -284.12K | -4.71M | 0 |
| Pretax Income | -12.25M | -8.6M | -22.41M | -30.06M | -33.91M | -25.29M | -8.96M | -20.36M | -17.83M | -9.14M | -12.26M | -8.46M | -9.71M | -5.14M | -4.06M | -5.48M | 2.91M | -3.04M | -3.27M | -3.35M | -7.67M | -80K |
| Pretax Margin % | -32.93% | -23.2% | -62.96% | -96.7% | -97.74% | -63.07% | -22.72% | -89.42% | -88.04% | -68.28% | -149.37% | -208.5% | -308.65% | -624.99% | -2675.43% | -15193.88% | - | - | - | - | - | -800% |
| Income Tax | -401K | -401K | -1.69M | -813.74K | -1.09M | -736K | -1.13M | -1.09M | -619.55K | -676.74K | -318.55K | -324.61K | -386K | -458.28K | -391.76K | 0 | 5.82M | -298.79K | -248.53K | 0 | 0 | 0 |
| Effective Tax Rate % | 3.27% | 4.66% | 7.55% | 2.71% | 3.22% | 2.91% | 12.57% | 5.36% | 3.47% | 7.41% | 2.6% | 3.84% | 3.98% | 8.92% | 9.66% | 0% | 200% | 9.84% | 7.61% | 0% | 0% | 0% |
| Net Income | -11.85M | -8.2M | -20.72M | -29.25M | -32.81M | -24.56M | -7.84M | -19.27M | -17.21M | -8.46M | -11.94M | -8.13M | -9.32M | -4.68M | -3.66M | -5.48M | -2.91M | -2.74M | -3.02M | -3.35M | -7.67M | -80K |
| Net Margin % | -31.85% | -22.12% | -58.21% | -94.09% | -94.59% | -61.23% | -19.86% | -84.63% | -84.98% | -63.23% | -145.49% | -200.5% | -296.38% | -569.22% | -2416.98% | -15193.88% | - | - | - | - | - | -800% |
| Net Income Growth % | 25.9% | 60.43% | 29.16% | 10.87% | -33.61% | -213.36% | 59.32% | -11.94% | -103.42% | 29.13% | -46.82% | 12.76% | -99.26% | -27.69% | 33.17% | -88.45% | -6.29% | 9.32% | 9.93% | 56.32% | -9489.48% | - |
| Net Income (Continuing) | -11.85M | -8.2M | -20.72M | -29.25M | -32.81M | -24.56M | -7.84M | -19.27M | -17.21M | -8.46M | -11.76M | -8.13M | -9.32M | -4.68M | -3.66M | -5.48M | -2.91M | -2.74M | -3.02M | -3.35M | -7.67M | -80K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.19 | -0.13 | -0.38 | -0.65 | -0.75 | -0.57 | -0.20 | -0.60 | -0.56 | -0.31 | -0.47 | -0.33 | -0.65 | -0.50 | -0.46 | -0.86 | -0.74 | -1.64 | -3.00 | -3.37 | -7.87 | -0.26 |
| EPS Growth % | 33.51% | 65.79% | 41.54% | 13.33% | -31.58% | -185% | 66.67% | -7.14% | -80.65% | 34.04% | -42.42% | 49.23% | -30% | -8.7% | 46.51% | -16.22% | 54.88% | 45.33% | 10.98% | 57.18% | -2926.92% | - |
| EPS (Basic) | - | -0.13 | -0.38 | -0.65 | -0.75 | -0.57 | -0.20 | -0.60 | -0.56 | -0.31 | -0.47 | -0.33 | -0.65 | -0.50 | -0.46 | -0.86 | -0.74 | -1.64 | -3.00 | -3.37 | -7.87 | -0.26 |
| Diluted Shares Outstanding | 62.74M | 62.23M | 54.43M | 44.66M | 43.57M | 43.36M | 38.82M | 32.26M | 30.72M | 27.61M | 25.43M | 24.89M | 14.38M | 9.44M | 7.93M | 6.41M | 3.92M | 1.66M | 1M | 993.94K | 974.47K | 310K |
| Basic Shares Outstanding | 62.74M | 62.23M | 54.43M | 44.66M | 43.57M | 43.36M | 38.82M | 32.26M | 30.72M | 27.61M | 25.43M | 24.89M | 14.38M | 9.44M | 7.93M | 6.41M | 3.92M | 1.66M | 1M | 993.94K | 974.47K | 310K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
According to the company's recent quarterly filings, revenue growth has remained largely range-bound, fluctuating between a 2.9% contraction and a 24.5% expansion, suggesting that CTSO struggles to achieve consistent commercial scaling despite its proprietary adsorbent technology and established presence in the European critical care market.
The lack of sustained top-line momentum indicates that the current product portfolio may be reaching market saturation in its primary German territory. Investors should monitor whether the transition toward the DrugSorb-ATR application can catalyze a shift from this stagnant growth pattern to a more durable, high-margin trajectory.
As reported in financial statements, CTSO maintains a robust gross margin profile, consistently hovering around the 70% level, which highlights the inherent pricing power of its specialized polymer-based medical disposables compared to traditional fiber-based filtration competitors in the extracorporeal blood purification space.
This high gross margin suggests that the underlying manufacturing process for the adsorbent beads is efficient and scalable. However, the volatility observed in specific quarters, such as the 52.3% margin in 2024Q3, warrants further investigation into potential supply chain disruptions or inventory accounting adjustments that could temporarily impair profitability.
Based on the provided income statement data, CTSO continues to exhibit significant operating losses, with operating margins frequently exceeding -40%, demonstrating that the company has yet to achieve the necessary scale to offset its heavy investment in R&D and specialized commercial infrastructure.
The persistent gap between gross profit and operating expenses suggests that the company is currently in a high-burn phase of its lifecycle. Without a clear inflection point where revenue growth outpaces the expansion of SG&A, the company remains structurally dependent on external capital to fund its ongoing operations.
A critical assessment of the income statement reveals that the company's reliance on non-operating items and fluctuating grant revenue masks the underlying operational weakness, as evidenced by the consistent net losses that have plagued the firm over the last ten quarters of reported financial performance.
Short-sellers would likely focus on the company's limited cash runway of $6.2M, which appears insufficient to support the current burn rate without further dilution. The market's valuation of the firm as a platform technology may be overly optimistic if the regulatory pathway for DrugSorb-ATR faces further delays or clinical hurdles.
Quick answers to the most common questions about buying CTSO stock.
For fiscal year 2025, Cytosorbents Corporation (CTSO) reported total revenue of $37.1M. This represents a 370530.0% increase compared to $0.0M in 2005.
Cytosorbents Corporation (CTSO) reported a net loss of $8.2M for the fiscal year ending 2025.
Cytosorbents Corporation (CTSO) reported an operating income of $-14.2M, resulting in an operating profit margin of -38.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Cytosorbents Corporation (CTSO) generated $26.5M in gross profit for the year, representing a gross profit margin of 71.5%. This demonstrates the company's core pricing power and production efficiency.