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CytoSorbents Reports Third Quarter 2026 Financial Results, Achieves Operating Cash Flow Breakeven, and Provides Business and Regulatory Update

CTSO
  • CytoSorbents Corporation reported Q3 2026 revenue of $9.7 million, a 3% increase from $9.5 million in Q3 2025, driven by a 16% rise in distributor & partner sales.
  • Gross margin improved to 75% in the quarter, up from 73% in Q2 2026 & 70% in Q3 2025.
  • Total operating expenses decreased 11% to $8.5 million from $9.5 million in Q3 2025; excluding $0.25 million in restructuring charges, expenses fell 13%.
  • The operating loss narrowed by 59% to $1.2 million compared to $2.9 million in Q3 2025.
  • Net loss improved by 42% to $1.8 million ($0.58 per share) from $3.2 million ($1.01 per share) in Q3 2025, with all per share figures adjusted for a 1-for-20 reverse stock split effective September 8, 2026.
  • Adjusted net loss improved by 42% to $1.5 million ($0.48 per share), while adjusted EBITDA loss narrowed 86% to $0.3 million from $2.0 million in the prior year period.
  • The company generated positive operating cash flow of approximately $43,000 in Q3 2026, excluding $251,000 in restructuring payments, achieving its goal of operating cash flow breakeven in the second half of 2026.
  • Total cash, cash equivalents, & restricted cash stood at approximately $5.7 million as of September 30, 2026, down from $5.9 million at June 30, 2026.
  • For the nine months ended September 30, 2026, revenue was $28.2 million, gross margin was 73%, & adjusted EBITDA loss improved 45% to $4.0 million.
  • The company advanced its first value driver by achieving operating cash flow breakeven through manufacturing efficiencies, a 24% headcount reduction, & working capital management that cut inventory to $3.2 million.
  • Sales growth in distributor & strategic partner markets increased 18% year-over-year, while direct sales outside Germany rose 4%, though German sales declined 20% due to a smaller sales force.
  • CytoSorbents hired Alex Tiefenbacher as Senior Vice President of Direct Sales to lead efforts to revitalize the German market & expand international coverage.
  • Progress on the third value driver included meaningful advancement toward a new FDA De Novo submission for DrugSorb-ATR, supported by real-world data showing a 37% relative reduction in severe bleeding for patients on Brilinta.
  • The company plans to submit the new DrugSorb-ATR De Novo application in early 2027, anticipating a fivefold increase in patient data to approximately 250 patients.
  • Discussions with the FDA continued regarding a separate De Novo submission for removing direct oral anticoagulants like Eliquis & Xarelto during urgent cardiac surgery.
  • The fourth value driver focuses on unlocking the strategic value of HemoDefend-BGA, a technology designed to enable universal blood products without electricity or complex processing.
  • HemoDefend-BGA is being evaluated for additional non-dilutive government funding, commercial partnerships, & licensing arrangements following helpful FDA feedback in July 2026.
  • The company announced a live earnings conference call & webcast scheduled for Thursday, November 12, 2026, at 4:30 PM ET.
Company
Cytosorbents Corp
Keywords
Cytosorbents Corp