A biotech firm developing extracorporeal blood purification systems for critical care, currently facing profitability challenges but maintaining steady mid-single-digit growth.
The narrowing net loss trajectory suggests improving operational efficiency or cost management efforts as revenue stabilizes; The company holds significant cash reserves relative to its immediate obligations, providing runway for strategic acquisitions or R&D investments; Growing demand for extracorporeal support in critical care settings could drive future expansion once profitability is achieved.
The company has not yet achieved sustained profitability with a retained earnings deficit of -$304.0M and negative operating cash flow; High levels of long-term debt at $14.0M combined with current liabilities create leverage risks during periods of market stress; Lack of diversified revenue streams makes the stock vulnerable to disruptions in its primary customer base or regulatory changes.
Cytosorbents Corp. specializes in manufacturing extracorporeal life support systems and sorbent cartridges for critical care applications, primarily serving hospitals and blood centers in the United States and Europe. The company focuses on plasma separation technologies to remove toxins from blood during acute kidney failure or other organ failures. Its revenue streams are driven by sales of its proprietary Cytosorbent cartridges and associated medical devices used in extracorporeal treatments.
While revenue remained relatively stable at $35.6M in 2024 compared to prior years, the company continues to report substantial net losses, narrowing slightly from -$32.8M in 2022 to -$20.7M in 2024. Cash flow from operations turned negative at -$14.4M, requiring the company to rely on financing activities of $9.3M and debt issuances of $15.0M to maintain liquidity despite a net cash decrease of $5.9M.
The extracorporeal life support industry is experiencing growth driven by increasing incidence of acute kidney injury and sepsis cases in developed healthcare markets. Regulatory approval processes for new medical devices can be lengthy, creating barriers to entry for new competitors while protecting incumbents with established technologies. Reimbursement policies from government payers and private insurers significantly influence demand and pricing power within this niche therapeutic area.
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $34.7M | $36.3M | $35.6M |
| Cost of Revenue | $14.0M | $14.0M | $10.5M |
| Gross Profit | $20.7M | $22.4M | $25.1M |
| Operating Expenses | $52.3M | $53.6M | $41.9M |
| Operating Income | $-31.5M | $-31.2M | $-16.8M |
| R&D | $15.1M | $15.7M | — |
| G&A | $34.3M | $33.6M | $35.0M |
| Stock-Based Comp | $3.4M | $3.3M | $3.8M |
| D&A | $882.6K | $1.5M | $1.6M |
| Depreciation | $688.6K | $1.2M | $1.3M |
| Other OpEx | $2.8M | $4.3M | $6.9M |
| Non-Operating Income | $-2.4M | $1.9M | $-5.6M |
| Pre-Tax Income | $-33.9M | $-29.3M | $-22.4M |
| Income Tax | $-1.1M | $-813.7K | $-1.7M |
| Continuing Ops | $-32.8M | $-28.5M | $-20.7M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-32.8M | $-28.5M | $-20.7M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $-32.8M | $-28.5M | $-20.7M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $33.8M | $25.7M | $21.6M |
| Cash & Equivalents | $22.1M | $14.1M | $3.3M |
| Accounts Receivable | $5.7M | $6.1M | $7.3M |
| Inventory | $3.5M | $3.7M | $2.7M |
| Prepaid Expenses | $2.5M | $1.8M | $3.3M |
| Other Current Assets | $0 | $0 | $5.0M |
| Long-Term Assets | $29.5M | $27.6M | $25.8M |
| PP&E (Net) | $10.7M | $10.1M | $9.0M |
| Operating Leases | $12.6M | $12.1M | $11.5M |
| Other LT Assets | $6.1M | $5.4M | $5.3M |
| Total Assets | $63.2M | $53.3M | $47.4M |
| Current Liabilities | $9.7M | $14.5M | $9.8M |
| Accounts Payable | $1.7M | $3.8M | $3.3M |
| Current Debt | — | $2.5M | — |
| Current Leases | $108.9K | $373.6K | $452.7K |
| Deferred Revenue | $1.5M | $1.4M | $419.3K |
| Other Current Liab | $5.6M | $6.0M | $5.6M |
| Long-Term Liabilities | $18.1M | $15.4M | $26.4M |
| Long-Term Debt | $5.0M | $2.5M | $14.0M |
| LT Operating Leases | $13.1M | $12.9M | $12.4M |
| Other LT Liab | $0 | $0 | $0 |
| Total Liabilities | $27.9M | $30.0M | $36.3M |
| Shareholders' Equity | $35.4M | $23.3M | $11.1M |
| Paid-In Capital | $287.0M | $305.2M | $310.8M |
| Retained Earnings | $-254.0M | $-282.5M | $-304.0M |
| AOCI | $2.3M | $529.3K | $4.3M |
| Total L&E | $63.2M | $53.3M | $47.4M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $-32.8M | $-28.5M | $-20.7M |
| Non-Cash Adjustments | $7.5M | $6.0M | $5.5M |
| Working Capital Changes | $-2.9M | $886.1K | $763.1K |
| Cash from Operations | $-28.2M | $-21.7M | $-14.4M |
| Capital Expenditures | $6.1M | $538.1K | $284.3K |
| Cash from Investing | $-6.5M | $-936.2K | $-669.4K |
| Debt Issuances | $5.0M | — | $15.0M |
| Debt Repayments | — | — | $5.0M |
| Cash from Financing | $5.0M | $14.5M | $9.3M |
| FX Effect | $-262.9K | $-99.8K | $-84.7K |
| Net Change in Cash | $-30.0M | $-8.2M | $-5.9M |
| Beginning Cash | $53.8M | $23.8M | $15.6M |
| Ending Cash | $23.8M | $15.6M | $9.8M |
Sales of Cytosorbent cartridges and medical devices for acute kidney injury treatment; Licensing and supply agreements with major hospital networks and blood centers; Research and development activities related to new sorbent technologies.
Persistent operating losses and a significant retained earnings deficit indicating ongoing cash burn concerns; High dependence on a limited number of key customers and supply agreements that could be terminated; Regulatory approval uncertainties for new product candidates or changes in reimbursement policies by payers.
Proprietary plasma separation technology that offers a unique mechanism for toxin removal not fully replicated by competitors; Established distribution network within US and European hospital systems; Strong intellectual property portfolio protecting core sorbent formulations.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.