Cytosorbents (CTSO) Q3 2026 earnings summary

Executive summary

• Q3 operating cash flow was +$43,000 excluding $251,000 of restructuring payments, meeting the second-half 2026 breakeven objective; total quarterly cash burn including those payments was ~$200,000.

• Priorities are sustaining breakeven, restoring profitable core-product growth, pursuing U.S. authorization for DrugSorb-ATR, and realizing HemoDefend-BGA’s strategic value.

Financial highlights

• Q3 revenue was $9.7M, up 3% YoY and 1% sequentially; gross profit rose 10% to $7.3M as cost of goods sold fell 15% to $2.4M.

• Q3 operating expenses fell 11% to $8.5M, or 13% excluding restructuring charges; operating loss improved 59% to $1.2M.

• Q3 net loss improved 42% to $1.8M, or $0.58 per share; adjusted net loss was $1.5M, or $0.48 per share, and adjusted EBITDA loss narrowed 86% to $284,000.

• 9M revenue was $28.2M, up 1%; gross margin was 73% versus 71%, operating expenses fell 9% to $27.4M, and operating loss improved 34% to $6.9M.

• 9M adjusted EBITDA loss improved 45% to $4.0M; GAAP net loss was $11.4M versus $2.7M, reflecting a $1.9M non-cash FX loss versus a $9.1M gain in 2025.

Outlook and guidance

• Focus is to sustain operating cash flow at or near breakeven while selectively investing in sales growth; quarterly cash flow may vary with revenue timing, collections, and working capital.

• A new DrugSorb-ATR De Novo submission for ticagrelor removal is planned for early 2027; a separate DOAC submission is expected in 2027.

• Targeting product gross margins consistently in the mid-70% range; Q3 product gross margin reached 75%, up from 69% in Q1.

• Exploring non-dilutive funding, commercial partnerships, licensing, and other strategic alternatives for HemoDefend-BGA.