Cytosorbents (CTSO) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 revenue of $37.1 million, up 4% year-over-year, driven by strong international growth and offset by a 10% decline in Germany due to restructuring.

• Gross margin improved to 71% for the year and 74% in Q4, reflecting manufacturing efficiencies.

• Operating loss for 2025 improved by 10% to $14.7 million; net loss narrowed to $8.2 million from $20.7 million in 2024.

• Strategic workforce and cost reduction program implemented in Q4, reducing headcount by 10% and lowering expenses.

• Advanced DrugSorb-ATR regulatory process with the FDA, focusing on a new De Novo submission after initial denial, and published positive clinical trial results.

Financial highlights

• Full year 2025 revenue was $37.1 million, up 4% year-over-year; flat on a constant currency basis.

• Q4 2025 revenue was $9.2 million, up 1% year-over-year; down 8% on a constant currency basis.

• Gross margin was 71% for 2025, 74% in Q4.

• Operating loss for 2025 improved by 10% to $14.7 million; adjusted EBITDA loss improved by 9% to $10.5 million.

• Cash, cash equivalents, and restricted cash totaled $7.8 million at year-end, with $2.5 million in new debt proceeds in Q4.

Outlook and guidance

• Expecting operating cash flow break even in the second half of 2026 as cost reductions and working capital normalization take effect.

• Anticipate gradual and sustained improvement in German sales performance throughout 2026.

• Will provide timing guidance for DrugSorb-ATR FDA resubmission once requirements are finalized; regulatory decision expected within 150 days post-submission.

• Early 2026 indicators show improving commercial activity and new account development.