CytoSorbents Corp (NASDAQ: CTSO) is a medical device company that develops and sells polymer-based blood purification products for use in critical care and cardiac surgery. Revenue comes from transactional product sales, primarily of its CytoSorb device, which generated $37.1 million in total product revenue for the year ended December 31, 2025, a 4.1% increase year-over-year. CytoSorb holds CE mark approval in the European Union and is distributed in more than 70 countries, with more than 300,000 devices used cumulatively as of the filing date. The company has an accumulated deficit of approximately $312.2 million as of December 31, 2025, and reported an operating loss of approximately $14.7 million for the year ended December 31, 2025. It does not pay dividends and has relied on equity offerings, including a Rights Offering and ATM facility, to fund operations. Gross profit margin was 71.5% for the year ended December 31, 2025.

Revenue model

Transactional product sales of single-use polymer adsorption devices. Total product revenue was $37.1 million for the year ended December 31, 2025, with a gross margin of 71.5%. The company also sells New Jersey state NOL and R&D tax credits, receiving $1.7 million from that program in April 2025.

Products and services

CytoSorb: a cytokine and toxin adsorption device approved under CE mark in the EU for cytokine removal, bilirubin and myoglobin removal, and removal of ticagrelor and rivaroxaban in cardiothoracic surgery. Also holds FDA Emergency Use Authorization for adult critically ill COVID-19 patients. DrugSorb-ATR: an investigational antithrombotic removal device targeting ticagrelor and direct oral anticoagulants (apixaban, rivaroxaban) in cardiopulmonary bypass circuits, holding two FDA Breakthrough Device Designations. A pending FDA marketing application covers DrugSorb-ATR use in CABG surgery patients on ticagrelor.

Customers and end markets

Hospitals and critical care units in more than 70 countries. End markets include intensive care (sepsis, cytokine storm, organ failure), cardiac surgery (perioperative bleeding management in patients on anticoagulants), liver disease, and trauma. U.S. market entry for CytoSorb has not yet occurred as of the filing date.

Value-chain role

Manufacturer and seller of single-use polymer sorbent devices. The company conducts its own research and development, holds patents on its polymer technology, and distributes products through third-party arrangements in international markets. It has been engaged in R&D since inception and has been conducting or sponsoring clinical studies to support regulatory approvals.

Geographic exposure

Primary commercial revenue from European Union and international markets spanning more than 70 countries as of the 10-K filed 2026-03-30. No approved commercial sales in the United States as of that date. U.S. and Canada pipeline activity is ongoing via DrugSorb-ATR clinical and regulatory programs.

Source: SEC 10-K, filed 2026-03-30

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