Quarterly ResultMay 13, 2026, 04:12 PM
CytoSorbents Q1 Revenue +2% to $8.9M; Adjusted Net Loss Improves
AI Summary
CytoSorbents reported a 2% increase in Q1 2026 revenue to $8.9 million, alongside an improved operating loss of $3.0 million and reduced adjusted net loss of $3.4 million. However, GAAP net loss widened to $5.1 million primarily due to foreign currency impacts, and gross margin slightly declined. The company faces delays with its DrugSorb-ATR Brilinta FDA application, now targeting late 2026/early 2027 for submission, but is pursuing a parallel path for DOACs with a pre-submission request planned within 30 days. Despite geopolitical headwinds affecting distributor sales, cost reduction efforts are progressing towards achieving operating cash flow breakeven in the second half of 2026.
Key Highlights
- Q1 2026 revenue increased 2% to $8.9 million from $8.7 million year-over-year.
- GAAP net loss was $5.1 million ($0.08/share), up from $1.5 million ($0.02/share) due to foreign currency.
- Adjusted net loss improved to $3.4 million ($0.05/share) from $3.7 million ($0.06/share).
- Operating loss improved to $3.0 million from $3.9 million in Q1 2025.
- Total cash, cash equivalents, and restricted cash was $6.4 million, with a cash burn of $1.1 million.
- FDA requires additional mechanistic data for DrugSorb-ATR Brilinta De Novo application, now expected late 2026/early 2027.
- Company plans to submit a pre-submission request for DrugSorb-ATR DOACs indication within 30 days.
- Cost reduction initiatives are on track, aiming for operating cash flow breakeven in H2 2026.