CTSO | Market Cap: $23.9M (07/13/26)
Industry:
Healthcare Equipment, Supplies, & Technology

DESCRIPTION

CytoSorbents makes single-use blood purification cartridges for critically ill ICU patients and cardiac surgery patients. The core product, CytoSorb, is a disposable cartridge filled with porous polymer beads that remove harmful substances from blood — including cytokines, inflammatory mediators, bacterial toxins, liver toxins, and drugs — via pore capture and surface adsorption. The cartridge connects directly to blood pumps already installed in hospitals (dialysis, CRRT, ECMO, and heart-lung bypass machines), so hospitals need no new capital equipment to use it. CytoSorb is CE-marked and sold in the EU and distributed across more than 70 countries, primarily for treating septic shock, acute liver failure, and other critical care conditions, as well as for removing blood thinners during cardiac surgery. The business model is razor/razor blade: each patient treatment consumes one cartridge per 24-hour period, and revenue scales with hospital adoption, patient volume, and utilization per treatment. Germany is the largest single market. CytoSorbents sells direct in key European markets and through a broad distributor network elsewhere. The company is also developing DrugSorb-ATR, which uses the same polymer technology and is designed specifically to remove antiplatelet drugs and anticoagulants during cardiac surgery in the U.S. and Canada. DrugSorb-ATR remains under FDA review after an initial De Novo submission was denied in 2025. CytoSorbents manufactures its cartridges at its Princeton, NJ facility, generates gross margins in the low-to-mid 70% range, and is targeting operating cash flow breakeven in the second half of 2026.

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