Cytosorbents Corporation · NASDAQ:CTSO
Cytosorbents — Q4 2025 Earnings Presentation
31 slides from Cytosorbents's earnings presentation, Mar 25, 2026
Slide 1: CytoSorbents Corporation Q4 & FY 2025 Financial Results
CytoSorbents Corporation Nasdaq: CTSO Q4 & FY 2025 Financial Results & Recent Business Highlights Conference Call March 25, 2026
Slide 2: Conference Call Participants
Conference Call Participants Phillip Chan, MD, PhD Peter J. Mariani, CPA Chief Executive Officer Chief Financial Officer 2
Slide 3: Safe Harbor Statement
Safe Harbor Statement Statements in this presentation regarding CytoSorbents Corporation and its operating subsidiaries CytoSorbents Medical, Inc and CytoSorbents Europe GmbH that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actu
Slide 4: Regulatory Disclaimer
Regulatory Disclaimer CytoSorb DrugSorb-ATR • CE Marked in Europe for the following APPROVED • INVESTIGATIONAL DEVICE: Limited by U.S. Federal Law to Investigational Use Only Indications for Use: • Cytokine Removal • This Investigational Device is NOT yet cleared/approved • Bilirubin and Myoglobin R
Slide 5: Operational Update
Operational Update Dr. Phillip Chan, MD, PhD Chief Executive Officer 5
Slide 6: CytoSorbents at a Glance
CytoSorbents at a Glance • Platform blood purification technology for removing toxins and harmful substances from the blood • High margin “razorblade” that is “plug and play” into existing hospital blood pumps • Two main products leveraging the underlying polymer technology CytoSorb • Treatment of l
Slide 7: 2025: A Transitional Year
2025: A Transitional Year 2025 was a transitional year making progress on four key objectives: 1) Increase sales growth, driven by non-Germany sales, while restoring Germany back to growth 2) Leverage new clinical data to drive long-term adoption and sales growth 3) Advance DrugSorb-ATR towards US F
Slide 8: Increase Sales Growth of Core CytoSorb Business
Increase Sales Growth of Core CytoSorb Business 8
Slide 9: Core Business Performance Summary
Core Business Performance Summary • FY 2025 Revenue was $37.1M, up 4% from $35.6M in 2024 • Direct Sales outside Germany were $8.6M (+13.0% growth) • Distributor/Partner sales were $16.5M (+11.4% growth) • Excellent distribution partners. Recently renewed partnership with Aferetica, extending a succ
Slide 10: Record Core CytoSorb Sales in 2025
Record Core CytoSorb Sales in 2025 $45.0 Annual Product Sales $40.0 $39.5M $40.1M 2025 Sales $37.1M $6.3 $9.4 $35.6M $37.1 $35.0 $0.2M $35.6 $33.8 $31.1M* $30.0 $29.4M* $11.8M $31.1 $30.1 $29.1 $16.5M $ IN MILLONS $25.0 $20.0 $22.8 $8.6M $20.3 $15.0 Germany Direct Non-Germany $13.4 $10.0 Distributor
Slide 11: Status of Germany Restructuring
Status of Germany Restructuring • In Germany, we have established a strong foundation of leading clinical centers and clinicians, device reimbursement, product awareness, and a solid sales team with an extensive network and experience in ICU and cardiac surgery sales • Our restructuring efforts in G
Slide 12: PuriFi Update
PuriFi® Update PuriFi® by CytoSorbents is an intuitive, easy-to-use standalone hemoperfusion pump designed to deliver CytoSorb and VetResQ blood purification to patients and animals, respectively • Compact, mobile design • E.U. CE-mark approved under MDR certification • Excellent reviews: “Best-in-c
Slide 13: Introducing HotSwap
Introducing HotSwap HotSwap is a new and innovative device launched at the ISICEM conference last week that enables our device to be changed out rapidly and safely with many benefits: • Enables more frequent device changes (every 8 or 12 hour device changes) and helps to promote “Right patient, Righ
Slide 14: Leverage New Clinical Data To Drive Adoption and Sales Growth
Leverage New Clinical Data To Drive Adoption and Sales Growth 14
Slide 15: Wealth of Clinical Data
Wealth of Clinical Data • A lot of publication activity has been highlighted in recent press releases in many of our focus areas including sepsis and septic shock, acute liver failure, cardiogenic shock, rhabdomyolysis, heart transplantation, endocarditis, and blood thinner removal • Highlights the
Slide 16: A View from ISICEM 2026
A View from ISICEM 2026 16
Slide 17: Obtain marketing approval and open the U.S. market
Obtain marketing approval and open the U.S. market for 17
Slide 18: Blood Thinners Can Cause Serious Perioperative Bleeding
Blood Thinners Can Cause Serious Perioperative Bleeding DrugSorb-ATR can help • Acute heart attack patients commonly receive blood thinners like Brilinta® to improve clinical outcomes • But Brilinta® (ticagrelor) can cause serious and potentially life-threatening bleeding in patients that need to un
Slide 19: FDA Regulatory Update
FDA Regulatory Update • FDA Appeal Decision of the original De Novo submission (August 20, 2025) • Upheld the prior denial decision, and required additional information to support the Company’s desired label claim that would require a new De Novo submission • However, there were two important positi
Slide 20: STAR-T RCT Is Now Published In Press
Meanwhile, STAR-T RCT Is Now Published In Press 20 DrugSorb-ATR is an investigational medical device in the U.S. and Canada and is not yet cleared or approved.
Slide 21: As Real World Evidence Builds
As Real World Evidence Builds DrugSorb-ATR is an investigational medical device in the U.S. and Canada and is not yet cleared or approved. 21 Brilinta® is a trademark of AstraZeneca
Slide 22: Financial Highlights
Financial Highlights Peter J. Mariani Chief Financial Officer 22
Slide 23: 2025 Revenue
2025 Revenue • Revenue led by double digit growth in our 2025 YoY Change direct international and distributor markets which represent 68% of our revenue Revenue: $37.1m +4% • Partially offset by 10% reduction in Germany Germany $11.8m -10% as a result of our ongoing restructuring of this team Direct
Slide 24: Solid 2025 Performance
Solid 2025 Performance 2025 2024 YoY Change Product revenue $37.1m $35.6m +4% Gross margin 71% 70% Total operating expenses $41.2m $41.3m Relatively flat Operating loss $14.7m $16.5m 10% improvement Net loss $8.2m / $0.13/sh $20.7m / $0.38/sh Adjusted net loss $14.2m / $0.23/sh $12.7m / $0.23/sh Adj
Slide 25: 4Q Revenue and Gross Margin
4Q Revenue and Gross Margin • Revenue led by strength in our distributor 4Q25 4Q24 YoY Change business, which was offset by declines in our direct German market • We are pleased with the progress of our Revenue $9.2m $9.2m - proactive reorganization of our German commercial team and sales approach.
Slide 26: Operating Results
Operating Results 4Q25 4Q24 YoY Change Total operating expenses $11.4m $10.1m 10% increase Operating loss ($4.6m) ($3.7m) 18% increase ($5.5m) ($7.6m) Net loss ($0.09) / share ($0.14) / share ($4.3m) ($1.7m) Adjusted net loss ($0.07) / share ($0.03) / share Adjusted EBITDA loss ($3.2m) ($2.4m) *Non-
Slide 27: Achieve Near-term Cash Flow Breakeven
Achieve Near-term Cash Flow Breakeven 27
Slide 28: Improved balance sheet and cost reduction program to support cash flow break-even
Improved balance sheet and cost reduction program expected to support cash flow break-even in the second half of 2026 • $7.8 million in cash, cash equivalents and restricted cash* at December 31, 2025, compared to $9.1 million at Q3 2025 • Includes $2.5 million of proceeds from amended credit facili
Slide 29: Closing Remarks
Closing Remarks Phillip Chan, MD, PhD Chief Executive Officer 29
Slide 30: A Clear and Compelling Value Proposition
A Clear and Compelling Value Proposition We believe we have a sound plan to build and maximize shareholder value CytoSorb is an established, international core business in critical care and cardiac surgery with $37.1M in high margin product sales and an excellent “razorblade” business model with exp
Slide 31: Q&A Session
Q&A Session NASDAQ: CTSO Company Contacts: Dr. Phillip Chan - CEO pchan@cytosorbents.com Peter Mariani – CFO pmariani@cytosorbents.com 31