Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 8, 2026

Cytosorbents Corp (CTSO)

A forensic read on Cytosorbents Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

F · Poor — capital at risk

Forensic grade

Distress

Financial health

-23.5

Distress distance

Clean

Earnings quality

Forensic signals

-1.2

P / E (ttm)

-138.9%

ROE

$424M

Market cap

0.00%

Dividend yield

4.1%

Revenue growth

The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Cytosorbents Corp earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -23.5, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 5 forensic signals were flagged in its latest SEC filings, led by inventory days.

What the filings flag

138d

FY2024→FY2025

Inventory days. Days inventory outstanding moved from 110 to 138 FY2024→FY2025 (against cost of goods sold; inventory +93% vs -1% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.

-41.3%

FY2025

Return on invested capital. Return on invested capital is -41.3% in the latest fiscal year and rising from -96% — well below its ~10% cost of capital, and it has been across FY2014–FY2025, so reinvested dollars have not been earning their keep.

+12.6%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +43% over the last 3 years to FY2025 (+12.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~12.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~30%.

7% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 7% of revenue in FY2025 — about $0.04 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 12.9% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$37.1M

Revenue Growth YoY+4.1%

Net Margin-22.1%

Free Cash Flow-$12.5M

Return on Equity-138.9%

Debt / Equity2.82x

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Data from SEC EDGAR public filings · metrics as of Sep 8, 2026. Forensic signals flag probability, not certainty.