Overview

• U.S. blood purification device maker's Q1 revenue grew 2% yr/yr

• Adjusted net loss and adjusted EBITDA loss for Q1 both narrowed from prior year

• Revenue growth driven by direct sales outside Germany; distributor sales flat due to Middle East delays

Outlook

• CytoSorbents aims to achieve operating cash flow breakeven in the second half of 2026

• Company expects distributor sales in Middle East to improve as geopolitical instability stabilizes

• CytoSorbents plans to submit new DrugSorb-ATR FDA application in late 2026 or early 2027

Result Drivers

• DIRECT SALES GROWTH - 13% growth in direct sales outside Germany drove overall revenue increase, per CEO Dr. Phillip Chan

• GERMANY SALES TEAM RESTRUCTURING - German sales were slightly below last year but attributed to a smaller, more focused team under new leadership, per company

• MIDDLE EAST DELAYS - Distributor sales were flat as progress in some territories was offset by delayed orders in the Middle East due to geopolitical and economic instability, per company

Company press release: ID:nPnJw0Ga

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$8.9 mln	$9.36 mln (2 Analysts)
Q1 EPS		-$0.08

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the advanced medical equipment & technology peer group is "buy"

• Wall Street's median 12-month price target for Cytosorbents Corp is $5.00, about 753.4% above its May 12 closing price of $0.59

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