Cytosorbents (CTSO) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $9.6 million, flat year-over-year, with gross margin rising to 73% from 71% a year ago and 69% in Q1 2026.

• Operating loss improved by 27% to $2.6 million, and adjusted EBITDA loss improved by 38% to $1.6 million compared to Q2 2025.

• Net loss was $4.4 million ($0.07/share); adjusted net loss improved 22% to $2.8 million ($0.05/share).

• Cash burn reduced to $0.4 million in Q2, including $0.2 million in restructuring payments; cash and equivalents stood at $5.9 million at quarter-end.

• Four value drivers: achieving operating cash flow breakeven, returning core business to growth, U.S. market entry with DrugSorb-ATR, and unlocking HemoDefend-BGA's value.

Financial highlights

• Q2 2026 revenue: $9.6 million; distributor/partner sales up 16%, direct international up 9%, Germany down 24%.

• Gross margin: 73% (Q2 2026), up from 71% in Q2 2025 and 69% in Q1 2026.

• Operating expenses: $9.7 million in Q2; six months: $18.9 million, down from $20.5 million YoY.

• Adjusted EBITDA loss: $1.6 million (Q2 2026), improved from $2.6 million in Q2 2025.

• Cash and equivalents at quarter-end: $5.9 million.

Outlook and guidance

• Management expects to achieve operating cash flow breakeven in the second half of 2026.

• Plans to add 3–5 new sales representatives in Germany through early 2027 to restore coverage and drive growth.

• Regulatory approval for DrugSorb-ATR in the U.S. is now expected beyond 2026, with a new De Novo submission anticipated in early 2027.

• Expect further margin expansion as volumes increase and cost reductions take full effect.