Cytosorbents Corporation
CTSO Healthcare Medical Devices
Cytosorbents Corporation’s revenue for fiscal 2025 (year ended December 2025) was $37.1 million, up 4.12% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 333.3%, free cash flow grew 64.9% and total debt rose 19.9%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Cytosorbents Corporation (CTSO) Altman Z-score
Cytosorbents Corporation's Altman Z-score for fiscal 2025 is −9.24, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −9.24 | (0.97) |
| FY2024 | −8.26 | (0.63) |
| FY2023 | −7.63 | (2.82) |
| FY2022 | −4.81 | (5.72) |
| FY2021 | 0.91 | (14.36) |
| FY2020 | 15.27 | 22.71 |
| FY2019 | −7.44 | (9.03) |
| FY2018 | 1.59 | 2.73 |
| FY2017 | −1.14 | 12.12 |
| FY2016 | −13.26 | (22.53) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.25 | — | 0.30 | |
| Retained earnings / total assets | (7.07) | — | −9.89 | |
| EBIT / total assets | (0.33) | — | −1.10 | |
| Market value of equity / total liabilities | 1.04 | — | 0.62 | |
| Sales / total assets | 0.84 | — | 0.84 | |
| Altman Z-score | Distress zone | −9.24 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −23.50 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NMTC NeuroOne Medical Technologies Corporation compare | −3.7× |
| CTSO Cytosorbents Corporation | −9.2× |
| AEMD Aethlon Medical, Inc. compare | −10.8× |
| BMRA Biomerica, Inc. compare | −12.4× |
| TNON Tenon Medical, Inc. compare | −13.0× |
| BTCY Biotricity Inc. compare | −33.3× |
| PETV PetVivo Holdings, Inc. compare | −38.6× |
| SINT SINTX TECHNOLOGIES, INC. compare | −45.4× |
| RBOT Vicarious Surgical Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets