Revenue: As of FY2026 Q1, the actual value is USD 8.864 M, missing the estimate of USD 9.363 M.EPS: As of FY2026 Q1, the actual value is USD -0.08, missing the estimate of USD -0.055.EBIT: As of FY2026 Q1, the actual value is USD -3.901 M.Cytosorbents Corporation operates as a single reportable segment, focusing on the development, testing, and sale of blood purification medical devices.<h4>Revenue</h4>Total revenue for the three months ended March 31, 2026, was $8.9 million, an increase of 1.6% compared to $8.7 million for the same period in 2025. On a constant currency basis, revenue decreased by 7.4%. Revenue growth was primarily driven by double-digit growth in direct sales outside of Germany, partially offset by lower revenue in the direct German market. Distributor sales remained flat year-over-year, impacted by approximately $0.5 million in delayed distributor orders from the Middle East and neighboring regions due to geopolitical and economic instability.<h4>Gross Profit and Margin</h4>Gross profit for the three months ended March 31, 2026, was $6.1 million, a decrease of 1.2% from $6.2 million in the prior year period. Gross margin was 69.2% for the three months ended March 31, 2026, down from 71.1% in the corresponding period of 2025.<h4>Operating Expenses</h4>Total operating expenses decreased by 9.1% to $9.174 million for the three months ended March 31, 2026, compared to $10.095 million for the same period in 2025.- Research and Development (R&amp;D) Expenses: R&amp;D costs decreased by 38.4%, or approximately $0.7 million, to $1.0 million for the three months ended March 31, 2026, from $1.7 million in the prior year. This reduction was mainly due to the completion of the STAR-T clinical trial, fewer grant-funded projects, and other clinical and product development program reductions.- Selling, General and Administrative (SG&amp;A) Expenses: SG&amp;A expenses decreased by 3.5%, or approximately $0.3 million, to $8.1 million for the three months ended March 31, 2026, from $8.4 million in the prior year. This decrease was primarily due to a $0.2 million reduction in stock-based compensation expense and a $0.2 million decrease in salaries and compensation expense, partially offset by a $0.1 million reduction in government grant benefits.<h4>Loss from Operations</h4>Loss from operations improved by 21.7%, decreasing to - $3.0 million for the three months ended March 31, 2026, from - $3.9 million in the corresponding period of 2025.<h4>Net Loss</h4>Net loss for the three months ended March 31, 2026, was - $5.129 million, compared to - $1.479 million for the three months ended March 31, 2025.<h4>Non-GAAP Financial Measures</h4><ul><li>EBITDA: Earnings (Loss) before interest expense, income taxes, depreciation, and amortization (EBITDA) was - $3.922 million for the three months ended March 31, 2026, compared to - $505 thousand for the same period in 2025.</li><li>Adjusted EBITDA: Adjusted EBITDA was - $2.150 million for the three months ended March 31, 2026, an improvement from - $2.701 million for the same period in 2025.</li><li>Adjusted Net Loss: Adjusted net loss was - $3.357 million for the three months ended March 31, 2026, compared to - $3.675 million for the same period in 2025.</li></ul><h4>Cash Flow and Liquidity</h4>Total cash used in operating and investing activities was - $1.208 million for the three months ended March 31, 2026, an improvement from - $3.513 million for the same period in 2025. As of March 31, 2026, Cytosorbents Corporation had $4.813 million in unrestricted cash and cash equivalents, and $1.522 million in restricted cash, totaling $6.335 million. This was a decrease from $7.771 million in total cash, cash equivalents, and restricted cash as of December 31, 2025. Total assets were $40.562 million as of March 31, 2026, down from $44.182 million as of December 31, 2025. Current liabilities increased to $16.303 million as of March 31, 2026, from $9.709 million as of December 31, 2025.<h4>Outlook and Strategy</h4>Cytosorbents Corporation is pursuing regulatory approval for DrugSorb-ATR with the FDA and Health Canada, anticipating a new De Novo application for Brilinta® in late 2026 or early 2027 and a parallel De Novo submission for DOAC indication (Eliquis® and Xarelto®). The company aims to achieve operating cash flow break-even in the second half of 2026 through a strategic workforce and cost reduction plan. However, the current cash balance may not be sufficient to fund operations beyond the next twelve months, raising substantial doubt about the company’s ability to continue as a going concern, and it is evaluating additional financing sources.

CytoSorbents | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 8.864 M