Cytosorbents Corporation

CTSO

HealthcareMedical - DevicesNASDAQ

$0.57

Market Cap: $35.84M

Cytosorbents Corporation (CTSO) Valuation Summary

Updated Apr 6, 2026 22:25

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.04 – $3.76	$0.84	+41.8%
▸ Trading Multiples
EV/Revenue	$0.73 – $1.39	$0.85	+43.6%

Valuation History

DCF Analysis

Cytosorbents Corporation (CTSO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.84

Market Price

$0.57

Upside / Downside

+47.2%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -38.4% to a target of 13.3% over 5 years, discounted at a WACC of 9.0%, Cytosorbents Corporation (CTSO) has an intrinsic value of $0.84 per share (range: $0.04 – $3.76).

Key Assumptions

Current Operating Margin

-38.4%

Target Operating Margin

13.3%

WACC

9.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.6%

Target CapEx/Rev

6.0%

D&A/Revenue

3.5%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	41	9.5%	-28.1%	-11	-11	1	(3)	-2	-11	-11
2027	49	20.9%	-17.7%	-9	-9	2	(3)	2	-12	-10
2028	57	16.0%	-7.4%	-4	-4	2	(4)	2	-7	-6
2029	73	27.7%	3.0%	2	2	3	(5)	3	-4	-3
2030	133	83.0%	13.3%	18	14	5	(8)	12	-2	-1
2031	132	-1.1%	13.3%	18	14	5	(8)	-0	11	7
2032	131	-0.3%	13.3%	17	14	5	(8)	-0	10	6
2033	132	0.5%	13.3%	18	14	5	(8)	0	10	5
2034	134	1.4%	13.3%	18	14	5	(8)	0	10	5
2035	137	2.2%	13.3%	18	14	5	(8)	1	10	5

Enterprise Value Bridge

Sum of PV(FCFF)-4

Terminal Value (Gordon Growth at 3.0%)178

PV of Terminal Value79

Enterprise Value75

(–) Net Debt23

Equity Value52

(÷) Shares Outstanding62

Fair Value per Share$0.84

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.0%	$0	$1	$2	$3	$4
8.0%	$-0	$1	$1	$2	$3
9.0%	$-0	$0	$1	$1	$2
10.0%	$-0	$0	$1	$1	$2
11.0%	$-1	$-0	$0	$1	$1

Current price: $0.57. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$0.85

Market Price

$0.57

Upside / Downside

+48.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cytosorbents Corporation (CTSO) has a fair value of $0.85 based on 9 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cytosorbents CorporationCTSO	36	1.6x	1.4x
Biodesix, Inc.BDSX	116	1.9x	1.6x
Baird Medical Investment Holdings LimitedBDMD	70	2.4x	—
Sensus Healthcare, Inc.SRTS	70	1.8x	1.6x
electroCore, Inc.ECOR	57	1.9x	1.4x
Spectral AI, Inc.MDAI	53	2.4x	2.5x
NeuroOne Medical Technologies CorporationNMTC	42	3.0x	3.1x
TELA Bio, Inc.TELA	28	0.4x	0.4x
Serina Therapeutics, Inc.SER	22	143.4x	143.4x
IceCure Medical LtdICCM	21	3.6x	1.5x
Industry Median		2.4x	1.6x
(*) Revenue		37	41
= Enterprise Value		88	63
(-) Net Debt		23	23
Equity Value		65	41
(/) Outstanding shares		62	62
Fair Price		$1	$1

Selected Fair Value (avg of trailing + forward)

$0.85

+48.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$0.04 – $3.76

$0.84

+41.8%

▸ Trading Multiples

EV/Revenue

$0.73 – $1.39

$0.85

+43.6%

DCF Analysis

Cytosorbents Corporation (CTSO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.84

Market Price

$0.57

Upside / Downside

+47.2%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-38.4%

Target Operating Margin

13.3%

WACC

9.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.6%

Target CapEx/Rev

6.0%

D&A/Revenue

3.5%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	41	9.5%	-28.1%	-11	-11	1	(3)	-2	-11	-11
2027	49	20.9%	-17.7%	-9	-9	2	(3)	2	-12	-10
2028	57	16.0%	-7.4%	-4	-4	2	(4)	2	-7	-6
2029	73	27.7%	3.0%	2	2	3	(5)	3	-4	-3
2030	133	83.0%	13.3%	18	14	5	(8)	12	-2	-1
2031	132	-1.1%	13.3%	18	14	5	(8)	-0	11	7
2032	131	-0.3%	13.3%	17	14	5	(8)	-0	10	6
2033	132	0.5%	13.3%	18	14	5	(8)	0	10	5
2034	134	1.4%	13.3%	18	14	5	(8)	0	10	5
2035	137	2.2%	13.3%	18	14	5	(8)	1	10	5

Enterprise Value Bridge

Sum of PV(FCFF)-4

Terminal Value (Gordon Growth at 3.0%)178

PV of Terminal Value79

Enterprise Value75

(–) Net Debt23

Equity Value52

(÷) Shares Outstanding62

Fair Value per Share$0.84

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.0%	$0	$1	$2	$3	$4
8.0%	$-0	$1	$1	$2	$3
9.0%	$-0	$0	$1	$1	$2
10.0%	$-0	$0	$1	$1	$2
11.0%	$-1	$-0	$0	$1	$1

Current price: $0.57. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$0.85

Market Price

$0.57

Upside / Downside

+48.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cytosorbents Corporation (CTSO) has a fair value of $0.85 based on 9 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cytosorbents CorporationCTSO	36	1.6x	1.4x
Biodesix, Inc.BDSX	116	1.9x	1.6x
Baird Medical Investment Holdings LimitedBDMD	70	2.4x	—
Sensus Healthcare, Inc.SRTS	70	1.8x	1.6x
electroCore, Inc.ECOR	57	1.9x	1.4x
Spectral AI, Inc.MDAI	53	2.4x	2.5x
NeuroOne Medical Technologies CorporationNMTC	42	3.0x	3.1x
TELA Bio, Inc.TELA	28	0.4x	0.4x
Serina Therapeutics, Inc.SER	22	143.4x	143.4x
IceCure Medical LtdICCM	21	3.6x	1.5x
Industry Median		2.4x	1.6x
(*) Revenue		37	41
= Enterprise Value		88	63
(-) Net Debt		23	23
Equity Value		65	41
(/) Outstanding shares		62	62
Fair Price		$1	$1

Selected Fair Value (avg of trailing + forward)

$0.85

+48.5%