Estados financieros detallados de Cytosorbents Corporation (CTSO): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Cytosorbents Corporation registró ingresos de $37.1M en el último ejercicio fiscal, con un CAGR de 5 años del -1.2%.
Márgenes de los últimos 12 meses: margen bruto 71.6%, margen operativo -33.4%, margen neto -48.9%.
Al precio actual de $5.73, CTSO presenta beneficios negativos (P/E no significativo) y un ROE del -445.14%. La capitalización bursátil es de $18M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $8.2M | $13.4M | $20.3M | $22.8M | $39.5M | $40.1M | $34.7M | $31.1M | $35.6M | $37.1M |
| Coste de Ventas | $4.0M | $5.5M | $7.5M | $7.4M | $11.1M | $11.0M | $14.0M | $9.1M | $10.7M | $10.6M |
| Beneficio Bruto | $4.3M | $7.9M | $12.8M | $15.4M | $28.4M | $29.1M | $20.7M | $22.0M | $24.9M | $26.5M |
| I+D | $4.8M | $4.0M | $7.7M | $12.1M | $8.8M | $16.4M | $15.1M | $15.6M | $7.6M | $5.1M |
| Generales y Administrativos | $12.3M | $15.4M | $22.9M | $24.5M | $31.5M | $38.5M | $2.8M | $38.3M | $33.7M | $35.6M |
| Gastos Operativos | $15.7M | $17.7M | $28.3M | $34.4M | $38.8M | $51.8M | $52.3M | $53.9M | $41.3M | $40.7M |
| Beneficio Operativo | -$11.5M | -$9.8M | -$15.6M | -$19.0M | -$10.4M | -$22.7M | -$31.5M | -$31.9M | -$16.5M | -$14.2M |
| EBITDA | -$11.9M | -$8.2M | -$16.0M | -$18.7M | -$9.7M | -$24.2M | -$30.0M | -$27.9M | -$19.3M | -$4.4M |
| Gastos por Intereses | $231804 | $749076 | $1.5M | $1.0M | $1.2M | 0 | 0 | $157891 | $1.4M | $2.6M |
| Beneficio Antes de Impuestos | -$12.3M | -$9.1M | -$17.8M | -$20.4M | -$9.0M | -$25.3M | -$33.9M | -$30.1M | -$22.4M | -$8.6M |
| Impuestos | -$318550 | -$676739 | -$619546 | -$1.1M | -$1.1M | -$736003 | -$1.1M | -$813739 | -$1.7M | -$401000 |
| Beneficio Neto | -$11.9M | -$8.5M | -$17.2M | -$19.3M | -$7.8M | -$24.6M | -$32.8M | -$29.2M | -$20.7M | -$8.2M |
| BPA | $-9.40 | $-6.20 | $-11.20 | $-12.00 | $-4.00 | $-11.40 | $-15.00 | $-13.00 | $-7.60 | $-2.60 |
| BPA Diluido | $-9.40 | $-6.20 | $-11.20 | $-12.00 | $-4.00 | $-11.40 | $-15.00 | $-13.00 | $-7.60 | $-2.60 |
| Acciones en Circulación (Diluidas) | $1.3M | $1.4M | $1.5M | $1.6M | $1.9M | $2.2M | $2.2M | $2.2M | $2.7M | $3.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $9.5M | $9.2M | $8.9M | $9.6M |
| Beneficio Bruto | $6.7M | $6.8M | $6.1M | $7.0M |
| Beneficio Operativo | -$2.9M | -$3.9M | -$3.0M | -$2.6M |
| EBITDA | -$2.5M | -$4.4M | -$3.9M | -$3.3M |
| Beneficio Neto | -$3.2M | -$5.5M | -$5.1M | -$4.4M |
| BPA | $-1.00 | $-1.75 | $-1.60 | $-1.40 |
| BPA Diluido | $-1.00 | $-1.75 | $-1.60 | $-1.40 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $5.2M | $17.3M | $22.4M | $12.2M | $71.4M | $52.1M | $22.1M | $14.1M | $3.3M | $6.2M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $1.4M | $2.2M | $3.9M | $4.5M | $5.2M | $4.5M | $5.7M | $6.1M | $7.3M | $7.5M |
| Inventario | $833976 | $795657 | $833133 | $2.1M | $2.7M | $4.8M | $3.5M | $3.7M | $2.7M | $5.3M |
| Activos Corrientes | $7.8M | $20.7M | $28.3M | $20.9M | $82.5M | $64.3M | $33.8M | $25.7M | $21.6M | $20.6M |
| Inmovilizado Material | $569409 | $1.4M | $1.7M | $3.0M | $3.1M | $18.6M | $23.3M | $22.1M | $20.5M | $18.7M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.2M |
| Activos Intangibles | $1.2M | $1.8M | $2.6M | $3.4M | $4.2M | $4.7M | $4.4M | $3.9M | $3.7M | 0 |
| Activos Totales | $9.7M | $24.1M | $32.7M | $27.4M | $90.0M | $89.5M | $63.2M | $53.3M | $47.4M | $44.2M |
| Cuentas por Pagar | $1.3M | $1.2M | $1.5M | $2.0M | $2.5M | $2.8M | $1.7M | $3.8M | $3.3M | $2.9M |
| Deuda a Corto | $833333 | $4.0M | $666667 | $2.1M | 0 | $570566 | $108939 | $2.5M | 0 | 0 |
| Pasivos Corrientes | $6.1M | $7.8M | $6.5M | $9.9M | $10.2M | $13.7M | $9.7M | $14.5M | $9.8M | $9.7M |
| Deuda a Largo | $4.1M | $6.0M | $9.3M | $13.4M | 0 | 0 | $5.0M | $2.5M | $14.0M | $16.7M |
| Pasivos Totales | $10.2M | $13.8M | $15.8M | $24.0M | $10.7M | $26.9M | $27.9M | $30.0M | $36.3M | $38.3M |
| Reservas | -$144.5M | -$152.3M | -$169.5M | -$188.8M | -$196.6M | -$221.2M | -$254.0M | -$282.5M | -$304.0M | -$312.2M |
| Patrimonio Neto | -$474088 | $10.3M | $16.9M | $3.4M | $79.2M | $62.6M | $35.4M | $23.3M | $11.1M | $5.9M |
| Deuda Total | $4.9M | $10.0M | $9.9M | $16.6M | $1.0M | $13.8M | $18.3M | $18.3M | $26.9M | $29.1M |
| Deuda Neta | -$333531 | -$7.3M | -$12.4M | $4.3M | -$70.4M | -$38.3M | -$3.9M | $4.2M | $23.6M | $22.9M |
| Capital Circulante | $1.7M | $12.9M | $21.7M | $11.0M | $72.3M | $50.6M | $24.0M | $11.2M | $11.8M | $10.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $7.5M | $6.2M | $4.8M | $4.4M |
| Activos Totales | $45.8M | $44.2M | $40.6M | $38.0M |
| Pasivos Totales | $36.7M | $38.3M | $38.4M | $38.7M |
| Patrimonio Neto | $9.0M | $5.9M | $2.2M | -$751000 |
| Deuda Total | $27.1M | $29.1M | $19.0M | $26.3M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$11.9M | -$8.5M | -$17.2M | -$19.3M | -$7.8M | -$24.6M | -$32.8M | -$28.5M | -$20.7M | -$8.2M |
| Amortizaciones | $161613 | $218271 | $390551 | $581532 | $660788 | $1.1M | $1.1M | $2.0M | $1.8M | $955000 |
| Compensación en Acciones | $2.8M | $3.3M | 0 | $2.8M | $4.7M | $6.2M | $3.8M | $3.7M | $3.8M | $2.8M |
| Cambio en Capital Circulante | $1.7M | -$160602 | -$937771 | -$1.5M | -$757869 | $641899 | -$3.6M | $2.4M | -$4.4M | -$1.0M |
| Flujo de Caja Operativo | -$6.7M | -$6.5M | -$10.8M | -$16.8M | -$5.6M | -$14.0M | -$28.2M | -$21.7M | -$14.4M | -$12.4M |
| Inversiones (CapEx) | -$595531 | -$1.7M | -$1.5M | -$1.5M | -$1.7M | -$4.3M | -$6.5M | -$936236 | -$284343 | -$164000 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | -$335731 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$7.3M | -$8.1M | -$12.4M | -$18.3M | -$7.3M | -$18.3M | -$34.7M | -$22.6M | -$14.7M | -$12.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$2.6M | -$4.8M | -$1.2M | -$1.7M |
| Inversiones (CapEx) | -$17000 | -$62883 | -$11000 | -$25000 |
| Flujo de Caja Libre | -$2.6M | -$4.9M | -$1.2M | -$1.8M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $488000 | $1.5M | 0 | $912000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +63.1% | +51.3% | +12.4% | +73.3% | +1.7% | -13.5% | -10.4% | +14.5% | +4.1% |
| Crecimiento Beneficio Neto (anual) | | +29.1% | -103.4% | -11.9% | +59.3% | -213.4% | -33.6% | +10.9% | +29.2% | +60.4% |
| Crecimiento BPA (anual) | | +34.0% | -80.6% | -7.1% | +66.7% | -185.0% | -31.6% | +13.3% | +41.5% | +65.8% |
| Cambio en Acciones (anual) | | +8.6% | +11.2% | +5.0% | +20.3% | +11.7% | +0.5% | +2.5% | +21.9% | +14.3% |
| Crecimiento FCF (anual) | | -11.1% | -51.9% | -47.9% | +60.1% | -150.9% | -89.7% | +34.9% | +34.9% | +14.8% |
| Margen Bruto | 51.8% | 58.8% | 63.0% | 67.7% | 72.0% | 72.5% | 59.8% | 70.6% | 69.9% | 71.5% |
| Margen Operativo | -140.0% | -73.6% | -77.0% | -83.3% | -26.3% | -56.7% | -90.9% | -102.8% | -46.2% | -38.4% |
| Margen EBITDA | -144.6% | -61.1% | -78.9% | -82.3% | -24.6% | -60.2% | -86.5% | -89.7% | -54.1% | -11.8% |
| Margen Neto | -145.5% | -63.2% | -85.0% | -84.6% | -19.9% | -61.2% | -94.6% | -94.1% | -58.2% | -22.1% |
| Margen FCF | -89.3% | -60.8% | -61.0% | -80.3% | -18.5% | -45.6% | -100.0% | -72.7% | -41.3% | -33.8% |
| Tasa Impositiva Efectiva | 2.6% | 7.4% | 3.5% | 5.4% | 12.6% | 2.9% | 3.2% | 2.7% | 7.5% | 4.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-5.76 | $-5.89 | $-8.05 | $-11.33 | $-3.76 | $-8.44 | $-15.92 | $-10.12 | $-5.41 | $-4.03 |
| Dividendo por Acción | $0.00 | $0.24 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $1.3M | $1.4M | $1.5M | $1.6M | $1.9M | $2.2M | $2.2M | $2.2M | $2.7M | $3.1M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | -445.14% |
| Rentabilidad sobre capital invertido | -42.38% |
| Rentabilidad sobre activos | -47.98% |
| Margen bruto | 71.61% |
| Margen operativo | -33.37% |
| Margen neto | -48.94% |
Salud financiera
| Deuda / Patrimonio | -35.07 |
| Ratio corriente | 0.66 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -11.60 | -20.97 | -14.43 | -6.42 | -39.85 | -7.35 | -2.07 | -1.71 | -2.39 | -4.92 |
| P/VC | -292.38 | 17.49 | 14.66 | 36.33 | 3.91 | 2.90 | 1.91 | 2.13 | 4.46 | 6.74 |
| P/V | 16.89 | 13.41 | 12.26 | 5.45 | 7.84 | 4.53 | 1.95 | 1.59 | 1.39 | 1.07 |
| Margen Bruto | 51.8% | 58.8% | 63.0% | 67.7% | 72.0% | 72.5% | 59.8% | 70.6% | 69.9% | 71.5% |
| Margen Operativo | -140.0% | -73.6% | -77.0% | -83.3% | -26.3% | -56.7% | -90.9% | -102.8% | -46.2% | -38.4% |
| Margen Neto | -145.5% | -63.2% | -85.0% | -84.6% | -19.9% | -61.2% | -94.6% | -94.1% | -58.2% | -22.1% |