CytoSorbents Corporation (CTSO)

[Good Sport]

Zacks Investment Research

scr.zacks.com
https://www.yahoo.com/now/ctso-initiation-established-medical-device-132000204.html
Source: CytoSorbents investor presentation

CytoSorbents Corporation (NASDAQ:CTSO) is U.S. based international medical device company
that has developed and marketed the CytoSorb® blood purification cartridge which is European
Union approved and sold in 75 countries worldwide.

The CytoSorb cartridge treats cytokine storms and massive uncontrolled inflammation in life-
threatening conditions such as sepsis, COVID-19, shock, lung failure, pancreatitis, and many other
applications.

The company is seeking U.S. FDA approvals for DrugSorb-ATR, an equivalent polymer technology
to CytoSorb, to reduce perioperative bleeding during cardiac surgery by removing blood thinners.
The pivotal STAR-T trial commenced in October 2021 to support FDA approval for this product and
enrollment of a third of the trial was reached in November 2022 and is expected to complete full
enrollment in the summer of 2023.

The company was awarded two FDA Breakthrough Device Designations for DrugSorb-ATR which is
often considered a “fast track” path for device approvals addressing major unmet clinical needs.

The company is currently marketing three approved products and has six more under development,
all of which are related to the company’s proprietary blood purification technology.

The company’s business model incorporates a “razor blade” business model in which the CytoSorb
device can be utilized across an installed base of blood pumps such as dialysis, CRRT, ECMO, and
heart-lung machines.
CytoSorb is led by an experience management team including CEO Phillip Chan and COO and
President Vincent Capponi who led the company through the E.U. approval and commercialization
of the CytoSorb device.

The company has approximately $23.8 million in cash on the balance sheet and $5.0 million in debt
as of 12/31/22. We believe the company has funds to support planned operations through at least
the 4th quarter of 2023.
The company uplisted to the NASDAQ in December 2013 and currently has a market capitalization
of approximately $142.0 million.

"We believe CTSO stock is worth $6.00 based on a conservative discounted cash flow (DCF)
calculation and a peer multiple comparison."