Intrinsic value of Cytosorbents - CTSO

Previous Close

$6.05

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-98%

Previous close

$6.05

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-98%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CTSO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  100.00
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  10
  16
  25
  37
  54
  76
  104
  140
  183
  236
  298
  370
  452
  545
  649
  763
  888
  1,022
  1,167
  1,322
  1,486
  1,660
  1,843
  2,035
  2,236
  2,446
  2,664
  2,892
  3,130
  3,376
  3,632
Variable operating expenses, $m
 
  22
  35
  52
  75
  106
  146
  196
  257
  330
  417
  518
  633
  764
  908
  1,068
  1,243
  1,431
  1,634
  1,851
  2,081
  2,324
  2,580
  2,849
  3,130
  3,424
  3,730
  4,049
  4,381
  4,727
  5,085
Fixed operating expenses, $m
 
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
Total operating expenses, $m
  21
  29
  42
  60
  83
  114
  154
  204
  266
  339
  426
  527
  642
  774
  918
  1,078
  1,253
  1,442
  1,645
  1,862
  2,092
  2,336
  2,592
  2,861
  3,143
  3,437
  3,743
  4,063
  4,395
  4,741
  5,100
Operating income, $m
  -11
  -14
  -17
  -22
  -29
  -38
  -50
  -64
  -82
  -103
  -128
  -157
  -190
  -228
  -269
  -315
  -365
  -420
  -478
  -540
  -606
  -676
  -749
  -826
  -907
  -991
  -1,079
  -1,171
  -1,266
  -1,365
  -1,468
EBITDA, $m
  -11
  -13
  -17
  -22
  -29
  -37
  -49
  -63
  -80
  -101
  -125
  -154
  -186
  -222
  -263
  -308
  -357
  -409
  -466
  -527
  -591
  -659
  -731
  -806
  -885
  -967
  -1,052
  -1,142
  -1,234
  -1,331
  -1,431
Interest expense (income), $m
  0
  0
  0
  0
  0
  1
  1
  1
  2
  3
  4
  5
  6
  7
  8
  10
  12
  14
  16
  18
  21
  23
  26
  29
  32
  35
  38
  42
  45
  49
  53
Earnings before tax, $m
  -12
  -14
  -17
  -23
  -30
  -39
  -51
  -66
  -84
  -106
  -132
  -162
  -196
  -235
  -278
  -325
  -377
  -433
  -494
  -558
  -627
  -699
  -775
  -855
  -939
  -1,026
  -1,117
  -1,212
  -1,311
  -1,414
  -1,521
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -12
  -14
  -17
  -23
  -30
  -39
  -51
  -66
  -84
  -106
  -132
  -162
  -196
  -235
  -278
  -325
  -377
  -433
  -494
  -558
  -627
  -699
  -775
  -855
  -939
  -1,026
  -1,117
  -1,212
  -1,311
  -1,414
  -1,521

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  10
  8
  12
  18
  27
  38
  52
  70
  92
  118
  149
  185
  226
  273
  324
  381
  444
  511
  584
  661
  743
  830
  921
  1,017
  1,118
  1,223
  1,332
  1,446
  1,565
  1,688
  1,816
Adjusted assets (=assets-cash), $m
  5
  8
  12
  18
  27
  38
  52
  70
  92
  118
  149
  185
  226
  273
  324
  381
  444
  511
  584
  661
  743
  830
  921
  1,017
  1,118
  1,223
  1,332
  1,446
  1,565
  1,688
  1,816
Revenue / Adjusted assets
  2.000
  2.000
  2.083
  2.056
  2.000
  2.000
  2.000
  2.000
  1.989
  2.000
  2.000
  2.000
  2.000
  1.996
  2.003
  2.003
  2.000
  2.000
  1.998
  2.000
  2.000
  2.000
  2.001
  2.001
  2.000
  2.000
  2.000
  2.000
  2.000
  2.000
  2.000
Average production assets, $m
  1
  2
  2
  4
  5
  8
  10
  14
  18
  24
  30
  37
  45
  55
  65
  76
  89
  102
  117
  132
  149
  166
  184
  203
  224
  245
  266
  289
  313
  338
  363
Working capital, $m
  2
  -3
  -5
  -7
  -11
  -15
  -21
  -28
  -37
  -47
  -60
  -74
  -90
  -109
  -130
  -153
  -178
  -204
  -233
  -264
  -297
  -332
  -369
  -407
  -447
  -489
  -533
  -578
  -626
  -675
  -726
Total debt, $m
  5
  2
  6
  12
  19
  29
  42
  58
  78
  101
  129
  162
  199
  240
  287
  338
  394
  455
  520
  590
  664
  742
  824
  911
  1,001
  1,096
  1,194
  1,297
  1,403
  1,514
  1,630
Total liabilities, $m
  10
  7
  11
  17
  24
  34
  47
  63
  83
  106
  134
  167
  204
  245
  292
  343
  399
  460
  525
  595
  669
  747
  829
  916
  1,006
  1,101
  1,199
  1,302
  1,408
  1,519
  1,635
Total equity, $m
  0
  1
  1
  2
  3
  4
  5
  7
  9
  12
  15
  19
  23
  27
  32
  38
  44
  51
  58
  66
  74
  83
  92
  102
  112
  122
  133
  145
  156
  169
  182
Total liabilities and equity, $m
  10
  8
  12
  19
  27
  38
  52
  70
  92
  118
  149
  186
  227
  272
  324
  381
  443
  511
  583
  661
  743
  830
  921
  1,018
  1,118
  1,223
  1,332
  1,447
  1,564
  1,688
  1,817
Debt-to-equity ratio
  0.000
  2.750
  4.950
  6.300
  7.140
  7.680
  8.040
  8.280
  8.450
  8.580
  8.660
  8.730
  8.780
  8.820
  8.850
  8.870
  8.890
  8.900
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
Adjusted equity ratio
  -1.000
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -12
  -14
  -17
  -23
  -30
  -39
  -51
  -66
  -84
  -106
  -132
  -162
  -196
  -235
  -278
  -325
  -377
  -433
  -494
  -558
  -627
  -699
  -775
  -855
  -939
  -1,026
  -1,117
  -1,212
  -1,311
  -1,414
  -1,521
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  3
  4
  5
  5
  6
  8
  9
  10
  12
  13
  15
  17
  18
  20
  22
  24
  27
  29
  31
  34
  36
Funds from operations, $m
  -5
  -14
  -17
  -22
  -29
  -38
  -50
  -64
  -82
  -103
  -129
  -158
  -192
  -229
  -271
  -318
  -368
  -423
  -482
  -545
  -612
  -682
  -757
  -835
  -916
  -1,002
  -1,091
  -1,183
  -1,280
  -1,380
  -1,484
Change in working capital, $m
  2
  -1
  -2
  -2
  -3
  -4
  -6
  -7
  -9
  -11
  -12
  -14
  -16
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -47
  -49
  -51
Cash from operations, $m
  -7
  -12
  -15
  -20
  -26
  -34
  -44
  -57
  -73
  -93
  -116
  -144
  -175
  -211
  -251
  -295
  -343
  -396
  -453
  -514
  -579
  -648
  -720
  -796
  -876
  -960
  -1,047
  -1,138
  -1,232
  -1,331
  -1,433
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -5
  -5
  -6
  -8
  -9
  -10
  -12
  -13
  -15
  -17
  -18
  -20
  -22
  -24
  -27
  -29
  -31
  -34
New CAPEX, $m
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from investing activities, $m
  2
  -1
  -1
  -1
  -2
  -3
  -4
  -5
  -5
  -7
  -8
  -10
  -12
  -14
  -15
  -17
  -20
  -22
  -24
  -27
  -29
  -32
  -35
  -37
  -40
  -43
  -46
  -50
  -53
  -56
  -60
Free cash flow, $m
  -5
  -13
  -16
  -21
  -28
  -36
  -48
  -62
  -79
  -100
  -125
  -154
  -187
  -225
  -266
  -313
  -364
  -419
  -478
  -541
  -609
  -680
  -755
  -834
  -917
  -1,003
  -1,093
  -1,187
  -1,285
  -1,387
  -1,492
Issuance/(repayment) of debt, $m
  5
  -2
  4
  6
  8
  10
  13
  16
  20
  24
  28
  32
  37
  42
  47
  51
  56
  61
  65
  70
  74
  78
  82
  86
  90
  94
  98
  103
  107
  111
  115
Issuance/(repurchase) of shares, $m
  0
  19
  18
  23
  30
  40
  52
  67
  86
  108
  135
  165
  200
  239
  283
  331
  383
  440
  501
  566
  635
  708
  784
  865
  949
  1,037
  1,128
  1,224
  1,323
  1,426
  1,533
Cash from financing (excl. dividends), $m  
  5
  17
  22
  29
  38
  50
  65
  83
  106
  132
  163
  197
  237
  281
  330
  382
  439
  501
  566
  636
  709
  786
  866
  951
  1,039
  1,131
  1,226
  1,327
  1,430
  1,537
  1,648
Total cash flow (excl. dividends), $m
  0
  4
  5
  7
  10
  13
  17
  22
  27
  32
  38
  44
  50
  57
  63
  70
  76
  82
  88
  94
  100
  106
  112
  117
  123
  128
  133
  139
  145
  150
  156
Retained Cash Flow (-), $m
  8
  -19
  -18
  -23
  -30
  -40
  -52
  -67
  -86
  -108
  -135
  -165
  -200
  -239
  -283
  -331
  -383
  -440
  -501
  -566
  -635
  -708
  -784
  -865
  -949
  -1,037
  -1,128
  -1,224
  -1,323
  -1,426
  -1,533
Prev. year cash balance distribution, $m
 
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -11
  -12
  -16
  -20
  -27
  -35
  -46
  -59
  -76
  -97
  -121
  -150
  -183
  -220
  -261
  -307
  -358
  -413
  -472
  -535
  -602
  -673
  -748
  -826
  -909
  -995
  -1,085
  -1,178
  -1,276
  -1,377
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -10
  -11
  -14
  -17
  -21
  -25
  -31
  -37
  -44
  -51
  -58
  -64
  -69
  -74
  -77
  -78
  -78
  -76
  -73
  -68
  -62
  -56
  -49
  -42
  -35
  -29
  -23
  -18
  -14
  -10
Current shareholders' claim on cash, %
  100
  50.0
  2.2
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

CytoSorbents Corporation is a critical care focused immunotherapy company. The Company is engaged in commercializing its product, CytoSorb, which is a blood purification technology with focus in preventing or treating multiple organ failure. The Company's purification technologies are based on biocompatible, porous polymer beads that remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption. The Company's CytoSorb is an extracorporeal cytokine filter and is designed to reduce the cytokine storm that causes inflammation, organ failure and death in common critical illnesses, such as sepsis, burn injury, trauma, lung injury and pancreatitis. In addition, CytoSorb is used in other inflammatory conditions, such as cardiac surgery and autoimmune disease flares and cancer cachexia. It also has other products under development based upon its blood purification technology, including HemoDefend, ContrastSorb, DrugSorb, BetaSorb and others.

FINANCIAL RATIOS  of  Cytosorbents (CTSO)

Valuation Ratios
P/E Ratio -12.8
Price to Sales 15.4
Price to Book 0
Price to Tangible Book
Price to Cash Flow -22
Price to Free Cash Flow -19.3
Growth Rates
Sales Growth Rate 100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -114.3%
Ret/ On Assets - 3 Yr. Avg. -116.2%
Return On Total Capital -184.6%
Ret/ On T. Cap. - 3 Yr. Avg. -191.7%
Return On Equity -300%
Return On Equity - 3 Yr. Avg. -264.4%
Asset Turnover 1
Profitability Ratios
Gross Margin 60%
Gross Margin - 3 Yr. Avg. 56.7%
EBITDA Margin -120%
EBITDA Margin - 3 Yr. Avg. -176.7%
Operating Margin -110%
Oper. Margin - 3 Yr. Avg. -155%
Pre-Tax Margin -120%
Pre-Tax Margin - 3 Yr. Avg. -176.7%
Net Profit Margin -120%
Net Profit Margin - 3 Yr. Avg. -168.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 3.3%
Payout Ratio 0%

CTSO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTSO stock intrinsic value calculation we used $10 million for the last fiscal year's total revenue generated by Cytosorbents. The default revenue input number comes from 2016 income statement of Cytosorbents. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CTSO stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CTSO is calculated based on our internal credit rating of Cytosorbents, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cytosorbents.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CTSO stock the variable cost ratio is equal to 140%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7 million in the base year in the intrinsic value calculation for CTSO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Cytosorbents.

Corporate tax rate of 27% is the nominal tax rate for Cytosorbents. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CTSO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CTSO are equal to 10%.

Life of production assets of 10 years is the average useful life of capital assets used in Cytosorbents operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CTSO is equal to -20%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Cytosorbents - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 27.847 million for Cytosorbents is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cytosorbents at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ CytoSorbents to Present at the 2017 BIO Investor Forum   [Oct-10-17 07:15AM  PR Newswire]
▶ CTSO: Product Revenue Sets New Record, Further Growth Expected in 2H   [Aug-14-17 10:00AM  Zacks Small Cap Research]
▶ ETFs with exposure to CytoSorbents Corp. : May 22, 2017   [May-22-17 01:32PM  Capital Cube]
▶ CTSO: Revenue Acceleration Expected 2H. REFRESH Efficacy Compelling   [May-15-17 04:00PM  Zacks Small Cap Research]
▶ ETFs with exposure to CytoSorbents Corp. : May 9, 2017   [May-09-17 04:30PM  Capital Cube]
▶ CytoSorbents reports 1Q loss   [May-08-17 05:23PM  Associated Press]
▶ CytoSorbents Announces Positive REFRESH I Trial Results   [May-05-17 09:00AM  PR Newswire]
▶ CTSO: Equity Raise, Cancer Applications, REFRESH I Data Upcoming   [Apr-17-17 09:00AM  Zacks Small Cap Research]
▶ ETFs with exposure to CytoSorbents Corp. : April 5, 2017   [Apr-05-17 04:35PM  Capital Cube]
▶ CytoSorbents Announces Pricing of Follow-On Offering   [Mar-31-17 08:00AM  PR Newswire]
▶ CytoSorbents Announces Proposed Offering of Common Stock   [Mar-30-17 04:01PM  PR Newswire]
▶ CTSO: Several Catalysts Will Extend Record Revenue Streak Into 2017   [Mar-08-17 10:00AM  Zacks Small Cap Research]
▶ CytoSorbents Launches VetResQ for U.S. Veterinary Market   [Jan-20-17 09:00AM  PR Newswire]
▶ CytoSorbents to Present at the 2016 BIO Investor Forum   [Oct-14-16 07:00AM  PR Newswire]
Financial statements of CTSO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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