Q316 growth outstanding! Revenue was $2.4 million, a single quarter record. The bulk came from $2.1 million in Q3 CytoSorb product sales, also a record quarter. On the conference call, CFO pointed out that annual revenue growth rate is at +120%. Total 2015 annual revenues were about $4 million, and that number has been easily exceeded in the first three quarters of 2016. Current company projection for 2016 revenues is $7.9 million -- but could be higher. CFO said that the company expects to reach $20 million in sales in two years or less. $20 million is the breakeven point, after which she indicated every dollar of revenue will provide roughly 50 cents in profit. "At that point, CTSO will be a very good investment for its shareholders," she said. In addition, color on Fresenius relationship indicated that it is still in the early stages of developing new accounts. As accounts take hold, they will likely follow the same reorder patterns of existing customers. The number of indications for which CytoSorb is being used is about two dozen or more, and for some indications, like sepsis, some hospitals have already made CytoSorb the de facto standard of care, meaning every case is treated with CytoSorb. It's the go to product for severe inflammation. The cardiac surgery pilot study results for reducing Free Hemoglobin were termed promising, but data was withheld from the conference call because it has not yet been presented to the FDA. (EU studies already indicate Free Hemoglobin reductions in cardiac surgery.) After FDA review, the data will be presented to a professional cardiac surgeon conference, then comes PR. Company sounded confident in call that the next (and possibly pivotal) FDA study could go forward in early 2017, getting it ever closer to FDA approval for severe cardiac surgery. No other method is known to reduce free hemoglobin, a inflammatory mediator. Currently CytoSorb is being sold in 42 countries, with rapid sales acceleration expected to continue, driving revenues for the next several years even without US approval in place. Everything still looks good. If you want facts, listen to conference calls, IMO.
