CytoSorbents Corporation (CTSO)

[Good Sport]

CytoSorbents Reports Second Quarter 2023 Financial and Operational Results
4:15 pm ET August 1, 2023 (Globe Newswire)

GlobeNewswireAugust 01, 2023
Q2 2023 Total Revenue was $9.4 million, an 11% increase from $8.5 million in Q2 2022.

Product sales rose 10% to $8.1 million vs $7.3 million in Q2 2022. Product gross margins grew 700 basis points to 74%

PRINCETON, N.J., Aug. 01, 2023 (GLOBE NEWSWIRE) -- CytoSorbents Corporation (NASDAQ: CTSO), a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery using blood purification via its proprietary polymer adsorption technology, today reported unaudited financial and operating results for the quarter ended June 30, 2023.

Second Quarter 2023 Financial Results

Total revenue for Q2 2023, including product sales and grant income, was $9.4 million, an increase of 11% compared to $8.5 million in Q2 2022
Q2 2023 product sales were $8.1 million versus $7.3 million in Q2 2022, an increase of 10%. The increase in the average exchange rate of the Euro to the U.S. dollar positively impacted Q2 2023 product sales by approximately $187,000
As expected, there were no COVID-19 related sales during the quarter, reflecting the low severity of current COVID-19 illness resulting from high rates of vaccination, anti-viral therapy, and natural immunity
Product gross margins were approximately 74% in Q2 2023, compared to 68% in Q1 2023 and 67% in Q2 2022
Total cash, including cash and cash equivalents, and restricted cash was $14.8 million as of June 30, 2023

Recent Operating Highlights:

The pivotal STAR-T trial completed enrollment ahead of internal projections among 30 participating trial centers in the U.S. and Canada. This follows the recommendation by the independent Data and Safety Monitoring Board (DSMB) in June 2023 to complete the trial without modifications, after it finished the second scheduled safety review at 80 patients enrolled
More than 212,000 CytoSorb devices have been cumulatively delivered across more than 75 countries worldwide as of the end of Q2 2023
Appointed Alexander D'Amico as Chief Financial Officer, who brings over 20 years of broad finance, SEC reporting, merger and acquisition, fundraising, and accounting experience to CytoSorbents, to start August 7, 2023. Interim CFO Kathy Bloch will continue to serve in a consulting capacity
Introduced Michael Bator as the new Chairman of the Board of Directors at the Annual Meeting in June, following the retirement of Al Kraus as former Chairman. A director of CytoSorbents since July 2015, Michael is founder and Partner of Quartz Advisory Group, a capital markets investment bank, and was formerly Managing Director of Healthcare Research at Jennison Associates, a multi-strategy buy-side family of investment funds with more than $175 billion of assets under management
Announced a theranostic collaboration with Humedics in the field of liver disease, focused on a joint promotion of CytoSorb, a superior extracorporeal liver support blood purification therapy, and Humedics' LiMAx(R) test, a rapid and precise E.U. approved diagnostic using its innovative breath analysis technology to quantitatively assess liver function

Dr. Phillip Chan, Chief Executive Officer of CytoSorbents stated, "We are pleased to report another successful quarter of executing on our three key business objectives for 2023. Most importantly, we expect to complete the pivotal STAR-T randomized, controlled trial imminently, following the 30-day follow-up of the last patient, which we believe puts us on target for topline data before the end of the year.

https://finance.yahoo.com/news/cytosorbents-reports-second-quarter-2023-201500053.html