Business
CytoSorbents Announces 2019 Financial and Operational Results
2019 Total Revenue was $24.9 million, with 2019 Product Sales of $22.8M, and blended product gross margins of 80% for Q4 2019 MONMOUTH JUNCTION, N.J., March
About this update from Cytosorbents Corporation
[{"type":"text","content":"2019 Total Revenue was $24.9 million, with 2019 Product Sales of $22.8M, and blended product gross margins of 80% for Q4 2019\n\n\nMONMOUTH JUNCTION, N.J., March 5, 2020 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO) a critical care immunotherapy leader commercializing its CytoSorb® blood purification technology to treat deadly inflammation in critically-ill and cardiac surgery patients around the world, achieves record total revenue, CytoSorb® sales, and product gross margins in 2019.\n\n \n \n \n \n \n \n\n \n2019 Financial Highlights:\nQ4 2019 total revenue was approximately $7.4 million compared to $6.1 million a year ago Growth accelerated in Q4 2019, with quarterly product sales of approximately $6.6 million, a 21% increase when compared to $5.5 million of product sales a year ago, bolstered by a 30% increase in direct sales. On a constant currency/exchange rate basis, Q4 2019 product sales increased 24% 2019 total revenue was approximately $24.9 million compared to $22.5 million in 2018 2019 total product sales were approximately $22.8 million compared to $20.3 million in 2018 On a constant currency/exchange rate basis, 2019 total revenue and product sales were $26.1 million and $24.0 million, representing 16% and 18% growth, respectively when compared to the prior year Achieved Q4 2019 blended product gross margins of 80%, mixing higher margin direct sales and lower margin distributor and partner sales2019 and Recent Operational Highlights:\nExceeded 80,000 cumulative CytoSorb treatments delivered, up from 56,000 in 2018 Modified partnership with Fresenius Medical Care to now include Mexico, Korea, France, the Czech Republic, and Finland Added 5 new direct sales countries including Poland, the Netherlands, Denmark, Norway and Sweden Strengthened our commercial capabilities and more than doubled the number of customer-facing sales reps and specialists in Germany, with a 50% expansion of our workforce Expanded CytoSorb distribution in Latin and South America, including Brazil, Colombia, and Costa Rica Renewed CytoSorb CE Mark through May 2024 and annual ISO 13485:2016 certification through September 2022 Approximately 25 published papers, and additional studies highlighting the clinical benefit and utility of CytoSorb therapy in a number of observational studies Significant reduction in bleeding complications in c...