Business
CytoSorbents Provides Preliminary Q2 2020 Financial Results and Corporate Update
Achieved preliminary record total quarterly revenue of $9.8 million and product sales of $9.5 million, driven by demand for CytoSorb as a treatment of
About this update from Cytosorbents Corporation
[{"type":"text","content":"Achieved preliminary record total quarterly revenue of $9.8 million and product sales of $9.5 million, driven by demand for CytoSorb as a treatment of cytokine storm in COVID-19 infection and other illnesses.\n\n\nMONMOUTH JUNCTION, N.J., July 20, 2020 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ:CTSO), a critical care immunotherapy leader using its CytoSorb® blood purification technology to treat deadly inflammation in critically-ill and cardiac surgery patients around the world, provides preliminary Q2 2020 financial highlights and a brief corporate update.\n\n \n \n \n \n \n \n\n \nPreliminary Q2 2020 Financial Highlights:\nTotal revenue for Q2 2020 was approximately $9.8 million, a 58% increase from $6.2 million in Q2 2019 Q2 2020 product revenues were approximately $9.5 million, an increase of 61% from $5.9 million for Q2 2019, and up 16% sequentially from $8.2 million in Q1 2020, and product sales for the trailing twelve months ended Q2 2020 is approximately $30.0 million. CytoSorbents generated approximately $667,000 in U.S. hospital sales during the second quarter, following the U.S. Food and Drug Administration (FDA) Emergency Use Authorization of CytoSorb for critically-ill COVID-19 patients in mid-April 2020 Preliminary blended product gross margins were approximately 70%, compared to 76% for Q2 2019, impacted by increased costs of an expedited ramp in production in response to COVID-19 demand Cash balance at June 30, 2020 was approximately $35.1 million, with cash burn of approximately $2.3 million for the six months ended Q2 2020 Cumulative CytoSorb treatments delivered grew to more than 98,000, up from 67,000 a year ago Dr. Phillip Chan, MD, PhD, Chief Executive Officer of CytoSorbents stated, \"Sales of CytoSorb increased during Q2 2020 to another quarterly record, with strength from a solid underlying business in critical care and COVID-19-related sales, that more than offset decreases in elective cardiac surgeries mandated by hospitals globally. We have treated more than approximately 1,200 COVID-19 patients across more than 30 countries to date. In India, third behind the U.S. and Brazil in numbers of COVID-19 cases, our partner Biocon recently announced that CytoSorb has now received approval from the Drugs Controller General of India to treat COVID-19 patients in certain instances. The COVID-19 pandemic h...