Business
CytoSorbents Reports First Quarter 2020 Financial and Operational Results
First Quarter 2020 Total Revenue grew 68% to $8.7M and Product Sales grew 78% to $8.2M over Q1 2019 MONMOUTH JUNCTION, N.J., May 5, 2020 /PRNewswire/ --
About this update from Cytosorbents Corporation
[{"type":"text","content":"First Quarter 2020 Total Revenue grew 68% to $8.7M and Product Sales grew 78% to $8.2M over Q1 2019\n\n\nMONMOUTH JUNCTION, N.J., May 5, 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, reports record financial and operational results for the quarter ending March 31, 2020.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2020 Financial Results:\nTotal revenue for Q1 2020 was $8.7 million, including both product sales and grant income, compared to $5.2 million in Q1 2019, a 68% increase of approximately $3.5 million Product sales for Q1 2020 were $8.2 million, a 78% increase from $4.6 million for Q1 2019, and 24% sequentially over Q4 2019. On a constant exchange rate basis, Q1 2020 sales would have been $8.4 million Sales growth was fueled by underlying strength in our core critical care and cardiac surgery markets, as well as demand for CytoSorb® in connection with treatment of COVID-19 patients The Company entered April with its first ever sales order backlog of approximately $2.7 million, which orders are expected to be filled in Q2 2020 Product gross margins for Q1 2020 were 76% compared to 74% for Q1 2019 but lower from Q4 2019 due to increased costs required to rapidly scale-up CytoSorb production Strong cash position of $26.4 million at March 31, 2020First Quarter 2020 Operational Highlights:\nMore than 88,000 cumulative CytoSorb treatments delivered, up from 61,000 a year ago CytoSorb was approved in the E.U. to remove ticagrelor, a blockbuster anti-platelet drug, during cardiopulmonary bypass in cardiothoracic surgery, with the goal of reducing the risk of costly and potentially fatal perioperative bleeding CytoSorbents entered into an agreement with China Medical System Holdings Limited to bring CytoSorb to mainland China, enabling the treatment of multiple COVID-19 patients at multiple hospitals in the Wuhan, China region The first 70, of now more than 750 COVID-19 patients worldwide, were treated in China, Italy, and Germany with CytoSorb specifically added to the COVID-19 treatment guidelines in Italy and Panama, with blood purification to treat cytokine storm in the China COVID-19 treatment guidelines as well The first and second publ...