Business
CytoSorbents Reports Fourth Quarter and Full Year 2021 Results and Provides 2022 Outlook
2021 total revenue was $43.2 million, including product sales of $40.1 million. Core non-COVID-19 product sales increased approximately 13% Y-Y to $33.8
About this update from Cytosorbents Corporation
[{"type":"text","content":"2021 total revenue was $43.2 million, including product sales of $40.1 million. Core non-COVID-19 product sales increased approximately 13% Y-Y to $33.8 million.\n 2022 marks the 10th anniversary of CytoSorb® commercialization\n\n\nMONMOUTH JUNCTION, N.J., March 8, 2022 /PRNewswire/ -- 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 audited financial and operating results for the quarter and year ended December 31, 2021 and provides its 2022 outlook.\n\n \n \n \n \n \n \n\n \nFull Year 2021 Financial Results\n2021 Total revenue, including product sales and grant income, was $43.2 million, up 5% compared to $41.0 million in 2020. 2021 Product sales were $40.1 million, up 2% from $39.5 million in 2020. Core non-COVID-19 product sales in 2021 were $33.8. million, an approximate 13% increase from $30.0 million in 2020. Direct sales in Germany grew to $21.0 million in 2021, a 4% increase from $20.3 million in 2020. Estimated COVID-19 related sales in 2021 were $6.3 million, versus $9.4 million in 2020. 2021 product gross margin was approximately 80%, compared to 76% in 2020. The Company remains well-capitalized with cash and cash equivalents of $53.8 million, including $1.7 million in restricted cash at December 31, 2021, and no debt. Received approval for the sale of our 2020 New Jersey NOL and R&D tax credits, expected to generate cash proceeds of approximately $0.7M, to be received in first half 2022.Fourth Quarter 2021 Financial Results\nTotal revenue, including product sales and grant income, for Q4 2021 was $10.8 million, a decrease of 10% compared to $12.0 million in Q4 2020. Q4 2021 product sales were $9.7 million, rose 9% sequentially from $8.9 million in Q3 2021, but down 16% compared to $11.5 million in Q4 2020. Q4 2021 direct sales in Germany were $5.3 million, up 45% from $3.7 million in Q3 2021, but lower than sales of $6.0 million in Germany in Q4 2020. Core non-COVID-19 product sales for Q4 2021 were approximately $8.0 million, or 82% of product sales, versus approximately $8.9 million, or 77% of product sales in Q4 2020. Estimated Q4 2021 COVID-19 related sales were $1.7 million, compared to an estimated $2.6 million in Q4 2020. Q4 ...