Business
CytoSorbents Reports Fourth Quarter and Full Year 2023 Results
STAR-T trial results selected for a Breakout Presentation at the American Association of Thoracic Surgery Annual Meeting in late-April 2024 CytoSorbents
About this update from Cytosorbents Corporation
[{"type":"text","content":"STAR-T trial results selected for a Breakout Presentation at the American Association of Thoracic Surgery Annual Meeting in late-April 2024 CytoSorbents intends to submit DrugSorb-ATR for regulatory approval to U.S. Food & Drug Administration (FDA) and Health Canada this year CytoSorb core sales increased approximately 10% year-over-year 2023 Product gross margins increased to 72% Cumulative CytoSorb treatments surpassed 228,000 PRINCETON, N.J., March 14, 2024 (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 financial and operating results for the quarter and year ended December 31, 2023 and provides its 2024 outlook. Full Year 2023 Financial Results 2023 Total Revenue, which includes Product Sales and Grant Income, was $36.3 million versus $34.7 million in 2022, an increase of approximately $1.7 million or 5%Total product sales were $31.1 million in 2023 versus $29.4 million in 2022, an increase of approximately $1.7 million or 6%. 2022 product sales benefitted from an additional approximately $0.7 million in Other non-CytoSorb product sales and $0.3 million in COVID-19 related sales compared to 2023Core (non-COVID-19 related) CytoSorb sales grew 10% to $31.0 million in 2023, versus $28.3 million in 2022The increase in the average Euro to U.S. dollar exchange rate positively impacted 2023 product sales by approximately $0.8 million. The average Euro to dollar exchange rate was 1.08 in 2023 versus 1.05 in 20222023 Product Gross Margin increased to approximately 72%, from approximately 70% in 2022 Fourth Quarter 2023 Financial Results Q4 2023 Total Revenue, which includes Product Sales and Grant Income, was $8.7 million versus $9.4 million in Q4 2022, a decrease of approximately $0.7 million or 8%Total Product Sales were $7.3 million in 2023 versus $7.6 million in 2022, a decrease of approximately $0.3 million or 4%Core CytoSorb sales in Q4 2023 were $7.3 million compared to $7.4 million in Q4 2022, a decrease of approximately $0.1 million or 1%The increase in the average Euro to U.S. dollar exchange rate favorably impacted Q4 2023 product sales by approximately $0.4 million. The average Euro to dollar exchange rate was 1.08 i...