Business
CytoSorbents Reports Preliminary 2019 Financial Results and Issues Stockholder Letter
Growth accelerated in Q4 2019, with preliminary record total revenue of $7.4 million and record product sales of $6.6 million, driven by a 30% increase in
About this update from Cytosorbents Corporation
[{"type":"text","content":"Growth accelerated in Q4 2019, with preliminary record total revenue of $7.4 million and record product sales of $6.6 million, driven by a 30% increase in direct sales. Cumulative CytoSorb treatments surpassed 80,000\n\n\nMONMOUTH JUNCTION, N.J., Jan. 14, 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, issues a stockholder letter from Dr. Phillip Chan, Chief Executive Officer of CytoSorbents, and pre-announces preliminary unaudited fourth quarter 2019 and full-year 2019 results ahead of filing its Form 10-K.\nPreliminary 2019 Financial Highlights: \nThe Company expects to announce the following: \nCumulative CytoSorb treatments surpassed 80,000, up from 56,000 at the end of 2018 Q4 2019 unaudited total revenue was approximately $7.4 million versus $6.1 million a year ago Growth accelerated in Q4 2019, with quarterly unaudited product sales of approximately $6.6 million, a 21% increase versus $5.5 million a year ago, bolstered by a 30% increase in direct sales. On a constant currency basis, Q4 2019 product sales increased 23% 2019 unaudited total revenue was approximately $24.9 million versus $22.5 million in 2018 2019 unaudited total product sales were approximately $22.8 million versus $20.3 million in 2018 On a constant currency basis, 2019 unaudited total revenue and product sales were $26.0 million and $23.9 million, representing 16% and 18% growth, respectively Preliminary blended product gross margins are expected to be at or near 80% for Q4 2019, mixing higher margin direct and lower margin distributor and partner salesDear Stockholders and Friends,\nFirst, let me thank all of you for your patience and support in 2019, which was a challenging year. It was technically our best year ever, but clearly did not meet our collective expectations. We disappointed you, and as a stockholder myself, I understand and share your disappointment. \nThat said, as we say goodbye to 2019, and warmly welcome the new decade, we ended the year on a strong note, with a 21% resurgence in growth and achievement of preliminary, unaudited record Q4 2019 total revenue and product sales of $7.4 million and $6.6 million, respectively. And despite th...