Business
CytoSorbents Reports Preliminary Fourth Quarter and Full Year 2020 Revenue
Preliminary Full Year and Q4 2020 Product Sales were $39.5 million and $11.5 million, respectively, representing growth of 73% and 74%, respectively, over the
About this update from Cytosorbents Corporation
[{"type":"text","content":"Preliminary Full Year and Q4 2020 Product Sales were $39.5 million and $11.5 million, respectively, representing growth of 73% and 74%, respectively, over the corresponding prior periods. Cumulative CytoSorb treatments surpassed 121,000.\n\n\nMONMOUTH JUNCTION, N.J., Jan. 12, 2021 /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, pre-announces preliminary unaudited fourth quarter 2020 and full-year 2020 results ahead of filing its Form 10-K.\n\n \n \n \n \n \n \n\n \nCytoSorbents (NASDAQ: CTSO) Pre-announces Record Preliminary Unaudited 2020 Quarterly and Annual Revenue with 73% GrowthPreliminary 2020 Financial Highlights: \nThe Company expects to announce the following: \nCumulative CytoSorb treatments delivered exceeded 121,000, up from 80,000 at the end of 2019 Preliminary 2020 unaudited Total Revenue, which includes product sales and grant revenue, was approximately $40.8 million versus $24.9 million in 2019 Preliminary 2020 unaudited Product Sales increased 73% to approximately $39.5 million, from $22.8 million in 2019, driven by strength across all sales units Preliminary Q4 2020 unaudited Total Revenue was approximately $11.8 million versus $7.4 million in Q4 2019 Preliminary Q4 2020 unaudited Product Sales rose 74% to approximately $11.5 million, compared to $6.6 million in Q4 2019 Preliminary blended product gross margins are expected to approach 80% for Q4 2020, mixing higher margin direct and lower margin distributor and partner sales Strong cash balance at the end of 2020 was in excess of $71 million, following the repayment of the $15 million term loan from Bridge Bank in Q4 2020Dr. Phillip Chan, Chief Executive Officer of CytoSorbents stated, \"Our record financial performance in 2020 reflects the underlying strength of our core businesses in critical care and cardiac surgery, aided by broad-based demand for CytoSorb as a powerful therapy to treat cytokine storm and hyperinflammation in mechanically ventilated COVID-19 patients. By leveraging our existing businesses, with new opportunities such as liver disease and the removal of blood thinners in cardiothoracic surgery, we believe 2021 will be another year of strong gro...