Business
CytoSorbents Reports Record Second Quarter 2020 Financial Results
CytoSorbents posts record Q2 2020 Total Revenue of $9.8 million, including a 61% increase in Product Sales to $9.5 million, with $30 million in trailing
About this update from Cytosorbents Corporation
[{"type":"text","content":"CytoSorbents posts record Q2 2020 Total Revenue of $9.8 million, including a 61% increase in Product Sales to $9.5 million, with $30 million in trailing 12-month Product Sales\n\n\nMONMOUTH JUNCTION, N.J., Aug. 4, 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 its full financial and operational results for the quarter ending June 30, 2020.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2020 Financial Results:\nTotal revenue for Q2 2020 was approximately $9.8 million, a 58% increase from $6.2 million in Q2 2019 Q2 2020 product revenues were approximately $9.5 million, an increase of 61% from $5.9 million for Q2 2019, and up 16% sequentially from $8.2 million in Q1 2020 Trailing twelve-month product sales were approximately $30.0 million (ending Q2 2020) CytoSorbents generated approximately $667,000 in COVID-19 U.S. hospital sales during the second quarter, following the mid-April 2020 U.S. Food and Drug Administration (FDA) Emergency Use Authorization of CytoSorb for critically-ill COVID-19 patients Blended product gross margins were approximately 70%, compared to 76% for Q2 2019, impacted by an increase in percent contribution of lower margin distributor sales and increased costs of an expedited ramp in production in response to COVID-19 demand Cash balances increased to approximately $35.1 million at June 30, 2020, compared to approximately $26.4 million at the end of Q1 2020, and subsequently have risen to approximately $89.0 million as a result of the July 24, 2020 equity financingSecond Quarter 2020 Operational Highlights:\nMore than 100,000 CytoSorb treatments have been delivered to date, up approximately 50% from a year ago U.S. FDA granted Emergency Use Authorization (EUA) to CytoSorb for use in adult, critically-ill COVID-19 patients with imminent or confirmed respiratory failure, enabling commercial sales to all hospitals in the U.S. for this application CytoSorb is either directly or indirectly (e.g. cytokine adsorption) mentioned, recommended, and/or approved in multiple other countries China – Handbook of COVID-19 Prevention and Treatment (indirect) Columbia – Expert consensus – Colombian Journal of Nephrology (direct) Gre...