Business
CytoSorbents Reports Record Third Quarter 2020 Financial Results
CytoSorbents reports record Q3 2020 Total Revenue of $10.5 million, including a 79% increase in Product Sales to $10.2 million, with $34.5 million in trailing
About this update from Cytosorbents Corporation
[{"type":"text","content":"CytoSorbents reports record Q3 2020 Total Revenue of $10.5 million, including a 79% increase in Product Sales to $10.2 million, with $34.5 million in trailing 12-month Product Sales\n\n\nMONMOUTH JUNCTION, N.J., Nov. 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 September 30, 2020.\n\n \n \n \n \n \n \n\n \nThird Quarter 2020 Financial Results:\nTotal revenue for Q3 2020 was approximately $10.5 million, a 73% increase from $6.1 million in Q3 2019 Q3 2020 product revenues were approximately $10.2 million, an increase of 79% from $5.7 million for Q3 2019 Trailing twelve months product sales for the period ending September 30, 2020 were approximately $34.5 million Gross margin on total revenues grew to $7.7 million in Q3 2020, an increase of $3.3 million or 74% from Q3 2019 Product gross margins for Q3 2020 were approximately 74%, compared to 77% for Q3 2019, but up from 70% from Q2 2020, primarily as a result of the increase in the percentage contribution of lower margin distributor sales as well as additional costs related to COVID-19 incentive payments to employees as a result of the continued rapid ramp-up of production during Q3 2020 Cash balances at September 30, 2020 were approximately $88.0 million, compared to approximately $35.1 million at June 30, 2020 as a result of the July 24, 2020 equity financingThird Quarter 2020 Operational Highlights:\nMore than 110,000 cumulative CytoSorb treatments have been delivered to date, up approximately 51% from a year ago Completed a $57.5 million equity financing, including the underwriter's overallotment, in July 2020 led by Cowen and SVB Leerink, with co-manager, B. Riley FBR, netting approximately $53.8 million in cash after fees Initiation of healthcare analyst coverage by SVB Leerink analyst Danielle Antalffy and Jefferies analyst Anthony Petrone Undertook multiple activities in preparation to resume the REFRESH 2-AKI Trial, following the recommendation of the Data Monitoring Committee after a favorable review of safety data Awarded a $4.4 million contract by the U.S. Department of Defense to complete HemoDefend...