Business
CytoSorbents Reports Second Quarter 2023 Financial and Operational Results
Q2 2023 Total Revenue was $9.4 million, an 11% increase from $8.5 million in Q2 2022. Product sales rose 10% to $8.1 million vs $7.3 million in Q2 2022.
About this update from Cytosorbents Corporation
[{"type":"text","content":"Q2 2023 Total Revenue was $9.4 million, an 11% increase from $8.5 million in Q2 2022. Product sales rose 10% to $8.1 million vs $7.3 million in Q2 2022. Product gross margins grew 700 basis points to 74% PRINCETON, N.J., Aug. 01, 2023 (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 unaudited financial and operating results for the quarter ended June 30, 2023. Second Quarter 2023 Financial Results Total revenue for Q2 2023, including product sales and grant income, was $9.4 million, an increase of 11% compared to $8.5 million in Q2 2022Q2 2023 product sales were $8.1 million versus $7.3 million in Q2 2022, an increase of 10%. The increase in the average exchange rate of the Euro to the U.S. dollar positively impacted Q2 2023 product sales by approximately $187,000As expected, there were no COVID-19 related sales during the quarter, reflecting the low severity of current COVID-19 illness resulting from high rates of vaccination, anti-viral therapy, and natural immunityProduct gross margins were approximately 74% in Q2 2023, compared to 68% in Q1 2023 and 67% in Q2 2022Total cash, including cash and cash equivalents, and restricted cash was $14.8 million as of June 30, 2023 Recent Operating Highlights: The pivotal STAR-T trial completed enrollment ahead of internal projections among 30 participating trial centers in the U.S. and Canada. This follows the recommendation by the independent Data and Safety Monitoring Board (DSMB) in June 2023 to complete the trial without modifications, after it finished the second scheduled safety review at 80 patients enrolledMore than 212,000 CytoSorb devices have been cumulatively delivered across more than 75 countries worldwide as of the end of Q2 2023Appointed Alexander D’Amico as Chief Financial Officer, who brings over 20 years of broad finance, SEC reporting, merger and acquisition, fundraising, and accounting experience to CytoSorbents, to start August 7, 2023. Interim CFO Kathy Bloch will continue to serve in a consulting capacityIntroduced Michael Bator as the new Chairman of the Board of Directors at the Annual Meeting in June, following the retirement of Al Kraus as former Chairman. ...