Business
CytoSorbents Reports Second Quarter 2024 Financial and Operational Results
New CFO Peter J. Mariani to succeed retiring CFO Kathleen P. BlochOn track for DrugSorb™-ATR U.S. FDA De Novo and Health Canada marketing submissions this
About this update from Cytosorbents Corporation
[{"type":"text","content":"New CFO Peter J. Mariani to succeed retiring CFO Kathleen P. BlochOn track for DrugSorb™-ATR U.S. FDA De Novo and Health Canada marketing submissions this quarterIn Q2 2024, increased product sales by 10% and reduced operating loss by 48%Achieved more than a quarter million CytoSorb treatments cumulatively delivered to date – a major company milestone PRINCETON, N.J., Aug. 13, 2024 (GLOBE NEWSWIRE) -- CytoSorbents Corporation (NASDAQ: CTSO), a pioneer in critical care and cardiac surgery blood purification technologies, today reported unaudited financial and operating results for the quarter ended June 30, 2024. Second Quarter 2024 Financial Results Total revenue for Q2 2024, including product sales and grant income, was $9.9 million, an increase of 5% compared to $9.4 million in Q2 2023Q2 2024 product sales were $8.8 million versus $8.1 million in Q2 2023, a 10% increaseProduct gross margins on devices and device accessories were approximately 75% in Q2 2024, compared to 74% in Q2 2023Q2 2024 operating loss decreased 48% to $3.4 million from $6.6 million a year ago, reflecting prior cost cutting efforts and increased salesRecently completed additional cutbacks, expected to save an additional $5 million in annual expenses going forward. Through attrition and layoffs over the past 5 months, we have decreased our headcount by 17% to 155 full-time and part-time employeesTotal cash, including cash and cash equivalents, and restricted cash was $14.9 million as of June 30, 2024 Recent Operating Highlights: Achieved more than a quarter million CytoSorb® treatments cumulatively delivered to date across more than 75 countries, helping to save many lives worldwide – a major company milestoneAnnounced the retirement of Chief Financial Officer Kathleen P. Bloch effective today and the start of Peter J. Mariani as the new CFO tomorrow (see today’s separate press release)Secured a $20 million credit facility with Avenue Capital Group, strengthening our financial positionLaunched a new, redesigned, unified company and product website highlighting our long-standing collaboration with the scientific and clinical community in “Working to Save Lives Together”Data from the STAR (Safe and Timely Antithrombotic Removal) registry was presented at the international EuroPCR 2024 conference in Paris, France, where it was also selected as a top 5 finalist...