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CytoSorbents Reports Third Quarter 2022 Financial and Operational Results
CytoSorbents expects to achieve first milestone of the U.S. pivotal STAR-T Trial this month PRINCETON, N.J., Nov. 3, 2022 /PRNewswire/ -- CytoSorbents
About this update from Cytosorbents Corporation
[{"type":"text","content":"CytoSorbents expects to achieve first milestone of the U.S. pivotal STAR-T Trial this month\nPRINCETON, N.J., Nov. 3, 2022 /PRNewswire/ -- 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 September 30, 2022.\n\n \n \n \n \n \n \n\n \nThird Quarter 2022 Financial Results\nTotal revenue, including product sales and grant income, for Q3 2022 was $8.1 million, a decrease of 17% compared to $9.8 million in Q3 2021Q3 2022 product sales were $6.5 million (negligible COVID-related sales) versus $8.9 million (includes $1.1 million in COVID-related sales) in Q3 2021. The decrease in the average Euro to U.S. dollar exchange rate lowered Q3 2022 product sales by approximately $771,000. On a constant currency basis, Q3 2022 core non-COVID sales would have been approximately $7.2 million, which represents a 7% decrease from approximately $7.8 million in core non-COVID sales a year agoAs expected, COVID-19 related sales during the quarter were negligible, reflecting the low severity of current COVID-19 illness resulting from high rates of vaccination and natural immunityProduct gross margins were approximately 55% in Q3 2022, versus 82% in Q3 2021. The decrease in the gross margin percentage was due primarily to an inventory write-off related to an equipment failure and to inefficiencies associated with lower production due to a decrease in sales and the process of relocating our production activities to the new facility. Excluding the inventory write-off, product gross margin in Q3 2022 would have been 64%The Company maintains a healthy balance sheet with cash and cash equivalents of $24.2 million (which includes $1.7 million in restricted cash) as of September 30, 2022, and no debtRecent Operating Highlights:\nMore than 186,000 cumulative CytoSorb devices have been utilized worldwide as of September 30, 2022, compared to more than 152,000 devices utilized cumulatively a year agoThe U.S. STAR-T Trial is enrolling well with the expectation of achieving the first milestone with 40 patients enrolled this monthPresented final data from the U.S. CytoSorb Therapy in COVID-19 (CTC) Registry at the Europ...