CytoSorbents Corporation · NASDAQ:CTSO
CytoSorbents — Q3 2019 Earnings Presentation
18 slides from CytoSorbents's earnings presentation, Nov 5, 2019
Slide 1: CytoSorbents Corporation Q3 2019 Earnings Conference Call
CytoSorbents Corporation (NASDAQ: CTSO) A Leader in Critical Care Immunotherapy Q3 2019 Earnings Conference Call November 5, 2019
Slide 2: Conference Call Participants
Conference Call Participants Dr. Phillip Chan, MD, PhD Chief Executive Officer and President Vincent Capponi, MS Chief Operating Officer Kathleen Bloch, MBA, CPA Chief Financial Officer Dr. Eric Mortensen, MD, PhD Chief Medical Officer Dr. Christian Steiner, MD Senior Vice President Sales and Market
Slide 3: Safe Harbor Statement
Safe Harbor Statement Statements in this presentation regarding CytoSorbents Corporation and its operating subsidiaries CytoSorbents Medical, Inc and CytoSorbents Europe GmbH that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actu
Slide 4: Operational Highlights
Operational Highlights • 73,000+ CytoSorb treatments delivered, up from 51,000 a year ago • Trailing 12-month (TTM) total revenue was $23.6M, including product sales and grant income, versus $21.1M a year ago • Blended product gross margin expanded to 77% in Q3 2019 • Orders from 2 of 3 distributor/
Slide 5: Financial Highlights
Financial Highlights med CVtOSorbents forking to Save Lives Through Blood Purification
Slide 6: Q3 2019 Comparative Revenue Results
Q3 2019 Comparative Revenue Results Quarter Ended Quarter Ended Sep 30, 2019 Sep 30, 2018 % Incr. Product revenue $ 5,728,463 $ 5,102,748 12.3% Grant and other income 366,544 640,225 (42.7)% Total revenue $ 6,095,007 $ 5,742,973 6.1% • Q3 2019 CytoSorb® sales were $5.7M, an increase of 12.3% over $5
Slide 7: Comparative 9-Month Revenue Results
Comparative 9-Month Revenue Results 9 Months 9 Months Ended Sep 30, Ended Sep 30, 2019 2018 % Incr. Product revenue $16,155,459 $14,781,599 9.3% Grant and other income $1,363,703 $1,641,464 (16.9)% Total revenue $17,519,162 $ 16,423,063 6.7% • For the first nine months of 2019, CytoSorb® product sal
Slide 8: Quarterly Product Sales
$5,728 Q3 2019 $5,850 Q2 2019 $4,577 Q1 2019 $5,471 Q4 2018 $5,103 Q3 2018 $5,246 Q2 2018 $4,433 Q1 2018 $4,296 Q4 2017 $3,449 Q3 2017 $3,041 Q2 2017 $2,596 Q1 2017 $2,613 Q4 2016 $2,143 Q3 2016 Quarterly Product Sales $1,852 Q2 2016 $1,597 Q1 2016 $1,496 Q4 2015 $1,071 Q3 2015 $773 Q2 2015 $704 Q1
Slide 9: Product Sales (TTM) and Blended Gross Margins
Product Sales (TTM) and Blended Gross Margins $25,000,000 80% $21,626,242 78% $20,000,000 $19,077,646 76% 74% $15,000,000 72% $11,698,607 70% $10,000,000 68% $7,088,825 66% $5,000,000 $2,578,396 $3,419,379 64% 62% $0 60% Q3 2014 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 CytoSorb Sales Blended Product
Slide 10: Working Capital and Cap Table
Working Capital and Cap Table Working Capital as of 9/30/2019 6/30/19 3/31/19 12/31/2018 9/30/2018 6/30/2018 3/31/18 12/31/17 12/31/16 Current Assets: Cash and short-term investments $15,978 $16,342 $19,647 $22,369 $24,911 $25,282 21,090 $ 17,322 $ 5,245 Grants and accounts receivable, net 3,448 3,4
Slide 11: Forecast CytoSorbents 2020: Faster Growth Ahead
Forecast CytoSorbents 2020: Faster Growth Ahead 11
Slide 12: Investing Heavily for Growth
Investing Heavily for Growth • Direct sales are ~75% of our product sales, with higher product gross margins • Doubled the number direct sales countries from 5 to 10 in 2019, adding Poland, Sweden, Netherlands, Norway and Denmark, to Germany, Austria, Switzerland, Belgium and Luxembourg with a combi
Slide 13: Demand for CytoSorb Continues to Grow
Demand for CytoSorb Continues to Grow • CytoSorb sales are driven primarily by re-orders with ~85% of our invoices from repeat customers • The average number of CytoSorb cartridges per invoice continues at many accounts continue to rise, demonstrating increased usage and adoption • Usage is increasi
Slide 14: CytoSorb Survival Benefit in Septic Shock
CytoSorb Survival Benefit in Septic Shock Retrospective study evaluating primary endpoint of 28- day mortality in 116 septic shock patients • Continuous renal replacement (CRRT) alone (n=49) • CRRT with CytoSorb (n=67) •Before treatment, CytoSorb patients were sicker • SOFA score: 13.8 Treatment vs
Slide 15: Antithrombotic Drug Removal Is Important
Antithrombotic Drug Removal Is Important • Anti-thrombotic drugs, such as Eliquis®, Xarelto®, Pradaxa®, Brilinta®, Plavix® and others are blockbuster products with collective sales of more than $20 billion • More than 6 million people Used extensively to reduce stroke and cardiac risk in patients fo
Slide 16: Projected Near-term Data Catalysts
Projected Near-term Data Catalysts US US REFRESH 2-AKI REFRESH 2-AKI CytoSorb Interim Analysis Targeted Completion PMA Submission Germany UK TISORB REMOVE Germany UK TISORB Start Endocarditis REMOVE LPLV Complete Data 2019 2020 2021 HemoDefend-RBC HemoDefend-RBC HemoDefend-RBC IDE Registration Trial
Slide 17: Guidance
Guidance • CytoSorbents has not historically given specific financial guidance on quarterly results until the quarter has been completed. However: • We expect Q4 2019 product sales to exceed Q4 2018 product sales • We expect that 2H 2019 product sales will exceed 1H 2019 product sales • We reiterate
Slide 18: Q&A Session
Q&A Session CytoSorbents Corporation NASDAQ: CTSO Investor Relations: Jeremy Feffer (212) 915-3820 jeremy@lifesciadvisors.com A Leader in Critical Care Immunotherapy