Cytosorbents Corporation · NASDAQ:CTSO
Cytosorbents — Q2 2023 Earnings Presentation
20 slides from Cytosorbents's earnings presentation, Aug 1, 2023
Slide 1: The Unrecognized Faces of Critical Illness
The Unrecognized Faces of Critical Illness CytoSorbents Corporation Q2 2023 Earnings Conference Call August 1, 2023
Slide 2: Conference Call Participants
Conference Call Participants Moderator: Taylor Devlin CytoSorbents Corporation Phillip Chan, MD, PhD Vincent Capponi, MS Chief Executive Officer President and Chief Operating Officer Kathleen Bloch, MBA, CPA Efthymios “Makis” Deliargyris Interim Chief Financial Officer MD, FACC, FESC, FSCAI Chief Me
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 act
Slide 4: Operational Update
Operational Update Phillip Chan, MD, PhD Chief Executive Officer
Slide 5: Recent Operational Highlights
Recent Operational Highlights • Pivotal STAR-T trial completed enrollment ahead of internal projections, with strong performance amongst our 30 clinical trial centers in the U.S. and Canada • Followed the second independent Data & Safety Monitoring Board (DSMB) evaluation in June on unblinded safety
Slide 6: Focused on Three Major Objectives for 2023
Focused on Three Major Objectives for 2023 Opening the U.S. and Canadian markets with DrugSorb-ATR Return to Sales Growth Reduced Cash Burn and Tight Control Over Expenses 6
Slide 7: Opening the U.S. and Canadian markets with DrugSorb-ATR
Opening the U.S. and Canadian markets with DrugSorb-ATR • DrugSorb-ATR and STAR-T (Safe and Timely Antithromobotic Removal of Ticagrelor) remains the core focus of our clinical efforts, and the vehicle expected to open the U.S. and Canadian markets. • Leverages 2 FDA Breakthrough Device Designations
Slide 8: Dynamics that May Expand Ticagrelor Market Share
Dynamics that May Expand Ticagrelor Market Share • Patients with acute coronary syndrome often get dual anti-platelet therapy • Aspirin plus Brilinta® (ticagrelor), Plavix® (clopidogrel), or Effient® (prasugrel) • Brilinta has superior antithrombotic efficacy, but Plavix is generic and cheap • Brili
Slide 9: Addressable U.S. Market for Antithrombotic Removal by DrugSorb-ATR
Addressable U.S. Market For Current and Potential Future Indications for Antithrombotic Removal by DrugSorb-ATR Eliquis®, Xarelto® and Brilinta® $2.0B All surgery Eliquis®, Xarelto® and Brilinta® $1.0B Cardiac surgery Brilinta® Cardiac surgery $500M (Future) Brilinta® Cardiac surgery $250M (Today) 9
Slide 10: Return to Sales Growth
Return to Sales Growth • Third consecutive quarter of sequential product sales growth with 10% quarterly product sales growth year-over-year • Seeing continued gradual recovery of hospital markets post-COVID with continued strong customer engagement and enthusiastic response to our new data and mark
Slide 11: Financial Highlights
Financial Highlights Kathleen Bloch, MBA, CPA Interim Chief Financial Officer
Slide 12: Comparative Quarterly Revenue Results
Comparative Quarterly Revenue Results Quarter Ended Quarter Ended June 30, 2023 June 30, 2022 % Incr. Product revenue $8,072,412 $7,330,735 10.1% Grant and other income 1,348,409 1,164,823 15.8% Total revenue $9,420,821 $8,495,558 10.9% • Total revenue, including product sales and grant income was $
Slide 13: Comparative First Half Revenue Results
Comparative First Half Revenue Results First Half Ended First Half Ended Y-Y % June 30, 2023 June 30, 2022 Increase Product revenue $15,982,451 $15,255,192 4.8% Grant and other income 2,887,866 1,931,790 49.5% Total revenue $18,870,317 $17,186,982 9.8% • Total revenue for 1H 2023, which includes bot
Slide 14: TTM Product Sales & Blended Gross Margin
TTM Product Sales & Blended Gross Margin $45.0 90% $40.0 82% 80% $8.8 76% 75% $35.0 74% 74% $3.1 70% $30.0 $0.3 65% 67% $4.1 $ IN MILLIONS 60% $25.0 $20.0 50% $34.5 $15.0 $30.7 $30.1 $25.8 40% $10.0 $21.0 $17.4 30% $5.0 $10.4 $0.0 20% Q2 2017 Q2 2018 Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 Axis Titl
Slide 15: Historical Quarterly Product Sales
Historical Quarterly Product Sales Product Sales $12.0 $2.5 Core Non-COVID-19 Product Sales $1.7 $10.0 COVID-19 Sales $2.7 $1.8 $1.7 $2.4 $9.7 $8.1 $0.0 $9.0 $1.1 $7.9 $0.0 $7.7 $0.3 $7.6 $0.0 $8.0 $8.3 $0.0 $1.6 $8.0 $7.8 $7.5 $6.5 $0.0 $ IN MILLONS $7.3 $7.1 $6.6 $6.5 $6.0 $5.9 $5.7 $5.5 $5.2 $5.1
Slide 16: 2023 Cash Burn
2023 Cash Burn • Cash balance as of 6/30/2023 was approximately $14.8M, which included restricted cash of approximately of $1.7M. • Our quarterly cash burn during the first half of 2023 averaged approximately $4.5M, down significantly from the average quarterly cash burn in the first half of 2022 of
Slide 17: Concluding Remarks
Concluding Remarks Phillip Chan, MD, PhD Chief Executive Officer
Slide 18: Today: CytoSorb Drives our Growth
Today: CytoSorb Drives our Growth • CytoSorb forms the Company’s foundation • E.U. approved and sold around the world • Generated ~$200M in sales since launch • High margin razorblade business model with industry top-tier 80+% blended product gross margins • Strong validation by customers, partners,
Slide 19: Soon: CytoSorb & DrugSorb-ATR Dual Growth Engines
Soon: CytoSorb & = Dual Growth Engines • We are racing to the finish of STAR-T, where we are rapidly nearing the completion of the study, expected imminently, with top-line data expected later this year • Should STAR-T be successful and DrugSorb-ATR achieves U.S. FDA and Health Canada regulatory app
Slide 20: Q&A Session
Q&A Session CytoSorbents Corporation NASDAQ: CTSO Company Contact Dr. Phillip Chan pchan@cytosorbents.com 20