Cytosorbents Corporation · NASDAQ:CTSO
Cytosorbents — Q2 2020 Earnings Presentation
25 slides from Cytosorbents's earnings presentation, Aug 4, 2020
Slide 1: CytoSorbents Corporation Q2 2020 Earnings Conference Call
CytoSorbents Corporation (NASDAQ: CTSO) A Leader in Critical Care Immunotherapy Q2 2020 Earnings Conference Call August 4, 2020
Slide 2: Conference Call Participants
Moderator: Jeremy Feffer Conference Call Participants LifeSci Advisors Phillip Chan, MD, PhD – Chief Executive Officer Vincent Capponi, MS – Chief Operating Officer and President Kathleen Bloch, MBA, CPA – Chief Financial Officer Efthymios “Makis” Deliargyris, MD, FACC, FESC, FSCAI – Chief Medical O
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: Q2 2020 Operational Highlights
Q2 2020 Operational Highlights • Q2 2020 Total Revenue grew 58% to $9.8M, and Product Sales grew 61% to $9.5M over Q2 2019. Trailing 12-month Product Sales were $30.0M • Blended product gross margins were 70% in Q2 2020, lower than 76% a year ago, due to higher % of distributor sales and higher cost
Slide 5: 100,000 CytoSorb Treatments Delivered To Date!
100,000 CytoSorb Treatments Delivered To Date! • CytoSorbents is celebrating the delivery of more than 100,000 CytoSorb treatments cumulatively to date, with tens of thousands of patients treated in a wide variety of applications, with many publications documenting the lives that CytoSorb has helped
Slide 6: Raising Growth Capital
Raising Growth Capital • On July 24, 2020, we completed a landmark public offering of $57.5M of our common stock with net proceeds to the Company of ~$54M, raising our cash balance to ~$89M, significantly strengthening our balance sheet • Co-Led by Cowen and SVB Leerink, with Co-manager B. Riley FBR
Slide 7: Expanding Beyond Today: Unlocking the U.S. Opportunity
Expanding Beyond Today Unlocking the U.S. Opportunity REFRESH 2-AKI Pivotal Trial 7
Slide 8: COVID-19 and CytoSorb
COVID-19 and CytoSorb • CytoSorb has been used to treat >1,200 critically-ill COVID-19 patients in 30+ countries. Please see earnings press release for links to many COVID-19 webinars that support: • Reduction of cytokine storm and inflammatory mediators such as IL-6, ferritin, CRP, and others • Imp
Slide 9: Global CytoSorb COVID-19 Activity
Global CytoSorb COVID-19 Activity In addition to FDA Emergency Use Authorization for COVID-19 9
Slide 10: REFRESH 2-AKI Is Now Being Resumed
REFRESH 2-AKI Is Now Being Resumed • In November 2019, the Company announced a change in its CRO for the study and voluntarily paused enrollment at the recommendation of the DMC that requested additional clinical data and analyses, not pre-specified in the trial protocol, to improve safety endpoint
Slide 11: EU Approval to Remove Ticagrelor and Rivaroxaban During Cardiothoracic Surgery
EU Approval to Remove Ticagrelor and Rivaroxaban “Blood Thinners” During Cardiothoracic Surgery • Earlier this year, CytoSorb received E.U. approval to remove two well-known blockbuster “blood thinners”, or anti-thrombotics, during cardiothoracic surgery. These agents are used in millions of patient
Slide 12: Risk of Bleeding Is High in CABG Patients on Ticagrelor
Risk of Bleeding Is High in CABG Patients on Ticagrelor In the ticagrelor registration PLATO (PLAeleT inhibition and patient Outcomes) trial, 1584 patients underwent CABG surgery, randomized between those who received either ticagrelor or clopidogrel. Those patients (%) with life-threatening bleedin
Slide 13: CytoSorb Reduces Bleeding Complications
CytoSorb Reduces Bleeding Complications In a separate analysis done in the U.K., this has translated into a projected cost savings to the hospital of approximately $5,000 per patient, including the cost of CytoSorb 13 • Hassan K, et al. Ann Thor Surg. 2019; 1:45-51. • Javanbakht, M, et al. Pharmacoe
Slide 14: FDA Breakthrough Designation Sets Stage for Potential Expedited U.S. Regulatory Path
FDA Breakthrough Designation Sets Stage for Potential Expedited U.S. Regulatory Path • In April 2020, the FDA granted Breakthrough Designation to CytoSorb to remove ticagrelor during cardiopulmonary bypass in emergent or urgent cardiothoracic surgery • Highlights the unmet medical need recognized by
Slide 15: CytoSorb Antithrombotic Removal KOL Event Highlights Opportunity Beyond Cardiac Surgery
CytoSorb Antithrombotic Removal KOL Event Highlights Opportunity Beyond Cardiac Surgery Dr. C. Michael Gibson, MS, MD • Harvard University • Interventional Cardiologist • CEO of the Baim Institute for Clinical Research , Boston, MA • Founder of wikidoc.org Dr. Robert Storey, BM, DM, FESC • Professor
Slide 16: Total Addressable Market For Ticagrelor Removal
Total Addressable Market For Ticagrelor Removal United States U.S. Addressable Market TODAY Ticagrelor ~50,000 Surgeries Pre-treated Patients ($ 250M TAM)* (~50%) P2Y12 Pre-treated ~100,000 Surgeries ($500M TAM)* Patients (~65%) (92,000 CABG and 8,000 AA) Urgent/Emergent Surgeries (~40%) ~154,000 Su
Slide 17: Addressable U.S. Market For Current and Potential Future Indications
Addressable U.S. Market For Current and Potential Future Indications for Antithrombotic Removal by CytoSorb TICAGRELOR + NOAC All surgery $1.5B TICAGRELOR + NOAC Cardiac surgery $500M TICAGRELOR Cardiac surgery $250M (Today) 17
Slide 18: Financial Highlights
Financial Highlights = Working to Save Lives Through Blood Purification
Slide 19: Q2 2020 Comparative Revenue Results
Q2 2020 Comparative Revenue Results Quarter Ended Quarter Ended June 30, 2020 June 30, 2019 % Incr. Product revenue $ 9,520,328 $ 5,850,417 62.7% Grant and other income 274,575 382,109 (28.1)% Total revenue $ 9,794,903 $ 6,232,526 57.2% • Q2 2020 CytoSorb® sales were a record high of $9.5M, a ~63% i
Slide 20: Comparative 6-Month Revenue Results
Comparative 6-Month Revenue Results 6 Months 6 Months Ended June Ended June 30, 2020 30, 2019 % Incr. Product revenue $17,676,297 $10,426,996 69.5% Grant and other income $825,915 $997,159 (17.2)% Total revenue $18,502,212 $11,424,155 62.0% • CytoSorb® product sales for 1H 2020 were $17.7M, a 69.5%
Slide 21: Quarterly Product Sales
$1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 $0 $10,000,000 $176,098 $127,969 $203,561 $314,159 $569,243 $663,233 $1,031,761 $871,150 $703,658 $773,112 $1,071,459 $1,495,590 $1,597,449 CytoSorb® Product Sales $1,852,670 $2,143,116 $2,612,801 $2,5
Slide 22: CytoSorb Sales (ttm) and Blended Product Gross Margin
$35,000,000 80% $30,015,155 78% $30,000,000 76% $25,000,000 $21,000,527 74% $20,000,000 $17,423,560 72% $15,000,000 70% $10,393,062 68% $10,000,000 $6,017,168 66% $5,000,000 $3,379,681 64% $0 62% Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020 CytoSorb Sales (ttm) Blended Product Gross Margin *Q2 bl
Slide 23: Working Capital and Cap Table
Working Capital and Cap Table Working Capital as of 6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019 12/31/2018 Current Assets: Cash and short-term investments $35,114 $26,389 $12,232 $15,978 $16,342 $19,647 $22,369 Grants and accounts receivable, net 3,890 5,396 4,580 3,448 3,450 3,267
Slide 24: Guidance
Guidance • CytoSorbents has not historically given specific financial guidance on quarterly results until the quarter has been completed. However: • Provided that the current order pattern continues, and notwithstanding uncertainty related to the COVID-19 pandemic, we expect that Q3 2020 will be one
Slide 25: 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