CytoSorbents Corporation · NASDAQ:CTSO
CytoSorbents — Q2 2019 Earnings Presentation
17 slides from CytoSorbents's earnings presentation, Aug 6, 2019
Slide 1: CytoSorbents Corporation Q2 2019 Earnings Conference Call
CytoSorbents Corporation (NASDAQ: CTSO) A Leader in Critical Care Immunotherapy Q2 2019 Earnings Conference Call August 6, 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 • 67,000+ CytoSorb treatments delivered, up from 46,000 a year ago • Trailing 12-month total revenue was $23.2M, including product sales and grant income, versus $19.2M a year ago • Q2 2019 product sales were $5.9M compared to $5.3M a year ago • Achieved the highest quarterly
Slide 5: U.S. REFRESH I Paper Published
U.S. REFRESH I Paper Published • Published in Seminars in Thoracic and Cardiovascular Surgery – a journal of the American Association for Thoracic Surgery (AATS) • Confirmed safety of CytoSorb in complex cardiac surgery and top-line results that were reported previously on the statistically signific
Slide 6: U.S. REFRESH 2-AKI Pivotal Trial
U.S. REFRESH 2-AKI Pivotal Trial • 400 patient RCT PMA multi-center adaptive trial targeting reduction of post-operative AKI using CytoSorb during complex cardiac surgery • 109 patients (27%) have been enrolled at 24 active trial sites • Actively adding new sites, and increasing awareness of study t
Slide 7: REMOVE Endocarditis Trial
REMOVE Endocarditis Trial • 250 patient RCT funded by the German government: Safety and efficacy of CytoSorb to improve organ dysfunction when used intraoperatively during valve replacement for infective endocarditis • SAB and DSMB recommended continuation of trial following an interim analysis on t
Slide 8: HemoDefend Update
HemoDefend Update • Point-of-care filter rapidly and efficiently removes non-infectious contaminants from transfused pRBCs that can cause transfusion reactions • Funded up to $4.7M by NHLBI (NIH) and USSOCOM • Compatible with pathogen reduction technologies • 100M pRBC transfusions administered annu
Slide 9: Financial Highlights
Financial Highlights med CVtOSorbents forking to Save Lives Through Blood Purification
Slide 10: Q2 2019 Comparative Revenue Results
Q2 2019 Comparative Revenue Results Quarter Ended Quarter Ended June 30, 2019 June 30, 2018 % Incr. Product revenue $ 5,850,417 $ 5,245,555 11.5% Grant and other income 382,109 509,883 (25.1)% Total revenue $ 6,232,526 $ 5,755,438 8.3% • Q2 2019 CytoSorb® sales were a record $5.9M, a 11.5% increase
Slide 11: Comparative 6-Month Revenue Results
Comparative 6-Month Revenue Results 6 Months 6 Months Ended June Ended June 30, 2019 30, 2018 % Incr. Product revenue $10,426,996 $9,678,852 7.7% Grant and other income $997,159 $1,001,239 (0.4)% Total revenue $11,424,155 $ 10,680,091 7.0% • CytoSorb® product sales for 1H 2019 were $10.4M, a 7.7% in
Slide 12: Quarterly Product Sales
Quarterly Product Sales $5,850 $6,000 $5,471 $5,246 $5,103 $5,000 $4,577 $4,433 In Thousands of U.S. Dollars $4,296 $4,000 $3,449 $3,041 $3,000 $2,613 $2,596 $2,143 $1,852 $2,000 $1,597 $1,496 $1,032 $1,071 $1,000 $663 $871 $773 $569 $704 $314 $176 $204 $88 $128 $14 $0 Q3 2012 Q4 2012 Q1 2013 Q2 201
Slide 13: Trailing Twelve Month Product Sales
$21,500,000 $21,000,527 Trailing Twelve Month Product Sales $17,423,559 $16,500,000 Trend Line $11,500,000 $10,393,062 Product Sales $6,500,000 $6,017,168 $3,379,681 $1,750,196 $1,500,000 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 $(3,500,000) Trailing Twelve Months Ended 13
Slide 14: Loan Amendment – Bridge Bank
Loan Amendment – Bridge Bank • July 31, 2019 executed Loan Amendment with Bridge Bank, providing the Company with an additional $5M in term loan debt • Provides non-dilutive working capital allowing us to aggressively pursue our clinical trial objectives and to rapidly grow worldwide product sales •
Slide 15: Working Capital and Cap Table
Working Capital and Cap Table Working Capital as of 6/30/19 3/31/19 12/31/2018 9/30/2018 6/30/2018 3/31/18 12/31/17 Current Assets: Cash and short-term investments $16,342 $19,647 $22,369 $24,911 $25,282 21,090 $ 17,322 Grants and accounts receivable, net 3,450 3,267 3,943 3,643 2,903 2,352 2,206 In
Slide 16: Guidance
Guidance • CytoSorbents has not historically given specific financial guidance on quarterly results until the quarter has been completed. However: • We expect Q3 2019 product sales to exceed Q3 2018 product sales • We expect that 2H 2019 product sales will exceed 1H 2019 product sales • We reiterate
Slide 17: 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 17