Cytosorbents Corporation · NASDAQ:CTSO
Cytosorbents — Q4 2020 Earnings Presentation
26 slides from Cytosorbents's earnings presentation, Mar 9, 2021
Slide 1: CytoSorbents Corporation Q4 and Full Year 2020 Earnings Conference Call
CytoSorbents Corporation (NASDAQ: CTSO) Working To Save Lives Q4 2020 and Full Year 2020 Earnings Conference Call March 9, 2021
Slide 2: Conference Call Participants
Moderator: Amy Vogel Conference Call Participants CytoSorbents Corporation 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 Medic
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: 2020 Operational Update
2020 Operational Update Phillip Chan, MD, PhD Chief Executive Officer 4
Slide 5: Q4 and FY 2020 Operational Highlights
Q4 and FY 2020 Operational Highlights • Record 2020 CytoSorb Sales of $39.5M vs. $22.8M in 2019, a 73% increase • Record Q4 2020 Product Sales of $11.5M vs $6.6M a year ago, a 74% increase • Blended product gross margins were a record 82% in Q4 2020, and 76% for 2020 • Solid Balance sheet with $71.4
Slide 6: Sales Growth Strategy in the "New Normal"
Sales Growth Strategy in the “New Normal” With our strong financial performance and solid cash position, coupled with solid current and anticipated demand for CytoSorb, we are executing a number of key initiatives to drive growth • Maximize the COVID-19 Opportunity • Return to our Pre-COVID-19 Growt
Slide 7: Worldwide COVID-19 Status
Worldwide COVID-19 Status Worsening in Latin America and Europe. Effect of virus variants? COVID-19 still expected to contribute to revenue in 1H 2021 7 Source: https://www.nytimes.com/interactive/2020/world/coronavirus-maps.html
Slide 8: U.S. COVID-19 Status
U.S. COVID-19 Status Early December 2020 March 2021 Potential “Herd Immunity” 8 Source: https://www.nytimes.com/interactive/2020/us/coronavirus-us-cases.html
Slide 9: Achieving Solid Growth in Non-COVID Sales
Achieving Solid Growth in Non-COVID Sales Our underlying non-COVID-19 core business grew 32% last year and accounted for 76% of our product sales. COVID-19 sales were estimated at 24% • Have significantly expanded European Sales team, now at 95 people • Germany (51%), Other Direct (17%), Distributor
Slide 10: Clinical Update
Clinical Update Prioritizing US Approval and Executing Global Clinical Strategy Efthymios N. Deliargyris, MD, FACC, FESC, FSCAI Chief Medical Officer 10
Slide 11: General Clinical Update
General Clinical Update • Clinical plan execution • Scaling up of clinical operational capabilities (8 new hires in 2020) to execute studies in a cost-efficient and timely manner. Continued expansion in 2021 including David Cox, VP of Global Regulatory • Focus on rigorous, adequately powered, multic
Slide 12: Overview Clinical Plan 2021
Overview Clinical Plan 2021 Registries Complementary RCT - Single Arm (Ongoing) - PK/PD Safe & Timely Antithrombotic CYTATION (Germany). Single Removal-Ticagrelor (STAR-T). arm PK/PD study in ticagrelor removal. Status: Enrolling US IDE Ticagrelor Removal. Status: IDE approval in Q2 ‘21 Safe & Timel
Slide 13: FDA Breakthrough Designation US IDE Trial
FDA Breakthrough Designation US IDE Trial - Updated FDA path: US IDE study to support FDA approval - Status: IDE submission imminent - Objective: Demonstrate the clinical benefits of intraoperative ticagrelor removal - Approach: Multicenter study with high volume US cardiac surgery programs (majorit
Slide 14: B. Braun Update
B. Braun Update Chris Cramer Vice President of Business Development 14
Slide 15: B. Braun Medical Company Overview
BBraun Medical / Company Overview • Privately held and based in Melsungen, Germany, B. Braun is one of the world's leading healthcare companies • With operations in 64 countries and over 64,000 employees, B. Braun develops medical devices, pharmaceutical products, and services for users around the w
Slide 16: B. Braun Global Co-Marketing Agreement
BBraun Medical / Global Co-Marketing Agreement • In February 2021, CytoSorbents and B. Braun executed a global co-marketing agreement, officially adding B. Braun to our partner network; Along with FMC, CytoSorbents is now partnered with two of the largest and most respected strategic partners in acu
Slide 17: Partnership Update
Partnership Update • Global co-marketing • Distribution in Columbia, Czech Republic, Finland, France, Mexico, South Korea • Global co-marketing • Distribution in France and Nordic countries • Distribution in U.S. under COVID-19 EUA • Distribution in India and Sri Lanka CytoSorbents Confidential 17
Slide 18: 2020 Financial Highlights
2020 Financial Highlights Kathleen Bloch, MBA, CPA Chief Financial Officer 18
Slide 19: Q4 2020 Comparative Revenue Results
Q4 2020 Comparative Revenue Results Quarter Ended Quarter Ended Dec. 31, 2020 Dec. 31, 2019 % Incr. Product sales $ 11,530,563 $ 6,610,395 74% Grant income 425,214 819,916 -48% Total revenue $ 11,955,777 $ 7,430,311 61% • Q4 2020 CytoSorb® sales were $11.5M, a 74% increase over $6.6M in Q4 2019 • To
Slide 20: Comparative Annual Revenue Results
Comparative Annual Revenue Results Year Ended Year Ended Dec. 31, 2020 Dec. 31, 2019 % Incr. Product sales $39,452,502 $22,765,854 73% Grant income $1,552,099 $2,183,619 -29% Total revenue $41,004,601 $24,949,473 64% • 2020 Product sales were $39.5M, a 73% increase over 2019 product sales of $22.8M
Slide 21: Quarterly Product Sales
$4,000,000 $6,000,000 $8,000,000 $2,000,000 $0 $10,000,000 $12,000,000 Q1 2015 $703,658 Q2 2015 $773,112 Q3 2015 $1,071,459 Q4 2015 $1,495,590 Q1 2016 $1,597,449 Q2 2016 $1,852,670 Q3 2016 $2,143,116 Q4 2016 $2,612,801 CytoSorb Sales Q1 2017 $2,596,133 21 Q2 2017 $3,041,012 Q3 2017 $3,448,661 Q4 201
Slide 22: Quarterly Product Sales with COVID-19 Sales
$0 $12,000,000 $10,000,000 $2,000,000 $8,000,000 $4,000,000 $6,000,000 $703,658 $773,112 $1,071,459 $1,495,590 $1,597,449 $1,852,670 $2,143,116 CytoSorb Sales $2,612,801 $2,596,133 $3,041,012 $3,448,661 22 $4,296,047 $4,433,296 COVID-19 Sales $5,245,555 Quarterly Product Sales $5,102,748 CytoSorb® P
Slide 23: Annual Product Sales and Blended Gross Margins
Annual Product Sales and Blended Gross Margins $40,000,000 $39,452,502 85% $35,000,000 80% $30,000,000 $25,000,000 $22,765,854 75% $20,252,383 $20,000,000 $15,000,000 $13,381,853 70% $10,000,000 $8,206,036 65% $5,000,000 $3,135,387 $4,043,819 $0 60% 2014 2015 2016 2017 2018 2019 2020 CytoSorb Sales
Slide 24: Working Capital and Cap Table
Working Capital and Cap Table Working Capital as of 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Current Assets: Cash and short-term investments $71,422 $12,232 $22,369 $ 17,322 $ 5,245 $ 7,509 $ 5,550 Grants and accounts receivable, net 5,159 4,580 3,943 2,206 1,433
Slide 25: 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 product sales for Q
Slide 26: Q&A Session
Q&A Session CytoSorbents Corporation NASDAQ: CTSO Working to Save Lives Through Blood Purification