CytoSorbents Reports Fourth Quarter and Full Year 2024 Financial Results and Recent Business Highlights
Rhea-AI Summary
CytoSorbents (NASDAQ: CTSO) reported strong Q4 2024 results with product revenue of $9.2M, up 25% from Q4 2023. Full-year 2024 product revenue reached $35.6M, a 15% increase year-over-year, with 71% product gross margins.
Q4 operating loss improved 61% to $3.7M, while net loss was $7.6M ($0.14/share). The company strengthened its balance sheet through a successful Rights Offering, raising $7.3M in net proceeds.
Key developments include FDA's acceptance of DrugSorb-ATR De Novo application and submission to Health Canada, with regulatory decisions expected in 2025. The company reported strong international growth with 28% increase in direct sales outside Germany and 22% growth in Distributor/Partner sales, though German sales remained flat.
Management expects Q1 2025 product sales to decline modestly due to German sales team restructuring, but anticipates improved results in H2 2025 as they work toward breakeven in core business.
Positive
- Product revenue grew 25% YoY to $9.2M in Q4 2024
- Full-year product revenue increased 15% to $35.6M
- Strong 71% product gross margins maintained
- Operating loss improved 61% to $3.7M in Q4
- Successful rights offering raised $7.3M
- 28% growth in direct sales outside Germany
- 22% growth in Distributor/Partner sales
Negative
- Net loss increased to $7.6M in Q4 2024 vs $6.1M in Q4 2023
- Flat sales growth in Germany for second consecutive year
- Expected decline in Q1 2025 product sales
- Grant income decreased to $1.0M from $1.3M in Q4 2023
Insights
CytoSorbents delivered strong Q4 results with
The financial progress is evident in the
The successful rights offering strengthened the balance sheet, with pro forma cash increasing to
While the core business shows strong momentum with
The pending regulatory decisions from the FDA and Health Canada for DrugSorb-ATR represent significant near-term catalysts. With a
CytoSorbents' clinical strategy shows impressive momentum with multiple data presentations strengthening the evidence base for their blood purification technologies. The recent presentation at the International Symposium of Intensive Care demonstrated doubled survival rates in septic shock patients with early and intensive CytoSorb treatment—data now accepted for publication in the Journal of Intensive Care Medicine. This reinforces the "Right Patient, Right Time, Right Dose" treatment paradigm that's driving adoption.
The DrugSorb-ATR technology addresses a critical unmet need in cardiac surgery. Current protocols require delaying CABG surgery for 3-5 days when patients are on Brilinta (ticagrelor), placing patients at risk during this waiting period. The ability to remove this blood thinner quickly could revolutionize care protocols while reducing hospital stays and costs.
The upcoming clinical presentations at major cardiovascular conferences will be pivotal in establishing thought leadership. Dr. Michael Gibson's pooled analysis from the STAR-T trial and STAR Registry at the American College of Cardiology Conference provides real-world validation of bleeding reduction benefits. The anticipated presentation by Professor Robert Storey at EuroPCR comparing bleeding rates with and without the device could significantly influence clinical practice if compelling.
The controlled market release strategy for DrugSorb-ATR (pending regulatory approval) is prudent. Starting with clinical trial sites allows for gathering real-world feedback and refining the value proposition before broader commercialization. The focus on both clinical benefits and economic value aligns with healthcare systems' dual priorities.
While the core business continues to generate evidence supporting broader adoption, the potential approval and launch of DrugSorb-ATR represents a step-change opportunity. The technology platform's expansion potential beyond the initial indication into other blood thinners and surgical applications demonstrates significant runway for long-term growth.
- 2024 marked by strong commercial execution and improved operating leverage
- Company continues to expect DrugSorb-ATR regulatory decisions from Health Canada and US FDA in 2025
- Successful Rights Offering and exercise of Series A Right Warrants strengthens balance sheet
- Strengthening of clinical portfolio across cardiac surgery and critical care in 2025 with new presentations and publications
- The Company has now adopted the standard accounting convention of reporting Revenue to only include Product Sales. Grant Income is no longer reported as a component of Revenue
PRINCETON, N.J., March 31, 2025 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery using blood purification, today reported financial results for the fourth quarter and full year ended December 31, 2024, and recent business highlights.
Fourth Quarter 2024 Financial Results
- Product revenue was
$9.2 million 25% compared to$7.3 million - Grant income was
$1.0 million $1.3 million $10.1 million 17% compared to$8.7 million - Product gross margin was
71% compared to68% in Q4 2023. - Operating loss improved by
61% to$3.7 million $9.6 million 30% reduction in operating expenses. - Net loss was
$7.6 million $0.14 $6.1 million $0.13 - Adjusted net loss improved by
78% to$1.7 million $0.03 $7.8 million $0.17 - Adjusted EBITDA loss improved by
70% to$2.4 million $8.1 million - Total cash, cash equivalents, and restricted cash of
$9.8 million - Pro forma total cash, including cash, cash equivalents, and restricted cash as if the rights offering and exercise of related Series A Right Warrants had occurred on December 31, 2024, of approximately
$17.0 million $12.2 million $7.3 million $2.5 million $2.7 million
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents, stated, "We delivered a strong fourth quarter, executing on key initiatives that drove solid performance, advanced our regulatory milestones, and fortified our financial position, setting the stage for what we believe will be a transformational year ahead."
- Strong Sales Growth and Margins: We closed 2024 on a high note, achieving a
25% increase in Q4 sales compared to the prior year, and6% sequential growth, culminating in$35.6 million 15% year-over-year increase with healthy71% product gross margins. These results were fueled by disciplined execution of our growth strategy in international markets, enhanced operating leverage, and prudent cash management. - Regulatory Momentum and Expanding Market Access: We made significant strides in bringing our DrugSorb™-ATR therapy to patients who need them most. Following the FDA's acceptance of our De Novo application for DrugSorb™-ATR, we entered interactive review - a crucial step toward potential
U.S. marketing approval this year. In addition, after obtaining Medical Device Single Audit Program ("MDSAP") certification, we submitted our Medical Device License ("MDL") application to Health Canada that is now in advanced review. We believe we remain on track and continue to expect regulatory decisions this year. - Strengthened Balance Sheet: With strong support from our shareholders, we successfully executed our Shareholder Rights Offering and have raised total net proceeds of
$7.3 million $5.0 million $12.3 million
Full Year 2024 Financial Results
- Product revenue was
$35.6 million 15% compared to$31.1 million - Grant income was
$3.6 million $5.3 million $39.2 million 8% compared to$36.3 million - Product gross margin was
71% compared to71% in 2023. - Operating loss for 2024 improved by
47% to$16.8 million $32 million 22% reduction in operating expenses. - Net loss was
$20.7 million $0.38 $29.2 million $0.65 - Adjusted net loss for 2024 improved by
53% to$12.7 million $0.23 $27 million $0.61 - Adjusted EBITDA loss for 2024 improved by
56% to$11.5 million $26.2 million
Dr. Chan continued, "We believe we have a clear and compelling value proposition. Our core business grew
Overall, our central messaging of treating the "Right Patient at the Right Time with the Right Dose" of CytoSorb is helping to drive optimized treatment strategies, improve patient outcomes, and accelerate adoption. For example, at this month's International Symposium of Intensive Care and Emergency Medicine Congress in
Looking forward, we are encouraged by our commercial progress but are prioritizing a return to sales growth in
Meanwhile, with the appropriate marketing approvals, we are excited by the potential near-term growth opportunity in the
Blood purification with DrugSorb-ATR represents a unique solution that can enable patients to undergo CABG surgery safely and quickly, without having to wait at risk. The intent is to both reduce serious bleeding complications while reducing the burden on hospital resources. We estimate the total addressable market for DrugSorb-ATR in the
As we await decisions from the FDA and Health Canada, we are preparing to execute a controlled market release at key clinical trial sites if approved. This initial stage is expected to last a few months and will allow us to gather real-world feedback, validate assumptions, and refine our commercialization strategy for a broader national launch. Our DrugSorb-ATR launch team leverages years of commercial expertise and has initiated pre-market launch planning, including engaging with leading
Visibility and thought leadership are key pillars of our DrugSorb-ATR launch strategy. Over the next several months, impactful new data will be presented at major cardiovascular conferences that underscore the clinical benefits of antithrombotic removal in cardiac surgery.
- At the American College of Cardiology Conference in
Chicago , the largest cardiovascular event inNorth America , STAR-T Principal Investigator, Dr. Michael Gibson, just presented an important pooled data analysis from the STAR-T trial and the international STAR Registry demonstrating that the bleeding reductions after CABG surgery observed in the controlled STAR-T trial also extend into real-world clinical practice. - At the Society of Cardiovascular Anesthesiologists 47th Annual Meeting in
Montreal in April, Dr. David Mazer, a pioneer in perioperative blood conservation and a STAR-T Executive Committee member, will lead a roundtable discussion on the integration of DrugSorb-ATR into perioperative blood management protocols. - At EuroPCR in
Paris this May, Professor Robert Storey will present what we believe to be some of the most compelling blood thinner removal evidence to date, comparing bleeding rates after CABG in Brilinta® patients operated with or without our device. This latest analysis with updated data from the STAR Registry clearly demonstrates the significant bleeding reductions associated with the use of our device in contemporary real-world practice. - At the Canadian Society of Cardiac Surgery conference in
Montreal in May, Dr. Richard Whitlock, the STAR-T Canadian Principal Investigator, will host a symposium on the STAR-T study results, outlining DrugSorb-ATR's clinical and economic value proposition in Canadian hospital practice. - Finally, at the European Society of Cardiology Heart Failure meeting in Belgrade in May, a new study will be presented demonstrating how DrugSorb-ATR successfully prevented bleeding complications in patients on Brilinta® or other direct oral anticoagulants undergoing emergency, complex heart transplantation surgery."
Dr. Chan concluded, "With an established foundation of commercial sales, strong regulatory progress, and enhanced financial stability, we believe we are very well-positioned to take advantage of a host of new opportunities this year. As we advance our global commercialization strategy and prepare for the potential launch of DrugSorb-ATR, we remain committed to delivering life-saving solutions that improve patient outcomes and drive long-term value for our shareholders."
Business Outlook
As discussed, we anticipate a multitude of opportunities to potentially expand our business both internationally and in
Q4 and Full Year 2024 Earnings Conference Call
CytoSorbents' management will host a live conference call, presentation webcast, and a question-and-answer session with the following information:
Date: Monday, March 31, 2025
Time: 4:30 PM ET
North American toll-free: 1-800-836-8184
International toll: 1-646-357-8785
Live webcast link: https://app.webinar.net/KGyNpgaYZgQ
It is recommended that participants dial in approximately 10 minutes prior to the start of the call.
An archived recording of the conference call will be available under the Investor Relations section of the Company's website at https://ir.cytosorbents.com/
About Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, we use the non-GAAP financial measures of EBITDA, which measures earnings before interest, income taxes, depreciation and amortization, and Adjusted EBITDA which further excludes non-cash stock compensation expense, and gain or loss of foreign exchange translation. We also use the non-GAAP financial measures of Adjusted Net Income or Loss and Adjusted Net Income or Loss Per Common Share which excludes non-cash stock compensation expense and gain or loss of foreign exchange translation from Net Loss and Net Loss Per Common Share, respectively. Additionally, we have provided a Proforma Cash balance as of December 31, 2024, reflecting the proceeds, net of related fees, for the Rights Offering and Exercise of the Series A Warrant which were received in the first quarter of 2025 as if the net proceeds had been received as of December 31, 2024. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of the non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP should be carefully evaluated. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by investors and the analyst community to help them analyze the performance of our business, the Company's cash available for operations, and the Company's ability to meet future capital expenditure and working capital requirements.
About CytoSorbents Corporation (NASDAQ: CTSO)
CytoSorbents Corporation is a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery through blood purification. CytoSorbents' proprietary blood purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption. Cartridges filled with these beads can be used with standard blood pumps already in the hospital (e.g. dialysis, continuous renal replacement therapy or CRRT, extracorporeal membrane oxygenation or ECMO, and heart-lung machines), where blood is repeatedly recirculated outside the body, through our cartridges where toxic substances are removed, and then back into the body. CytoSorbents' technologies are used in a number of broad applications. Specifically, two important applications are 1) the removal of blood thinners during and after cardiothoracic surgery to reduce the risk of severe bleeding, and 2) the removal of inflammatory agents and toxins in common critical illnesses that can lead to massive inflammation, organ failure and patient death. The breadth of these critical illnesses includes, for example, sepsis, burn injury, trauma, lung injury, liver failure, cytokine release syndrome, and pancreatitis as well as the removal of liver toxins that accumulate in acute liver dysfunction or failure the removal of myoglobin in severe rhabdomyolysis that can otherwise lead to renal failure. In these diseases, the risk of death can be extremely high, and there are few, if any, effective treatments.
CytoSorbents' lead product, CytoSorb®, is approved in the European Union and distributed in over 70 countries worldwide, with more than a quarter million devices used cumulatively to date. CytoSorb was originally launched in the European Union under CE mark as the first cytokine adsorber. Additional CE mark extensions were granted for bilirubin and myoglobin removal in clinical conditions such as liver disease and trauma, respectively, and for ticagrelor and rivaroxaban removal in cardiothoracic surgery procedures. CytoSorb has also received FDA Emergency Use Authorization in the United States for use in adult critically ill COVID-19 patients with impending or confirmed respiratory failure. CytoSorb is not yet approved or cleared in the United States.
In the
The Company has numerous marketed products and products under development based upon this unique blood purification technology protected by many issued U.S. and international patents and registered trademarks, and multiple patent applications pending, including ECOS-300CY®, CytoSorb-XL™, HemoDefend-RBC™, HemoDefend-BGA™, VetResQ®, K+ontrol™, DrugSorb™, ContrastSorb, and others. For more information, please visit the Company's website at https://ir.cytosorbents.com/ or follow us on Facebook and X.
Forward-Looking Statements
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, future targets and outlooks for our business, representations and contentions, and the outcome of our regulatory submissions, and are not historical facts and typically are identified by use of terms such as "may," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements in this press release represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those in the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, our restructuring of our direct sales team and strategy in
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Peter J. Mariani, Chief Financial Officer
305 College Road East
pmariani@cytosorbents.com
Investor Relations Contact:
Aman Patel, CFA & Adanna G. Alexander, PhD
ICR Healthcare
ir@cytosorbents.com
CYTOSORBENTS CORPORATION | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
At December 31, | ||||||
2024 | 2023, as Restated | |||||
ASSETS | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | 3,279,926 | $ | 14,131,137 | ||
Restricted cash, current | 5,000,000 | — | ||||
Grants and accounts receivable, net of allowances of | 7,319,597 | 6,057,072 | ||||
Inventories | 2,732,907 | 3,375,817 | ||||
Prepaid expenses and other current assets | 3,270,812 | 1,834,485 | ||||
Total current assets | 21,603,242 | 25,398,511 | ||||
Property and equipment – net | 9,002,383 | 10,056,354 | ||||
Restricted cash | 1,483,958 | 1,483,958 | ||||
Right-of-use asset | 11,511,236 | 12,058,896 | ||||
Other assets | 3,770,680 | 3,958,603 | ||||
Total Assets | $ | 47,371,500 | $ | 52,956,322 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current Liabilities: | ||||||
Accounts payable | $ | 3,339,885 | $ | 3,802,170 | ||
Accrued expenses and other current liabilities | 6,031,670 | 7,359,786 | ||||
Lease liability – current portion | 452,688 | 373,636 | ||||
Current maturities of long-term debt | — | 2,500,000 | ||||
Total current liabilities | 9,824,243 | 14,035,592 | ||||
Lease liability, net of current portion | 12,443,971 | 12,896,659 | ||||
Long-term debt, net of current maturities | 13,996,350 | 2,542,857 | ||||
Total Liabilities | 36,264,564 | 29,475,108 | ||||
Commitments and Contingencies | ||||||
Stockholders' Equity: | ||||||
Preferred Stock, Par Value | — | — | ||||
Common Stock, Par Value | 54,830 | 54,240 | ||||
Additional paid-in capital | 310,808,711 | 306,187,314 | ||||
Accumulated other comprehensive income | 4,252,013 | 529,321 | ||||
Accumulated deficit | (304,008,618) | (283,289,661) | ||||
Total stockholders' equity | 11,106,936 | 23,481,214 | ||||
Total Liabilities and Stockholders' Equity | $ | 47,371,500 | $ | 52,956,322 | ||
CYTOSORBENTS CORPORATION | |||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||
Three months | Three months ended | Year ended | Year ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||||
2024 | 2023, as Restated | 2024 | 2023, as Restated | ||||||
Product revenue | $ | 31,084,953 | |||||||
Cost of goods sold | 2,656,446 | 2,346,618 | 10,468,529 | 9,131,716 | |||||
Gross profit | 6,493,970 | 5,001,868 | 25,125,991 | 21,953,237 | |||||
Operating expenses: | |||||||||
Research and development, net of |
1,324,353 |
4,091,400 | 6,916,181 |
15,594,442 | |||||
Selling, general and administrative | 8,898,722 | 10,551,838 | 34,995,749 | 38,307,415 | |||||
Total operating expenses | 10,223,076 | 14,643,238 | 41,911,930 | 53,901,857 | |||||
Loss from operations |
(3,729,107) |
(9,641,369) |
(16,785,940) |
(31,948,620) | |||||
Other income (expense): | |||||||||
Interest expense, net | (624,180) | (52,229) | (1,399,092) | (157,891) | |||||
Gain (loss) on foreign currency |
(4,905,114) |
2,683,254 |
(4,224,721) |
1,949,257 | |||||
Miscellaneous income (expense) | (29) | 61,754 | (29) | 96,755 | |||||
Total other income (expense), net | (5,529,332) | 2,692,779 | (5,623,842) | 1,888,121 | |||||
Loss before benefit from income taxes |
(9,258,438) |
(6,948,590) | (22,409,782) |
(30,060,499) | |||||
Benefit from income taxes | 1,690,825 | 813,739 | 1,690,825 | 813,739 | |||||
Net loss attributable to common | $ |
(7,567,613) |
|
| $ |
(29,246,760) | |||
Basic and diluted net loss per |
|
| |||||||
Weighted average number of shares |
54,714,642 |
46,531,510 | 54,434,609 | 44,656,391 | |||||
Comprehensive loss: | |||||||||
Net loss | $ |
(7,567,613) |
| $ | (29,246,760) | ||||
Other comprehensive income (loss): | |||||||||
Foreign currency translation adjustment |
4,713,249 |
(2,454,666) | 4,027,003 | (1,799,874) | |||||
Comprehensive loss | $ | (2,854,364) | $ | (31,046,634) | |||||
The Notes to Consolidated Financial Statements are an integral part of these statements. | |||||||||
CYTOSORBENTS CORPORATION | |||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN | |||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2024 and 2023 | |||||||||||||||||
Accumulated | |||||||||||||||||
Additional | Other | ||||||||||||||||
Common Stock | Paid-In | Comprehensive | Accumulated | Stockholders' | |||||||||||||
Shares | Par value | Capital | Income (Loss) | Deficit | Equity | ||||||||||||
Balance at December 31, 2022 | 43,635,715 | $ | 43,635 | $ | 287,000,021 | $ | 2,329,195 | $ | (253,997,878) | $ | 35,374,973 | ||||||
Cumulative effect of adjustments to | — | — | 777,310 | — | (45,023) | 732,287 | |||||||||||
Stock-based compensation (as restated) | — | — | 4,155,342 | — | — | 4,155,342 | |||||||||||
Proceeds from the exercise of stock options | 84,905 | 85 | 218,193 | — | — | 218,278 | |||||||||||
Issuance of common stock offerings, net of | 10,389,554 | 10,390 | 14,245,542 | — | — | 14,255,932 | |||||||||||
Common stock issued upon vesting of | 130,091 | 130 | (209,094) | — | — | (208,964) | |||||||||||
Other comprehensive loss, foreign currency | — | — | — | (1,799,874) | — | (1,799,874) | |||||||||||
Net loss (as restated) | — | — | — | — | (29,246,760) | (29,246,760) | |||||||||||
Balance at December 31, 2023 (as restated) | 54,240,265 | $ | 54,240 | $ | 306,187,314 | $ | 529,321 | $ | (283,289,661) | $ | 23,481,214 | ||||||
Stock-based compensation | — | — | 3,759,534 | — | — | 3,759,534 | |||||||||||
Issuance of common stock offerings, net of | 382,823 | 385 | 178,269 | — | — | 178,654 | |||||||||||
Common stock issued upon vesting of | 207,058 | 205 | (7,115) | — | — | (6,910) | |||||||||||
Issuance of warrants | — | — | 690,709 | — | — | 690,709 | |||||||||||
Other comprehensive loss, foreign currency | — | — | — | 3,722,692 | — | 3,722,692 | |||||||||||
Net loss | — | — | — | — | (20,718,957) | (20,718,957) | |||||||||||
Balance at December 31, 2024 | 54,830,146 | $ | 54,830 | $ | 310,808,711 | $ | 4,252,013 | $ | (304,008,618) | $ | 11,106,936 | ||||||
CYTOSORBENTS CORPORATION | |||||||
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES | |||||||
For the three and twelve months ended December 31, 2024 and 2023 (Unaudited) | |||||||
Three Months Ended | Twelve Months Ended | ||||||
Dec 31, | Dec 31, | Dec 31, | Dec 31, | ||||
2024 | 2023, as | 2024 | 2023, as | ||||
(In thousands, except per share amounts) | |||||||
Net loss |
$ (7,568) |
$ (6,135) |
$ (20,719) |
$ (29,247) | |||
Depreciation and amortization expense | 391 | 397 | 1,570 | 1,459 | |||
Income tax expense (benefit) | (1,691) | (814) | (1,691) | (814) | |||
Interest expense (income) | 624 | 52 | 1,399 | 158 | |||
EBITDA - non GAAP | $ (6,500) | $ (19,441) | $ (28,444) | ||||
Non cash stock-based compensation expense |
919 |
1,048 |
3,760 |
4,155 | |||
(Gain)/Loss on foreign currency translation | 4,905 | (2,683) | 4,225 | (1,949) | |||
Adjusted EBITDA - non GAAP | $ (2,420) | $ (8,134) | $ (11,456) | $ (26,237) | |||
Net loss |
$ (7,568) |
$ (6,135) |
$ (20,719) |
$ (29,247) | |||
Non cash stock-based compensation expense | 919 | 1,048 | 3,760 | 4,155 | |||
(Gain)/Loss on foreign currency translation | 4,905 | (2,683) | 4,225 | (1,949) | |||
Adjusted net income (loss) - non GAAP | $ (7,769) | $ (12,735) | $ (27,041) | ||||
Weighted average common shares outstanding basic and |
54,714,642 |
46,531,510 |
54,434,609 |
44,656,391 | |||
Loss per common share — basic and diluted |
$ (0.14) |
$ (0.13) |
$ (0.38) |
$ (0.65) | |||
Non cash stock-based compensation expense | $ 0.02 | $ 0.02 | $ 0.07 | $ 0.09 | |||
(Gain)/Loss on foreign currency translation | $ 0.09 | $ (0.06) | $ 0.08 | $ (0.04) | |||
Adjusted net income (loss) per common share - basis and | |||||||
diluted - non GAAP | $ (0.03) | $ (0.17) | $ (0.23) | $ (0.61) | |||
CYTOSORBENTS CORPORATION | |||||||||||
RECLASSIFICATION AND RESTATEMENT OF INCOME STATEMENT | |||||||||||
For the Year-ended Dec 31, 2023 | For the Year-ended Dec 31, 2024 | ||||||||||
Mar 31, 2023 | Jun 30, 2023 | Sep 30, 2023 | Dec 31, 2023 | 2023 | Mar 31, 2024 | Jun 30, 2024 | Sep 30, 2024 | Dec 31, 2024 | 2024 | ||
As Previously Reported | |||||||||||
Grant Income | $ - | $ - | |||||||||
Total Revenue | 9,449 | 9,421 | 8,811 | 8,668 | 36,349 | 9,786 | 9,895 | 9,390 | - | - | |
Cost of revenue | 3,994 | 3,402 | 3,204 | 3,357 | 13,957 | 3,216 | 3,392 | 4,109 | - | - | |
Gross profit | 5,455 | 6,019 | 5,607 | 5,311 | 22,392 | 6,571 | 6,503 | 5,282 | - | - | |
Gross margin % | 58 % | 64 % | 64 % | 61 % | 62 % | 67 % | 66 % | 56 % | |||
Research and development | 4,214 | 3,669 | 3,749 | 4,097 | 15,729 | 2,248 | 1,520 | 1,851 | - | - | |
Legal, financial, and other consulting | 669 | 1,185 | 1,103 | 1,315 | 4,272 | 681 | 821 | 824 | - | - | |
Selling, general and administrative | 8,463 | 7,724 | 8,104 | 9,242 | 33,600 | 8,567 | 7,581 | 7,003 | - | - | |
Impact of Reclassification | |||||||||||
Grant Income | ( | ( | ( | ( | ( | ( | ( | ( | $ - | $ - | |
Total Revenue | (1,539) | (1,348) | (1,057) | (1,320) | (5,264) | (797) | (1,053) | (778) | - | - | |
Cost of revenue | (1,463) | (1,309) | (1,043) | (1,315) | (5,130) | (795) | (1,053) | (752) | - | - | |
Gross profit | (76) | (39) | (14) | (5) | (134) | (2) | - | (26) | - | - | |
Research and development | (76) | (39) | (14) | (5) | (134) | (2) | - | (26) | - | - | |
Legal, financial, and other consulting | (669) | (1,185) | (1,103) | (1,315) | (4,272) | (681) | (821) | (824) | - | - | |
Selling, general and administrative | 669 | 1,185 | 1,103 | 1,315 | 4,272 | 681 | 821 | 824 | - | - | |
Impact of Restatement | |||||||||||
Cost of goods sold | - | - | - | 304 | 304 | (304) | - | - | - | - | |
Gross profit | - | - | - | 304 | 304 | (304) | - | - | - | - | |
Selling, general and administrative | (3) | 448 | (5) | 435 | 435 | 35 | 152 | 433 | - | - | |
As Reclassfied and Restated | |||||||||||
Grant Income | - | - | - | - | - | - | - | - | - | - | |
Total Revenue | 7,910 | 8,073 | 7,754 | 7,348 | 31,085 | 8,990 | 8,842 | 8,612 | - | - | |
Cost of goods sold | 2,531 | 2,093 | 2,161 | 2,346 | 9,131 | 2,117 | 2,339 | 3,357 | - | - | |
Gross profit | 5,379 | 5,980 | 5,593 | 5,002 | 21,954 | 6,873 | 6,503 | 5,256 | - | - | |
Gross margin % | 68 % | 74 % | 72 % | 68 % | 71 % | 76 % | 74 % | 61 % | |||
Research and development | 4,138 | 3,630 | 3,735 | 4,092 | 15,595 | 2,246 | 1,520 | 1,825 | - | - | |
Legal, financial, and other consulting | - | - | - | - | - | - | - | - | - | - | |
Selling, general and administrative | 9,129 | 9,357 | 9,202 | 10,553 | 38,307 | 9,283 | 8,554 | 8,260 | |||
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SOURCE Cytosorbents Corp
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