Cytosorbents Corp Stock Price, News & Analysis

CytoSorbents Corporation (NASDAQ: CTSO) has announced that the Turkish Ministry of Health will now cover the cost of treatment with its CytoSorb® product. This approval allows hospitals and doctors in Turkey to purchase CytoSorb directly without restrictions, marking a significant advancement in critical care treatment for patients with severe sepsis, septic shock, and those undergoing cardiothoracic surgery. The partnership with Bıçakcılar Medical Devices played a crucial role in achieving this reimbursement, enhancing patient access to this innovative blood purification therapy.

CytoSorbents Corporation (NASDAQ: CTSO) announced that the Israeli Ministry of Health has granted national reimbursement for its product CytoSorb® in specific cardiac surgery cases, effective 2023. This initiative acknowledges the device’s role in managing patients during emergency surgeries involving anticoagulants like ticagrelor and rivaroxaban. Approximately 4,000 heart surgeries occur annually in Israel, underscoring the relevance of this reimbursement. CytoSorbents is positioned to benefit from the growing demand for advanced medical technologies in Israel’s robust healthcare system.

Fresenius Medical Care and CytoSorbents have enhanced their partnership through a multi-stage collaboration aimed at innovating and expanding sales opportunities in critical care. This three-year agreement will see Fresenius Medical Care actively market CytoSorb as a primary blood purification therapy for critical conditions, excluding the U.S. The collaboration promises to leverage various marketing strategies to increase the visibility of CytoSorb while ensuring its compatibility with Fresenius Medical Care's existing platforms. This initiative is expected to drive growth and enhance patient care.

CytoSorbents Corporation (CTSO) reported a significant decrease in Q2 2022 revenue of $8.5 million, a 29% decline from Q2 2021, largely due to reduced product sales and negligible COVID-related sales. Product gross margins fell from 82% to 67%, impacted by production inefficiencies from relocating to a new facility. Despite challenges, the company maintains a strong balance sheet with $31.9 million in cash and no debt, and has entered new agreements with Fresenius Medical Care and Asklepios Group to enhance market access.

CytoSorbents Corporation (NASDAQ: CTSO) will report its second quarter 2022 financial results after market close on August 2, 2022. The company specializes in blood purification technologies used in critical care and cardiac surgery. A live conference call will follow at 4:30 p.m. Eastern. Key products include CytoSorb®, approved in the EU and used in over 70 countries, and DrugSorb™-ATR, currently in pivotal trials for FDA approval. The company has received over $39.5 million in funding for its initiatives.

At the 2022 CytoSorb Users' Meeting in Berlin, nearly 300 healthcare specialists from 40 countries discussed the versatility and impact of CytoSorb blood purification technology. Key topics included its application in treating sepsis, liver failure, and complications from blood thinners. Prominent speakers underscored the importance of blood purification in improving clinical outcomes, especially amid rising health challenges due to aging populations and COVID-19. CytoSorb is approved in the EU and distributed in over 70 countries, with over 170,000 devices used as of March 2022.

On July 2, 2022, CytoSorbents Corporation (NASDAQ: CTSO) hosted the 2022 CytoSorb World Users' Meeting in Berlin, celebrating its 10th anniversary of CytoSorb commercialization. The event engaged nearly 300 leading physicians and scientists, focusing on advancements in blood purification technology. Key discussions included the use of CytoSorb for treating lung failure, reversing septic shock, and improving outcomes in acute liver failure. The keynote was delivered by innovator Bruno Reichart, highlighting xenotransplantation as a potential solution for organ shortages. This meeting underscored CytoSorbents' commitment to improving critical care.

CytoSorbents Corporation (NASDAQ: CTSO) will hold its Annual Meeting virtually on June 7, 2022, at 10:00 a.m. Eastern. Stockholders of record as of April 14, 2022, can join the meeting to ask questions and vote electronically. The meeting will facilitate technical assistance for attendees. An archived recording will be available on the company's website for no less than 90 days post-meeting. CytoSorbents specializes in blood purification for critical care and cardiac surgery, with its product CytoSorb® approved in the EU and distributed in over 70 countries.

CytoSorbents Corporation (NASDAQ: CTSO) has expanded its distribution agreement with Nikkiso Europe GmbH to include the standalone PureADJUST hemoperfusion pump across 14 countries, building on a successful pilot program. This model aims to enhance the early application of CytoSorb therapy, which is crucial for patients with kidney failure. By starting treatment earlier, the company expects an increase in the number of patients benefiting from their blood purification technology. The agreement enhances CytoSorbents' market presence but lacks disclosed financial details.