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CytoSorbents Reports First Quarter 2017 Financial Results
Strong performance leads to increase in trailing 12-month CytoSorb sales of $9.2 million
MONMOUTH JUNCTION, N.J., May 8, 2017 - CytoSorbents Corporation (NASDAQ: CTSO), a critical care immunotherapy leader commercializing its flagship CytoSorb® blood filter to prevent or treat deadly inflammation and organ failure in critically-ill and cardiac surgery patients around the world, reports financial and operational results for the quarter ending March 31, 2017.
First Quarter 2017 Financial Highlights:
|·||Total Q1 2017 revenues increased 72% to $3.1 million, which includes both product sales and grant income, from $1.8 million in Q1 2016|
|·||Q1 2017 product sales were $2.6 million, an increase of $1.0 million, or 63%, compared to $1.6 million in Q1 2016, driven by record unit sales|
|·||Product gross margins for Q1 2017 increased to 68%, compared to 62% for Q1 2016|
|·||Trailing twelve month product sales at the end of Q1 2017 were $9.2 million, compared to $4.9 million a year ago|
|·||In April 2017, the Company raised $11.5M in an equity offering led by Cowen & Company, netting $10.3M after fees, increasing cash to $13.5M. Another $5M in term loan debt is available to further extend our operating runway.|
First Quarter 2017 Operational Highlights:
|·||More than 23,000 CytoSorb treatments are have been performed worldwide in critical care illnesses and cardiac surgery|
|·||The REFRESH I trial abstract was selected by the American Association for Thoracic Surgery for podium presentation where positive results demonstrating the safe and significant reduction of toxic inflammatory mediators by CytoSorb during complex open heart surgery were presented|
|·||Entered into a partnership with Dr. Reddy’s Laboratories, a leading international pharmaceuticals firm, for expansion to South Africa. Dr Reddy’s is our fourth major strategic partner|
|·||Expanded our partnership with Fresenius Medical Care to include a co-marketing agreement for CytoSorb across all current territories|
The following information was filed by Cytosorbents Corp (CTSO) on Friday, May 12, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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