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CytoSorbents Reports Record Quarterly Total Revenue and Product Sales in the Second Quarter 2017
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MONMOUTH JUNCTION, N.J., August 7, 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 June 30, 2017.
Second Quarter 2017 Financial Highlights:
|·||Total Q2 2017 revenues increased 60% to $3.6 million, which includes both product sales and grant income, up from $2.2 million in Q2 2016|
|·||Q2 2017 product sales were $3.0 million, an increase of 64% or $1.2 million, compared to $1.9 million in Q2 2016, driven by record unit sales|
|·||Product gross margins for Q2 2017 were approximately 65% in Q2 2017 as compared to 68% for Q2 2016, a result of the mix of direct and distributor sales|
|·||Trailing twelve-month product sales for the period ending June 30, 2017 were $10.4 million, compared to $6.0 million for the period ending June 30, 2016|
|·||As of June 30, 2017, the Company had $16.4 million in cash and cash equivalents, which is expected to provide sufficient working capital to fund our operations and clinical trials through 2018|
Second Quarter 2017 Operational Highlights:
|·||More than 27,000 CytoSorb treatments have been delivered worldwide for critical care illnesses and cardiac surgery, an increase from 14,000 a year ago|
|·||CytoSorb reimbursement rates in Germany have increased significantly in a survey of many key accounts, after achieving a dedicated procedural code for CytoSorb therapy last year|
|·||Appointed Eric Mortensen, M.D., Ph.D., former Vice President & Therapeutic Area Clinical Head for Inflammation and Immunology at Pfizer, as Chief Medical Officer to lead the U.S. REFRESH 2 cardiac surgery trial and international clinical development|
|·||Presented positive REFRESH I trial data on safety and reduction of both plasma free hemoglobin and activated complement during complex cardiac surgery at the American Association for Thoracic Surgery conference in Boston, MA|
The following information was filed by Cytosorbents Corp (CTSO) on Wednesday, August 9, 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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