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Cytosorbents Corp (CTSO) SEC Filing 10-Q Quarterly Report for the period ending Friday, March 31, 2023

Cytosorbents Corp

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CIK: 1070235 Ticker: CTSO

 

Exhibit 99.1

 

 

CytoSorbents Reports Fourth Quarter and Full Year 2022 Results

 

Pivotal U.S. and Canada STAR-T Trial enrollment passes halfway mark. Positive sales momentum from Q4 2022 continues in Q1 2023 to date, with expectation of sales growth in 2023

 

 

PRINCETON, N.J., March 9,2023 — CytoSorbents Corporation (NASDAQ: CTSO), a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery using blood purification via its proprietary polymer adsorption technology, today reported financial and operating results for the quarter and year ended December 31, 2022 and provides its 2023 outlook.

 

Full Year 2022 Financial Results

 

·2022 Total Revenue, which includes Product Sales and Grant Income, was $34.7 million versus $43.2 million in 2021, a decrease of 20%
·2022 Product sales were $29.4 million versus $40.1 million in 2021, which included $0.3 million and $6.3 million in COVID-19 related Product Sales, respectively
·2022 Core (non-COVID-19) Product Sales were approximately $29.1 million versus $33.8 million in 2021. This reflects an 11% drop in the average Euro to dollar exchange rate from 1.18 in 2021 to 1.05 in 2022. On a constant currency basis, Core Product Sales in 2022 would have been approximately $32.2 million versus $33.8 million in 2021, a decrease of 4.6%
·The decrease in the average Euro to US dollar exchange rate negatively impacted 2022 product sales by approximately $3.1 million
·2022 Product Gross Margin was approximately 70%, compared to 80% in 2021 due to manufacturing inefficiencies related to the relocation of our manufacturing operations to our new facility
·We believe the Company remains well-capitalized with cash and cash equivalents of $23.8 million (which includes $1.7 million in restricted cash) at December 31, 2022

 

The following information was filed by Cytosorbents Corp (CTSO) on Thursday, March 9, 2023 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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Cytosorbents Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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Inside Cytosorbents Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Operations And Comprehensive Loss
Basis Of Presentation
Basis Of Presentation (Details)
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Leases - Right-Of- Use Asset And Related Lease Liability (Details)
Long-Term Debt, Net
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Long-Term Debt, Net - Additional Information (Details)
Long-Term Debt, Net - Principal Payments (Details)
Net Loss Per Share
Net Loss Per Share (Details)
Principal Business Activity And Summary Of Significant Accounting Policies
Principal Business Activity And Summary Of Significant Accounting Policies (Details)
Principal Business Activity And Summary Of Significant Accounting Policies (Policies)
Principal Business Activity And Summary Of Significant Accounting Policies (Tables)
Principal Business Activity And Summary Of Significant Accounting Policies - Cash And Cash Equivalents (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Receivables And Contract Liabilities (Details)
Revenue - Revenue By Customer Type And Geographic Area (Details)
Stockholders' Equity
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Stockholders' Equity - Additional Information (Details)
Stockholders' Equity - Intrinsic Value (Details)
Stockholders' Equity - Non-Vested Options (Details)
Stockholders' Equity - Restricted Stock Unit (Details)
Stockholders' Equity - Restricted Stock Unit Activity (Details)
Stockholders' Equity - Stock Option Activity (Details)

Material Contracts, Statements, Certifications & more

Cytosorbents Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: CTSO
CIK: 1175151
Form Type: 10-Q Quarterly Report
Accession Number: 0001410578-23-000868
Submitted to the SEC: Tue May 02 2023 4:14:30 PM EST
Accepted by the SEC: Tue May 02 2023
Period: Friday, March 31, 2023
Industry: Surgical And Medical Instruments And Apparatus

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