Cytosorbents Corp ( (CTSO) ) has released its Q3 earnings. Here is a breakdown of the information Cytosorbents Corp presented to its investors.
CytoSorbents Corporation is a company specializing in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery through blood purification, operating in the medical device sector with a focus on innovative blood purification technologies.
In its latest earnings report for the third quarter of 2024, CytoSorbents Corporation reported a total revenue of $9.4 million, marking a 7% increase compared to the previous year. The company highlighted significant progress in its critical care and cardiac surgery businesses, alongside strategic advancements in its DrugSorb-ATR regulatory and commercial strategy.
Key financial metrics from the report include an 11% growth in product revenue to $8.6 million and a notable improvement in net loss, decreasing from $9.2 million in the third quarter of 2023 to $2.3 million in the same period of 2024. Despite a decrease in product gross margins from 72% to 61% due to a temporary production slowdown, the company achieved an improved adjusted EBITDA loss of $3.6 million, compared to a $5.6 million loss in the prior year. The company also reported advancements in regulatory milestones for its DrugSorb-ATR product, with submissions to both the U.S. FDA and Health Canada, and an anticipation of regulatory decisions in the upcoming year.
Looking ahead, CytoSorbents is focused on scaling its business effectively, leveraging its strengthened operating metrics and cash management discipline. The company is preparing for the potential North American commercial launch of its DrugSorb-ATR product, which could significantly expand its market presence and drive the next phase of growth.
