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CytoSorbents(CTSO) - 2024 Q3 - Quarterly Results
CTSOCytoSorbents(CTSO)2024-11-07 21:10

Revenue and Sales Performance - Product revenue for Q3 2024 was 8.6million,an118.6 million, an 11% increase compared to 7.8 million in Q3 2023[2] - Total revenue for Q3 2024 was 9.4million,a79.4 million, a 7% increase compared to 8.8 million in Q3 2023[2] - CytoSorb product sales generated nearly 34millionintrailing12−monthrevenueacross76countries,withapproximately7034 million in trailing 12-month revenue across 76 countries, with approximately 70% gross margins[5] - Total revenue for the nine months ended September 30, 2024, was 29,071,316, compared to 27,681,164forthesameperiodin2023[16]−CytoSorbsalesfortheninemonthsendedSeptember30,2024,increasedto27,681,164 for the same period in 2023[16] - CytoSorb sales for the nine months ended September 30, 2024, increased to 26,381,455 from 23,681,183inthesameperiodin2023[16]ProfitabilityandLosses−Netlossimprovedto23,681,183 in the same period in 2023[16] Profitability and Losses - Net loss improved to 2.3 million or 0.04pershareinQ32024,comparedtoanetlossof0.04 per share in Q3 2024, compared to a net loss of 9.2 million or 0.21pershareinQ32023[2]−AdjustedEBITDAlossimprovedto0.21 per share in Q3 2023[2] - Adjusted EBITDA loss improved to 3.6 million in Q3 2024, compared to a loss of 5.6millioninQ32023[2]−NetlossfortheninemonthsendedSeptember30,2024,was5.6 million in Q3 2023[2] - Net loss for the nine months ended September 30, 2024, was 12,835,098, compared to 22,672,487forthesameperiodin2023[16]−NetlossforQ32024was22,672,487 for the same period in 2023[16] - Net loss for Q3 2024 was 2.334 million, compared to 9.194millioninQ32023[19]−AdjustedEBITDAforQ32024was9.194 million in Q3 2023[19] - Adjusted EBITDA for Q3 2024 was (3.557) million, compared to (5.576)millioninQ32023[19]−AdjustednetlosspershareforQ32024was(5.576) million in Q3 2023[19] - Adjusted net loss per share for Q3 2024 was (0.08), compared to (0.14)inQ32023[18]−NetlossfortheninemonthsendedSeptember30,2024was(0.14) in Q3 2023[18] - Net loss for the nine months ended September 30, 2024 was 12.835 million, compared to 22.672millioninthesameperiodof2023[19]−Netlossforthefullyear2023was22.672 million in the same period of 2023[19] - Net loss for the full year 2023 was 28.5 million, with quarterly losses ranging from 5.8millionto5.8 million to 9.2 million[21] - Adjusted EBITDA for 2023 was (25.9)million,withquarterlyfiguresrangingfrom(25.9) million, with quarterly figures ranging from (5.9) million to (7.8)million[21]−Netlossforthefirstninemonthsof2024was(7.8) million[21] - Net loss for the first nine months of 2024 was 12.8 million, with quarterly losses decreasing from 6.4millionto6.4 million to 2.3 million[23] - Adjusted EBITDA for the first nine months of 2024 was (9.3)million[23]GrossMarginsandProfit−Productgrossmarginsdecreasedto61(9.3) million[23] Gross Margins and Profit - Product gross margins decreased to 61% in Q3 2024, down from 72% in Q3 2023 due to a planned production slowdown and a resolved manufacturing issue[2] - Gross profit for the nine months ended September 30, 2024, was 18,354,922, compared to 17,080,743forthesameperiodin2023[16]RegulatoryandMarketOpportunities−Thetotaladdressablemarket(TAM)forDrugSorb−ATRinNorthAmericaisestimatedat17,080,743 for the same period in 2023[16] Regulatory and Market Opportunities - The total addressable market (TAM) for DrugSorb-ATR in North America is estimated at 300 million, with potential growth to over 600millionpost−Brilintagenericsandfurtherexpansionto600 million post-Brilinta generics and further expansion to 1-2 billion with broader applications[4] - The company submitted a De Novo application for DrugSorb-ATR to the U.S. FDA on September 27, 2024, and received acceptance for substantive review on October 22, 2024[3] - CytoSorbents received MDSAP certification on November 1, 2024, enabling compliance with regulatory requirements in the U.S., Canada, Brazil, Japan, and Australia[3] - The company submitted a Medical Device License (MDL) application to Health Canada for DrugSorb-ATR on November 1, 2024[3] Financial Position and Assets - Cash and cash equivalents decreased to 5,685,328asofSeptember30,2024,from5,685,328 as of September 30, 2024, from 14,131,137 as of December 31, 2023[15] - Total current assets decreased to 16,597,368asofSeptember30,2024,from16,597,368 as of September 30, 2024, from 25,702,823 as of December 31, 2023[15] - Total liabilities increased to 34,804,921asofSeptember30,2024,from34,804,921 as of September 30, 2024, from 29,985,471 as of December 31, 2023[15] - Total stockholders' equity decreased to 12,999,090asofSeptember30,2024,from12,999,090 as of September 30, 2024, from 23,275,163 as of December 31, 2023[15] - Total stockholders' equity as of September 30, 2024 was 12.999million[17]−AccumulateddeficitasofSeptember30,2024was12.999 million[17] - Accumulated deficit as of September 30, 2024 was (295.340) million[17] Expenses and Compensation - Research and development expenses for the nine months ended September 30, 2024, decreased to 5,619,040from5,619,040 from 11,632,416 in the same period in 2023[16] - Stock-based compensation expense for Q3 2024 was 0.781million[17]−Non−cashstock−basedcompensationexpenseforQ32024was0.781 million[17] - Non-cash stock-based compensation expense for Q3 2024 was 0.458 million[19] - Non-cash stock-based compensation expense for 2023 totaled 3.7million[21]−Non−cashstock−basedcompensationexpenseforthefirstninemonthsof2024was3.7 million[21] - Non-cash stock-based compensation expense for the first nine months of 2024 was 2.2 million[23] - Depreciation and amortization expense for the first nine months of 2024 was 1.2million[23]−Interestexpenseforthefirstninemonthsof2024was1.2 million[23] - Interest expense for the first nine months of 2024 was 775,000[23] Share and Earnings Metrics - Basic and diluted net loss per common share for the nine months ended September 30, 2024, was (0.24),comparedto(0.24), compared to (0.52) for the same period in 2023[16] - Weighted average common shares outstanding for Q3 2024 was 54.453 million[18] - Weighted average common shares outstanding for 2024 YTD was approximately 54.3 million, with a loss per share of (0.24)[22]−Adjustednetincome(loss)percommonsharefor2024YTDwas(0.24)[22] - Adjusted net income (loss) per common share for 2024 YTD was (0.21)[22] Foreign Currency and Other Items - Foreign currency translation loss for Q3 2024 was $(2.650) million[19]