CytoSorbents(CTSO) - 2025 Q1 - Quarterly Results

Financial Performance - Product revenue for Q1 2025 was $8.7 million, a decrease of 3% from $9.0 million in Q1 2024[2] - Gross margin decreased to 71% in Q1 2025 from 77% in Q1 2024[2] - Operating loss improved by 17% to $3.9 million compared to $4.7 million in Q1 2024, with a 12% reduction in operating expenses[2] - Net loss was $1.5 million or $0.02 per share, significantly improved from a net loss of $6.1 million or $0.11 per share in Q1 2024[2] - Gross profit for Q1 2025 was $6.21 million, down 9.7% from $6.87 million in Q1 2024[19] - Net loss attributable to common stockholders narrowed to $1.48 million in Q1 2025, compared to a net loss of $6.09 million in Q1 2024, reflecting a reduction of 75.7%[19] - The company reported a comprehensive loss of $4.21 million for Q1 2025, compared to a comprehensive loss of $4.87 million in Q1 2024, a decrease of 13.5%[19] - Cash flows from operating activities showed a net cash used of $3.46 million in Q1 2025, an improvement from $4.83 million in Q1 2024[22] - Adjusted EBITDA for Q1 2025 was $(2,700,000), compared to $(3,300,000) in Q1 2024, indicating a narrowing loss[23] - Loss per common share for Q1 2025 was $(0.02), improved from $(0.11) in Q1 2024[23] - Adjusted net income (loss) for Q1 2025 was $(3,674,000), slightly better than $(3,703,000) in Q1 2024[23] - Adjusted net income (loss) per common share for Q1 2025 was $(0.06), compared to $(0.07) in Q1 2024[23] Cash and Liquidity - Total cash and cash equivalents increased to $13.1 million as of March 31, 2025, up from $9.8 million at the end of 2024, reflecting proceeds from a Rights Offering[2] - Cash and cash equivalents increased to $11.59 million as of March 31, 2025, compared to $3.28 million at December 31, 2024, marking a significant increase of 253.5%[18] - The company raised $6.8 million from a Shareholder Rights Offering, enhancing liquidity by a total of $11.8 million[6] - The company raised $5.39 million from a rights offering in Q1 2025, contributing to a net cash provided by financing activities of $6.83 million[22] Assets and Equity - Total assets increased to $50.78 million as of March 31, 2025, up from $47.37 million at December 31, 2024, representing a growth of 5.1%[18] - Total stockholders' equity rose to $14.54 million as of March 31, 2025, up from $11.11 million at December 31, 2024, indicating a growth of 30.5%[18] Regulatory and Market Developments - The FDA issued a denial letter regarding the De Novo Request for DrugSorb-ATR, but the company plans to resolve the issues through a formal appeal process[7] - DrugSorb-ATR is under advanced review with Health Canada, with expectations for a regulatory decision in 2025[8] - The company opened a new regional sales subsidiary in Dubai, expanding its global footprint into the Middle East and Africa[6] Operational Metrics - Operating expenses decreased to $10.09 million in Q1 2025, down 12.5% from $11.53 million in Q1 2024[19] - Non-cash stock-based compensation expense was $818,000 in Q1 2025, down from $959,000 in Q1 2024[23] - Depreciation and amortization expense for Q1 2025 was $369,000, slightly lower than $397,000 in Q1 2024[23] - Interest expense increased to $605,000 in Q1 2025 from $7,000 in Q1 2024, indicating a significant rise in financing costs[23] Foreign Currency Impact - The company experienced a foreign currency translation loss of $3,014,000 in Q1 2025, compared to a gain of $1,426,000 in Q1 2024[23] Shareholder Information - Weighted average common shares outstanding increased to 60,731,929 in Q1 2025 from 54,262,790 in Q1 2024[23]