CytoSorbents Reports Second Quarter 2024 Financial and Operational Results

Core Insights - CytoSorbents Corporation has appointed Peter J. Mariani as the new CFO, succeeding Kathleen P. Bloch, who is retiring after over 11 years with the company [1][11] - The company is on track to submit marketing applications for DrugSorb™-ATR to the U.S. FDA and Health Canada this quarter, which could unlock a significant commercial opportunity with an estimated total addressable market of $325 million [3][34] - In Q2 2024, the company reported a 10% increase in product sales and a 48% reduction in operating loss, achieving a cumulative milestone of over 250,000 CytoSorb treatments delivered [2][8] Financial Performance - Total revenue for Q2 2024 was approximately $9.9 million, a 5% increase from $9.4 million in Q2 2023 [2][15] - Product sales in Q2 2024 reached $8.8 million, up from $8.1 million in Q2 2023, reflecting a 10% increase [2][13] - The operating loss decreased to $3.4 million in Q2 2024 from $6.6 million in the same quarter last year, attributed to cost-cutting measures and increased sales [2][5] Cost Management and Efficiency - The company has implemented additional cost-cutting measures expected to save an additional $5 million annually, reducing headcount by 17% over the past five months [5][6] - Product gross margins improved to approximately 75% in Q2 2024, compared to 74% in Q2 2023, due to operational efficiencies [2][16] - The company aims to achieve 80% blended product gross margins through increased sales volume and improved manufacturing processes [7] Market and Product Development - CytoSorbents has delivered over 250,000 CytoSorb devices across 76 countries, marking a significant achievement in its product distribution [8] - The company is actively working on the launch of its PuriFi® pump and collaborating with Fresenius Medical Care to co-market CytoSorb at upcoming medical conferences [10] - The DrugSorb™-ATR system has received two FDA Breakthrough Device Designations, indicating its potential impact in cardiothoracic procedures [34] Liquidity and Capital Resources - As of June 30, 2024, the company had total cash of $14.9 million, which is expected to fund operations into Q2 2025 [32] - The company secured a $20 million term-loan facility to support its regulatory submissions and operational needs [30][31] - Current assets were approximately $21.96 million, with current liabilities of about $10.34 million, indicating a healthy liquidity position [29][39]