PRINCETON, NJ – CytoSorbents Corporation (NASDAQ: CTSO ), a medical device company specializing in blood purification with a current market cap of $50.31 million, announced preliminary financial results for the fourth quarter and full year 2024. According to InvestingPro According to the data, the company’s stock is currently trading below its fair value, indicating a potential upside opportunity despite recent challenges. The company reported fourth quarter estimated product revenue growth of 22% to 25% year-over-year, with revenue expected to be between $9.0 million and $9.2 million compared to $7.35 million in the same quarter last year .
Full-year product revenue is estimated to be in the range of $35.4 million to $35.6 million, representing growth of approximately 14% from the $31.1 million reported for full-year 2023. The company also saw a significant improvement in gross margin, estimated at around 70% for the fourth quarter, up from 61% in the previous quarter and slightly below 72% in the fourth quarter of 2023. InvestingPro The analysis reveals that while the company maintains healthy gross margins, it faces challenges related to cash flow and profitability. For deeper insights into CTSO’s financial health and additional ProTips, subscribers can access the comprehensive Pro Research Report.
The company attributes the sequential increase in gross margins to the resolution of a planned production slowdown aimed at rebalancing inventories and the successful resolution of a short-term production issue that impacted margins in the third quarter of 2024.
CytoSorbents also mentioned that it is currently in significant and interactive reviews with the US Food and Drug Administration (FDA) and Health Canada for the marketing application of DrugSorb-ATR, a medical device intended to reduce perioperative bleeding in Brilinta® patients undergoing coronary artery bypass grafting. coronary artery bypass graft surgery (CABG). The company anticipates regulatory decisions in the US and Canada sometime in 2025.
Preliminary results are based on unaudited data, and the company expects to report full, audited fourth quarter and year-end results on March 6, 2025. In addition, management plans to host in-person meetings with investors in San Francisco during the 43rd Annual JP Morgan Healthcare Conference scheduled for January 13-16, 2025.
CytoSorbents’ flagship product, CytoSorb®, is approved in the European Union and distributed in 76 countries. Although CytoSorb has received emergency-use FDA approval in the United States for use in critically ill patients with COVID-19, it has not yet been approved for general use in the US, with analyst price targets ranging from $1 to $10 and a consensus recommendation suggesting potential growth, investors looking for in-depth analysis can access comprehensive metrics and expert insights via InvestingProexclusive research platform. The company’s portfolio includes marketed products and several others in development, protected by numerous US and international patents.
This article is based on a press release from CytoSorbents Corporation.
In other recent news, CytoSorbents Corporation has launched a rights offering to qualified shareholders, aiming to raise between $3.0 million and $5.0 million. The move comes after the company reported an 11% increase in product sales in the third quarter of 2024, reaching $8.6 million. A rights offering involves the distribution of warrants for subscription rights, allowing shareholders to purchase new units of the company’s stock at a specified price. The collected funds are intended to support operations and cover general corporate expenses. The company is making significant strides with its blood purification technology, particularly in critical care and cardiac surgery applications. CytoSorbents is also preparing to launch the DrugSorb ATR, a device designed to reduce perioperative bleeding, which has received two breakthrough device designations from the FDA. Decisions from the FDA and Health Canada on the DrugSorb ATR are expected to be made in 2025.
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