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PRINCETON, N.J. - CytoSorbents Corporation (NASDAQ: CTSO), currently trading at $1.03 per share, has postponed its earnings call originally set for March 6, 2025, to March 25, 2025, following the unexpected death of its Vice President and Corporate Controller, James E. Cason, Jr. The company, which specializes in blood purification for critical care and cardiac surgery, will report its Q4 and full-year 2024 financial results after market close on the rescheduled date.
The delay is to allow the financial team more time to complete the annual audit, a move that management considers prudent to ensure a thorough process. CEO Dr. Phillip Chan expressed deep sadness over the loss of Cason, who was with the company for a decade and played a significant role in its growth and success.
CytoSorbents has confirmed its preliminary Q4 product revenue to be between $9.0 million and $9.2 million, marking a 22% to 25% growth from the same period in 2023. The full-year revenue is expected to be in the range of $35.4 million to $35.6 million, approximately 14% higher than the previous year. The Q4 product gross margin is anticipated to be around 70%. According to InvestingPro data, three analysts have revised their earnings upward for the upcoming period, though the company is not expected to be profitable this year. The stock currently appears undervalued based on InvestingPro’s Fair Value analysis.
The company also reiterated its expectation for regulatory decisions on its DrugSorb-ATR marketing applications in the U.S. and Canada in 2025. The device is currently under review by the FDA and Health Canada.
Additionally, CytoSorbents disclosed that it raised a total of $7.85 million in gross proceeds in Q1 of 2025, including funds from a Rights Offering and the exercise of Series A Right Warrants. The pro forma cash balance as of December 31, 2024, would have been approximately $17.0 million, considering these transactions. InvestingPro analysis indicates the company is quickly burning through cash, with a current ratio of 1.97 and negative free cash flow yield of -33%. For deeper insights into CTSO’s financial health and detailed metrics, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
The company’s blood purification technology has been used in over 250,000 devices worldwide and is distributed in 76 countries. Its lead product, CytoSorb, has been approved in the European Union but is not yet cleared in the United States. With a market capitalization of $56.32 million and analyst price targets ranging from $1 to $10, CTSO presents an interesting case for investors seeking exposure to the medical technology sector.
The financial figures and cash balance provided remain preliminary and unaudited. The information for this report is based on a press release statement.
In other recent news, CytoSorbents Corporation reported preliminary financial results for the fourth quarter of 2024, highlighting an estimated product revenue growth of 22% to 25% year-over-year, with revenues projected between $9.0 million and $9.2 million. For the full year, the company expects product revenue to be between $35.4 million and $35.6 million, marking a 14% increase over 2023. Additionally, CytoSorbents secured $1.6 million from the exercise of Series A Right Warrants, contributing to a total of $7.85 million raised, which significantly enhanced its liquidity position. The company also announced the opening of a new sales subsidiary in Dubai, aiming to expand its market presence in the Middle East and Africa. CytoSorbents is actively engaging with the U.S. FDA and Health Canada for the approval of its DrugSorb-ATR system, with decisions anticipated in 2025. The company has initiated a Rights Offering to raise between $3.0 million and $5.0 million, which could further bolster its financial resources. This offering allows stockholders to purchase units consisting of common stock and Right Warrants. CytoSorbents continues to focus on expanding its reach in the critical care market, supported by its robust financial strategy and ongoing regulatory pursuits.
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