PRINCETON, N.J. - CytoSorbents Corporation (NASDAQ: CTSO), a medical device company specializing in blood purification with a current market capitalization of $50.31 million, announced preliminary financial results for the fourth quarter and full-year of 2024. According to InvestingPro data, the company’s stock is currently trading below its Fair Value, suggesting potential upside opportunity despite recent challenges. The company reported an estimated fourth quarter product revenue growth of 22% to 25% year-over-year, with revenues expected to be between $9.0 million and $9.2 million compared to $7.35 million in the same quarter of the previous year.
For the full year, product revenue is estimated to be in the range of $35.4 million to $35.6 million, marking approximately 14% growth over the $31.1 million reported for the full year of 2023. The company also noted a significant improvement in gross margin, estimated at around 70% for the fourth quarter, up from 61% in the previous quarter and slightly below the 72% from the fourth quarter of 2023. InvestingPro analysis reveals that while the company maintains healthy gross margins, it faces challenges with cash burn 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 rise in gross margins to the resolution of a planned production slowdown aimed at inventory rebalancing and the successful addressing of a short-term manufacturing issue that had impacted margins in the third quarter of 2024.
CytoSorbents also mentioned that it is currently undergoing substantive and interactive reviews with the U.S. Food and Drug Administration (FDA) and Health Canada for the marketing application of DrugSorb-ATR, a medical device intended to reduce perioperative bleeding in patients on Brilinta® undergoing coronary artery bypass graft (CABG) surgery. The company anticipates regulatory decisions in both the U.S. and Canada sometime in 2025.
The preliminary results are based on unaudited data, with the company expecting to report full, audited results for the fourth quarter and year-end on March 6, 2025. Additionally, management plans to host in-person investor meetings in San Francisco during the 43rd Annual J.P. Morgan Healthcare Conference scheduled from January 13-16, 2025.
CytoSorbents’ lead product, CytoSorb®, is approved in the European Union and distributed in 76 countries. Although CytoSorb has received FDA Emergency Use Authorization in the United States for use in critically ill COVID-19 patients, it is not yet approved for general use in the U.S. With analyst price targets ranging from $1 to $10 and a consensus recommendation suggesting potential upside, investors seeking detailed analysis can access comprehensive metrics and expert insights through InvestingPro’s exclusive research platform. The company’s portfolio includes marketed products and several others under development, protected by numerous U.S. and international patents.
This article is based on a press release statement from CytoSorbents Corporation.
In other recent news, CytoSorbents Corporation has initiated a Rights Offering for eligible stockholders, with the goal of raising between $3.0 million and $5.0 million. This move comes as the company reported an 11% increase in product sales for the third quarter of 2024, reaching $8.6 million. The Rights Offering involves the distribution of Subscription Right Warrants, enabling stockholders to purchase new units of the company’s stock at a set price. The funds raised are intended to support operations and cover general corporate expenses. The company has been making significant strides with its blood purification technology, specifically in critical care and cardiac surgery applications. CytoSorbents is also preparing for the launch of DrugSorb ATR, a device designed to reduce perioperative bleeding, which has received two FDA breakthrough device designations. Decisions from the FDA and Health Canada on DrugSorb ATR are expected to be made in 2025.
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