CytoSorbents at Jefferies Global Healthcare: Strategic Insights on Growth and Challenges

On Thursday, 05 June 2025, CytoSorbents (NASDAQ:CTSO) presented at the Jefferies Global Healthcare Conference 2025, offering a strategic overview of its innovative blood purification technologies. The company highlighted significant growth in core sales and outlined challenges, including regulatory hurdles with the FDA, while emphasizing optimism for future prospects.

Key Takeaways

• CytoSorbents achieved $35.6 million in core non-COVID sales in 2024, marking a 15% year-over-year increase.
• The FDA issued a denial letter for DrugSorb ATR, but the company plans to appeal, expecting a decision by August.
• CytoSorbents is targeting cash flow breakeven in the core business by the second half of 2025.
• The company is focusing on expanding its presence in Germany, its largest market, through sales force realignment.
• DrugSorb ATR’s market potential in the US and Canada is estimated at $300 million, with further growth possible.

Financial Results

• Core non-COVID product sales for CytoSorb reached $35.6 million in 2024, a 15% increase from the previous year.
• Gross margins remained robust at 71%.
• The company successfully raised $7.85 million through a rights offering, unlocking $5 million in restricted cash.
• CytoSorbents concluded Q1 with $13.1 million in cash, cash equivalents, and restricted cash.
• An additional $1.7 million was secured from the sale of New Jersey NOLs and R&D tax credits.
• A $5 million second tranche is available on their term loan facility upon FDA approval of DrugSorb ATR.

Operational Updates

• CytoSorb has been utilized in over 270,000 human treatments across more than 70 countries.
• DrugSorb ATR has received two FDA breakthrough device designations.
• The company has submitted for FDA and Health Canada marketing approval for DrugSorb ATR.
• CytoSorbents is realigning its sales force in Germany to enhance account penetration and growth.
• Strong growth was noted in direct sales outside Germany (28%) and distributor partner sales (22%).

Future Outlook

• CytoSorbents anticipates regulatory decisions from the FDA and Health Canada regarding DrugSorb ATR this year.
• A controlled market release of DrugSorb ATR in clinical trial centers is planned post-approval, with a broader launch in 2026.
• The company aims for cash flow breakeven in the core business by the second half of 2025.
• DrugSorb ATR targets a $300 million initial addressable market in the US and Canada, with potential expansion to over $1 billion.

Q&A Highlights

• The FDA denial letter did not request an additional clinical trial; existing data is expected to address the remaining issues.
• CytoSorbents is preparing a VAC pack to demonstrate DrugSorb ATR’s cost-benefit to hospitals.
• If the FDA denial is upheld, a new de novo submission will be prepared to focus on unresolved issues.
• Organizational changes in Germany are intended to capitalize on hospital reforms and drive deeper account penetration.

Readers are encouraged to refer to the full transcript for a detailed understanding of CytoSorbents’ strategic initiatives and future plans.

Full transcript - Jefferies Global Healthcare Conference 2025:

Mike Sarcone, Analyst, Jefferies: Alright. Good morning, everyone. My name is Mike Sarcone. I’m an analyst on the US medical supplies and devices team, and this is day two of the Jefferies twenty twenty five New York Health Care Conference. This is a session with CytoSorbents.

And from the company, we’ve got CEO Phil Chan and CFO Pete Mariani. Gentlemen, thank you for joining us. And Phil is actually going to kick it off with some prepared commentary, and then we’ll get into Q and A.

Phil Chan, CEO, CytoSorbents: Great. Thank you, Michael, and thank you very much for the invitation to present today. As a publicly traded company please let me remind you of our Safe Harbor statement for forward looking statements. CytoSorbents at a glance has a platform blood purification technology for removing toxins and harmful substances from blood. Our products are high margin razor blade disposables that are plug and play into existing hospital blood pumps.

Two main products leveraging the underlying polymer technology are our flagship product, CytoSorb, which is for treatment of life threatening conditions in the intensive care unit in cardiac surgery with record core non COVID product sales of 35,600,000.0 in 2024 that grew 15% year over year. This is an EU approved product with more than 270,000 human treatments utilized cumulatively to date in more than 70 countries around the world. Our second product is an investigational product called DrugSorb ATR which is designed to reduce the severity of perioperative bleeding during CABG surgery due to blood thinners. It has two FDA breakthrough device designations and we submitted late last year for FDA as well as Health Canada marketing approval and expect final regulatory decisions this year. If approved or cleared, we expect to rapidly commercialize this in these countries targeting a significant unmet medical need in large US and Canadian markets.

Our technology is based on a highly hemocompatible, highly porous polymer bead technology platform that act like tiny sponges to remove harmful substances from the blood by pore capture, surface adsorption and concentration. We have excellent removal of a broad range of substances from whole blood and plasma. We have solid state porous polymer chemistry that does not use ligands, biologics of any kind, antibodies or cells. This is a highly patented technology with 22 issued US patents and multiple patents issued and pending worldwide. We have been the beneficiary of approximately $50,000,000 in grants and non dilutive funding from NIH, DARPA and the DOD.

We are expanding the dimension of blood purification because CytoSorb removes a broad range of harmful substances that dialysis does not. On one hand, dialysis works like the kidney, removing highly water soluble molecules, metabolic waste products and electrolytes. While CytoSorb works more like your liver, removing macromolecules like cytokines, bacterial toxins, inflammatory mediators and fat soluble drugs. Notable for our technology is that dialysis, the membrane, only has about surface area of three quarters of a ping pong table, while in a single one of our cartridges we have seven football fields worth of surface area in our cartridge to bind substances, which is one of the keys to our capacity. Now turning to CytoSorb, our flagship product.

CytoSorb targets massive inflammation, which is the heart of critical illness. Acute inflammation is the body’s way of dealing with injury and infection. However, in severe inflammation driven by cytokine storm, it can cause a chain reaction problems that can result in organ failure and death. And these include causing shock, capillary leak, immune dysfunction, direct tissue damage, hypercoagulability, cell mediated injury, microvascular dysfunction, just to name a few. It’s really a system crash.

Severe inflammation is the common threat amongst most critical illnesses and impacts up to sixty percent of patients in the intensive care unit and is directly correlated with the severity of illness and the incidence of morbidity and mortality in these patients. CytoSorb has the ability to control this deadly inflammation and has demonstrated reversal or prevention of many of these complications. CytoSorb is taking an integrated approach to critical care. By choosing the right patient at the right time with the right dose, we have the highest chance for a good clinical outcome that is designed to help break the cycle of deadly inflammation, reverse instability, and restore and preserve organ function. So just like antibiotics, the message here is treat early, treat aggressively and complete the full course of treatment to have the best possible outcome.

Now this year we had some seminal research that was published on our technology. One came from Professor Berlot from Italy, where they demonstrate that early and intensive treatment with more blood treated works the best. And what they did was that they analyzed at their center patients that were either started early or late with CytoSorb or with low or high intensity. And what they were able to demonstrate is that in all comers that there was a significant reduction in mortality compared to expected mortality based on predictive scores of mortality in critical care. But importantly, high intensity treatment led to statistically significant even better improvement in mortality.

And early starters with high intensity led to the overall best outcome. And importantly, what they demonstrated is that the amount of blood that you purify with our cartridge is actually important. In a single day, you can treat your entire blood volume more than 70 times. And the more blood volumes you treat, the better you’re able to control inflammation. And this is exactly what their data demonstrated.

A second study that was published this year was the first meta analysis in septic shock. Now septic shock is a dreaded complication of sepsis resulting in a potentially lethal drop in blood pressure with high expected mortality. And CytoSorb has demonstrated repeatedly the ability to reverse shock and reduce mortality. And in this meta analysis done at the famed hospital center of Charite in Berlin, they demonstrated that amongst patients evaluated in one RCT and eight observational studies between 2019 to 2024, CytoSorb was associated with a statistically significant reversal of shock with significant hemodynamic improvement and reductions in vasopressor need in CytoSorb patients, a significant reduction in in hospital mortality with an odds ratio of zero point six four. Anything less than one demonstrates a benefit that was statistically significant with a number of patients of four sixty two, and a reduction in twenty eight day to thirty day all cause mortality that cut it by half with an odds ratio of 0.49, highly statistically significant in approximately two fifty patients.

So that is the CytoSorb story. We believe that there’s tremendous potential and growth. We’re already generating 35,600,000.0 in sales from that product alone with a potential to grow double digits in the future. But now let me turn to a second product called DrugSorb ATR that again is an investigational product in The United States. This product is trying to deal with the prevalent problem of people on blood thinners during surgery, particularly open heart surgery.

Millions of people are on blood thinners worldwide to reduce their risk of heart attack and stroke. And you probably know people in your family, colleagues, friends, etcetera who are on these blood thinners like Eliquis, Xarelto or Brilinta. And cardiac surgeons are frequently faced with patients on these blood thinners needing urgent surgery. But if they go to surgery, they will bleed and often bleed potentially fatally. Guidelines recommend that such patients wait three to five days to wash out the drug to avoid bleeding complications.

But frequently, the surgery cannot wait and patients are operated on at very high risk of bleeding. Delaying surgery is also not optimal because during that interim period while you’re waiting for surgery, bad things can happen like sudden cardiac arrest. And also, it’s not very efficient for hospitals given that when they’re waiting in the ICU, for example, every day, dollars 6,000 just to wash out the drug. There is no approved reversal agent for these specific drugs in The US or Canada for cardiac surgery. And in fact, CytoSorb is the only approved therapy that has this indication in The EU and the only option for cardiac surgery rest of world.

So that brings us to DrugSorb ATR which uses an equivalent polymer technology to CytoSorb and installs easily into a heart lung machine. As whole blood is pumped through the cartridge, it’s designed to remove the free drug in the bloodstream to reverse the antithrombotic effect. FDA has granted two breakthrough device designations for drug serve ATR, highlighting the major unmet medical need and lack of effective therapies and provides for priority review of marketing submissions. We received one for Brilinta removal in 2020 and one for the DOACS, the direct oral anticoagulants Eliquis and Xarelto in 2021. Brilinta is our initial focus for The US and Canadian market.

Now, let me go over the use case of Brilinta. It is really meant for heart attack patients who wind up needing CABG surgery. If someone is having a heart attack, they go to the emergency room and by standard of care, they typically get what’s called dual antiplatelet therapy, aspirin and a super aspirin like Brilinta. All these patients will go to the cath lab and ninety percent of them will get a stent. But five to ten percent of patients will not be eligible for a stent and require urgent cardiac surgery.

But if they go to cardiac surgery, they will bleed. The only accepted solution for this is to wait, as I mentioned before, three to five days. And if they’re highly unstable, they’re waiting in the intensive care unit or in the step down ICU unit or on the hospital wards. But three to five days before they can actually get to surgery. But what we do with DrugSorb is that we bypass all that.

DrugSorb is able to get them, eliminate all of this waiting, and get them the critical surgery that they need without delay while reducing or preventing bleeding complications. Now we evaluated this in the pivotal STAR T randomized controlled trial, a 140 patient randomized controlled trial in The US and Canada, evaluating the safety and efficacy of drugsorb ATR to reduce the severity of perioperative bleeding in cardiac surgery patients when used within two days of having the last dose of Brilinta or ticagrelor in the emergency room. The principal investigators of the study concluded that, one, that the primary safety endpoint was met. The primary efficacy endpoint was not met in the all comers surgery population. However, in the main target population of CABG, the severe bleeding efficacy endpoint was met.

This accounted for more than ninety percent of patients in the study. In isolated CABG patients, the intraoperative use of drug reserve ATR was also associated with a reduced bleeding severity by a major definition of perioperative bleeding in cardiac surgery called the UDPB, universal definition of perioperative bleeding, or by chest tube drainage. And that the number needed to treat was only six patients to treat prophylactically to prevent one serious bleed. That actually has tremendous value for hospitals, for patients and for doctors. And overall it had a very favorable benefit to risk profile.

This was complemented in our submissions with real world evidence from our STAR registry, Safe and Timely Antithrombotic Removal Registry in Europe. This was in six countries, more than 600 subjects enrolled in different cardiac surgeries. The first analysis of patients on Brilinta or ticagrelor of one hundred and two patients is now published. Just recently last month, our collaborators presented an updated cohort of one hundred and fifty CABG patients at the EuroPCR conference in Paris. We also had the first report of DOAC removal, so Eliquis and Xarelto removal in ’62 CABG patients that has been now published.

And the results are consistently showing significant reductions in this bleeding risk. Excellent safety with zero device related adverse events reported to date. And the device is being used increasingly in the routine care of patients on blood thinners undergoing cardiac surgery cardiac surgery centers around the world. Based on our experience, we believe our technology represents a compelling value to patients, surgeons and hospitals in this application. So importantly, this is just an example of the data that has been published on this.

This was from a comparison of the star registry in blue compared to a large existing recently published cohort of patients who did not have our therapy but were on the blood thinner Brilinta. And what you can see here is that there has been tremendous benefit in terms of reducing CABG related bleeding, the need for more than five packed red cell units within twenty four hours after the surgery, and a revision of bleeding having to go back to the emergency room to try to stop bleeding that is happening. And this was highly statistically significant. Control number of patients were six forty four patients and those in the device group with CytoSorb were one hundred and fifty patients. So this brings us to our FDA and Health Canada regulatory update.

So our de novo submission and medical device license application to Health Canada included STAR T randomized controlled trial data as well as STAR registry real world evidence. We had an interactive review with FDA that resolved many issues. However, a denial letter was issued on 04/25/2025. But a subsequent meeting with FDA provided clarity on the remaining issues. We continue to believe that our submission package is strong and that the remaining issues can be resolved this year.

We plan to file a formal appeal this month as the most expedited path forward. And what this gives us is a prescribed process that includes a formal hearing with the company, our regulatory counsel, FDA review team, as well as senior FDA officials and testimony from external clinical experts such as cardiac surgeons. The appeal decision is estimated at sixty days after filing so we expect to have a final decision sometime in August of this year. With three potential outcomes. One is that the decision could be upheld.

The second is that the decision would be reversed and marketing authorization granted for drugsorb ATR. And then the third one is that the initial decision would be reversed and that we would gain market authorization but with certain post market requirements. Meanwhile, our Health Canada submission is an advanced review. And although Health Canada has indicated that they’re experiencing some delays in the review, they have assured us of their commitment to issue a decision as soon as possible. We continue to expect final regulatory decisions in The United States and Canada this year.

And this addresses a major total addressable market of about 300,000,000 to start in The United States and Canada. And as we gain more indications for more blood thinners and more types of surgery, not just cardiac surgery, this could grow to more than a billion in total addressable market. Now turning to our financial performance. This is our annual revenue. What you can see here is that historically, we’ve had a CAGR of about 25%, twenty six % going into the pandemic.

In blue are our course non COVID sales. In purple are our COVID related sales. And you can see that last year, we grew 15% to $35,600,000 in sales, which is the highest level of core sales that we’ve had. The drop between ’21 and ’22 was partially post pandemic related at hospitals but also heavily related to the devaluation of the euro, which most of our sales are based out of. We also have very healthy gross margins in our business of 71%.

We’ve recently strengthened our balance sheet with the goal to drive our core business to cash flow breakeven by the second half of twenty twenty five. We raised in aggregate proceeds $7,850,000 in our successful rights offering earlier this year that unlocked an additional $5,000,000 in restricted cash on our balance sheet. We ended the first quarter with $13,100,000 in cash, cash equivalents and restricted cash. In April, we received another $1,700,000 from the sale of our New Jersey NOLs and R and D tax credits in a program that New Jersey has. And importantly, we have a $5,000,000 second tranche available on our term loan facility that is available to us if we get FDA approval.

That will be very helpful in a potential market launch of DrugSorb in The United States. But we can do that at our option. We are currently well capitalized through a combination of sales growth, improved product gross margins and tight cost controls. We expect to drive the core business to cash flow break even in the second half of this year. So finally, we believe that we have a very clear and compelling value proposition, particularly at our current market cap.

CytoSorb is the basis of our established international core business in critical care and cardiac surgery with more than $35,000,000 in high margin product sales with expectations for growth due to a significant market opportunity targeting major unmet medical needs. A very clear message of treating the right patient at the right time with the right dose of CytoSorb. Strong growth from direct sales outside Germany and distributor partner sales. Germany sale outside Germany direct sales was 28% growth last year. Distributor sales was 22% growth.

This was offset by flat growth in Germany, but we have taken active measures to restore Germany back to growth. And our goal is an important one. It’s to drive towards near breakeven of our core business and achieve financial independence without having to raise additional capital. We remain committed to bringing DrugsZERB ATR to the North American market and continue to believe that we can successfully work through the remaining questions on our application with the FDA and hope to hear from Canada soon and expect to have final regulatory decisions this year. And while we’re doing that, we are actively preparing as we wait for these regulatory decisions with market preparation.

So with that, let me thank you very much for your attention. And I think that we’ll have a few moments for Q and A.

Mike Sarcone, Analyst, Jefferies: Yeah, definitely. Thanks a lot, Phil, for the presentation. Much appreciated. I guess the key area of focus is getting drug absorbed through the regulatory process, here in The US and Canada. You talked about several of the outcomes or potential scenarios.

You expressed some confidence in addressing some of these FDA issues. I guess, to any extent you can, can you share with us, know, even at a high level, you know, what’s remaining to be addressed? And then also, you know, maybe comment on what’s underlying your confidence that that we can get this to clearance in The US.

Phil Chan, CEO, CytoSorbents: Yeah, so we haven’t given public guidance on what those various issues are. However, in our meeting with FDA, we came out of that meeting feeling that we understood what those issues are and that they were addressable in a fairly short timeframe with the existing data that we have provided to the FDA. Importantly, the FDA did not ask us to do another trial, which is very important. So we believe that in the appeals process, it is a good forum for us to be able to state our case again to FDA, which we believe again is quite compelling, demonstrating a very favorable benefit to risk of our therapy.

Mike Sarcone, Analyst, Jefferies: Great. And assuming we do get to drug absorb clearance in The US, can you talk about commercial strategy, timelines?

Phil Chan, CEO, CytoSorbents: Yeah. So if we do get approval, our goal is to begin with what we call a controlled market release where we will be launching the product in our clinical trial centers that ran STAR T. This is roughly 23 centers in The United States and seven centers in Canada. I think that our goal there is to test the various assumptions that we have on the marketing and adoption of this product such that we will be well prepared for a broader market launch in 2026 where we expect to generate material revenue.

Mike Sarcone, Analyst, Jefferies: And when you think about the commercial strategy, you know, how heavily do you plan to rely on direct reps versus maybe any distribution?

Phil Chan, CEO, CytoSorbents: Yeah. It will be predominantly direct. It will be direct in Canada. And in The United States, we expect to have a mainly direct sales force, but complementing it with perfusionist distributors who run perfusionist services for cardiac surgery centers in certain parts of the country.

Mike Sarcone, Analyst, Jefferies: Got it. During COVID, I think DrugSorb was approved to be used in The US. So you talked about having 23 US clinical trial sites. But can you talk about the number of accounts in The US that maybe had already been using Drugzorb?

Phil Chan, CEO, CytoSorbents: Yeah. So between our three randomized controlled trials in The United States that we’ve done, including Start T, including the centers that where we sold under emergency use authorization our product under COVID which was predominantly to cardiac surgeons and perfusionists because it was used predominantly with ECMO. And then with the additional network that we expect to gain from our key marketing and sales executives. So Tom Shannon is one person that we brought in recently as the head of North American Marketing who brings with him a wealth of experience from companies like Medtronic, Geninga as well as Fresenius, very deeply instilled within the cardiac surgery network. But between them and our perfusionist distributors, expect to have actually a very strong start with covering maybe ten to twenty percent of or at least having contact or experience with ten to twenty percent of the thousand or so cardiac surgery centers in The United States.

And then in Canada, we’re in the STARK T trial, we were in seven of the 32 adult cardiac surgery centers. And so we were at the highest volume centers actually in Canada. So I think we’re well positioned.

Mike Sarcone, Analyst, Jefferies: And again, assuming we get to clearance and we’re commercializing, are you going to be required to go through the VAC processes for each of these hospitals?

Phil Chan, CEO, CytoSorbents: Yeah. The value analysis committee process is one of the necessary things that medical device companies need to do to be able to demonstrate the cost benefit of their therapy and demonstrate the value potentially to that hospital or hospital network. So often big hospital networks have a centralized VAC value analysis committee that evaluates these things. We believe that we have a very strong health economic argument, not only demonstrating a benefit to patients by getting them to surgery faster, but also by reducing the logjam of having to wash out patients in the hospital of these drugs at very high cost. So we think that we will, and we have been preparing this vac pack that we will be ready to present to hospitals provided that we get approval.

Mike Sarcone, Analyst, Jefferies: And just a follow-up there. Is there any way you can share any quantification around pricing for the product and what those economic savings for the hospital could look like? Because we know length of stay is pretty important in determining cost.

Phil Chan, CEO, CytoSorbents: Yeah. So just to think about it, right? If you’re washing out a drug in the intensive care unit because you’re unstable, three to five days, six thousand a day, that’s $18,000 to $30,000 of basically just cost to wash out the drug. And particularly that patient with Brilinta and the heart attack story is still having a heart attack. They haven’t fixed it and could suddenly die of a cardiac arrest.

Right? These are the problems that hospitals face today. We resolve that issue and believe that we can do that extremely cost effectively at both high margin and that has an impact to drive our growth.

Mike Sarcone, Analyst, Jefferies: Very helpful. And I do want to loop Pete in here. So Pete, maybe you can comment on the cash position today, how you’re thinking about cash burn and what the runway looks like.

Pete Mariani, CFO, CytoSorbents: Yeah, we’ve got, as Phil mentioned, dollars 13,000,000 of cash at the end of the third or first quarter. We’ve been burning in the 2,500,000.0 to $3,000,000 a quarter range. And we noted that even with an adjustment in Q1, it’s still in that range. We’re committed, as Phil noted, that we can continue to take cost out of the business, continue to reduce burn, and we’re absolutely committed to getting the core business toward breakeven as we’re exiting this year, which frees up money for us to do the initial launch of DrugsOrb when we get approval.

Mike Sarcone, Analyst, Jefferies: Got it. And have you shared anything around how you’re thinking about the P and L impact, assuming we get drugsorb to The US?

Pete Mariani, CFO, CytoSorbents: We haven’t shared that publicly yet. As Phil mentioned, I think we’ve got the right strategy of initially focusing on our clinical sites a few handful of sites other than that, we’re going to learn pretty quickly in the three to call it three to six months after launch, how quickly we can ramp these up in these hospitals. And we’ll be able to titrate the launch investment once we understand that.

Mike Sarcone, Analyst, Jefferies: Got it. That that’s helpful. And, you know, Phil, back to you. I do have to ask. Right?

You laid out the three different potential scenarios, you know, in the worst case scenario where the denial is upheld. Where do we go from there? What’s the plan?

Phil Chan, CEO, CytoSorbents: Yeah. Again, we believe that we had a very strong submission to the FDA as well as Health Canada. And should they maintain the denial, we will be back very rapidly with a new de novo submission. It’s already prepared. We will be focusing on those remaining issues that FDA was not comfortable with and believe that we can resolve those again very rapidly.

So it’s not the end of the story.

Mike Sarcone, Analyst, Jefferies: Understand. So I guess that implies if you do have to go the route of a new de novo submission, you still won’t need to run any new trial to generate the data

Phil Chan, CEO, CytoSorbents: you need. We don’t believe that will be necessary.

Mike Sarcone, Analyst, Jefferies: Got it. You know, on Germany, that’s a pretty big market for you. You talked about making some organizational changes. Can you talk about what’s been going on there and how you’re thinking about the near term growth prospects?

Phil Chan, CEO, CytoSorbents: Yeah. So Germany is a very strategic market for us. It’s the third it’s the largest medical device market by far in Europe, Third largest in the world, accounts for about 40% of our revenue. But as I mentioned in my comments, it’s been flat growth because of a lot of macro factors for the last two plus years. And so what we have decided to do is actually do what we can.

And what we’ve done is realigned our sales force, split up territories to have them be more effective with the goal of driving deep into these accounts. There are so many different applications for CytoSorb. And I think that what we could be doing a better job at is really driving accounts that use our therapy every day, believe in our therapy to these other applications. And that is one of the goals of this realignment that we expect to have a benefit in the second half of this year and have long term dividends for that investment.

Mike Sarcone, Analyst, Jefferies: And just a follow-up there. You talked about some macro factors. Guess how do you think about making the organizational changes, going deeper into the accounts? What’s within your control versus what’s outside of your control because it’s impacted by macro?

Phil Chan, CEO, CytoSorbents: Yeah. So I think that the market is so big that we can continue to grow here. And particularly, Germany has enacted hospital reform where they are removing away from pay for procedure to actually pay for quality. And quality measures are get the patient out faster, improve outcomes, stop them from needing mechanical ventilation and other life support, getting them out of the ICU faster. And these are all the things that our therapy does.

So longer term, I think that the trends are there for Germany to recover. It’s just that the near term, we are realigning our organization to be able to take advantage of that opportunity.

Mike Sarcone, Analyst, Jefferies: Understood. That puts us at time. So Phil, Pete, thank you very much for your time today. And for the audience, thanks for your interest.

Phil Chan, CEO, CytoSorbents: Yeah, thank you very much. Thanks, Mike.

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