CytoSorbents Corporation Postpones Earnings Release
CytoSorbents Corporation (NASDAQ: CTSO), a pioneer in blood purification technology for critical care, has announced a postponement of its upcoming earnings call. Originally set for March 6, 2025, this delay is attributed to the need for additional time to complete the annual financial audit following the unexpected passing of the Company's Vice President and Corporate Controller.
The new anticipated date for reporting the fourth quarter and full year financial results is March 25, 2025, after the market closes. The management will conduct a live conference call, accompanied by a presentation webcast and a question-and-answer session, starting at 4:30 PM ET on the same day. They plan to issue the Form 10-K around this timeframe as well.
Management Comments on the Transition
Dr. Phillip Chan, the CEO of CytoSorbents, expressed deep sadness at the loss of James E. Cason, Jr., who served the Company for a decade. Dr. Chan described Mr. Cason as an exceptional leader, whose contributions significantly impacted the growth and success of the organization. "Our heartfelt condolences go out to Jim's family and friends during this difficult time," Dr. Chan stated.
He continued, mentioning the strength of the financial team and their commitment to supporting each other amid this transition to ensure a smooth process for completing the year-end audit.
Preliminary Financial Expectations Reiterated
Despite this delay, the Company maintains its preliminary expectations which include:
- Fourth quarter revenue (excluding grant income) is estimated to be between $9.0 million and $9.2 million, marking a 22% to 25% growth compared to $7.35 million from the previous year.
- For the full year, product revenue is predicted to be between $35.4 million and $35.6 million, indicating about a 14% increase from $31.1 million in the last full year.
- The fourth quarter's product gross margin is anticipated to be around 70%, slightly above last quarter's 61% and comparable to 72% from the fourth quarter of 2023.
Regulatory Review and Product Updates
Meanwhile, CytoSorbents is actively working on its marketing applications for DrugSorb-ATR, an innovative antithrombotic removal system. These applications are currently under substantial review by the U.S. FDA and Health Canada, with both agencies expected to announce decisions within 2025.
The Company disclosed a total of $7.85 million raised in the first quarter of 2025 from its Rights Offering and the exercise of related warrants. As a result, the presumed cash balance on December 31, 2024, would stand at around $17.0 million, including approximately $15.5 million in unrestricted cash. These figures reflect the funds raised and the net cash utilized in the fourth quarter of 2024, amounting to roughly $2.5 million.
Conference Call and Participation Details
The conference call is set for March 25, 2025, at 4:30 PM ET. Interested participants in North America can dial in toll-free at 1-800-836-8184, while international attendees can reach the call at 1-646-357-8785. The Company encourages participants to join at least 10 minutes early for the live presentation. An archived version of the conference call will be made available on CytoSorbents’ Investor Relations section of their website.
About CytoSorbents Corporation
CytoSorbents Corporation is at the forefront of blood purification technologies for critically ill patients. The Company’s products are designed to eliminate harmful substances from blood and other fluids using specially engineered polymer beads. This technology is critical in treating a range of life-threatening conditions, particularly in intensive care settings and during cardiac surgeries. Products like CytoSorb® are already being utilized across over 76 countries, showcasing the Company's global impact and commitment to enhancing patient outcomes worldwide.
Beyond its flagship product, the Company is persistently working on multiple innovative solutions aimed at improving health outcomes and reducing complications for patients undergoing high-risk procedures.
Frequently Asked Questions
1. Why has CytoSorbents postponed its earnings call?
The postponement is due to the need for additional time to finish the annual financial audit after the passing of the Corporate Controller.
2. When is the new date for the earnings call?
The earnings call is rescheduled for March 25, 2025, at 4:30 PM ET.
3. What financial results does the Company expect to report?
CytoSorbents expects fourth quarter product revenue between $9.0 million and $9.2 million, with a growth of about 22% to 25% year-over-year.
4. What products is CytoSorbents currently focusing on?
The Company is focusing on its DrugSorb-ATR system for regulatory approval and expanding the use of its existing products like CytoSorb.
5. How can interested parties access the conference call?
The conference call can be accessed using North American and international dial-in numbers provided in their announcement, and the call will also be available as an archived recording later.
