CytoSorbents Delays Earnings Call to Ensure Audit Completion
CytoSorbents Adjusts Earnings Call Date for Audit Finalization
CytoSorbents Corporation (NASDAQ: CTSO), a prominent entity in life-threatening condition treatments, has rescheduled its earnings call slated for fourth quarter and full year 2024. This decision fosters adequate time to complete their annual financial audit, a crucial process for accurate financial reporting.
Financial Results Expectations
The company has reaffirmed their preliminary financial outlook for the year ending December 31, 2024. The anticipated product revenue for the fourth quarter is between $9.0 million to $9.2 million, reflecting a growth of 22% to 25% compared to $7.35 million in the same quarter from the previous year.
For the entire year, the product revenue is estimated to be around $35.4 million to $35.6 million, showcasing an approximate 14% increase from $31.1 million in 2023. The fourth quarter is expected to maintain a gross margin around 70%, contrasting with the 61% from the preceding quarter and 72% of the fourth quarter in 2023.
Updates on DrugSorb-ATR Applications
CytoSorbents continues its pivotal work on DrugSorb-ATR, with marketing applications under thoughtful review by the U.S. FDA and Health Canada. Regulatory decisions regarding these applications are anticipated in 2025, pushing the boundaries of innovative treatments in critical care.
Financial Insights and Cash Balances
Financial reports reveal that CytoSorbents raised $7.85 million in gross proceeds during the first quarter of 2025. This includes $6.25 million derived from a Rights Offering completed on January 10, 2025, and approximately $1.6 million from the subsequent exercise of Series A Right Warrants on February 24, 2025. This dynamic position leads to a pro forma cash balance nearing $17.0 million as of December 31, 2024.
After adjusting for net cash utilized of about $2.5 million in the fourth quarter, the remaining unrestricted cash is estimated at around $15.5 million, establishing a solid foundation for future operations.
Conference Call Details
Management will host a live conference call following the earnings release on March 31, 2025, at 4:30 PM ET, which will also include a presentation and a robust question-and-answer session. Participants should aim to dial in approximately 10 minutes early to ensure connectivity.
Following the live events, an archive of the call will be accessible on the Investor Relations section of the CytoSorbents website, maintaining transparency and communication with stakeholders.
About CytoSorbents Corporation
CytoSorbents Corporation stands as a pioneer in treating severe conditions via blood purification techniques. Their advanced blood purification technologies utilize biocompatible polymer beads for removing harmful substances from blood and bodily fluids, proving essential in diverse medical scenarios.
Among their notable applications is CytoSorb, effective in removing blood thinners post-surgery, which significantly curtails bleeding risks. Furthermore, their innovative tools combat inflammatory responses prevalent in severe illnesses like sepsis, trauma, and more, where traditional treatments often fall short.
CytoSorb, approved in the European Union, continues to expand its market reach across numerous countries, establishing over 250,000 devices globally.
In addition to CytoSorb, the company is making strides with DrugSorb™-ATR, designed to tackle bleeding caused by anticoagulant drugs during critical surgical procedures. They have recently been proactive in seeking necessary approvals to enhance their offerings and technology's impact further.
Frequently Asked Questions
What is the reason behind CytoSorbents rescheduling their earnings call?
The earnings call has been postponed to allow necessary time to complete their annual financial audit accurately.
What are the anticipated financial results for CytoSorbents in Q4 2024?
The company expects product revenue between $9.0 million to $9.2 million for Q4 2024, reflecting a 22%-25% increase from the previous year.
When will the earnings results be released?
The earnings results and the Form 10-K will be filed after the close of the market on March 31, 2025.
What is the latest on DrugSorb-ATR's regulatory review?
DrugSorb-ATR is undergoing a detailed review process with the U.S. FDA and Health Canada, with regulatory decisions expected in 2025.
How can I access the archived earnings call?
The archived call can be found in the Investor Relations section of CytoSorbents' official website.
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