PRINCETON, NJ – CytoSorbents Corporation (NASDAQ: CTSO ), a medical device company specializing in hemodialysis with a 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 opportunity despite recent challenges. The company reported fourth-quarter revenue growth of 22% to 25% year over year, and revenue is expected to be between $9.0 million and $9.2 million compared to $7.35 million in the same quarter last year.
For the full year, product revenue is estimated in the range of $35.4 million to $35.6 million, marking growth of approximately 14% over the $31.1 million reported for the full year of 2023. about 70% in the fourth quarter, up from 61% in the previous quarter and slightly below 72% from the fourth quarter of 2023. InvestingPro The analysis shows that while the company is maintaining healthy margins, it is facing challenges of cash burn and profitability. For in-depth information on CTSO's financial health and additional ProTips, subscribers can access the comprehensive Pro Research Report.
The company attributes the sequential increase in gross margins to the resolution of a planned production slowdown aimed at restoring inventory balance and the successful resolution of a short-term manufacturing issue that affected margins in the third quarter of 2024.
CytoSorbents also announced that it is currently under active and collaborative research with the US Food and Drug Administration (FDA) and Health Canada for the commercial use of DrugSorb-ATR, a therapeutic device aimed at reducing perioperative bleeding in Brilinta® patients undergoing coronary artery bypass grafting. . bypass graft (CABG) surgery. The company expects regulatory decisions in the US and Canada sometime in 2025.
Preliminary results are based on unaudited data, and the company expects to report full, audited results for the fourth quarter and the end of the year on March 6, 2025. In addition, management plans to hold investor meetings in San Francisco during the 43rd. The JP Morgan Healthcare Annual Conference is scheduled for January 13-16, 2025.
CytoSorbents' leading 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 patients with COVID-19, it has not yet been approved for general use in the US. , investors looking for detailed analysis can access comprehensive metrics and expert insights InvestingPro's unique research platform. The company's portfolio includes marketed products and many others under development, protected by US and international patents.
This article is based on a release from CytoSorbents Corporation.
In other recent news, CytoSorbents Corporation has initiated a Rights Offering to eligible stockholders, with the goal of raising between $3.0 million and $5.0 million. The move comes as the company reported an 11% increase in product sales in the third quarter of 2024, reaching $8.6 million. A Rights Offering involves the delivery of Subscription Rights, which enable stockholders to purchase new units of the company's stock at a fixed price. Funds raised are intended to support operations and cover general business expenses. The company has been making significant leaps with blood purification technology, particularly in critical care and cardiac surgery applications. CytoSorbents is gearing up for the launch of DrugSorb ATR, a device designed to reduce perioperative bleeding, which has received two FDA device designations. Decisions from the FDA and Health Canada on the DrugSorb ATR are expected to be made in 2025.
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