PRINCETON, NJ – CytoSorbents Corporation (NASDAQ: CTSO), a blood purification medical device company 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 According to the data, the company's stock is currently trading below its fair value, indicating potential upside opportunity despite recent challenges. The company reported estimated fourth-quarter product revenue growth of 22% to 25% year over year, with revenue expected to be between $9.0 million and $9.2 million compared to $7.35 million in the same quarter a year earlier.
For the full year, product revenue is expected to be between $35.4 million and $35.6 million, representing approximately 14% growth compared to the $31.1 million reported for full-year 2023. The company also noted a significant improvement in gross profit margin, estimated. At about 70% for the fourth quarter, up from 61% in the previous quarter and just under 72% in the fourth quarter of 2023. InvestingPro The analysis reveals that while the company maintains good gross margins, it faces challenges related to 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 rebalancing inventory and the successful remediation of a short-term manufacturing issue that impacted margins in the third quarter of 2024.
CytoSorbents also reported that it is currently undergoing substantive and interactive reviews with the U.S. Food and Drug Administration (FDA) and Health Canada of the marketing application for DrugSorb-ATR, a medical device intended to reduce perioperative bleeding in patients undergoing Brilinta® and those undergoing coronary bypass surgery. Bypass graft surgery (CABG). The company expects to make regulatory decisions in both the United States and Canada sometime in 2025.
Preliminary results are based on unaudited data, with the company expecting to report full audited fourth-quarter and year-end results on March 6, 2025. Additionally, management plans to host in-person investor meetings in San Francisco during the 43rd. JPMorgan's annual Healthcare Conference is scheduled to take place January 13-16, 2025.
CytoSorbents' flagship product, CytoSorb®, is approved in the European Union and is distributed in 76 countries. Although CytoSorb has received emergency use authorization from the U.S. Food and Drug Administration (FDA) in the United States for use in critically ill COVID-19 patients, it has not yet been approved for general use in the United States. Analysts' price targets range from $1 to $10 and the consensus recommendation indicates potential upside. Investors looking for detailed analysis can access comprehensive metrics and expert insights through… InvestingProThe exclusive research platform for. The Company's portfolio includes marketed products and several others in development, which are protected by numerous U.S. and international patents.
This article is based on a press release from CytoSorbens Corporation.
In other recent news, CytoSorbents Corporation has initiated a rights offering to eligible shareholders, with the goal of raising between $3.0 million and $5.0 million. The move comes as the company announced an 11% increase in product sales for the third quarter of 2024, reaching $8.6 million. A rights offer involves the distribution of subscription rights warrants, enabling shareholders to purchase new units of company shares at a specified price. The funds raised are intended to support operations and cover the company's overhead expenses. The company has made great strides in blood purification technology, especially in critical care and cardiac surgery applications. CytoSorbents is also preparing to launch DrugSorb ATR, a device designed to reduce perioperative bleeding, which has received two breakthrough designations from the US Food and Drug Administration (FDA). Decisions from the FDA and Health Canada on the DrugSorb ATR are expected in 2025.
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