Cytosorbents Corporation (CTSO) Bundle
A Brief History of CytoSorbents Corporation
Company Overview
CytoSorbents Corporation, a medical technology company, specializes in the treatment of life-threatening conditions in critical care and cardiac surgery. The company's primary product, CytoSorb, is a blood purification device designed to remove harmful substances from the blood, thereby improving patient outcomes.
Financial Performance
As of September 30, 2024, CytoSorbents reported total revenues of approximately $29.07 million for the nine months ended September 30, 2024, marking an increase from approximately $27.68 million for the same period in 2023. This represents a growth of approximately 5%.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenues | $9.39 million | $8.81 million | 7% |
| Gross Profit | $5.28 million | $5.61 million | -6% |
| Operating Expenses | $9.68 million | $12.96 million | -25% |
| Net Loss | $(2.33 million) | $(9.19 million) | -74% |
Revenue Breakdown
Revenue from product sales was approximately $26.44 million, an increase of approximately 11% from $23.74 million in the prior year. Distributor sales rose by 16%, while direct sales increased by 8% for the same period.
Cost and Expenses
For the nine months ended September 30, 2024, the company incurred research and development expenses of approximately $5.62 million, a significant decrease from $11.63 million in the same period of 2023, representing a 52% reduction. This decrease was attributed to the completion of the STAR-T clinical trial in December 2023.
Debt and Interest
As of September 30, 2024, CytoSorbents had a total debt of $15 million, reflecting an increase from $5 million in 2023. The interest expense for the nine months was approximately $775,000, compared to $106,000 for the same period in 2023.
Operational Highlights
CytoSorbents continues to manage its resources effectively, with current assets of approximately $16.60 million and current liabilities of approximately $8.43 million as of September 30, 2024. The company reported an accumulated deficit of approximately $295.34 million.
| Operational Metrics | Amount |
|---|---|
| Current Assets | $16.60 million |
| Current Liabilities | $8.43 million |
| Accumulated Deficit | $295.34 million |
Market Position and Future Outlook
CytoSorbents is focused on expanding its market presence and enhancing its product offerings. The company is actively pursuing regulatory submissions for its DrugSorb-ATR product to the U.S. FDA and Health Canada.
Recent Developments
In June 2024, CytoSorbents secured a $20 million term-loan facility with Avenue Capital Group, which is expected to bolster the company's financial position and support ongoing operations.
A Who Owns Cytosorbents Corporation (CTSO)
Shareholder Composition
As of 2024, Cytosorbents Corporation (CTSO) has a diverse shareholder structure that includes institutional investors, individual investors, and company insiders. The following table summarizes the major shareholders and their respective ownership stakes:
| Shareholder Type | Shareholder Name | Ownership Percentage |
|---|---|---|
| Institutional Investor | The Vanguard Group, Inc. | 8.5% |
| Institutional Investor | BlackRock, Inc. | 7.2% |
| Institutional Investor | Wellington Management Group LLP | 5.9% |
| Individual Investor | Dr. Phillip Chan (CEO) | 5.0% |
| Individual Investor | Other Insiders | 3.8% |
| Retail Investors | Various | 69.6% |
Recent Stock Performance
Cytosorbents Corporation's stock performance has shown fluctuations throughout 2024. As of September 30, 2024, the stock price was approximately $1.00 per share, reflecting a decrease from the beginning of the year when shares were valued at $2.50. The market capitalization stood at approximately $54.5 million, with a total of 54.5 million shares outstanding.
Financial Overview
For the nine months ended September 30, 2024, Cytosorbents reported total revenues of approximately $29.07 million, representing a 5% increase compared to $27.68 million for the same period in 2023. Key financial metrics are as follows:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenue | $29,071,316 | $27,681,164 |
| Gross Profit | $18,354,922 | $17,080,743 |
| Net Loss | ($12,835,098) | ($22,672,487) |
| Cash and Cash Equivalents | $12,169,286 | $10,046,506 |
Debt and Financing
Cytosorbents has engaged in several financing activities to support its operations. In June 2024, the company closed a $20 million term-loan facility with Avenue Capital Group, which included an initial tranche of $15 million. The company’s total liabilities as of September 30, 2024, were approximately $34.8 million, with an accumulated deficit of approximately $295.3 million.
Market Trends and Performance Drivers
The market for Cytosorbents' products, particularly the CytoSorb device, has been influenced by ongoing clinical studies and regulatory approvals. The company reported a significant increase in product sales, amounting to approximately $26.4 million for the nine months ended September 30, 2024, compared to $23.7 million in the prior year. The growth in revenues is attributable to increased demand in international markets, particularly in Germany and other European countries.
Conclusion of Ownership Dynamics
The ownership dynamics of Cytosorbents Corporation reflect a mix of institutional and retail investors, alongside strategic leadership by company insiders. This diverse ownership base, combined with recent financial performance and market developments, positions Cytosorbents for potential growth in the medical device sector, particularly in the blood purification market.
Cytosorbents Corporation (CTSO) Mission Statement
Company Overview
Cytosorbents Corporation is a critical care company dedicated to developing innovative blood purification therapies to treat life-threatening conditions. The company's mission is to save lives and improve patient outcomes by providing effective solutions for managing inflammation and organ dysfunction in critically ill patients.
Mission Statement
Cytosorbents Corporation's mission is to leverage their proprietary technology to develop and commercialize safe and effective blood purification products that can significantly improve the outcomes of patients suffering from severe inflammatory conditions, including sepsis and acute respiratory distress syndrome (ARDS).
Financial Performance
As of September 30, 2024, Cytosorbents Corporation reported total revenues of approximately $29.071 million, compared to $27.681 million for the same period in 2023, representing an increase of approximately 5%. Revenue from product sales was approximately $26.444 million, an increase of 11% year-over-year .
| Financial Metric | 2024 (9 months) | 2023 (9 months) | Change (%) |
|---|---|---|---|
| Total Revenues | $29,071,000 | $27,681,000 | 5% |
| Product Sales | $26,444,000 | $23,736,000 | 11% |
| Gross Profit | $18,355,000 | $17,081,000 | 7.5% |
| Net Loss | ($12,835,000) | ($22,672,000) | 43.4% |
Research and Development Focus
Research and development (R&D) expenses for the nine months ended September 30, 2024, were approximately $5.619 million, a significant decrease of 52% from $11.632 million in the same period of 2023 . This reduction was primarily due to the completion of the STAR-T clinical trial in December 2023.
Operational Metrics
During the three months ended September 30, 2024, the company reported:
- Gross margin of approximately 63.1%
- Research and development expenses of approximately $1.851 million
- Selling, general, and administrative expenses of approximately $7.003 million
Debt and Financing
As of September 30, 2024, Cytosorbents had total liabilities amounting to approximately $34.805 million . The company closed a $20 million term-loan facility with Avenue Capital Group in June 2024, which increased the principal amount of their debt to $15 million at an interest rate of 13.5% .
Market Position and Future Outlook
Cytosorbents Corporation continues to focus on expanding its market presence, particularly in Europe and other international markets. The company remains committed to advancing its product pipeline, particularly the DrugSorb-ATR, which aims for FDA approval.
How Cytosorbents Corporation (CTSO) Works
Business Model
Cytosorbents Corporation operates primarily in the biomedical sector, focusing on blood purification technologies. The company generates revenue through two main streams:
- Sales of the CytoSorb device and related accessories
- Grant income from contracts with various U.S. government agencies
Financial Performance
For the nine months ended September 30, 2024, total revenues were approximately $29,071,000, compared to $27,681,000 for the same period in 2023, marking an increase of 5%. The breakdown of revenue sources is as follows:
| Revenue Source | 2024 Amount | 2023 Amount | Change |
|---|---|---|---|
| CytoSorb Sales | $26,381,455 | $23,681,183 | +11% |
| Other Sales | $62,649 | $55,284 | +13% |
| Total Product Sales | $26,444,104 | $23,736,468 | +11% |
| Grant Income | $2,627,212 | $3,944,696 | -33% |
Gross Profit and Margins
Gross profit for the nine months ended September 30, 2024, was approximately $18,355,000, an increase from $17,081,000 in 2023. The product gross margins were approximately 69% in 2024 compared to 71% in 2023.
Operating Expenses
Operating expenses totaled approximately $31,095,509 for the nine months ended September 30, 2024, down from $38,948,572 in 2023. The components of operating expenses include:
| Expense Type | 2024 Amount | 2023 Amount | Change |
|---|---|---|---|
| Research and Development | $5,619,040 | $11,632,416 | -52% |
| Legal, Financial, and Consulting | $2,325,351 | $2,957,739 | -21% |
| Selling, General, and Administrative | $23,151,118 | $24,358,418 | -5% |
Net Loss
Net loss for the nine months ended September 30, 2024, was approximately $(12,835,098), a decrease from $(22,672,487) in 2023.
Debt and Financing
As of September 30, 2024, the company had a principal debt amount of $15,000,000, with an interest rate of 13.5%, up from 8%. The company closed a $20 million term-loan facility with Avenue Capital Group in June 2024.
Liquidity and Capital Resources
As of September 30, 2024, Cytosorbents had current assets of approximately $16,597,000 and current liabilities of approximately $8,430,000. The company had approximately $12.2 million in cash, including $5.7 million in unrestricted cash, which is not expected to fund operations beyond the next twelve months.
Research and Development
Research and development expenses for the nine months ended September 30, 2024, were approximately $5,619,000, down from $11,632,000 in 2023. Key drivers of this decrease included:
- Completion of the STAR-T clinical trial in December 2023.
- Reduction in clinical trial costs from $3,525,000 in 2023 to $962,000 in 2024.
Market Presence
Cytosorbents primarily sells its products internationally, with significant sales in Europe. As of September 30, 2024, product sales were approximately $14,921,836 in the United States and $11,522,268 in Europe.
Foreign Currency Transactions
For the nine months ended September 30, 2024, the company recorded a gain on foreign currency transactions of approximately $680,000, compared to a loss of approximately $(734,000) for the same period in 2023.
Stock-Based Compensation
Total stock-based compensation amounted to approximately $782,000 and $2,345,000 for the three and nine months ended September 30, 2024, respectively.
Accrued Liabilities
The company has accrued liabilities of approximately $2,630,000 as of September 30, 2024, which includes various operational and financial obligations.
Operating Leases
The company leases its operating facilities with total lease liabilities amounting to approximately $13,000,742 as of September 30, 2024.
How Cytosorbents Corporation (CTSO) Makes Money
Revenue Streams
Cytosorbents Corporation generates revenue primarily through two channels: sales of the CytoSorb device and grant income from various agencies.
Product Sales
For the nine months ended September 30, 2024, total revenue from product sales was approximately $26,444,104, representing a 11% increase from $23,736,468 in the same period of 2023. The breakdown is as follows:
| Revenue Source | 2024 (9 Months) | 2023 (9 Months) | Change (%) |
|---|---|---|---|
| CytoSorb Sales | $26,381,455 | $23,681,183 | +11% |
| Other Sales | $62,649 | $55,285 | +13% |
Grant Income
During the same period, grant income was approximately $2,627,212, down 33% from $3,944,696 in 2023 due to the completion of several grants in 2023.
Cost of Goods Sold and Gross Profit
The cost of goods sold (COGS) for the nine months ended September 30, 2024, was $10,716,394, resulting in a gross profit of $18,354,922. This represents a gross margin of approximately 63.1%, compared to 61.7% in the previous year.
Operating Expenses
Total operating expenses for the nine months ended September 30, 2024, were approximately $31,095,509, a decrease from $38,948,571 in 2023. The breakdown of operating expenses includes:
| Expense Category | 2024 (9 Months) | 2023 (9 Months) | Change (%) |
|---|---|---|---|
| Research and Development | $5,619,040 | $11,632,416 | -52% |
| Legal and Consulting | $2,325,351 | $2,957,738 | -21% |
| Selling, General and Administrative | $23,151,118 | $24,358,417 | -5% |
Net Loss
Cytosorbents reported a net loss of $12,835,098 for the nine months ended September 30, 2024, compared to a net loss of $22,672,488 for the same period in 2023.
Liquidity and Capital Resources
As of September 30, 2024, Cytosorbents had current assets of approximately $16,597,000 and current liabilities of $8,430,000. The company closed on a $20 million term-loan facility in June 2024, with an initial tranche of $15 million available at closing.
Cash Flows
For the nine months ended September 30, 2024, cash flows from operating activities were approximately $(12,085,642), with net cash provided by financing activities amounting to $9,163,844.
Stockholder Equity
As of September 30, 2024, the total stockholders’ equity was approximately $12,999,090, with an accumulated deficit of $(295,340,370).
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Resources:
- Cytosorbents Corporation (CTSO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Cytosorbents Corporation (CTSO)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Cytosorbents Corporation (CTSO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.