Cytosorbents Corporation reported a total revenue of approximately $35.6 million for the fiscal year ending December 31, 2024, marking a 15% increase from the $31.1 million recorded in 2023. The company's gross profit also rose to $25.1 million, reflecting a 14% increase compared to the previous year. Despite this revenue growth, Cytosorbents reported a loss from operations of approximately $16.8 million, a significant improvement from the $31.9 million loss in 2023. This reduction in losses was attributed to both increased revenue and a 22% decrease in total operating expenses, which fell to $41.9 million.
In terms of operational developments, Cytosorbents has made significant strides in its product offerings and regulatory approvals. The company launched the PuriFi Pump, designed to support early treatment with its CytoSorb technology, and submitted a De Novo marketing application for its DrugSorb-ATR device to the FDA in September 2024. This application, which is currently under substantive review, aims to address the removal of blood thinners during cardiothoracic surgery. Additionally, the company received Medical Device Single Audit Program (MDSAP) certification in November 2024, which is crucial for compliance in multiple international markets.
Cytosorbents has also expanded its geographic footprint, with its lead product, CytoSorb, now approved in the European Union and distributed in over 70 countries. The company has surpassed 270,000 cumulative treatments with CytoSorb, indicating strong product adoption. The company’s workforce has been streamlined, with a total of 149 employees as of the end of 2024, reflecting a strategic focus on efficiency amid ongoing operational challenges.
The financial outlook for Cytosorbents remains cautious, as the company continues to navigate a challenging economic environment characterized by inflation and rising operational costs. The company reported a cash burn of approximately $15.1 million for the year, with current assets totaling around $21.9 million against current liabilities of approximately $9.8 million. To bolster its financial position, Cytosorbents has engaged in various financing activities, including a $20 million credit facility and a recent Rights Offering that raised $6.25 million. However, the company acknowledges the need for additional capital to support ongoing operations and product development, particularly as it anticipates regulatory decisions regarding DrugSorb-ATR in 2025.
About Cytosorbents Corp
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