CytoSorbents Corporation reported its financial results for the third quarter and nine months ended September 30, 2024, showing notable changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For Q3 2024, total revenue reached approximately $9.39 million, a 7% increase from $8.81 million in Q3 2023. Product sales contributed $8.61 million, up 11% from $7.75 million in the prior year. The increase in product sales was driven by a 21% rise in direct sales, although distributor sales saw a slight decline of 1%. However, grant income fell by 26% to approximately $777,000, attributed to the completion of several grants in 2023.

The company reported a gross profit of approximately $5.28 million for Q3 2024, down from $5.61 million in Q3 2023, resulting in a gross margin of about 61%, compared to 72% in the previous year. Total operating expenses decreased significantly to approximately $9.68 million from $12.96 million, leading to a loss from operations of $(4.40 million), an improvement from $(7.35 million) in Q3 2023. The net loss attributable to common stockholders was $(2.33 million), a substantial reduction from $(9.19 million) in the same quarter last year.

For the nine months ended September 30, 2024, total revenue increased by 5% to approximately $29.07 million, with product sales rising 11% to $26.44 million. Grant income for the nine-month period decreased by 33% to approximately $2.63 million. The gross profit for this period was approximately $18.35 million, up from $17.08 million, while total operating expenses decreased to approximately $31.10 million from $38.95 million. The net loss for the nine months was $(12.84 million), an improvement from $(22.67 million) in the prior year.

As of September 30, 2024, the company reported cash and cash equivalents of approximately $5.69 million, down from $14.13 million at the end of 2023. Total current assets were approximately $16.60 million, while total liabilities decreased to approximately $22.24 million from $17.09 million. Long-term debt increased significantly to approximately $13.81 million, reflecting new financing arrangements.

Strategically, the company is pursuing additional milestones related to a debt facility with Avenue Capital Group, which could enhance its cash position by up to $10 million. The company is also focused on the development of its investigational device, DrugSorb-ATR, which has received FDA Breakthrough Device Designations and is currently under review.

Overall, CytoSorbents is navigating a challenging financial landscape while making strides in product sales and operational efficiency, positioning itself for future growth.