The following is a summary of the Cytosorbents Corporation (CTSO) Q1 2024 Earnings Call Transcript:
Financial Performance:
Cytosorbents Corporation experienced a 14% increase in product sales in Q1 2024, rising from $7.9 million to $9 million. Additionally, a 22% sequential increase was reported from Q4 2023.
The company saw an increase in product gross margins to 76%, an improvement from the previous year's 68% in Q1.
By the end of Q1, the company had $10.1 million in cash, including $1.5 million in restricted cash, which is expected to cover operations into Q4 2024.
Total product sales for this quarter were mainly driven by developments in direct sales in Europe and multiple distributor countries.
Business Progress:
Cytosorbents presented its STAR-T data at the American Association for Thoracic Surgery. It is preparing to submit marketing applications for the DrugSorb-ATR system to FDA and Health Canada in Q3.
The company had delivered over 237,000 devices by Q1 and plans to reach a quarter of a million devices by year's end.
Introduction of the PuriFi hemoperfusion pump is planned in selected international countries. Positive customer response has been reported on new data on CytoSorb in acute liver disease, heart transplant, and septic shock.
Regulatory submission preparation is at an advanced stage, aided by productive interactions with the FDA. Initiatives continue to reach new customer groups and expand indications.
Company anticipates PuriFi system will drive sales of CytoSorb devices, especially in regions with fewer dialysis infrastructures. Submissions for DrugSorb to FDA and Health Canada are planned regardless of the distinct approval timelines of both entities.
More details: Cytosorbents IR
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