CytoSorbents Reports Fourth Quarter and Full Year 2024 Financial Results and Recent Business Highlights
-- 2024 marked by strong commercial execution and improved operating
leverage
-- Company continues to expect DrugSorb-ATR regulatory decisions from
Health Canada and US FDA in 2025
-- Successful Rights Offering and exercise of Series A Right Warrants
strengthens balance sheet
-- Strengthening of clinical portfolio across cardiac surgery and critical
care in 2025 with new presentations and publications
-- The Company has now adopted the standard accounting convention of
reporting Revenue to only include Product Sales. Grant Income is no
longer reported as a component of Revenue
PRINCETON, N.J., March 31, 2025 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery using blood purification, today reported financial results for the fourth quarter and full year ended December 31, 2024, and recent business highlights.
Fourth Quarter 2024 Financial Results
-- Product revenue was $9.2 million, an increase of 25% compared to $7.3
million in Q4 2023.
-- Grant income was $1.0 million compared to $1.3 million in Q4 2023. The
Company has historically reported grant income as a component of total
revenue and cost of revenue, as well as a reduction of related research
and development expense. The Company will now report grant income solely
as a reduction of related research and development expense. If the
Company had continued its historical reporting, total revenue in Q4 2024
would have been $10.1 million, an increase of 17% compared to $8.7
million in Q4 2023. See reclassification of previously reported amounts
in the tables below.
-- Product gross margin was 71% compared to 68% in Q4 2023.
-- Operating loss improved by 61% to $3.7 million compared to $9.6 million
in Q4 2023, reflecting higher revenue and a 30% reduction in operating
expenses.
-- Net loss was $7.6 million or $0.14 per share, compared to net loss of
$6.1 million or $0.13 per share in Q4 2023.
-- Adjusted net loss improved by 78% to $1.7 million or $0.03 per share,
compared to an adjusted net loss of $7.8 million or $0.17 per share in
Q4 2023.
-- Adjusted EBITDA loss improved by 70% to $2.4 million compared to a loss
of $8.1 million in Q4 2023.
-- Total cash, cash equivalents, and restricted cash of $9.8 million at
December 31, 2024.
-- Pro forma total cash, including cash, cash equivalents, and restricted
cash as if the rights offering and exercise of related Series A Right
Warrants had occurred on December 31, 2024, of approximately $17.0
million, compared to $12.2 million at the end of Q3 2024, reflecting
$7.3 million of net proceeds from the rights offering and exercise of
the Series A Right Warrant, and net cash used in the fourth quarter of
approximately $2.5 million compared to $2.7 million in Q3 2024.
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents, stated, "We delivered a strong fourth quarter, executing on key initiatives that drove solid performance, advanced our regulatory milestones, and fortified our financial position, setting the stage for what we believe will be a transformational year ahead."
-- Strong Sales Growth and Margins: We closed 2024 on a high note,
achieving a 25% increase in Q4 sales compared to the prior year, and 6%
sequential growth, culminating in $35.6 million in CytoSorb sales for
the full year, representing a 15% year-over-year increase with healthy
71% product gross margins. These results were fueled by disciplined
execution of our growth strategy in international markets, enhanced
operating leverage, and prudent cash management.
-- Regulatory Momentum and Expanding Market Access: We made significant
strides in bringing our DrugSorb(TM)-ATR therapy to patients who need
them most. Following the FDA's acceptance of our De Novo application for
DrugSorb(TM)-ATR, we entered interactive review - a crucial step toward
potential U.S. marketing approval this year. In addition, after
obtaining Medical Device Single Audit Program ("MDSAP") certification,
we submitted our Medical Device License ("MDL") application to Health
Canada that is now in advanced review. We believe we remain on track and
continue to expect regulatory decisions this year.
-- Strengthened Balance Sheet: With strong support from our shareholders,
we successfully executed our Shareholder Rights Offering and have raised
total net proceeds of $7.3 million to date from the offering including
the exercise of the Series A Right Warrant. This raise, also allowed for
the release of $5.0 million of restricted cash on our balance sheet, and
combined, has significantly solidified our financial foundation with an
increase in liquidity of $12.3 million.
Full Year 2024 Financial Results
-- Product revenue was $35.6 million, an increase of 15% compared to $31.1
million in 2023.
-- Grant income was $3.6 million compared to $5.3 million in 2023. The
Company has historically reported grant income as a component of total
revenue and cost of revenue, as well as a reduction of related research
and development expense. The Company will now report grant income solely
as a reduction of related research and development expense. If the
company had continued its historical reporting, total revenue would have
been $39.2 million, an increase of 8% compared to $36.3 million in 2023.
See reclassification of previously reported amounts in the tables below.
-- Product gross margin was 71% compared to 71% in 2023.
-- Operating loss for 2024 improved by 47% to $16.8 million compared to $32
million in 2023 reflecting higher revenue in 2024, and a 22% reduction
in operating expenses.
-- Net loss was $20.7 million or $0.38 per share, compared to net loss of
$29.2 million or $0.65 per share in 2023.
-- Adjusted net loss for 2024 improved by 53% to $12.7 million or $0.23 per
share, compared to an adjusted net loss of $27 million or $0.61 per
share in 2023.
-- Adjusted EBITDA loss for 2024 improved by 56% to $11.5 million compared
to a loss of $26.2 million in 2023.
Dr. Chan continued, "We believe we have a clear and compelling value proposition. Our core business grew 15% in 2024 with more than $35 million in high-margin CytoSorb sales, driven by 28% growth in direct sales outside of Germany and 22% growth in Distributor/Partner sales, which was partially offset by flat growth in direct sales in Germany for the year.
Overall, our central messaging of treating the "Right Patient at the Right Time with the Right Dose" of CytoSorb is helping to drive optimized treatment strategies, improve patient outcomes, and accelerate adoption. For example, at this month's International Symposium of Intensive Care and Emergency Medicine Congress in Brussels, Berlot and colleagues from Italy presented compelling new data from a 175-patient retrospective study on septic shock and multiorgan failure. They concluded that early and intensive treatment with CytoSorb led to a statistically significant doubling of survival, compared to predicted mortality. These results, now accepted for publication in the Journal of Intensive Care Medicine, reinforce previously published findings from our CytoSorb Therapy in COVID-19 registry in the journal Critical Care that early and intensive treatment is associated with high survival and shorter time on mechanical support. With a growing body of clinical data from both investigator- and company-sponsored studies, alongside our STAR-T trial and registries like COSMOS and STAR, the CytoSorb best practices knowledge base in the ICU and cardiac surgery is expanding rapidly worldwide.
Looking forward, we are encouraged by our commercial progress but are prioritizing a return to sales growth in Germany, our largest market, which was flat for the second year in a row. Entering 2025, we initiated a significant reorganization of our direct sales team and strategy in Germany, including a rebalancing of territories and hospital accounts, with the goal of restoring sales growth through deeper customer engagement, more effective market development, and improved sales representative productivity. Because of the effect of these changes, we expect a short-term disruption in Germany sales that will result in modestly lower product sales overall in the first quarter compared to a year ago. However, we expect these actions will yield improved results in the second half of this year with the intent to manage our total core business toward breakeven.
Meanwhile, with the appropriate marketing approvals, we are excited by the potential near-term growth opportunity in the U.S. and Canada of addressing the serious perioperative bleeding problem caused by blood thinners like Brilinta® (ticagrelor, AstraZeneca) in patients undergoing coronary artery bypass graft ("CABG") surgery for which we have received FDA Breakthrough Designation. Brilinta®, a widely used antiplatelet drug, is given to heart attack patients to prevent further clotting. However, if these patients require CABG surgery, current guidelines recommend delaying the procedure for three to five days to allow the drug to naturally wash out--leading to prolonged hospital stays, increased costs, and a heightened risk of life-threatening complications.
Blood purification with DrugSorb-ATR represents a unique solution that can enable patients to undergo CABG surgery safely and quickly, without having to wait at risk. The intent is to both reduce serious bleeding complications while reducing the burden on hospital resources. We estimate the total addressable market for DrugSorb-ATR in the U.S. and Canada will grow from $300 million today to over $1 billion as Brilinta becomes generic, DrugSorb-ATR establishes Brilinta as the only reversible oral antiplatelet, and we expand into other blood thinners and surgical applications.
As we await decisions from the FDA and Health Canada, we are preparing to execute a controlled market release at key clinical trial sites if approved. This initial stage is expected to last a few months and will allow us to gather real-world feedback, validate assumptions, and refine our commercialization strategy for a broader national launch. Our DrugSorb-ATR launch team leverages years of commercial expertise and has initiated pre-market launch planning, including engaging with leading U.S. and Canadian key opinion leaders, recruiting essential talent, managing numerous market access activities, and developing a clear value proposition for patients, surgeons, and hospitals.
Visibility and thought leadership are key pillars of our DrugSorb-ATR launch strategy. Over the next several months, impactful new data will be presented at major cardiovascular conferences that underscore the clinical benefits of antithrombotic removal in cardiac surgery.
-- At the American College of Cardiology Conference in Chicago, the largest
cardiovascular event in North America, STAR-T Principal Investigator,
Dr. Michael Gibson, just presented an important pooled data analysis
from the STAR-T trial and the international STAR Registry demonstrating
that the bleeding reductions after CABG surgery observed in the
controlled STAR-T trial also extend into real-world clinical practice.
-- At the Society of Cardiovascular Anesthesiologists 47(th) Annual Meeting
in Montreal in April, Dr. David Mazer, a pioneer in perioperative blood
conservation and a STAR-T Executive Committee member, will lead a
roundtable discussion on the integration of DrugSorb-ATR into
perioperative blood management protocols.
-- At EuroPCR in Paris this May, Professor Robert Storey will present what
we believe to be some of the most compelling blood thinner removal
evidence to date, comparing bleeding rates after CABG in Brilinta®
patients operated with or without our device. This latest analysis with
updated data from the STAR Registry clearly demonstrates the significant
bleeding reductions associated with the use of our device in
contemporary real-world practice.
-- At the Canadian Society of Cardiac Surgery conference in Montreal in
May, Dr. Richard Whitlock, the STAR-T Canadian Principal Investigator,
will host a symposium on the STAR-T study results, outlining
DrugSorb-ATR's clinical and economic value proposition in Canadian
hospital practice.
-- Finally, at the European Society of Cardiology Heart Failure meeting in
Belgrade in May, a new study will be presented demonstrating how
DrugSorb-ATR successfully prevented bleeding complications in patients
on Brilinta® or other direct oral anticoagulants undergoing emergency,
complex heart transplantation surgery."
Dr. Chan concluded, "With an established foundation of commercial sales, strong regulatory progress, and enhanced financial stability, we believe we are very well-positioned to take advantage of a host of new opportunities this year. As we advance our global commercialization strategy and prepare for the potential launch of DrugSorb-ATR, we remain committed to delivering life-saving solutions that improve patient outcomes and drive long-term value for our shareholders."
Business Outlook
As discussed, we anticipate a multitude of opportunities to potentially expand our business both internationally and in the United States and Canada this year. To address flat product sales in our largest market of Germany, we restructured the direct sales team and strategy, including a realignment of sales territories and accounts, to drive a return to sales growth in this key country. Because of the impact of these changes, we expect a short-term disruption in German sales and a modest decline in overall product sales for Q1 2025, both sequentially and compared to Q1 2024. However, we expect these actions will help to improve results in the second half of this year with the intent to manage our core business toward breakeven.
Q4 and Full Year 2024 Earnings Conference Call
CytoSorbents' management will host a live conference call, presentation webcast, and a question-and-answer session with the following information:
Date: Monday, March 31, 2025
Time: 4:30 PM ET
North American toll-free: 1-800-836-8184
International toll: 1-646-357-8785
Live webcast link: https://app.webinar.net/KGyNpgaYZgQ
It is recommended that participants dial in approximately 10 minutes prior to the start of the call.
An archived recording of the conference call will be available under the Investor Relations section of the Company's website at https://ir.cytosorbents.com/
About Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, we use the non-GAAP financial measures of EBITDA, which measures earnings before interest, income taxes, depreciation and amortization, and Adjusted EBITDA which further excludes non-cash stock compensation expense, and gain or loss of foreign exchange translation. We also use the non-GAAP financial measures of Adjusted Net Income or Loss and Adjusted Net Income or Loss Per Common Share which excludes non-cash stock compensation expense and gain or loss of foreign exchange translation from Net Loss and Net Loss Per Common Share, respectively. Additionally, we have provided a Proforma Cash balance as of December 31, 2024, reflecting the proceeds, net of related fees, for the Rights Offering and Exercise of the Series A Warrant which were received in the first quarter of 2025 as if the net proceeds had been received as of December 31, 2024. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of the non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP should be carefully evaluated. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by investors and the analyst community to help them analyze the performance of our business, the Company's cash available for operations, and the Company's ability to meet future capital expenditure and working capital requirements.
About CytoSorbents Corporation (NASDAQ: CTSO)
CytoSorbents Corporation is a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery through blood purification. CytoSorbents' proprietary blood purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption. Cartridges filled with these beads can be used with standard blood pumps already in the hospital (e.g. dialysis, continuous renal replacement therapy or CRRT, extracorporeal membrane oxygenation or ECMO, and heart-lung machines), where blood is repeatedly recirculated outside the body, through our cartridges where toxic substances are removed, and then back into the body. CytoSorbents' technologies are used in a number of broad applications. Specifically, two important applications are 1) the removal of blood thinners during and after cardiothoracic surgery to reduce the risk of severe bleeding, and 2) the removal of inflammatory agents and toxins in common critical illnesses that can lead to massive inflammation, organ failure and patient death. The breadth of these critical illnesses includes, for example, sepsis, burn injury, trauma, lung injury, liver failure, cytokine release syndrome, and pancreatitis as well as the removal of liver toxins that accumulate in acute liver dysfunction or failure the removal of myoglobin in severe rhabdomyolysis that can otherwise lead to renal failure. In these diseases, the risk of death can be extremely high, and there are few, if any, effective treatments.
CytoSorbents' lead product, CytoSorb(®), is approved in the European Union and distributed in over 70 countries worldwide, with more than a quarter million devices used cumulatively to date. CytoSorb was originally launched in the European Union under CE mark as the first cytokine adsorber. Additional CE mark extensions were granted for bilirubin and myoglobin removal in clinical conditions such as liver disease and trauma, respectively, and for ticagrelor and rivaroxaban removal in cardiothoracic surgery procedures. CytoSorb has also received FDA Emergency Use Authorization in the United States for use in adult critically ill COVID-19 patients with impending or confirmed respiratory failure. CytoSorb is not yet approved or cleared in the United States.
In the U.S. and Canada, CytoSorbents is developing the DrugSorb(TM)-ATR antithrombotic removal system, an investigational device based on an equivalent polymer technology to CytoSorb, to reduce the severity of perioperative bleeding in high-risk surgery due to blood thinning drugs. It has received two FDA Breakthrough Device Designations: one for the removal of ticagrelor and another for the removal of the direct oral anticoagulants (DOAC) apixaban and rivaroxaban in a cardiopulmonary bypass circuit during urgent cardiothoracic procedures. In September 2024, the Company submitted a De Novo medical device application to the U.S. FDA requesting marketing approval to reduce the severity of perioperative bleeding in CABG patients on the antithrombotic drug ticagrelor, which was accepted for substantive review in October 2024. In November 2024, the Company received its MDSAP certification and submitted its Medical Device License (MDL) application to Health Canada. DrugSorb-ATR is not yet granted or approved in the United States and Canada, respectively.
The Company has numerous marketed products and products under development based upon this unique blood purification technology protected by many issued U.S. and international patents and registered trademarks, and multiple patent applications pending, including ECOS-300CY®, CytoSorb-XL(TM), HemoDefend-RBC(TM), HemoDefend-BGA(TM), VetResQ®, K+ontrol(TM), DrugSorb(TM), ContrastSorb, and others. For more information, please visit the Company's website at https://ir.cytosorbents.com/ or follow us on Facebook and X.
Forward-Looking Statements
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, future targets and outlooks for our business, representations and contentions, and the outcome of our regulatory submissions, and are not historical facts and typically are identified by use of terms such as "may," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements in this press release represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those in the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, our restructuring of our direct sales team and strategy in Germany and the risks discussed in our Annual Report on Form 10-K, filed with the SEC on March 31, 2025, as updated by the risks reported in our Quarterly Reports on Form 10-Q, and in the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We caution you not to place undue reliance upon any such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required under the Federal securities laws.
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U.S. Company Contact:
Peter J. Mariani, Chief Financial Officer
305 College Road East
Princeton, NJ 08540
pmariani@cytosorbents.com
Investor Relations Contact:
Aman Patel, CFA & Adanna G. Alexander, PhD
ICR Healthcare
ir@cytosorbents.com
CYTOSORBENTS CORPORATION
CONSOLIDATED BALANCE SHEETS
At December 31,
2024 2023, as
Restated
ASSETS
Current Assets:
Cash and cash equivalents $
3,279,926 $
14,131,137
Restricted cash, current 5,000,000
Grants and accounts receivable, net of allowances of $157,701 and 7,319,597 6,057,072
$49,663 at December 31, 2024 and 2023, respectively
Inventories 2,732,907 3,375,817
Prepaid expenses and other current assets 3,270,812 1,834,485
Total current assets 21,603,242 25,398,511
Property and equipment - net 9,002,383 10,056,354
Restricted cash 1,483,958 1,483,958
Right-of-use asset 11,511,236 12,058,896
Other assets 3,770,680 3,958,603
Total Assets $
47,371,500 $
52,956,322
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $
3,339,885 $
3,802,170
Accrued expenses and other current liabilities 6,031,670 7,359,786
Lease liability - current portion 452,688 373,636
Current maturities of long-term debt 2,500,000
Total current liabilities 9,824,243 14,035,592
Lease liability, net of current portion 12,443,971 12,896,659
Long-term debt, net of current maturities 13,996,350 2,542,857
Total Liabilities 36,264,564 29,475,108
Commitments and Contingencies
Stockholders' Equity:
Preferred Stock, Par Value $0.001, 5,000,000 shares authorized; no
shares issued and outstanding at December 31, 2024 and 2023
Common Stock, Par Value $0.001, 100,000,000 shares authorized at 54,830 54,240
December 31, 2024 and 2023; and 54,830,146 and 54,240,265
shares issued and outstanding at December 31, 2024 and 2023,
respectively
Additional paid-in capital 310,808,711 306,187,314
Accumulated other comprehensive income 4,252,013 529,321
Accumulated deficit (304,008,618) (283,289,661)
Total stockholders' equity 11,106,936 23,481,214
Total Liabilities and Stockholders' Equity $
47,371,500 $
52,956,322
CYTOSORBENTS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three months Three months ended Year ended Year ended
ended
December 31, December 31, December 31, December 31,
2024 2023, as Restated 2024 2023, as
Restated
(unaudited) (unaudited)
Product revenue $9,150,416 $7,348,486 $35,594,520 $
31,084,953
Cost of goods sold 2,656,446 2,346,618 10,468,529 9,131,716
Gross profit 6,493,970 5,001,868 25,125,991 21,953,237
Operating expenses:
Research and development, net of 6,916,181
grant income
1,324,353 4,091,400 15,594,442
Selling, general and administrative 8,898,722 10,551,838 34,995,749 38,307,415
Total operating expenses 10,223,076 14,643,238 41,911,930 53,901,857
Loss from operations
(3,729,107) (9,641,369) (16,785,940) (31,948,620)
Other income (expense):
Interest expense, net (624,180) (52,229) (1,399,092) (157,891)
Gain (loss) on foreign currency
transactions
(4,905,114) 2,683,254 (4,224,721) 1,949,257
Miscellaneous income (expense) (29) 61,754 (29) 96,755
Total other income (expense), net (5,529,332) 2,692,779 (5,623,842) 1,888,121
Loss before benefit from income taxes (22,409,782)
(9,258,438) (6,948,590) (30,060,499)
Benefit from income taxes 1,690,825 813,739 1,690,825 813,739
Net loss attributable to common
$
$
stockholders
(7,567,613) $(6,134,851) $(20,718,957) (29,246,760)
Basic and diluted net loss per $(0.38) $(0.65)
common share
$(0.14) $(0.13)
Weighted average number of shares 54,434,609 44,656,391
of common stock outstanding
54,714,642 46,531,510
Comprehensive loss:
Net loss
$ $(20,718,957) $
(29,246,760)
(7,567,613) $(6,134,851)
Other comprehensive income (loss):
Foreign currency translation adjustment 4,027,003 (1,799,874)
4,713,249 (2,454,666)
Comprehensive loss $
(2,854,364) $(8,589,517) $(16,691,953) $
(31,046,634)
The Notes to Consolidated Financial Statements are an integral part of these statements.
CYTOSORBENTS CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS' EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2024 and 2023
Accumulated
Additional Other
Common Stock Paid-In Comprehensive Accumulated Stockholders'
Shares Par value Capital Income (Loss) Deficit Equity
Balance at December 31, 2022 43,635,715 $
43,635 $
287,000,021 $
2,329,195 $
(253,997,878) $
35,374,973
Cumulative effect of adjustments to 777,310 (45,023) 732,287
beginning balance
Stock-based compensation (as restated) 4,155,342 4,155,342
Proceeds from the exercise of stock options 84,905 85 218,193 218,278
for cash, net of fees incurred
Issuance of common stock offerings, net of 10,389,554 10,390 14,245,542 14,255,932
fees incurred
Common stock issued upon vesting of 130,091 130 (209,094) (208,964)
restricted stock units, less shares withheld
to cover taxes
Other comprehensive loss, foreign currency (1,799,874) (1,799,874)
translation adjustment
Net loss (as restated) (29,246,760) (29,246,760)
Balance at December 31, 2023 (as restated) 54,240,265 $
54,240 $
306,187,314 $
529,321 $
(283,289,661) $
23,481,214
Stock-based compensation 3,759,534 3,759,534
Issuance of common stock offerings, net of 382,823 385 178,269 178,654
fees incurred
Common stock issued upon vesting of 207,058 205 (7,115) (6,910)
restricted stock units, less shares withheld
to cover taxes
Issuance of warrants 690,709 690,709
Other comprehensive loss, foreign currency 3,722,692 3,722,692
translation adjustment
Net loss (20,718,957) (20,718,957)
Balance at December 31, 2024 54,830,146 $
54,830 $
310,808,711 $
4,252,013 $
(304,008,618) $
11,106,936
CYTOSORBENTS CORPORATION
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
For the three and twelve months ended December 31, 2024 and 2023 (Unaudited)
Three Months Ended Twelve Months Ended
Dec 31, Dec 31, Dec 31, Dec 31,
2024 2023, as 2024 2023, as
Restated Restated
(In thousands, except per share amounts)
Net loss $(7,568) $(6,135) $(20,719) $(29,247)
Depreciation and amortization expense 391 397 1,570 1,459
Income tax expense (benefit) (1,691) (814) (1,691) (814)
Interest expense (income) 624 52 1,399 158
EBITDA - non GAAP $(8,244) $(6,500) $(19,441) $(28,444)
Non cash stock-based compensation expense 919 1,048 3,760 4,155
(Gain)/Loss on foreign currency translation 4,905 (2,683) 4,225 (1,949)
Adjusted EBITDA - non GAAP $(2,420) $(8,134) $(11,456) $(26,237)
Net loss $(7,568) $(6,135) $(20,719) $(29,247)
Non cash stock-based compensation expense 919 1,048 3,760 4,155
(Gain)/Loss on foreign currency translation 4,905 (2,683) 4,225 (1,949)
Adjusted net income (loss) - non GAAP $(1,743) $(7,769) $(12,735) $(27,041)
Weighted average common shares outstanding basic and
diluted
54,714,642 46,531,510 54,434,609 44,656,391
Loss per common share - basic and diluted $(0.14) $(0.13) $(0.38) $(0.65)
Non cash stock-based compensation expense $0.02 $0.02 $0.07 $0.09
(Gain)/Loss on foreign currency translation $0.09 $(0.06) $0.08 $(0.04)
Adjusted net income (loss) per common share - basis and
diluted - non GAAP $(0.03) $(0.17) $(0.23) $(0.61)
CYTOSORBENTS CORPORATION
RECLASSIFICATION AND RESTATEMENT OF INCOME STATEMENT
For the Year-ended Dec 31, 2023 For the Year-ended Dec 31, 2024
Mar 31, Jun 30, Sep 30, Dec 31, 2023 2023 Mar 31, Jun 30,
2023 2023 2023 2024 2024 Sep 30, 2024 Dec 31, 2024 2024
As Previously Reported
Grant Income $1,539 $1,348 $1,057 $1,320 $5,264 $797 $1,053 $778
$ -
$ -
Total Revenue 9,449 9,421 8,811 8,668 36,349 9,786 9,895 9,390
Cost of revenue 3,994 3,402 3,204 3,357 13,957 3,216 3,392 4,109
Gross profit 5,455 6,019 5,607 5,311 22,392 6,571 6,503 5,282
Gross margin % 58 % 64 % 64 % 61 % 62 % 67 % 66 % 56 %
Research and development 4,214 3,669 3,749 4,097 15,729 2,248 1,520 1,851
Legal, financial, and other consulting 669 1,185 1,103 1,315 4,272 681 821 824
Selling, general and administrative 8,463 7,724 8,104 9,242 33,600 8,567 7,581 7,003
Impact of Reclassification
Grant Income ($1,539) ($1,348) ($1,057) ($1,320) ($5,264) ($797) ($1,053) ($778)
$ -
$ -
Total Revenue (1,539) (1,348) (1,057) (1,320) (5,264) (797) (1,053) (778)
Cost of revenue (1,463) (1,309) (1,043) (1,315) (5,130) (795) (1,053) (752)
Gross profit (76) (39) (14) (5) (134) (2) (26)
Research and development (76) (39) (14) (5) (134) (2) (26)
Legal, financial, and other consulting (669) (1,185) (1,103) (1,315) (4,272) (681) (821) (824)
Selling, general and administrative 669 1,185 1,103 1,315 4,272 681 821 824
Impact of Restatement
Cost of goods sold - 304 304 (304)
Gross profit - 304 304 (304)
Selling, general and administrative (3) 448 (5) 435 435 35 152 433
As Reclassfied and Restated
Grant Income -
Total Revenue 7,910 8,073 7,754 7,348 31,085 8,990 8,842 8,612
Cost of goods sold 2,531 2,093 2,161 2,346 9,131 2,117 2,339 3,357
Gross profit 5,379 5,980 5,593 5,002 21,954 6,873 6,503 5,256
Gross margin % 68 % 74 % 72 % 68 % 71 % 76 % 74 % 61 %
Research and development 4,138 3,630 3,735 4,092 15,595 2,246 1,520 1,825
Legal, financial, and other consulting -
Selling, general and administrative 9,129 9,357 9,202 10,553 38,307 9,283 8,554 8,260
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SOURCE Cytosorbents Corp
