MONMOUTH JUNCTION, N.J., Aug. 12, 2014 /PRNewswire/ -- CytoSorbents Corporation (OTCQB: CTSO), a critical care immunotherapy company commercializing its CytoSorb® cytokine adsorber to treat critically-ill patients in multiple countries worldwide, reported second quarter financial and operational results for the three and six months ended June 30, 2014.
Q2 2014 Total Revenue of $1.0M, Driven by Record CytoSorb® sales of $663K.
Trailing 12-month CytoSorb® Sales Increased to $1.8M
Recent Financial Highlights:
- Achieved record CytoSorb® sales of $663K, a 418% increase over $128K in the same period in 2013. Product sales were driven by continued usage and strong reorders from direct customers and distributors.
- Total revenue for the first six months of 2014 grew to $2.1M, a 215% increase over $663K in total revenue for the same period in 2013.
- CytoSorb® sales fueled much of the increase in total revenues, with $1.2M in sales in the first six months of 2014, a 305% increase from $304K in CytoSorb revenue in the first half of 2013. The first six months of sales have already exceeded CytoSorb sales of $822K for all of 2013.
- Product gross margins for Q2 2014 were approximately 65%.
- Trailing 12-month CytoSorb® sales increased to $1.8M, from $1.2M since the last quarter.
- Healthy cash and short term investments of $9.6M.
Recent Operational Highlights:
- Established a second foothold into the growing Asian market through an exclusive distribution agreement in Taiwan with HemoScien Corporation. Submitted final product registration in Russia and the Middle East and are pending notification of approval.
- Biocon, our strategic distribution partner in India, is recruiting a dedicated sales force to sell CytoSorb® in India, and is sponsoring a September 2014 countrywide scientific symposium tour with a major CytoSorb® key opinion leader.
- On target with preparations to up-list to a national exchange later this year, with strengthening of our team through consolidation of our international and SEC legal counsel to DLA Piper.
- Continued protocol development and finalization, with plans to submit the IDE (Investigational Device Exemption) application for intra-operative usage of CytoSorb® to the FDA before the end of the year. Received validation of this treatment approach via the first published investigator initiated study using CytoSorb® therapy intra-operatively during cardiac surgery in the journal, Kardiotechnik. This retrospective study demonstrated that CytoSorb® usage led to a persistent reduction in key inflammatory markers such as IL-6 and procalcitonin in the post-operative period.
- A new sepsis research article by Dr. John Kellum and our collaborators at University of Pittsburgh was published in the journal, Critical Care, describing how CytoSorb® therapy redirects potentially dangerous activated immune cells away from otherwise healthy organs and toward the true site of infection in animals.
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