MONMOUTH JUNCTION, N.J., Nov. 7, 2016 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a critical care immunotherapy leader commercializing its flagship CytoSorb® cytokine adsorber to prevent or treat deadly inflammation and organ failure in critically-ill and cardiac surgery patients around the world, reports financial and operational results for the quarter ending September 30, 2016.
Third Quarter 2016 Financial Highlights:
CytoSorb® product sales for Q3 2016 were a record $2.14 million. This represented an increase of approximately 100% over Q3 2015 product sales of $1.07 million, as a result of strong increases in both direct and distributor sales
Q3 2016 annualized product sales run rate was approximately $8.6 million, as compared to an annualized product sales run rate of approximately $4.3 million in the third quarter of 2015
Total revenue for Q3 2016 was $2.4 million, which includes both product sales and grant revenue
Overall gross margins rose to approximately $1.4 million, an increase of approximately $0.7 million compared to approximately $0.7 million in Q3 2015
Product gross margins for Q3 2016 were approximately 68% compared to approximately 63% for Q3 2015
This represents the fifth consecutive quarter of record product sales and sixth consecutive quarter of sales growth
