In This Article:
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Revenue: $8.7 million, a 3% year-over-year decline, flat on a constant currency basis.
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Gross Margin: 71%, consistent with the 2024 average, but lower than 76% in Q1 2024.
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Operating Loss: Improved by 17% to $3.9 million from $4.7 million in 2024.
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Net Loss: $1.5 million or $0.02 per share, compared to $6.1 million or $0.11 per share in the prior year.
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Adjusted Net Loss: $3.7 million or $0.06 per share, consistent with the prior year's adjusted net loss.
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Adjusted EBITDA Loss: Improved by 17% to $2.7 million from $3.3 million in the prior year.
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Cash, Cash Equivalents, and Restricted Cash: $13.1 million as of March 31, compared to $9.8 million at the end of the previous year.
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Product Sales: $8.7 million for CytoSorb in Q1 2025.
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Operating Expenses: Reduced by 12% to $10.1 million from $11.5 million in the prior year.
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R&D Expenses: Reduced by 26% following the completion of the STAR-T trial.
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Headcount Reduction: 15% reduction in headcount as part of cost-cutting efforts.
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Shareholder Rights Offering: Raised $6.8 million, net of expenses, increasing liquidity by $11.8 million.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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CytoSorbents Corp (NASDAQ:CTSO) reported a solid gross margin performance of 71%, consistent with the 2024 average, indicating effective pricing and cost controls.
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The company is making progress towards reaching near breakeven by the second half of 2025, with sufficient cash to fund initiatives.
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CytoSorb, the flagship product, is used in over 270,000 devices across more than 70 countries, demonstrating its global reach and acceptance.
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The company is actively preparing for the potential commercial launch of DrugSorb ATR in the U.S. and Canada, which could open a significant market opportunity.
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CytoSorbents Corp (NASDAQ:CTSO) has strengthened its balance sheet with a successful shareholder rights offering, increasing available liquidity by $11.8 million.
Negative Points
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Product sales in the first quarter of 2025 were $8.7 million, representing a 3% year-over-year decline.
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The company faced temporary disruptions in its German direct sales segment due to strategic reorganization, impacting overall sales.
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The FDA issued a denial letter for DrugSorb ATR, citing remaining open issues, which could delay its market entry.
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Health Canada's review of the DrugSorb ATR application is experiencing delays, extending beyond target timelines.
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The company reported a net loss for the quarter of $1.5 million, although this was an improvement from the previous year.