CytoSorbents Q3 revenue $8.1M (-17%); pauses STAR-D trial to focus on STAR-T

Cytosorbents Corp

2022-Q3 EPS reported -$0.74 revenue$25,298,335

Q3 total revenue $8.1M (-17% YoY); product sales $6.5M (-27%) with negligible COVID sales.
Product gross margin 55% (64% ex-write-off) vs 82% Q3 2021; inventory write-off of ~$0.6M from equipment failure.
Pausing STAR-D trial to focus on STAR-T pivotal study; expects first milestone (40 patients enrolled) in Nov 2022; $4M cost savings in 2023.
Plans to draw $15M from existing debt before year-end; ended Q3 with $24.2M cash (incl $1.7M restricted) and no debt.
Received DoD contracts totaling ~$6.3M for HemoDefend-BGA universal plasma filter; reduced international headcount 10%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Cytosorbents Corp reported quarter ended September 30, 2022 results: revenue $8.1 million.

Period: quarter ended September 30, 2022
Revenue: $8.1 million
Result: reported results

Exact text from the filing

and operating results for the quarter ended September 30, 2022. Third Quarter 2022 Financial Results · Total revenue, including product sales and grant income, for Q3 2022 was $8.1 million, a decrease of 17% compared to $9.8 million in Q3 2021 · Q3 2022 product sales were $6.5 million (negligible COVID-related sales) versus $8.9 million (includes $1.1 million in

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Source: SEC EDGAR

accession 0001104659-22-114483

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