secwatch.observer — SEC 8-K summary
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Issuer:     Cytosorbents Corp (CTSO)
CIK:        0001175151
Form:       8-K
Filed at:   2022-11-03T23:59:59+00:00
Accession:  0001104659-22-114483
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1175151/000110465922114483/0001104659-22-114483-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1175151/000110465922114483/tm2223902d2_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-114483

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