CytoSorbents reports FY2022 revenue down 20% to $34.7M; STAR-T enrollment past halfway

Cytosorbents Corp

FY2022 total revenue $34.7M, down 20% YoY; product sales $29.4M, down 27% due to COVID decline and FX.
Core product sales $29.1M; on constant currency $32.2M, down 4.6% vs 2021.
Product gross margin fell to 70% from 80% due to manufacturing relocation inefficiencies.
STAR-T pivotal trial enrollment past halfway (target 120); expected completion summer 2023.
Cash $23.8M at year-end; expect reduced cash burn and return to sales growth in 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Cytosorbents Corp reported the quarter and year ended December 31, 2022 results: revenue Total Revenue, which includes Product Sales and Grant Income, was $34.7 million.

Period: the quarter and year ended December 31, 2022
Revenue: Total Revenue, which includes Product Sales and Grant Income, was $34.7 million
Result: reported results

Exact text from the filing

quarter and year ended December 31, 2022 and provides its 2023 outlook. Full Year 2022 Financial Results · 2022 Total Revenue, which includes Product Sales and Grant Income, was $34.7 million versus $43.2 million in 2021, a decrease of 20% · 2022 Product sales were $29.4 million versus $40.1 million in 2021, which included $0.3 million and $6.3 million in COVID-19

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Source: SEC EDGAR

accession 0001104659-23-030654

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