CytoSorbents Q2 product sales up 10%, operating loss halved; DrugSorb-ATR submission on track

Cytosorbents Corp

2024-Q2 EPS reported -$0.19 revenue$19,680,928

Total revenue $9.9M (+5% YoY); product sales $8.8M (+10%); gross margins improved to 75%.
Operating loss narrowed 48% to $3.4M from $6.6M; additional cost cuts expected to save $5M annually.
CFO Kathleen Bloch retired; Peter Mariani appointed as new CFO effective August 14, 2024.
On track to submit DrugSorb-ATR marketing applications to U.S. FDA and Health Canada this quarter.
Secured $20M credit facility with Avenue Capital; cash and restricted cash $14.9M as of June 30, 2024.

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