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• Fourth Quarter Product Revenue: $9.2 million, a 25% increase compared to the prior year.

• Full Year Product Revenue: $35.6 million, representing 15% year-over-year growth.

• Core Product Sales: $35.6 million in 2024.

• Gross Margin: 71% for both the quarter and the full year.

• Operating Expenses: Decreased 30% year-over-year to $10.2 million in Q4.

• Operating Loss: Improved 61% year-over-year to $3.7 million in Q4.

• Adjusted EBITDA Loss: Improved by 70% to $2.4 million in Q4.

• Net Loss: $7.5 million or $0.14 per share in Q4.

• Adjusted Net Loss: Improved to $1.7 million or $0.03 per share in Q4.

• Cash and Cash Equivalents: $9.8 million as of December 31, 2024; pro forma cash position approximately $17 million.

• Debt Facility: $20 million with Avenue Capital Group, consummated in June 2024.

• Shareholder Rights Offering: Raised total net proceeds of $7.3 million.

• Warning! GuruFocus has detected 5 Warning Signs with CTSO.

Release Date: March 31, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• CytoSorbents Corp (NASDAQ:CTSO) reported a 25% increase in fourth-quarter product revenue, reaching $9.2 million, and a 15% year-over-year growth in full-year product revenue for 2024.

• The company's core product, CytoSorb, has been utilized in over 270,000 devices across more than 70 countries, driving significant international sales.

• CytoSorbents Corp (NASDAQ:CTSO) maintained a healthy product gross margin of 71%, reflecting the strength of their business model.

• The company strengthened its financial position with a $20 million debt facility and a successful shareholder rights offering, increasing liquidity by $12.3 million.

• CytoSorbents Corp (NASDAQ:CTSO) is actively preparing for the potential commercial launch of DrugSorb-ATR in the US and Canada, with a total addressable market opportunity of $300 million, potentially growing to over a billion dollars.

Negative Points

• CytoSorbents Corp (NASDAQ:CTSO) experienced flat growth in direct sales in Germany, which is their largest market, for the second consecutive year.

• The company identified misstatements in inventory and non-cash stock compensation, leading to a restatement of their 2023 and 2024 financial reports.

• There is a material weakness in CytoSorbents Corp (NASDAQ:CTSO)'s internal controls over financial reporting, which they aim to remediate during the current calendar year.

• The reorganization of the sales team in Germany is expected to cause short-term disruption, resulting in modestly lower product sales in the first quarter of 2025.

• CytoSorbents Corp (NASDAQ:CTSO) anticipates that the DrugSorb-ATR business will not be immediately profitable upon launch due to initial investments in commercial capabilities.