Critical care company CytoSorbents Corp. (CTSO) announced Friday preliminary fourth-quarter results, expecting 22 percent to 25 percent growth in product revenue, while product gross margin would be lower.
In pre-market activity on the Nasdaq, Cytosorbents shares were losing around 11 percent.
In the fourth quarter, product revenue, excluding grant income, is estimated to be in the range of $9.0 million to $9.2 million, higher than prior year's $7.35 million.
Product gross margin is estimated to be approximately 70 percent, lower than 72 percent last year, but higher than 61 percent in the preceding third quarter. The sequential improvement reflects the successful resolution of both a planned production slowdown to rebalance inventory and a short-term manufacturing issue.
In fiscal 2024, product revenue excluding grant income would be in the range of $35.4 million to $35.6 million, representing approximately 14 percent growth from $31.1 million in 2023.
Phillip Chan, Chief Executive Officer of CytoSorbents, said, "We are pleased with our topline performance in the quarter. Our strong year-over-year growth represents solid execution in our core international business, and underscores the importance of CytoSorb, our flagship product, in addressing a diverse range of critical care and cardiac surgery indications."
"This strong top-line close to 2024, as well as our return to more normalized product gross margins, positions us well to drive improved efficiencies in our core business as we prepare to enter the North American market with DrugSorb-ATR to reduce the severity of perioperative bleeding in CABG surgery due to Brilinta, pending FDA and Health Canada approvals," Chan added.
The Company expects to report full results for the fourth quarter and 2024 on March 6.
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