MONMOUTH JUNCTION, N.J.,
March 9, 2021 /PRNewswire/ --
CytoSorbents Corporation (NASDAQ: CTSO), a critical care
immunotherapy leader commercializing its CytoSorb® blood
purification technology to treat deadly inflammation in
critically-ill and cardiac surgery patients around the
world, achieves record Total Revenue and CytoSorb® sales in
2020, and record Product Gross Margins in Q4 2020.
CytoSorbents Reports Strong 2020 Growth with Record Total Revenue
of $41M and Product Sales of
$39.5M
2020 Financial Highlights:
Full Year 2020 Results
- 2020 Total Revenue was approximately $41.0M compared to $24.9M in 2019
- 2020 Product Sales were approximately $39.5M compared to $22.8M in 2019, an increase of approximately
$16.7M, or 73% over 2019
- Our underlying core non-COVID-19 business in critical care and
cardiac surgery grew 32% in 2020 over 2019 and accounted for 76% of
Product Sales. Sales attributable to COVID-19 were approximately
$9.4 million
- Achieved Product Gross Margins of 76% over the year, despite
additional costs associated with the rapid ramp up of production
and the increase in lower margin distributor sales
- Healthy cash balance of $71.4M at
the end of December 2020, following
the repayment of $15M of long-term
debt in Q4 2020
- Received approval of the sale of our 2019 New Jersey NOL and
R&D tax credits which will generate cash proceeds of
approximately $1.1M, expected to be
received in Q1 2021
Q4 2020 Results
- Q4 2020 total revenue was approximately $12.0 million versus $7.4
million a year ago
- Product sales growth accelerated in Q4 2020, with record
quarterly product sales of approximately $11.5 million, a 74% increase from $6.6 million in Q4 2019
- Product gross margins were a record high of 82% in Q4 2020
versus 80% in Q4 2019
2020 Operating Highlights:
- Exceeded 121,000 cumulative CytoSorb treatments delivered, up
from 80,000 in 2019
- Solidified our balance sheet with a $57.5 million financing led by Cowen and SVB
Leerink
- The COVID-19 pandemic highlighted CytoSorb as one of the key
ways to treat the cytokine storm and hyperinflammation that
predicts the severity of COVID-19 illness and risk of death
-
- CytoSorb was included into the treatment guidelines or
specifically approved to treat COVID-19 in many countries
- Used to treat more than 5,000 COVID-19 patients across more
than 30 countries, including the U.S.
- CytoSorb received FDA Emergency Use Authorization for use in
adult, critically ill COVID-19 patients with imminent or confirmed
respiratory failure
- Established business collaborations with multiple partners,
including Terumo Cardiovascular, to market CytoSorb in the majority
of U.S. states under CytoSorb's FDA EUA for COVID-19 patients
- Implemented the CTC (CytoSorb Therapy in COVID-19) registry
which is currently enrolling
- Conducted many webinars with speakers from throughout the world
to share their data using CytoSorb to successfully treat critically
ill COVID-19 patients
- Was a net positive to help drive 2020 sales of CytoSorb for our
underlying core businesses in critical care and cardiac surgery,
though the impact was mixed as it interrupted our normal sales
processes and reduced our normal patient mix
- Appointed Dr. Efthymios Deliargyris as Chief Medical Officer -
a cardiologist, interventional cardiologist, and subject matter
expert in antithrombotic therapy, whose clinical development
efforts at The Medicines Company contributed to bivalirudin's
blockbuster status in interventional cardiology and to the approval
of cangrelor, in the same anti-platelet class as ticagrelor
- Advanced the antithrombotic removal application
significantly
-
- Achieved CytoSorb E.U. approval to remove the widely-used
antithrombotics, ticagrelor and rivaroxaban, during urgent or
emergent cardiothoracic surgery allowing us to begin on-label
marketing for this application
- Received FDA Breakthrough Designation for the removal of
ticagrelor during emergent and urgent cardiothoracic surgery
- Hosted multiple webinars, including the "Use of CytoSorb to
Remove Antithrombotic Medications in Patients at Risk of Bleeding"
highlighting the scientific rationale, current data, and economic
potential of the removal of antithrombotic "blood thinner" agents
by CytoSorb
- The U.K. National Institute for Health and Care Excellence
(NICE), viewed by most as the world's leading authority in
evaluating the cost-effectiveness of novel therapies, recently
issued a Medtech Innovation Briefing on CytoSorb for reducing risk
of bleeding during cardiac surgery by removing ticagrelor
intraoperatively, highlighting the unique potential of CytoSorb to
improve clinical outcomes that can lead to substantial cost savings
to hospital systems.
- Nearly 70 published, peer-reviewed articles, 52 "Cases of the
Week", and multiple webinar presentations highlighting the clinical
benefit and utility of CytoSorb therapy in many different studies.
Common themes include a reduction in inflammatory mediators, a
stabilization of blood pressure, an improvement in lung function,
and often an improvement in survival.
-
- Early use of CytoSorb and ECMO in 13 hyper-inflamed patients
with septic shock and acute respiratory distress syndrome from
pneumonia led to 100% 30-day and 60-day survival (vs. 57% 30-day
mortality in historic control) and a mean time on ECMO of 8 days
(range 2-20 days) in a prospectively enrolled study
- Largest case series using CytoSorb with continuous renal
replacement therapy (CRRT) in 50 critically ill mechanically
ventilated COVID-19 patients in shock with reduction in
inflammatory mediators, weaning from mechanical ventilation and
vasopressors, and survival in 70% of patients
- In an observational study in 9 consecutive critically ill
COVID-19 patients before mechanical ventilation was required, early
use of CytoSorb with CRRT in 5 patients was compared with 4
patients who did not receive CytoSorb with improvements in survival
(80% vs 0% control) and avoidance of mechanical ventilation (60% vs
0% control)
- Single center, retrospective analysis of the intraoperative use
of CytoSorb in patients with native mitral valve endocarditis
demonstrated improved postoperative hemodynamic stability at ICU
admission, less post-operative sepsis and related mortality, and a
trend to benefit in survival.
- Rapid improvement in blood pressure and increased survival,
using CytoSorb with continuous renal replacement therapy in 42
patients with septic shock and renal failure, compared to 42
matched controls in a retrospective single center "genetic matched"
analysis
- First case report on the successful removal of apixaban
(Eliquis®, Pfizer, Bristol Myers Squibb), during emergency cardiac
surgery. Eliquis is one of the 10 best-selling pharmaceuticals in
the world and the leading antithrombotic with approximately
$14 billion in combined 2020
worldwide sales
- First case report reporting the successful use of CytoSorb
hemoperfusion preoperatively in a patient loaded on both ticagrelor
and rivaroxaban in emergent off-pump coronary artery
bypass.
- Largest prospectively enrolled case series to date using
CytoSorb with continuous venovenous hemodiafiltration in 28
patients with acute liver failure, associated with statistically
significant reductions in bilirubin, ammonia, C-reactive protein,
and creatinine.
- Use of cytokine hemoadsorption in ex vivo lung perfusion
improved immediate post-transplant lung function with less
inflammation in response to reperfusion in a porcine model. This
has important positive implications for our ECOS-300CY®
therapy
- CytoSorb improves survival of rats exposed to an acutely lethal
dose of aflatoxin
- CytoSorb used to rescue a patient with Grade 4 cytokine release
syndrome following CAR T-cell immunotherapy in first published case
report
- Expanded throughout Latin
America, with CytoSorb registration in all major Latin
American countries, including Brazil, Mexico, Colombia, Argentina, Peru, Venezuela, Chile, and others
- Promoted Vince Capponi to
President and Chief Operating Officer, and Dr. Christian Steiner to Executive Vice President of
Sales and Marketing
- Awarded approximately $8.4
million in total contract funding from the U.S. Army and the
U.S. Department of Defense to complete development of the
HemoDefend-BGA adsorber to enable universal plasma and improve the
safety of whole blood transfusion
- Announced the E.U. approval of the ECOS-300CY cartridge for use
in ex vivo organ perfusion of solid organs dedicated to
transplant, which has been designated, PerSorb™, a trade name
exclusive to our partner Aferetica's PerLife™ E.U. approved organ
perfusion system
- Added new analyst coverage from Jefferies and SVB Leerink, and
increased our institutional ownership to approximately 40%
(12/31/20)
Dr. Phillip Chan, MD, PhD, Chief
Executive Officer of CytoSorbents stated, "In our recent
stockholder letter, I discussed how the company successfully
navigated a challenging 2020 and outlined our expectation for
continued growth this year as we eventually transition from
COVID-19 to the 'new normal.' I would encourage you to read
the letter if you have not already done so."
"In addition to our business objectives, we are focused on
executing our clinical plan to support regulatory approvals,
inclusion into standard treatment guidelines, and
reimbursement. Our emphasis is to conduct rigorous,
adequately powered, multi-center, company sponsored clinical
trials. To this end, we have significantly expanded our
clinical trial operational capabilities and will continue to do so
in 2021."
"Our first priority is to leverage our Breakthrough Designation
to remove ticagrelor (Brilinta®; AstraZeneca) during urgent or
emergent cardiothoracic surgery, and to implement our clinical and
regulatory strategy to gain U.S. approval. We believe this is
the most expeditious, lowest risk, and least burdensome path to
U.S. regulatory approval that leverages our extensive cardiac
surgery experience, good clinical outcomes, and regulatory
approvals in Europe in this
application, from which we can then build our critical care and
cardiac surgery franchises in the future. Following
productive prior discussions with the FDA, we expect to imminently
file an investigational device exemption (IDE) application to
conduct a well-designed and powered clinical trial in the U.S. to
demonstrate the clinical benefit of our therapy. This STAR-T
Trial (Safe and Timely Antithrombotic
Removal of Ticagrelor) will be led by two
world-renowned Principal Co-investigators, with support from a
distinguished Executive Committee. We have already screened
and obtained the commitment from the majority of needed U.S.
centers to participate in the study. In addition, the
trial has been designed to obtain the clinical and health economics
data needed to support a U.S. regulatory filing for this
application, and also reimbursement. As previously noted, the
Centers for Medicare & Medicaid Services announced the Medicare
Coverage of Innovative Technology pathway that will provide
national Medicare coverage for approved Breakthrough Medical
Devices for 4 years. We plan to work closely with the FDA to
expedite the review and approval of the IDE, and will have more
detail on the final trial design at that time."
"Meanwhile, we are forging ahead with our efforts to open the
U.S. market to our therapy for the removal of the direct oral
anticoagulants (DOACs) in emergent or urgent cardiothoracic
surgery. These include blockbuster anticoagulant medications
such as the Factor Xa inhibitors - Eliquis® (apixaban; Pfizer,
Bristol Myers Squibb), Xarelto® (rivaroxaban; Janssen, Bayer), and
Lixiana® and Savaysa® (edoxaban; Daiichi Sankyo, Daewoong
Pharmaceutical), as well as the direct thrombin inhibitors such as
Pradaxa (dabigatran; Boehringer Ingelheim). As with
ticagrelor, these blood thinners are also often associated with
severe to life-threatening perioperative bleeding after
cardiothoracic surgery. We anticipate that the clinical and
regulatory pathway will be similar to that for ticagrelor.
Our technology has shown the ability to remove all of these agents
in vitro, and in the case of rivaroxaban and apixaban, in
humans during cardiac surgery. This application would target
an additional total addressable market in the U.S. alone of
approximately $500M."
"In addition to the above, the company-sponsored CyTation trial
in Germany for ticagrelor removal
is open for enrollment, though the U.K. TISORB study has been
impacted by COVID-19 restrictions in that country. We have
also developed the STAR registry, that will collect real world data
on the removal of antithrombotics with our blood purification
technology."
"We are currently prioritizing the STAR-T trial. However,
we plan to resume the U.S. REFRESH 2-AKI trial as soon as possible,
pending COVID-19 restrictions. In addition to the studies
above, we plan to initiate multiple other company-sponsored studies
this year, including the multi-center, randomized, controlled
PROCYSS (Prospective, Randomized, COntrolled
Trial To Evaluate CYtoSorb For Shock Reversal in
Septic Shock) trial in refractory septic shock in
Germany anticipated to start in
the third quarter, and the HepOnFire single arm pilot study in
liver disease expected to start in the fourth quarter. The
results of the REMOVE endocarditis study are expected soon.
Finally, we plan to submit a publication on the results from ECMO
and CytoSorb from the multi-center U.S. CTC registry and a review
article summarizing the international experience in COVID-19
patients treated with CytoSorb and CRRT or hemoperfusion."
"For further updates on our existing business, we invite you to
join us on our earnings conference call, details below."
Conference Call Details:
Date: Tuesday March 9, 2021
Time: 4:45 PM Eastern Time
Participant Dial-In: 1-201-389-0879
Conference ID: 13716351
Live Presentation Webcast
http://public.viavid.com/index.php?id=143499
It is recommended that participants dial in approximately 10
minutes prior to the start of the call. There will also be a
simultaneous live webcast of the conference call that can be
accessed through the following audio feed
link: http://public.viavid.com/index.php?id=143499
An archived recording and written transcript of the conference
call will be available under the Investor Relations section of the
Company's website at
http://cytosorbents.com/investor-relations/financial-results/
Fiscal Year 2020 Financial Results:
Revenues:
For the year ended December 31,
2020, we generated total revenue, which includes product
revenue and grant income, of approximately $41,005,000 as compared to revenues of
approximately $24,949,000 for the
year ended December 31, 2019, an
increase of approximately $16,056,000, or 64%. Revenue from product sales
was approximately $39,453,000 for the
year ended December 31, 2020, as
compared to approximately $22,766,000
in the year ended December 31, 2019,
an increase of approximately $16,787,000 or 73%. This increase was driven by
an increase in direct sales of approximately $8,917,000 resulting from sales to both new
customers and repeat orders from existing customers and an increase
in distributor sales of approximately $7,769,000. Sales to hospitals in the United States under the EUA granted by the
FDA amounted to approximately $1,341,000 for the year ended December 31, 2020. Though difficult to
quantitate, we estimate that approximately $9.4 million of total product sales during the
year ended December 31, 2020 was due
to the demand for CytoSorb to treat COVID-19 patients. In
addition, as a result of the increase in the average exchange rate
of the Euro to the U.S. dollar, sales were positively impacted by
approximately $693,000. For the
year ended December 31, 2020, the
average exchange rate of the Euro to the U.S. dollar was
$1.14 as compared to an average
exchange rate of $1.12 for the year
ended December 31, 2019.
Cost of Revenue:
For the years ended December 31,
2020 and 2019, cost of revenue was approximately
$11,052,000 and $7,364,000, respectively, an increase of
approximately $3,688,000. Product
cost of revenues increased approximately $4,180,000 during the year ended December 31, 2020 as compared to the year ended
December 31, 2019 as a result of the
increase in product sales. Product gross margins were
approximately 76% for the year ended December 31, 2020 and approximately 77% for the
year ended December 31, 2019. The
decrease in gross margin was due to an increase in percent
contribution of lower margin distributor sales as well as certain
costs associated with the rapid ramp-up of production during the
year ended December 31,
2020.
Gross Profit:
Gross profit was approximately $29,952,000 for the year ended December 31, 2020, an increase of approximately
$12,366,000 or 70%, over gross profit
of $17,586,000 in 2019. This increase
is attributed to an increase in CytoSorb product sales during
2020.
Research and Development Expenses:
Our research and development costs were approximately
$8,811,000 and $12,092,000 for the years ended December 31, 2020 and 2019, respectively, a
decrease of approximately $3,281,000,
or 27%. This decrease was due to a decrease in clinical trial and
related costs of approximately $3,769,000, due primarily to the pause in our
Company-sponsored clinical trials as a result of hospital
restrictions due to the COVID-19 pandemic, and a decrease in
our non-grant related research and development costs of
approximately $393,000. These
decreases were offset by an increase in non-clinical research and
development salary related costs of approximately $160,000 due primarily to COVID-19 related
incentive pay, decreases in direct labor and other costs being
deployed toward grant-funded activities of approximately
$675,000, which had the effect of
increasing the amount of our non-reimbursable research and
development costs and an increase in new product development costs
of approximately $46,000.
Legal, Financial and Other Consulting
Expenses:
Our legal, financial and other consulting costs were
approximately $3,048,000 and
$2,462,000 for the years ended
December 31, 2020 and 2019,
respectively, an increase of approximately $586,000, or 24%. This increase was due to
an increase in employment agency fees of approximately $395,000 related to the hiring of senior level
personnel, an increase in consulting fees of approximately
$219,000 primarily related to certain
financial advisory fees and an increase in accounting and auditing
fees of approximately $40,000.
These increases were offset by a decrease in legal fees of
approximately $70,000.
Selling, General and Administrative Expenses:
Our selling, general and administrative expenses were
approximately $28,464,000 and
$22,006,000 for the years ended
December 31, 2020 and 2019,
respectively, an increase of approximately $6,458,000, or 29%. This increase was due to an
increase in salaries, commissions and related costs of
approximately $4,849,000 due
primarily to headcount additions and increased commissions due to
increase sales, an increase in royalty expenses of approximately
$1,327,000 due to the increase in
product sales, and an increase in non-cash stock option expense of
approximately $1,879,000. These
increases were offset by reductions in sales and marketing costs,
which include advertising and conference attendance of
approximately $824,000 and travel and
entertainment and other general and administrative expenses of
approximately $773,000. These
reductions were due primarily to travel restrictions related to the
COVID-19 pandemic.
Interest Expense, Net:
For the year ended December 31,
2020, interest expense, net was approximately $1,201,000, as compared to interest expense, net
of approximately $1,034,000 for the
year ended December 31, 2019. This
increase in net interest expense of approximately $167,000 is related to the final fee that was due
upon repayment of our term loans in conjunction with the Third
Amendment to the Amended Loan and Security Agreement with Bridge
Bank that closed on December 4,
2020.
Gain (Loss) on Foreign Currency Transactions:
For the year ended December 31,
2020, the gain on foreign currency transactions was
approximately $2,607,000, as compared
to a loss on foreign currency transactions of approximately
$350,000 for the year ended
December 31, 2019. The 2020 gain is
directly related to the increase of the exchange rate of the Euro
at December 31, 2020 as compared to
December 31, 2019. The exchange rate
of the Euro to the U.S. dollar was $1.22 per Euro at December
31, 2020 as compared to $1.12
per Euro at December 31, 2019. The
2019 loss is directly related to the decrease in the exchange rate
of the Euro at December 31, 2019, as
compared to December 31, 2018. The
exchange rate of the Euro to the U.S. dollar was $1.12 per Euro at December
31, 2019 as compared to $1.15
per Euro at December 31, 2018.
Benefit from Income Taxes:
Our benefit from income taxes was approximately $1,127,000 and $1,092,000 for the years ended December 31, 2020 and 2019, respectively. These
benefits were realized by utilizing the New Jersey Technology
Business Tax Certificate Transfer Program whereby the State of New Jersey allows us to sell a
portion of our state net operating losses to a third party.
Liquidity and Capital Resources
Since inception, our operations have been primarily financed
through the private and public placement of our debt and equity
securities. At December 31, 2020, we
had current assets of approximately $82,453,000 including cash on hand of
approximately $71,422,000 and had
current liabilities of approximately $10,153,000. During the period from January 1, 2020 through July 15, 2020, we raised approximately
$26,427,000 by utilizing our ATM
facility with co-agents Jefferies LLC and B. Riley FBR. In
addition, we received net proceeds of approximately
$53,800,000 from our underwritten
public offering that closed on July 24,
2020. Also, we expect to receive approximately
$1,127,000 in cash from the approved
sale of our net operating losses and research and development
credits from the State of New
Jersey in the first quarter of 2021.
We believe that we have sufficient cash to fund our operations
and clinical trial activities well into the future.
2020 First Quarter Revenue Guidance
CytoSorbents has not historically given specific financial
guidance on quarterly results until the quarter has been completed.
However, we expect our first quarter 2021 product sales will
exceed product sales reported in the first quarter of 2020.
For additional information, please see the Company's Annual
Report on Form 10-K for the year ended December 31, 2020 filed on March 9, 2021 on http://www.sec.gov.
About CytoSorbents Corporation (NASDAQ: CTSO)
CytoSorbents Corporation is a leader in critical care
immunotherapy, specializing in blood purification. Its flagship
product, CytoSorb® is approved in the European Union with
distribution in 67 countries around the world, as an extracorporeal
cytokine adsorber designed to reduce the "cytokine storm" or
"cytokine release syndrome" that could otherwise cause massive
inflammation, organ failure and death in common critical illnesses.
These are conditions where the risk of death is extremely high, yet
no effective treatments exist. CytoSorb® is also being
used during and after cardiac surgery to remove inflammatory
mediators that can lead to post-operative complications, including
multiple organ failure. CytoSorb® has been used in more than
121,000 human treatments to date. CytoSorb has received
CE-Mark label expansions for the removal of bilirubin (liver
disease), myoglobin (trauma), and both ticagrelor and
rivaroxaban during cardiothoracic surgery. CytoSorb has
also received FDA Emergency Use Authorization in the United States for use in critically ill
COVID-19 patients with imminent or confirmed respiratory failure,
in defined circumstances. CytoSorb has also been granted FDA
Breakthrough Designation for the removal of ticagrelor in a
cardiopulmonary bypass circuit during emergent and urgent
cardiothoracic surgery.
CytoSorbents' purification technologies are based on
biocompatible, highly porous polymer beads that can actively remove
toxic substances from blood and other bodily fluids by pore capture
and surface adsorption. Its technologies have received non-dilutive
grant, contract, and other funding of more than $38 million from DARPA, the U.S. Department of
Health and Human Services (HHS), the National Institutes of Health
(NIH), National Heart, Lung, and Blood Institute (NHLBI), the U.S.
Army, the U.S. Air Force, U.S. Special Operations Command (SOCOM),
Air Force Material Command (USAF/AFMC), and others. The Company has
numerous products under development based upon this unique blood
purification technology protected by many issued U.S. and
international patents and multiple applications pending, including
ECOS-300CY™, CytoSorb-XL™, HemoDefend-RBC™, HemoDefend-BGA™,
VetResQ™, K+ontrol™, DrugSorb™, ContrastSorb, and
others. For more information, please visit the
Company's websites at www.cytosorbents.com and
www.cytosorb.com or follow us on Facebook and
Twitter.
Forward-Looking Statements
This press release includes forward-looking statements intended
to qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to,
statements about our plans, objectives, representations and
contentions and are not historical facts and typically are
identified by use of terms such as "may," "should," "could,"
"expect," "plan," "anticipate," "believe," "estimate," "predict,"
"potential," "continue" and similar words, although some
forward-looking statements are expressed differently. You should be
aware that the forward-looking statements in this press release
represent management's current judgment and expectations, but our
actual results, events and performance could differ materially from
those in the forward-looking statements. Factors which could cause
or contribute to such differences include, but are not limited to,
the risks discussed in our Annual Report on Form 10-K, filed with
the SEC on March 9, 2021, as updated
by the risks reported in our Quarterly Reports on Form 10-Q, and in
the press releases and other communications to shareholders issued
by us from time to time which attempt to advise interested parties
of the risks and factors which may affect our business. We caution
you not to place undue reliance upon any such forward-looking
statements. We undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise, other than as required
under the Federal securities laws.
CYTOSORBENTS
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(amounts in
thousands, except per share data)
|
|
|
Year ended December
31,
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Product
sales
|
$
|
39,453
|
|
$
|
22,766
|
|
$
|
20,252
|
|
Grant
income
|
|
1,552
|
|
|
2,184
|
|
|
2,252
|
|
Total
revenue
|
|
41,005
|
|
|
24,950
|
|
|
22,504
|
|
Cost of
revenue
|
|
11,053
|
|
|
7,364
|
|
|
7,489
|
|
Gross
profit
|
|
29,952
|
|
|
17,586
|
|
|
15,015
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
8,810
|
|
|
12,092
|
|
|
7,723
|
|
Legal,
financial and other consulting
|
|
3,048
|
|
|
2,462
|
|
|
2,002
|
|
Selling,
general and administrative
|
|
28,464
|
|
|
22,006
|
|
|
20,874
|
|
Total
operating expenses
|
|
40,322
|
|
|
36,560
|
|
|
30,599
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(10,370)
|
|
|
(18,974)
|
|
|
(15,584)
|
|
|
|
|
|
|
|
|
|
|
|
Other
income(expense), net
|
|
1,406
|
|
|
(1,384)
|
|
|
(2,247)
|
|
|
|
|
|
|
|
|
|
|
|
Loss before benefit
from income taxes
|
|
(8,964)
|
|
|
(20,358)
|
|
|
(17,831)
|
|
Benefit from income
taxes
|
|
1,127
|
|
|
1,092
|
|
|
620
|
|
|
|
|
|
|
|
|
|
|
|
Net loss available to
common shareholders
|
$
|
(7,837)
|
|
$
|
(19,266)
|
|
$
|
(17,211)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share
|
$
|
(0.20)
|
|
$
|
(0.60)
|
|
$
|
(0.56)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
38,818,990
|
|
|
32,255,253
|
|
|
30,719,176
|
|
|
|
|
|
|
|
|
|
|
|
CYTOSORBENTS
CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(amounts in
thousands)
|
|
|
|
December 31,
2020
|
|
|
December 31,
2019
|
|
ASSETS:
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
71,422
|
|
$
|
12,233
|
|
Grants and accounts
receivable, net
|
|
5,159
|
|
|
4,467
|
|
Inventories
|
|
2,674
|
|
|
2,114
|
|
Prepaid expenses and
other current assets
|
|
3,198
|
|
|
2,088
|
|
Total current assets
|
|
82,453
|
|
|
20,902
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
2,120
|
|
|
1,925
|
|
Right of use
asset
|
|
1,029
|
|
|
1,071
|
|
Other
assets
|
|
4,348
|
|
|
3,485
|
|
TOTAL ASSETS
|
$
|
89,950
|
|
$
|
27,383
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
1,835
|
|
$
|
2,039
|
|
Accrued expenses and
other current liabilities
|
|
7,871
|
|
|
5,802
|
|
Current maturities of
long –term debt, net of debt issuance costs
|
|
---
|
|
|
1,667
|
|
Lease
liability-current portion
|
|
447
|
|
|
428
|
|
Total current
liabilities
|
|
10,153
|
|
|
9,936
|
|
|
|
|
|
|
|
|
Lease liability, net
of current portion
|
|
582
|
|
|
643
|
|
Long-term debt, net
of current maturities
|
|
---
|
|
|
13,386
|
|
TOTAL LIABILITIES
|
|
10,735
|
|
|
23,965
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
79,21
|
|
|
3,418
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
89,950
|
|
$
|
27,383
|
|
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Investor Relations Contact:
Amy Vogel
Investor Relations
(732) 398-5394
avogel@cytosorbents.com
Public Relations Contact:
Eric Kim
Rubenstein Public Relations
212-805-3052
ekim@rubensteinpr.com
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SOURCE CytoSorbents Corporation