MONMOUTH JUNCTION, N.J.,
May 4, 2021 /PRNewswire/
-- CytoSorbents Corporation (NASDAQ: CTSO), a critical
care leader using its CytoSorb® blood purification technology to
treat life-threatening conditions in critically-ill and cardiac
surgery patients around the world, reports financial and
operating results for the quarter ended March 31, 2021.
CytoSorbents Continues Healthy Sales Growth in Q1 2021
First Quarter 2021 Financial Results:
- Total revenue for Q1 2021 was $10.6
million, including both product sales and grant income,
compared to $8.7 million in Q1 2020,
an increase of 22%
- Q1 2021 CytoSorb product sales was $10.1
million, an increase of approximately $2.0 million over Q1 2020 product sales of
$8.2 million, an increase of 24%.
Estimated COVID-19 related sales for Q1 2021 were approximately
$1.8 million, compared to
$1.6 million in Q1 2020
- Gross profit margin rose to $7.8
million in Q1 2021, as compared to $6.3 million in Q1 2020
- Q1 2021 Product gross margins were 77%. Excluding the
non-recurring negative impact of 2018, 2019 and 2020 tariff
adjustments of approximately $732K
and the offsetting non-recurring positive impact of the Employee
Retention Tax Credit of $388K,
product gross profit margins were 81% in Q1 2021, as compared to
76% in Q1 2020
- Trailing twelve months product sales rose to $41.4M at March 31,
2021, an increase of $15.1M or
57% over trailing twelve months product sales of $26.3M at March 31,
2020
- Healthy cash balance of $68.5M at
March 31, 2021
Q1 2021 Operating Highlights:
- Exceeded 131,000 cumulative CytoSorb treatments delivered, up
from 88,000 in Q1 2020, an increase of 49%, with an estimated 5,750
COVID-19 patients treated across 30+ countries to date
- Filed and later received U.S. FDA conditional approval of an
Investigational Device Exemption (IDE) protocol to conduct the U.S.
STAR-T (Safe and Timely Antithrombotic
Removal of Ticagrelor) randomized controlled trial.
This trial was designed to support U.S. FDA approval under
Breakthrough Designation
- We are pleased to announce that the U.S. STAR-T trial will be
led by two luminaries in the field of cardiovascular medicine who
will serve as Co-Principal Investigators:
-
- Dr. Michael Mack, MD – Medical
Director of Cardiothoracic Surgery for Baylor Scott & White Health and the chairman
of BSW The Heart Hospital – Plano Research Center. He is a pioneer
in the field of cardiothoracic surgery and a world-renowned
clinical researcher and physician who has performed more than 7,000
cardiac surgeries and authored over 400 publications, and has been
instrumental in key advances in the treatment of cardiovascular
disease.
- Dr. C. Michael Gibson, MS, MD –
President and CEO of the combined non-profit Baim and PERFUSE
research institutes at Harvard Medical
School that has led over 1,000 studies, published 3,000
manuscripts, and led 60 FDA submissions from their worldwide
network. Dr. Gibson is an interventional cardiologist and an
internationally recognized thought leader in cardiovascular
clinical trials and the regulatory process and has led Phase I-4
clinical trials, and cardiology megatrials totaling more than
180,000 patients which eventuated in international approval of
drugs like prasugrel (Effient®, Daiichi Sankyo, Eli Lilly) and
rivaroxaban (Xarelto®, Bayer, Jannsen), and betrixaban (Bevyxxa®,
AstraZeneca)
- Announced a global co-marketing agreement with B. Braun Avitum
AG, the third largest dialysis company in the world with €7.5
billion in worldwide revenue, to promote CytoSorb® with their OMNI®
Continuous Blood purification platform
- Appointed two key hires:
-
- Mr. James Komsa as Vice
President – U.S. Sales and Marketing to manage U.S. sales of
CytoSorb under the FDA Emergency Use Authorization for COVID-19
patients, and potential U.S. approval of the technology for
antithrombotic removal during cardiothoracic surgery. Formerly a VP
at Medtronic
- Dr. David D. Cox, PhD, MBA as
Vice President – Global Regulatory Affairs to help drive regulatory
approval in the U.S. and lead CytoSorbents global regulatory
initiatives. Formerly VP of Regulatory Affairs at Integra
LifeSciences
- The Korean Ministry of Food and Drug Safety (KMFDS) approved
CytoSorb for all equivalent European Union (E.U.) approved
indications, in collaboration with partner, Fresenius Medical
Care
- Health Canada authorized
CytoSorb for the importation, sale, and use in hospitalized
COVID-19 patients, with CytoSorb distributed by ebbtides
medical
- United Kingdom's National
Institute of Health and Care Excellence (NICE) issued a Medtech
Innovation Briefing on CytoSorb for reducing the risk of bleeding
during cardiac surgery
- Executed the lease on our new 48,500 sq ft. U.S. corporate
headquarters and future manufacturing center at 305 College Road
East, Princeton, New Jersey,
intended to support volume production capacity of $350-400 million in CytoSorb sales and product
gross margins in excess of 85%
- Opened the new CytoSorbents Logistics Hub Europe, an expanded
warehouse and distribution facility
- Conducted multiple webinars using CytoSorb in:
-
- Liver dialysis therapy and how it surpasses other
technologies
- Removal of anti-thrombotic or blood thinner medications and the
reduction in bleeding complication and costs, the potential to
reduce re-thoracotomies (re-operations), and why this application
is relevant
- Post-cardiac surgery to control post-operative complications
such as shock
- Multiple separate applications in septic shock, in COVID-19
patients, in muscle injury and rhabdomyolysis, valve replacement
for infective endocarditis, in major aortic surgery, and
extracorporeal membrane oxygenation (ECMO) – here and here.
Dr. Phillip Chan, Chief Executive
Officer of CytoSorbents stated, "Product sales grew by a healthy
24% in Q1 2021 compared to a year ago, aided by 27% growth in our
core non-COVID-19 business and 79% growth in distributor and
partner sales overall. We believe that Q1 2021 sales would
have been even higher, but were hampered for most of the quarter by
restrictions and lockdowns throughout Europe in many of our core markets, coupled
with rapidly declining new COVID-19 infections and hospitalizations
globally throughout the first two months of the quarter.
COVID-19 related sales for Q1 2021 were approximately $1.8M, down from an average of $2.6M in the prior three quarters. However, March
brought another dreaded COVID-19 wave to Europe, Latin
America, the Middle East,
and India, resulting in a massive
spike in new worldwide infections and a strengthening of COVID-19
related orders of CytoSorb, despite a continuation of lockdowns and
restrictions."
"Once the COVID-19 pandemic diminishes, we believe we will
continue our multi-year cycle of sales growth based on the breadth
and strength of our core non-COVID-19 businesses in critical care
and cardiac surgery and the growing body of evidence generated by
our clinical programs. The accelerated adoption of CytoSorb
around the world that we are seeing due to COVID-19 and new
exciting applications, such as liver dialysis therapy and
anti-thrombotic drug removal during cardiac surgery, are expected
to accelerate this growth phase. Because of this, we continue
to invest in our commercialization team, new manufacturing
facilities, and importantly, Company-sponsored clinical studies
designed to support inclusion of our therapy into global standard
treatment guidelines."
"To this end, we have made excellent progress in our clinical
programs. The U.S. STAR-T trial is our current clinical
priority, as we believe it provides the shortest, lowest risk, and
most visible path to potential U.S. regulatory approval. Our
FDA conditional IDE approval gave us the green light to complete
our operational readiness activities and begin anticipated
enrollment of the study in Q3 2021. We have already
evaluated and received verbal agreement from all of our clinical
trial centers to participate in the study, selected a contract
research organization, and established a Data and Safety Monitoring
Board (DSMB) and Clinical Evaluation Committee (CEC). We are
now proceeding with clinical trial agreements and ethics committee
review at these trial sites. Most importantly, today we are
pleased to announce STAR-T trial leadership by two seminal figures
in cardiovascular clinical research, Dr. Michael Mack and Dr. C. Michael Gibson. Their guidance and
involvement in the study design has already proven
invaluable. We look forward to sharing more detail of the
study once the IDE is fully approved."
"Meanwhile, we continue to make progress on our other
studies:
- The U.S. REFRESH 2-AKI pivotal trial has now restarted, with
50% of study sites now active and screening, with the remaining
sites expected to be active, pending COVID-19 restrictions, by the
end of this quarter
- The CTC COVID-19 Registry data entry and interim analysis on
more than 50 critically ill U.S. COVID-19 patients with acute
respiratory distress syndrome (ARDS) on ECMO plus CytoSorb is
nearing completion with a publication submission expected this
quarter
- The CyTATION ticagrelor removal trial enrolled its first
patients in the first quarter and will continue, led by the
pioneers of this therapeutic approach in Germany, and is expected to provide important
additional information to STAR-T. However, we have decided to close
our single arm, multi-center U.K. TISORB study, due to protracted
COVID-19 related delays in enrollment and the ongoing U.K.
lockdown, as previously disclosed, in favor of redirecting those
financial and personnel resources towards the U.S. STAR-T
trial
- The PROCYSS refractory septic shock and the HepOnFire acute
alcoholic hepatitis pilot studies are moving forward and are on
target to begin patient enrollment in Q4 2021
- We continue to expect to see topline data from the REMOVE
endocarditis trial this quarter"
Dr. Chan concluded, "Finally, we recently added a new warehouse
and product distribution center in Berlin, Germany to help manage our increased
international product volumes and logistics. We are also
excited to move forward with construction of our manufacturing
facility and building improvements of our new corporate
headquarters in Princeton, New
Jersey. With a modest capital expenditure of
$6-7M,
this new production plant is expected to quintuple our capacity to
support $350-400M in sales, while helping to significantly
improve our product gross margins and potential future
profitability. Pending COVID-19 restrictions, most of our
non-manufacturing staff are expected to move into the new building
during the summer, with a staged transition of our manufacturing
teams to the new building by the end of 2022 as the Princeton manufacturing facility is expected
to be completed, validated, and comes on line."
"Please join us on our earnings conference call today, details
for which are below."
Conference Call Details:
Date: Tuesday,
May 4, 2021
Time: 4:45 PM Eastern Time
Participant Dial-In: 1-877-451-6152
Conference ID: 13718834
Live Presentation Webcast:
http://public.viavid.com/index.php?id=144427
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=144427
An archived recording 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/.
Results of Operations
Comparison for the three months ended March 31, 2021 and 2020:
Revenues:
Revenue from product sales was approximately $10,143,000 in the three months ended
March 31, 2021, as compared to
approximately $8,156,000 in the three
months ended March 31, 2020, an
increase of approximately $1,987,000,
or 24%. This increase was driven by an increase in direct sales of
approximately $608,000 resulting from
sales to both new customers and repeat orders from existing
customers and an increase in distributor sales of approximately
$1,379,000. Sales to hospitals in
the United States under the EUA
granted by the FDA amounted to approximately $304,000 for the three months ended March 31, 2021. Though difficult to
quantitate, we estimate that approximately $1.8 million of total product sales in the first
quarter of 2021 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, 2021
product sales were positively impacted by approximately
$790,000. For the three months
ended March 31, 2021, the average
exchange rate of the Euro to the U.S. dollar was $1.21 as compared to an average exchange rate of
$1.10 for the three months ended
March 31, 2020.
Grant income was approximately $455,000 for the three months ended March 31, 2021 as compared to approximately
$551,000 for the three months ended
March 31, 2020, a decrease of
approximately $96,000 or 17%.
This decrease was a result of delays in grant related work caused
by the COVID-19 pandemic as our research and development employees
were either deployed to work-from-home status or reassigned to
assist in activities related to increasing the production of
CytoSorb.
Total revenues were approximately $10,599,000 for the three months ended
March 31, 2021, as compared to total
revenues of approximately $8,707,000
for the three months ended March 31,
2020, an increase of approximately $1,892,000, or 22%.
Cost of Revenues:
For the three months ended March 30,
2021 and 2020, cost of revenue was approximately
$2,751,000 and $2,385,000, respectively, an increase of
approximately $366,000. Product cost
of revenues increased approximately $354,000 during the three months ended
March 31, 2021 as compared to the
three months ended March 31, 2020
primarily as a result of increased sales. Product gross
margins were approximately 77% for the three months ended
March 31, 2021 and approximately 76%
for the three months ended March 31,
2020. The increase in the gross margin percentage in 2021 was
due manufacturing efficiencies achieved during the three months
ended March 31, 2021 and the receipt
of approximately $388,000 related to
the Employee Retention Tax Credit under the Coronavirus Aid, Relief
and Economic Security Act (the "CARES Act"). These increases
were offset by the impact of costs related to prior years tariffs
as a result of an audit by the German Customs Authorities.
Excluding the non-recurring negative impact of the 2018, 2019 and
2020 tariff adjustments of approximately $732,000 and the offsetting non-recurring
positive impact of the Employee Retention Tax Credit which were
recorded in the first quarter of 2021, product gross margins were
approximately 81% for the three months ended March 31, 2021. Please see Note 6 to the
financial statements for details related to this matter.
Research and Development Expenses:
For the three months ended March 31,
2021, research and development expenses were approximately
$2,282,000 as compared to research
and development expenses of approximately $1,965,000 for the three months ended
March 31, 2021, an increase of
approximately $317,000. This
increase was due to an increase in salaries related to our clinical
trial activities of approximately $333,000 due to the hiring of additional
personnel dedicated to the design of protocol and the anticipated
start of a clinical trial in the United
States for the removal of ticagrelor in emergent and urgent
cardiac surgery patients and an increase in non-grant related
research and development costs of approximately $65,000. These increases were offset by a
decrease in new product development costs of approximately
$81,000.
Legal, Financial and Other Consulting
Expenses:
Legal, financial and other consulting expenses were
approximately $708,000 for the three
months ended March 31, 2021, as
compared to approximately $519,000
for the three months ended March 31,
2020. The increase of approximately $189,000 was due to an increase in hiring fees of
approximately $151,000 due to the
hiring of certain senior level personnel and an increase in
consulting fees of approximately $111,000 primarily related to certain financial
advisory fees and information systems
consulting. These increases were offset by decreases in legal
fees of approximately $60,000 and
accounting fees of approximately $13,000.
Selling, General and Administrative Expenses:
Selling, general and administrative expenses were approximately
$7,710,000 for the three months ended
March 31, 2021, as compared to
approximately $6,317,000 for the
three months ending March 31, 2020,
an increase of $1,393,000. This increase is related
to an increase in salaries, commissions and other employee-related
costs of approximately $1,551,000, an
increase in royalty expenses of approximately $156,000 due to the increase in product sales, an
increase in commercial insurance of approximately $75,000 and an increase other general and
administrative expenses of approximately $50,000. These increases were offset by
reductions in sales and marketing costs, which include advertising
and conference attendance of approximately $151,000 and travel and entertainment costs of
approximately $190,000 due primarily
to travel restrictions related to the COVID-19 pandemic and a
decrease in non-cash stock option and restricted stock expense of
approximately $98,000.
Interest Expense, net:
For the three months ended March 31,
2021, net interest expense was approximately $10,000, as compared to net interest expense of
approximately $306,000 for the three
months ended March 31, 2020. This
decrease in net interest expense of approximately $296,000 was the result of the payoff of our
outstanding term loans with Bridge Bank in December of 2020.
Gain (Loss) on Foreign Currency Transactions:
For the three months ended March 31,
2021, the loss on foreign currency transactions was
approximately $1,306,000 as compared
to a loss of approximately $668,000
for the three months ended March 31,
2020. The 2021 loss was directly related to the decrease in
the spot exchange rate of the Euro to the U.S. dollar at
March 31, 2021 as compared to
December 31, 2020. The spot
exchange rate of the Euro to the U.S. dollar was $1.17 per Euro at March
31, 2021, as compared to $1.22
per Euro at December 31, 2020.
The 2020 loss was directly related to the decrease in the spot
exchange rate of the Euro at March 31,
2020 as compared to December
31, 2019. The spot exchange rate of the Euro to the
U.S. dollar was $1.10 per Euro at
March 31, 2020, as compared to
$1.12 per Euro at December 31, 2019.
History of Operating Losses
We have experienced substantial operating losses since
inception. As of March 31, 2021, we
had an accumulated deficit of approximately $200,794,000, which included losses of
approximately $4,168,000 and
$3,453,000 for the three-month
periods ended March 31, 2021 and
2020, respectively. Historically, losses have resulted principally
from costs incurred in the research and development of our polymer
technology, clinical studies, and general and administrative
expenses.
Liquidity and Capital Resources
Since inception, our operations have been primarily financed
through the issuance of debt and equity securities. At March 31, 2021, we had current assets of
approximately $79,635,000 including
cash on hand of approximately $68,468,000 and current liabilities of
approximately $9,759,000. 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 second quarter of 2021.
We believe that we have sufficient cash to fund our operations
well into the future.
2021 Second Quarter Guidance
CytoSorbents has not historically given specific financial
guidance on quarterly results until the quarter has been completed.
However, should current underlying order patterns continue,
with strength in our core business and global demand for CytoSorb
to treat COVID-19 patients, as well as our ability to continue to
scale up and produce CytoSorb, we expect our second
quarter 2021 product sales will exceed product sales reported
in the second quarter of 2020. We believe the COVID-19
pandemic has increased awareness and usage of CytoSorb as a
treatment of cytokine storm in many countries worldwide. We cannot
predict what the lasting impact of this exposure will have on our
long-term business, if any, and sales of CytoSorb may return to
historical levels when the pandemic is over.
For additional information, please see the Company's Form 10-Q
for the period ended March 31, 2021
filed on May 4, 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® has been used in more than
131,000 human treatments to date. CytoSorb has 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 approximately $39.5 million from DARPA, the U.S.
Army, the U.S. Department of Health and Human Services, the
National Institutes of Health (NIH), National Heart, Lung, and
Blood Institute (NHLBI), U.S. Special Operations Command
(SOCOM), the U.S. Army, U.S. Special Operations Command
(USSOCOM), the U.S. Air Force, 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 CytoSorb-XL™, HemoDefend™,
VetResQ™, K+ontrol™, ContrastSorb, DrugSorb, 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,
including statements about our product sales, our cash runway,
expected revenues and the impact of the COVID-19 pandemic on the
Company, its operations and use of CytoSorb internationally,
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)
|
|
|
For the Three Months
Ended
|
|
|
3/31/21
|
|
|
3/31/20
|
|
Revenue:
|
|
|
|
|
|
|
CytoSorb
sales
|
$
|
10,143
|
|
$
|
8,156
|
|
Other
sales
|
|
---
|
|
|
---
|
|
Total product
sales
|
|
10,143
|
|
|
8,156
|
|
Grant
income
|
|
456
|
|
|
551
|
|
Total
revenue
|
|
10,599
|
|
|
8,707
|
|
Cost of
revenue
|
|
2,751
|
|
|
2,385
|
|
Gross
profit
|
|
7,848
|
|
|
6,322
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Research and
development
|
|
2,282
|
|
|
1,965
|
|
Legal, financial and
other consulting
|
|
708
|
|
|
519
|
|
Selling, general and
administrative
|
|
7,710
|
|
|
6,317
|
|
Total operating
expenses
|
|
10,700
|
|
|
8,801
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(2,852)
|
|
|
(2,479)
|
|
Other
expense:
|
|
|
|
|
|
|
Interest expense,
net
|
|
(10)
|
|
|
(306)
|
|
Loss on foreign
currency transactions
|
|
(1,306)
|
|
|
(668)
|
|
Total other expense,
net
|
|
(1,316)
|
|
|
(974)
|
|
Loss before benefit
from income taxes
|
|
(4,168)
|
|
|
(3,453)
|
|
Benefit from income
taxes
|
|
---
|
|
|
---
|
|
Net loss
|
|
(4,168)
|
|
|
(3,453)
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
Basic and diluted loss
per share
|
$
|
(0.10)
|
|
$
|
(0.10)
|
|
Weighted average share
outstanding
|
|
43,242,791
|
|
|
33,981,262
|
|
|
|
|
|
|
|
|
Net Loss
|
$
|
(4,168)
|
|
$
|
(3,453)
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
Currency translation
adjustment
|
|
1,158
|
|
|
610
|
|
Comprehensive
loss
|
$
|
(3,010)
|
|
$
|
(2,843)
|
|
CYTOSORBENTS
CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
|
|
|
|
March 31,
2021
|
|
|
December 31,
2020
|
|
ASSETS:
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
64,468
|
|
$
|
71,422
|
|
Grants and accounts
receivable, net
|
|
5,019
|
|
|
5,159
|
|
Inventories
|
|
3,108
|
|
|
2,674
|
|
Prepaid expenses and
other current assets
|
|
3,040
|
|
|
3,198
|
|
Total current assets
|
|
79,635
|
|
|
82,453
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
2,405
|
|
|
2,120
|
|
Right of use
asset
|
|
924
|
|
|
1,029
|
|
Other
assets
|
|
4,515
|
|
|
4,348
|
|
TOTAL ASSETS
|
$
|
87,479
|
|
$
|
89,950
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
1,677
|
|
$
|
1,835
|
|
Current maturities of
long–term debt
|
|
---
|
|
|
---
|
|
Lease liability -
current portion
|
|
463
|
|
|
447
|
|
Accrued expenses and
other current liabilities
|
|
7,619
|
|
|
7,871
|
|
Total current
liabilities
|
|
9,759
|
|
|
10,153
|
|
Long-term debt, net
of current maturities and debt issuance costs
|
|
---
|
|
|
---
|
|
Lease liability, net
of current portion
|
|
461
|
|
|
582
|
|
TOTAL LIABILITIES
|
|
10,220
|
|
|
10,735
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
77,259
|
|
|
79,215
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
87,479
|
|
$
|
89,950
|
|
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Investor Relations Contact:
Amy Vogel
Investor Relations
(732) 398-5394
avogel@cytosorbents.com
U.S. Public Relations Contact:
Eric Kim
Rubenstein Public Relations
212-805-3052
ekim@rubensteinpr.com
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SOURCE CytoSorbents Corporation