The following is a summary of the CytoSorbents Corporation (CTSO) Q4 2023 Earnings Call Transcript:
Financial Performance:
CytoSorbents Corporation reported a revenue of $36.3 million for the year, a 5% increase year-over-year.
CytoSorb product sales increased by 9% to $31 million in 2023.
The Q4 2023 saw an 8% decrease in total revenue and a 1% decrease in CytoSorb product sales.
The gross margin increased from 70% in 2022 to 72% in 2023 and is projected to continue improving.
The company closed the year with $15.6 million in cash reserves.
Business Progress:
CytoSorbents delivered over 228,000 CytoSorb treatments by the end of 2023, a 17% increase from 2022.
The company formed a strategic partnership with Eris Lifesciences for CytoSorb in India.
It plans to launch the PuriFi pump post their agreement expiration with Nikkiso Europe GmbH.
CytoSorbents is set to submit applications for regulatory approval to the U.S. FDA and Health Canada in 2024's second half.
The company launched VetResQ to several regional veterinary centers in 2023 with plans for an integrated solution in 2024.
Progress was made on the HemoDefend-BGA prototype aimed at creating universal plasma.
Cost-saving measures aim to reduce the cash burn rate to around $3 million a quarter by the latter half of 2024.
More details: Cytosorbents IR
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