CytoSorbents Expects Upside FY21 Sales, Despite COVID-19 Headwinds

CytoSorbents Corp CTSO reported preliminary Q4 FY21 revenue of approximately $10.8 million, better than the consensus of $9.58 million. It reported revenue of $12.0 million in Q4 2020.

• The company expects blended product gross margins to be approximately 80% for Q4 FY21, mixing higher margin direct and lower margin distributor and partner sales.
• In its stockholder letter, CytoSorbents detailed it had a good 2021 with total revenue of $43.2 million (vs. the consensus of $41.95 million) and product sales of $40.1 million, both slightly ahead of results in 2020, despite headwinds from the COVID-19 pandemic. 
• Cumulative CytoSorb treatments delivered exceeded 162,000, up 34% from approximately 121,000 at the end of 2020.
• The company held a cash balance at the end of 2021 of approximately $54 million.
• In Q1 2022, CytoSorbents plan to renew a $15 million term loan agreement with Bridge Bank, ensuring continued financial flexibility.
• Price Action: CTSO shares are up 4.04% at $3.35 during the market session on the last check Tuesday.