- Medical device company CytoSorbents ( NASDAQ: CTSO ) reported on Tuesday its preliminary results, expecting total revenue of ~$34.7M ( consensus : $33.57M) for 2022.
- The company generated $43.2M in 2021 and $24.9M in pre-pandemic 2019. Q4 revenue is estimated at ~$9.4M vs. $8.27M consensus and $10.8M in Q4/2021.
- At the end of 2022, CytoSorbents ( CTSO ) had a cash balance of ~$23.8M.
- In a note to stockholders, CEO Phillip Chan said, "In 2022, we experienced a perfect storm of many geopolitical, economic, post-pandemic, and company-specific factors that contributed to lower-than-expected sales and product gross margins, and higher capital expenditures and operating costs, that made it a challenging year."
- For 2023, the company expects rebound of international product sales growth, restoration of product gross margins to historic ranges between 75-80%, reduced cash burn and no major capital expenditures and increased visibility on the likelihood of DrugSorb-ATR contributing to future sales.
For further details see:
CytoSorbents guides Q4 revenue above estimates