Benzinga | Jul 20, 2020 04:53PM EDT

CytoSorbents Sees Prelim. Q2 Sales $9.8M vs $9.25M Est.

Achieved preliminary record total quarterly revenue of $9.8 million and product sales of $9.5 million, driven by demand for CytoSorb as a treatment of cytokine storm in COVID-19 infection and other illnesses.

MONMOUTH JUNCTION, N.J., July 20, 2020 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ:CTSO), a critical care immunotherapy leader using its CytoSorb(r) blood purification technology to treat deadly inflammation in critically-ill and cardiac surgery patients around the world, provides preliminary Q2 2020 financial highlights and a brief corporate update.

Preliminary Q2 2020 Financial Highlights:

* Total revenue for Q2 2020 was approximately $9.8 million, a 58% increase from $6.2 million in Q2 2019

* Q2 2020 product revenues were approximately $9.5 million, an increase of 61% from $5.9 million for Q2 2019, and up 16% sequentially from $8.2 million in Q1 2020, and product sales for the trailing twelve months ended Q2 2020 is approximately $30.0 million.

* CytoSorbents generated approximately $667,000 in U.S. hospital sales during the second quarter, following the U.S. Food and Drug Administration (FDA) Emergency Use Authorization of CytoSorb for critically-ill COVID-19 patients in mid-April 2020

* Preliminary blended product gross margins were approximately 70%, compared to 76% for Q2 2019, impacted by increased costs of an expedited ramp in production in response to COVID-19 demand

* Cash balance at June 30, 2020 was approximately $35.1 million, with cash burn of approximately $2.3 million for the six months ended Q2 2020

* Cumulative CytoSorb treatments delivered grew to more than 98,000, up from 67,000 a year ago