CytoSorbents Reports Q1 2025 Financial Results with $8.7M Revenue

CytoSorbents Corporation reported its financial results for the first quarter of 2025, revealing total product revenue of approximately $8.7 million, a decrease of 3% from $8.99 million in the same period last year. The company experienced a gross profit of $6.2 million, down 10% year-over-year, resulting in a gross margin of 71.1%, compared to 76.5% in the prior year. The decline in revenue was attributed to a temporary disruption in direct sales in Germany, which the company is addressing through a strategic reorganization of its commercial team aimed at enhancing customer engagement and sales productivity.

Operating expenses for the quarter were reduced by 12% to $10.1 million, down from $11.5 million in the previous year. This led to a loss from operations of approximately $3.9 million, an improvement of 17% compared to the $4.7 million loss reported in Q1 2024. The decrease in operating expenses was primarily driven by lower research and development costs, which fell to $1.7 million from $2.2 million, and a reduction in selling, general, and administrative expenses, which decreased to $8.4 million from $9.3 million.

In terms of liquidity, CytoSorbents strengthened its balance sheet through a rights offering that raised $5.4 million in net proceeds in January 2025, followed by an additional $1.4 million from the exercise of Series A Right Warrants in February. As of March 31, 2025, the company reported total cash and cash equivalents of approximately $13.1 million, including $1.5 million classified as restricted cash. The company is also actively pursuing additional funding sources, including potential equity offerings and debt financing, to support its operations and product development initiatives.

Operationally, CytoSorbents continues to focus on the development of its DrugSorb-ATR device, which aims to address perioperative bleeding in high-risk surgeries. The company submitted a De Novo Request to the FDA for this device, which was accepted for review in October 2024. However, on April 25, 2025, the FDA issued a denial letter citing deficiencies that must be resolved before approval can be granted. The company plans to appeal this decision and is optimistic about achieving a final regulatory decision in 2025.

Looking ahead, CytoSorbents anticipates that its future capital requirements will depend on various factors, including the expansion of its customer base, regulatory approvals, and the successful launch of new products. The company remains committed to managing its resources effectively while navigating the challenges posed by market conditions and regulatory processes.