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CytoSorbents Corporation (CTSO+4.67%) has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing includes the audited consolidated financial statements for the year, which have been restated to correct misstatements related to inventory and stock-based compensation expenses for restricted stock units.
CytoSorbents reported total product revenue of $35.6 million for the year ended December 31, 2024, an increase of 15% compared to the previous year. The increase was driven by growth in direct and distributor sales.
Gross profit for the year was $25.1 million, reflecting a 14% increase over the prior year, with product gross margins remaining steady at 71%.
Operating expenses totaled $41.9 million, a decrease from $53.9 million in the previous year, due to reduced research and development expenses following the completion of the STAR-T clinical trial.
The company reported a loss from operations of $16.8 million, an improvement from a loss of $31.9 million the previous year.
Interest expense increased to $1.4 million due to a new $20 million term-loan facility with Avenue Capital Group, which replaced the previous debt with Bridge Bank.
A loss on foreign currency transactions of $4.2 million was recorded, compared to a gain of $1.9 million in the prior year, due to fluctuations in the Euro to U.S. dollar exchange rate.
CytoSorbents' net loss for the year was $20.7 million, compared to $29.2 million in the previous year.
The company continues to focus on expanding its market presence and anticipates regulatory decisions regarding its DrugSorb-ATR application from the FDA and Health Canada in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CytoSorbents Corporation annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.