Cytosorbents Q2 adjusted EPS USD -0.05

CytoSorbents Corporation (NASDAQ: CTSO) reported an adjusted earnings per share (EPS) of -$0.05 for the second quarter of 2023, reflecting continued operational and financial challenges for the company. The adjusted EPS represents a slight improvement compared to the prior year period, where the company reported net loss per share of -$0.25 for Q2 2022.

Total revenue for the quarter reached $9.4 million, a 11% increase compared to $8.5 million in Q2 2022. This growth was driven by a 10% increase in product sales to $8.1 million, up from $7.3 million in the same period the previous year. The increase in product sales was partially attributed to a favorable shift in the Euro-to-U.S. dollar exchange rate, which contributed approximately $187,000 to the quarter’s revenue.

Despite the revenue growth, the company reported a net loss of $6.15 million for the quarter, or -$0.14 per basic and diluted share. The loss before income taxes was $6.15 million, with no tax benefit recorded during the period. The company’s gross profit for the quarter was $6.02 million, with product gross margins rising to 74%, up from 67% in Q2 2022.

Operating expenses totaled $12.58 million for the quarter, with research and development expenses at $3.67 million, legal and consulting expenses at $1.19 million, and selling, general, and administrative expenses at $7.72 million. The company also recorded a gain of $415,000 on foreign currency transactions, which partially offset the operating loss.

As of June 30, 2023, CytoSorbents held $14.8 million in cash and cash equivalents. The company continues to manage its cash burn, reporting an average quarterly burn of $4.5 million in the first half of 2023, down from $11 million in the first half of 2022. The company expects to maintain sufficient liquidity to fund operations through 2023 but will need to raise additional capital for long-term growth.

The company remains focused on completing its pivotal STAR-T trial for DrugSorb-ATR and advancing its commercialization strategy for CytoSorb. While the adjusted EPS remains negative, the company’s improved revenue performance and cost controls suggest a path toward future profitability, contingent on successful clinical and regulatory outcomes.