The
Unrecognized
Faces of
Critical Illness
CytoSorbents Corporation
Q2 2023 Earnings Conference Call August 1, 2023
Conference Call Participants
Moderator: Taylor Devlin CytoSorbents Corporation
Phillip Chan, MD, PhD
Chief Executive Officer
Kathleen Bloch, MBA, CPA Interim Chief Financial Officer
Christian Steiner, MD
Executive VP Sales & Marketing
Managing Director
CytoSorbents Europe GmbH
Vincent Capponi, MS
President and
Chief Operating Officer
Efthymios "Makis" Deliargyris
MD, FACC, FESC, FSCAI
Chief Medical Officer
Christopher Cramer, MS, MBA
Senior VP
Business Development
Irina Kulinets, PhD
Senior VP
Global Regulatory Affairs
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Safe Harbor Statement
Statements in this presentation regarding CytoSorbents Corporation and its operating subsidiaries CytoSorbents Medical, Inc and CytoSorbents Europe GmbH that are not historical facts are forward- looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. It is routine for our internal projections and expectations to change. Although these expectations may change, we are under no obligation to inform you if they do. Actual events or results may differ materially from those contained in the projections or forward-looking statements. The following factors, among others, could cause our actual results to differ materially from those described in a forward-looking statement: our history of losses; potential fluctuations in our quarterly and annual results; competition, inability to achieve regulatory approval for our device, technology systems beyond our control and technology-related defects that could affect the companies' products or reputation; risks related to adverse business conditions; our dependence on key employees; competition for qualified personnel; the possible unavailability of financing as and if needed; and risks related to protecting our intellectual property rights or potential infringement of the intellectual property rights of third parties. This list is intended to identify only certain of the principal factors that could cause actual results to differ from those discussed in the forward-looking statements. Readers are referred to a discussion of important risk factors detailed in the Company's 2022 Form 10-K filed with the Securities and Exchange Commission on March 9, 2023, and other reports and documents filed from time to time by us, which are available online at www.sec.gov.
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Operational Update
Phillip Chan, MD, PhD
Chief Executive Officer
Recent Operational Highlights
- Pivotal STAR-T trial completed enrollment ahead of internal projections, with strong performance amongst our 30 clinical trial centers in the U.S. and Canada
- Followed the second independent Data & Safety Monitoring Board (DSMB) evaluation in June on unblinded safety data on 80 patients, recommending completion of the trial without modification
- Q2 2023 total revenue was $9.4M, including product sales of $8.1M vs $7.3M in product sales a year ago, representing the 3rd consecutive quarter of sequential product sales growth
- Product gross margins grew 700 basis points to 74% from 67% a year ago
- Exceeded 212,000 cumulative human treatments delivered across 75 countries worldwide
- Appointed Alex D'Amico as new CFO to start August 7, 2023
- 20 years of broad finance, SEC reporting, M&A, fundraising, and accounting experience
- Kathy Bloch will stay on as a consultant and help manage the transition
- Introduced Michael Bator as new Chairman of the Board at the Annual Meeting in June
- BOD director since 2015. Founder and Partner of Quartz Advisory Group - a capital markets investment bank, and former Managing Director of Healthcare Research at Jennison Associates
- Announced theranostic collaboration with Humedics - 1 year joint marketing agreement where CytoSorb and LiMAx® liver function test would be promoted together for liver disease treatment
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CytoSorbents Corporation published this content on 10 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 September 2023 08:44:05 UTC.