CytoSorbents (NASDAQ: CTSO) has received a ‘Buy’ rating and $20 price target from Aegis Capital Corp. following the company’s recent report of operational and financial results for the fiscal year ended December 31, 2016. The company reported a total revenue including both product sales and grant income in 2016 of approximately $9.5 million, almost doubling from $4.8 million in 2015. CytoSorb® also reports that product sales increased 103% to $8.2 million for fiscal 2016 compared to $4.0 million in fiscal 2015. Additionally, the company’s product sales were $2.6 million in the fourth quarter of 2016, the sixth consecutive quarter of record sales growth, representing a 75% increase over Q4 2015 sales, and a 22% increase over Q3 2016 sales.
“We recorded our strongest financial performance ever in 2016, led by record sales in Germany – the largest medical device market in Europe and the 3rd largest in the world – where we first began commercialization of CytoSorb®. Reorders from a broad base of existing direct customers continue to drive this growth, with many reference accounts becoming significant and one exceeding 10% of 2016 product sales. These large accounts validate our assertion that a single hospital can approach or exceed $1M in sales. Also, we are now seeing many other countries, managed by distributors or partners, begin to follow a similar sales trajectory as Germany, albeit time-shifted depending on when the therapy first became available there,” Dr. Phillip Chan, CEO of CTSO, stated in the press release.
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About CytoSorbents Corporation
CytoSorbents Corporation is engaged in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb® is approved in the European Union with distribution in 42 countries around the world. CytoSorbents has completed its REFRESH (REduction in FREe Hemoglobin) 1 trial – a multi-center, randomized controlled study that has demonstrated the safety of intra-operative CytoSorb® use in a heart-lung machine during complex cardiac surgery. In 2017, the company plans to initiate a pivotal REFRESH 2 trial intended to support U.S. FDA approval. CytoSorb® has been used safely in more than 20,000 human treatments to date. CytoSorbents’ purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption. Its technologies have received non-dilutive grant, contract, and other funding in excess of $18 million from DARPA, the U.S. Army, the U.S. Department of Health and Human Services, the National Institutes of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI), U.S. Special Operations Command (SOCOM) and others. The company has numerous products under development based upon this unique blood purification technology, protected by 32 issued U.S. patents and multiple applications pending, including CytoSorb-XL, HemoDefend™, VetResQ™, ContrastSorb, DrugSorb, and others. For more information, please visit the company’s website at www.cytosorbents.com.
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