Cytosorbents Corporation (CTSO) has experienced an increase of 6.83% in premarket following the announcement of fourth-quarter 2021 and full year 2021 results. However, the last trading session closed at $3.22 with a decrease of 10.06%.
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Fourth-quarter 2021 and full year 2021 results – Latest Updates
CTSO announced fourth-quarter and full-year 2021 results on 18th January 2022. The company reported revenue of $10.8 million, compared to $12.0 million in Q4 2020. Moreover, the product sales came out to be $9.7 million exceeded the previous expectations. Not only this but the (non-COVID-19) product sales were at $8.0 million, compared to $8.9 million, of total product sales in Q4 2020. Furthermore, the direct sales from Germany climbed 45 percent to $5.3 million, $3.7 million more than that in Q3 2021. Last but not the least, preliminary product gross margins for Q4 2021 are estimated to be about 80%, combining higher margin direct sales with lower margin distributor and partner sales.
Appointment of Daniel Wendt – Was it a good decision?
On 21st December 2021, CTSO reported the appointment of Daniel Wendt as the Vice President of the company. Dr. Wendt is a globally famous academic cardiac surgeon with over 15 years of expertise managing difficult cardiovascular patients and a strong academic record. Moreover, Dr. Wendt is now Co-Director of the West German Heart and Vascular Center’s Thoracic and Cardiovascular Surgery Clinic in Essen, Germany, and Professor of Cardiac Surgery at Essen University Medical School.
During his career, Dr. Wendt conducted a wide range of adult cardiac surgery procedures, with a focus on minimally invasive procedures such as catheter-based cardiac strategies. He also served as a global proctor for Edwards Lifesciences’ transcatheter aortic valve implantation (TAVI). Lastly, Dr. Wendt’s responsibilities will include all cardiovascular medical affairs activities in support of the CE Mark approved uses of CytoSorb in cardiac surgery, as well as being a significant contributor to the Company’s cardiovascular clinical trial strategy, with the goal of generating data to continue driving wider adoption of the therapy across multiple indications.
What’s New?
Dr. Daniel Wendt joins CytoSorbents with great anticipation. Daniel’s broad international cardiac surgery network and strong subject matter expertise will considerably magnify the efforts in support of cardiac surgery indications under CE Mark and raise the awareness of polymer hemadsorption technology among the cardiovascular community globally. Moreover, his clinical trial skills will also assist with the execution of the existing clinical initiatives as well as the design of future studies.
Furthermore, the dedication to cardiac surgery has never been stronger, as evidenced by the relentless focus and progress on the FDA-approved STAR-T and STAR-D antithrombotic removal trials, the launch of the international STAR registry, and the ongoing investment in top talent like Dr. Wendt to support the global clinical and commercialization strategy.
