CytoSorbents Corporation · NASDAQ:CTSO
CytoSorbents — Q4 2019 Earnings Presentation
19 slides from CytoSorbents's earnings presentation, Mar 5, 2020
Slide 1: CytoSorbents Q4 2019 and Full Year 2019 Earnings Conference Call
CytoSorbents Corporation (NASDAQ: CTSO) A Leader in Critical Care Immunotherapy Q4 2019 and Full Year 2019 Earnings Conference Call March 5, 2020
Slide 2: Conference Call Participants
Conference Call Participants Dr. Phillip Chan, MD, PhD Chief Executive Officer and President Vincent Capponi, MS Chief Operating Officer Kathleen Bloch, MBA, CPA Chief Financial Officer Dr. Christian Steiner, MD Senior Vice President Sales and Marketing Christopher Cramer, MS, MBA Vice President of
Slide 3: Safe Harbor Statement
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 actu
Slide 4: 2019 Operational Highlights
2019 Operational Highlights • 80,000+ CytoSorb treatments delivered, up from 56,000 a year ago • 2019 Total Revenue was $24.9M, including product sales and grant income, versus $22.5M a year ago • Product sales growth accelerated in Q4 2019 by 20%, driven by a 30% increase in direct sales • Achieved
Slide 5: CytoSorb and COVID-19
CytoSorb and COVID-19 • CytoSorb is in many of the countries where COVID-19 cases are surging, including Italy, Iran, Germany, France, Spain, Hong Kong and others • Through our partnership with China Medical System Holding Ltd, we donated CytoSorb devices that were made rapidly available to select h
Slide 6: CytoSorb and COVID-19 (cont)
CytoSorb and COVID-19 (cont) • Have submitted our documentation to the U.S. joint agency task force that includes the CDC, HHS, FDA, BARDA and others and are awaiting feedback • Manufacturing of CytoSorb has been ramped to build inventory of devices should there be a need. Given the 3-year shelf-lif
Slide 7: Clinical Update
Clinical Update med CVtOSorbents forking to Save Lives Through Blood Purification
Slide 8: Update on REFRESH 2-AKI and CMO
Update on REFRESH 2-AKI and CMO • Working closely with new CRO to close out re-monitoring and scrubbing of clinical data on first 153 patients, all of which remains usable data • Expect to address the data and data analytical requests of the DMC with the goal of restarting REFRESH 2-AKI by mid-2020
Slide 9: Update on UK TISORB and US Strategy
Update on UK TISORB and US Strategy UK TISORB study • 6 of 8 centers are active, 1 patient enrolled • Protocol amendment to enable enrollment of both emergent and urgent cardiac surgery patients was approved by the UK Medicines and Healthcare Products Regulatory Agency (MHRA) at end of February • Wa
Slide 10: Update on REMOVE
Update on REMOVE • The REMOVE endocarditis trial completed enrollment at 288 patients in January • Currently the data is being monitored with the goal of database lock soon • Data analysis on outcomes are expected by mid-2020 • Recent publication of single center, 58-patient, infective endocarditis
Slide 11: Update on HemoDefend
Update on HemoDefend • Manufacturing issue has been resolved, now in validation testing to confirm this • Manufacturing of new devices to follow • Expect to complete bench testing on new devices for efficacy parameters by mid-2020 • IDE for US Pivotal trial expected to be filed and approved in Q4 20
Slide 12: 2019 Financial Highlights
2019 Financial Highlights med CVtOSorbents forking to Save Lives Through Blood Purification
Slide 13: Q4 2019 Comparative Revenue Results
Q4 2019 Comparative Revenue Results Quarter Ended Quarter Ended Dec. 31, 2019 Dec. 31, 2018 % Incr. Product sales $ 6,610,395 $ 5,470,784 21% Grant income 819,916 610,061 34% Total revenue $ 7,430,311 $ 6,080,845 22% • Q4 2019 CytoSorb® sales were $6.6M, a 21% increase over $5.5M in Q4 2018 • Total
Slide 14: Comparative Annual Revenue Results
Comparative Annual Revenue Results Year Ended Year Ended Dec. 31, 2019 Dec. 31, 2018 % Incr. Product sales $22,765,854 $20,252,383 12% Grant income $2,183,619 $2,251,525 -3% Total revenue $24,949,473 $22,503,908 11% • 2019 Product sales were $22.8M, a 12% increase over 2018 product sales of $20.3M •
Slide 15: Quarterly Product Sales
$0 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $1,000,000 Q1 2014 $569,243 Q2 2014 $663,233 Q3 2014 $1,031,761 Q4 2014 $871,150 Q1 2015 $703,658 Q2 2015 $773,112 Q3 2015 $1,071,459 Q4 2015 $1,495,590 Q1 2016 $1,597,449 Q2 2016 $1,852,670 Q3 2016 $2,143,116 CytoSorb® Product Sal
Slide 16: Annual Product Sales and Blended Gross Margins
Annual Product Sales and Blended Gross Margins $25,000,000 85% $22,765,854 $20,252,383 $20,000,000 80% $15,000,000 $13,381,853 75% $10,000,000 $8,206,036 70% $5,000,000 $3,135,387 $4,043,819 65% $0 60% 2014 2015 2016 2017 2018 2019 CytoSorb Sales Blended Product Gross Margin
Slide 17: Working Capital and Cap Table
Working Capital and Cap Table Working Capital as of 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Current Assets: Cash and short-term investments $12,232 $22,369 $ 17,322 $ 5,245 $ 7,509 $ 5,550 Grants and accounts receivable, net 4,467 3,943 2,206 1,433 649 819 Inventories 2,114
Slide 18: Guidance
Guidance • CytoSorbents has not historically given specific financial guidance on quarterly results until the quarter has been completed. However: • We expect Q1 2020 product sales to exceed Q1 2019 product sales driven by strength in direct sales
Slide 19: Q&A Session
Q&A Session CytoSorbents Corporation NASDAQ: CTSO Investor Relations: Jeremy Feffer (212) 915-3820 [email protected] A Leader in Critical Care Immunotherapy