CytoSorbents (NASDAQ:CTSO) reports preliminary 58% Y/Y increase in 2Q20 revenue to $9.8M, including product revenues of ~$9.5M. It compares to revenue estimate of $9.46M.
Product revenues has shown 61% improvement from $5.9M a year ago, and up 16% Q/Q.
The company generated ~$667K in U.S. hospital sales after receiving Emergency Use Authorization from FDA for use of CytoSorb in critically ill COVID-19 patients.
Preliminary blended product gross margins were ~70% against 76% a year ago, impacted by increased costs of ramped-up production in response to COVID-19 demand.
CytoSorbents expects REFRESH 2-AKI clinical trial to restart this quarter after completion of pending positive DSMB review and trial sites.
Cash balance stood at ~$35.1M, with cash burn of ~$2.3M for the half year ended Q2 2020.
Q2 actual results scheduled to be released on August 4.
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