$CTSO
Cytosorbents Corp

2022 Q3 Form 10-Q Financial Statement

#000141057822002018 Filed on August 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $8.111M $8.496M $8.691M
YoY Change -16.9% -29.35% -18.0%
Cost Of Revenue $4.494M $3.551M $2.278M
YoY Change 82.46% 31.01% -17.22%
Gross Profit $3.617M $4.945M $6.414M
YoY Change -50.43% -46.91% -18.27%
Gross Profit Margin 44.6% 58.21% 73.79%
Selling, General & Admin $8.735M $8.439M $9.161M
YoY Change 12.33% -14.07% 18.82%
% of Gross Profit 241.47% 170.67% 142.83%
Research & Development $3.290M $4.183M $4.243M
YoY Change -22.81% 13.09% 85.95%
% of Gross Profit 90.95% 84.6% 66.16%
Depreciation & Amortization $213.1K $228.8K $217.6K
YoY Change -10.13% 90.52% 35.98%
% of Gross Profit 5.89% 4.63% 3.39%
Operating Expenses $12.63M $13.30M $14.20M
YoY Change -0.54% -6.58% 32.76%
Operating Profit -$9.017M -$8.357M -$7.791M
YoY Change 66.8% 69.7% 173.16%
Interest Expense $46.85K $23.97K $8.027K
YoY Change 266.95% 83.39% -179.29%
% of Operating Profit
Other Income/Expense, Net -$3.183M -$2.522M -$1.175M
YoY Change 218.26% -1120.28% -10.67%
Pretax Income -$12.20M -$10.88M -$8.966M
YoY Change 90.45% 132.58% 115.13%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$12.20M -$10.88M -$8.966M
YoY Change 90.45% 132.58% 115.13%
Net Earnings / Revenue -150.42% -128.06% -103.16%
Basic Earnings Per Share -$0.28 -$0.25 -$0.21
Diluted Earnings Per Share -$0.28 -$0.25 -$0.21
COMMON SHARES
Basic Shares Outstanding 43.58M 43.56M 43.49M
Diluted Shares Outstanding 43.61M 43.56M 41.59M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.55M $30.16M $43.02M
YoY Change -63.06% -54.02% -37.19%
Cash & Equivalents $22.55M $30.16M $43.02M
Short-Term Investments
Other Short-Term Assets $1.326M $1.331M $2.809M
YoY Change -31.67% -34.48% -6.37%
Inventory $3.542M $4.980M $5.445M
Prepaid Expenses
Receivables $4.961M $5.171M $4.577M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $32.38M $41.65M $55.85M
YoY Change -55.49% -45.97% -29.86%
LONG-TERM ASSETS
Property, Plant & Equipment $10.71M $10.22M $7.849M
YoY Change 181.95% 234.16% 226.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.695M $4.670M $4.685M
YoY Change -3.49% -2.44% 3.75%
Total Long-Term Assets $29.89M $29.56M $27.42M
YoY Change 33.94% 40.03% 249.53%
TOTAL ASSETS
Total Short-Term Assets $32.38M $41.65M $55.85M
Total Long-Term Assets $29.89M $29.56M $27.42M
Total Assets $62.27M $71.21M $83.27M
YoY Change -34.5% -27.48% -4.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.348M $2.129M $4.826M
YoY Change -30.08% -1.69% 187.66%
Accrued Expenses $7.771M $6.313M $7.410M
YoY Change 37.59% -26.85% -8.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.12M $10.55M $14.67M
YoY Change -8.6% -2.24% 50.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.01M $13.09M $13.17M
YoY Change -2.81% 0.61% 2534.48%
Total Long-Term Liabilities $13.01M $13.09M $13.17M
YoY Change -2.81% 0.61% 2534.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.12M $10.55M $14.67M
Total Long-Term Liabilities $13.01M $13.09M $13.17M
Total Liabilities $23.13M $23.65M $27.84M
YoY Change -5.43% -0.68% 172.44%
SHAREHOLDERS EQUITY
Retained Earnings -$253.2M -$241.0M -$230.2M
YoY Change 19.52% 17.31% 14.62%
Common Stock $43.63K $43.58K $43.51K
YoY Change 0.36% 0.55% 0.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.14M $47.56M $55.43M
YoY Change
Total Liabilities & Shareholders Equity $62.27M $71.21M $83.27M
YoY Change -34.5% -27.48% -4.81%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$12.20M -$10.88M -$8.966M
YoY Change 90.45% 132.58% 115.13%
Depreciation, Depletion And Amortization $213.1K $228.8K $217.6K
YoY Change -10.13% 90.52% 35.98%
Cash From Operating Activities -$6.735M -$8.040M -$8.119M
YoY Change 62.93% 294.02% 246.35%
INVESTING ACTIVITIES
Capital Expenditures -$716.5K -$4.685M $710.2K
YoY Change -29.58% 377.56% 65.7%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$716.5K -$4.685M -$848.0K
YoY Change -29.58% 377.56% 39.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 -40.36K
YoY Change -100.0% -100.0% -152.72%
NET CHANGE
Cash From Operating Activities -6.735M -8.040M -8.119M
Cash From Investing Activities -716.5K -4.685M -848.0K
Cash From Financing Activities 0.000 0.000 -40.36K
Net Change In Cash -7.451M -12.72M -9.115M
YoY Change 63.36% 339.54% 208.63%
FREE CASH FLOW
Cash From Operating Activities -$6.735M -$8.040M -$8.119M
Capital Expenditures -$716.5K -$4.685M $710.2K
Free Cash Flow -$6.018M -$3.355M -$8.829M
YoY Change 93.14% 216.67% 218.42%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 18pt;">1.    BASIS OF PRESENTATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The interim consolidated financial statements of CytoSorbents Corporation (the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of management, the Company has made all necessary adjustments, which include normal recurring adjustments, for a fair statement of the Company’s consolidated financial position and results of operations for the interim periods presented. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the “SEC”) on March 10, 2022. The results for the three and six months ended June 30, 2022 and 2021 are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of June 30, 2022, the Company’s cash, cash equivalents and restricted cash balances were approximately $31.9 million, which the Company expects will fund the Company’s operations beyond twelve months from the issuance of these consolidated financial statements. In addition, the Company has $15 million of debt availability and $25 million of availability under its ATM facility to provide additional liquidity, as needed. As a result, the Company has determined that the going concern risk has been substantially mitigated.</p>
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ctso Foreign Currency Transaction Gain Loss Excluding Tax
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CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
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us-gaap Operating Lease Payments
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OperatingLeaseLiability
13821509
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
416861
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
570566
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
13091893
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
13250943
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1718437
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1285373
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1676044
CY2022Q2 ctso Lessee Operating Lease Liability Payments Due Year Five And After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndAfterYearFive
18126012
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
26277634
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12768880
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
13508754
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
685000
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
430000

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