$CTSO
Cytosorbents Corp

2024 Q2 Form 10-Q Financial Statement

#000141057824000703 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $9.895M $9.786M $9.449M
YoY Change 5.03% 3.56% 8.72%
Cost Of Revenue $3.392M $3.216M $3.994M
YoY Change -0.3% -19.49% 75.36%
Gross Profit $6.503M $6.571M $5.455M
YoY Change 8.04% 20.44% -14.94%
Gross Profit Margin 65.72% 67.14% 57.73%
Selling, General & Admin $7.581M $8.567M $8.463M
YoY Change -14.7% 1.23% -7.61%
% of Gross Profit 116.58% 130.39% 155.14%
Research & Development $1.520M $2.248M $4.214M
YoY Change -58.58% -46.65% -0.68%
% of Gross Profit 23.37% 34.22% 77.25%
Depreciation & Amortization $400.6K $397.3K $258.6K
YoY Change -0.34% 53.61% 18.87%
% of Gross Profit 6.16% 6.05% 4.74%
Operating Expenses $9.922M $11.50M $13.35M
YoY Change -20.99% -13.87% -6.04%
Operating Profit -$3.419M -$4.926M -$7.892M
YoY Change -47.71% -37.59% 1.29%
Interest Expense -$180.1K -$6.653K -$63.17K
YoY Change -144.34% -89.47% -886.97%
% of Operating Profit
Other Income/Expense, Net -$724.3K -$1.432M $565.7K
YoY Change -353.19% -148.14%
Pretax Income -$4.143M -$6.358M -$7.326M
YoY Change -32.67% -13.21% -18.3%
Income Tax
% Of Pretax Income
Net Earnings -$4.143M -$6.358M -$7.326M
YoY Change -32.67% -13.21% -18.3%
Net Earnings / Revenue -41.87% -64.97% -77.53%
Basic Earnings Per Share -$0.08 -$0.12 -$0.17
Diluted Earnings Per Share -$0.08 -$0.12 -$0.17
COMMON SHARES
Basic Shares Outstanding 54.31M 54.29M 43.66M
Diluted Shares Outstanding 54.31M 54.26M 43.68M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.459M $8.608M $19.05M
YoY Change -35.68% -54.81% -55.72%
Cash & Equivalents $8.459M $8.608M $19.05M
Short-Term Investments
Other Short-Term Assets $1.357M $880.4K $1.863M
YoY Change -4.56% -52.75% -33.67%
Inventory $4.317M $3.739M $1.726M
Prepaid Expenses
Receivables $7.823M $6.765M $5.528M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $21.96M $19.99M $28.16M
YoY Change -7.14% -29.02% -49.57%
LONG-TERM ASSETS
Property, Plant & Equipment $9.424M $9.749M $10.70M
YoY Change -58.73% -8.85% 36.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.774M $3.920M $4.445M
YoY Change -36.73% -11.82% -5.11%
Total Long-Term Assets $31.47M $27.08M $29.30M
YoY Change 9.27% -7.58% 6.86%
TOTAL ASSETS
Total Short-Term Assets $21.96M $19.99M $28.16M
Total Long-Term Assets $31.47M $27.08M $29.30M
Total Assets $53.43M $47.07M $57.46M
YoY Change 1.87% -18.09% -30.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.047M $2.399M $2.995M
YoY Change 7.44% -19.88% -37.94%
Accrued Expenses $5.991M $6.929M $5.824M
YoY Change 0.97% 18.98% -21.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $2.500M
YoY Change
Total Short-Term Liabilities $10.34M $13.42M $10.44M
YoY Change -0.14% 28.63% -28.87%
LONG-TERM LIABILITIES
Long-Term Debt $13.67M $1.929M $5.011M
YoY Change 172.3% -61.51%
Other Long-Term Liabilities $12.68M $12.79M $13.06M
YoY Change -2.29% -2.07% -0.85%
Total Long-Term Liabilities $13.67M $1.929M $18.07M
YoY Change -24.03% -89.33% 37.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.34M $13.42M $10.44M
Total Long-Term Liabilities $13.67M $1.929M $18.07M
Total Liabilities $36.69M $28.14M $28.51M
YoY Change 29.42% -1.28% 2.38%
SHAREHOLDERS EQUITY
Retained Earnings -$293.0M -$288.9M -$261.3M
YoY Change 9.54% 10.54% 13.54%
Common Stock $54.31K $54.29K $43.85K
YoY Change 22.88% 23.81% 0.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.74M $18.93M $28.96M
YoY Change
Total Liabilities & Shareholders Equity $53.43M $47.07M $57.46M
YoY Change 1.87% -18.09% -30.99%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$4.143M -$6.358M -$7.326M
YoY Change -32.67% -13.21% -18.3%
Depreciation, Depletion And Amortization $400.6K $397.3K $258.6K
YoY Change -0.34% 53.61% 18.87%
Cash From Operating Activities -$4.795M -$4.830M -$3.108M
YoY Change -30.85% 55.39% -61.72%
INVESTING ACTIVITIES
Capital Expenditures $119.9K $45.19K $509.7K
YoY Change -185.44% -91.13% -28.24%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$119.9K -$127.0K -$682.9K
YoY Change -185.44% -81.4% -19.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $625.0K $0.00
YoY Change
Cash From Financing Activities 9.835M -571.8K 684.3K
YoY Change 956.22% -183.56% -1795.49%
NET CHANGE
Cash From Operating Activities -4.795M -4.830M -3.108M
Cash From Investing Activities -119.9K -127.0K -682.9K
Cash From Financing Activities 9.835M -571.8K 684.3K
Net Change In Cash 4.920M -5.523M -3.096M
YoY Change -183.93% 78.37% -66.03%
FREE CASH FLOW
Cash From Operating Activities -$4.795M -$4.830M -$3.108M
Capital Expenditures $119.9K $45.19K $509.7K
Free Cash Flow -$4.915M -$4.875M -$3.618M
YoY Change -27.65% 34.75% -59.02%

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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 presentation 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, 2023, included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the “SEC”) on March 14, 2024. The results for the three months ended March 31, 2024 and 2023, 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 March 31, 2024, the Company’s cash, cash equivalents and restricted cash balances were approximately $10.1 million, including approximately $8.6 million in cash and cash equivalents and approximately $1.5 million in restricted cash, which is not expected to fund the Company’s operations beyond the next twelve months from the issuance of these consolidated financial statements. This matter raises substantial doubt about the Company’s ability to continue as a going concern. As a result, the accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company is actively pursuing financing sources, including less or non-dilutive debt financing, royalty financing, strategic or direct investments, equity financing, and/or combinations thereof. There can be no assurance that management will be successful in these endeavors.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company maintains cash balances, at times, with financial institutions in excess of amounts insured by the Federal Deposit Insurance Corporation (“FDIC”). Beginning in April of 2023, the Company joined the IntraFi network, and established an Insured Cash Sweep (“ICS”) account whereby all cash that was previously held in the Company’s money market account at Bridge Bank is swept daily in increments of less than $250,000 and deposited in a number of IntraFi’s 4,000 member banks. This arrangement provides FDIC insurance coverage for all of the cash balances previously held in the money market account, which represents all of the cash and cash equivalents held at Bridge Bank. This arrangement excludes the restricted cash balances. Management monitors the soundness of these institutions in an effort to minimize its collection risk of these balances. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">A significant portion of the Company’s revenues are from product sales in Germany. Substantially all of the Company’s grant and other income are from government agencies in the United States. (See Note 4 for further information relating to the Company’s revenue.)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of March 31, 2024, one distributor accounted for approximately 17% of outstanding grants and accounts receivable. As of December 31, 2023, one distributor accounted for approximately 19% of outstanding grants and accounts receivable. For the three months ended March 31, 2024, no customer accounted for more than 10% of the Company’s total revenue and for the three months ended March 31, 2023, one distributor accounted for approximately 11% of the Company’s total revenue. </p>
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