CytoSorbents sees Q4 revenue $4.5M-$4.7M, consensus $4.2M
CytoSorbents pre-announced preliminary unaudited fourth quarter 2017 and full year 2017 results ahead of filing its Form 10-K, stating that it expects to announce FY17 total revenue in excess of $15M and Q4 2017 total revenue of approximately $4.6M, or in a range of $4.5M-$4.7M. Dr. Phillip Chan, CEO of CytoSorbents, said: "2017 was another outstanding year for the company, witnessing tremendous growth in both sales and usage of CytoSorb across a broad range of critical care and cardiac surgery applications. Most of the catalysts that have been driving this growth - such as ongoing treatment successes, reorders and published data from the rapidly expanding community of CytoSorb users and thought leaders, partnerships, reimbursement, and geographic expansion - remain in place and continue to develop...We expect the combination of these factors and tight control of expenses will allow more than 50 cents on every dollar in sales to drop to earnings before interest, taxes, depreciation and amortization once we achieve true profitability. With the new tax law that cuts the U.S. corporate tax rate from 35% to 21%, and together with our substantial federal net operating losses, we will not pay federal income tax for a long time, increasing our generation of cash...We expect 2018 to be a transformational year for CytoSorbents, with the anticipated combination of rapid growth, operating profitability, and a set timeline for potential U.S. regulatory approval of CytoSorb for the first time."