The Monmouth Junction, N.C.-based company said it expects a total revenue of $2.6 million for Q4, up 73% from $1.5 million in the same quarter in 2015 and up 20% from the 3rd quarter of 2016. Analysts on The Street were looking for sales of $2.5 million this quarter.
CytoSorbents also said it anticipates a full year revenue of $8.2 million, more than double the $4 million in sales the company made in 2015. Analysts forecasted slightly higher, pegging the company’s full year revenue at $8.9 million.
“These results reflect the continued importance and momentum of our CytoSorb therapy in hospitals around the world,” CEO Dr. Phillip Chan said in prepared remarks. “In light of our recent partnership and reimbursement updates, we believe we are well-positioned for a strong 2017.”
CTSO shares were trading at $6.45 apiece in mid-afternoon activity, up 4%.
CytoSorbents and Fresenius Medical Care (NYSE:FMS) said yesterday that the 2 companies have expanded the terms of their partnership and added a co-marketing agreement for the CytoSorb blood adsorber in countries where the therapy is available.
According to the 3-year agreement, CytoSorbents extended Fresenius’ exclusive distributorship of the device for critical care applications in France, Poland, Sweden, Denmark, Finland and Norway through 2019. In these countries, Fresenius will develop a CytoSorb CRRT kit that will include its compatible blood tubing set and it must meet minimum quarterly orders and payments.
The co-marketing agreement mandates that the 2 companies will jointly market CytoSorb and Frensenius’ compatible blood tubing sets to FMC’s critical care customer base in the countries where Cytosorb is actively commercialized. Fresenius will be responsible for identifying new CytoSorb sales opportunities and will make customer introductions with CytoSorbents and its distributors. The companies said that they anticipate the co-marketing program will begin in the 2nd half of this year.
The financial terms of the deal were not disclosed.