CytoSorbents reports Q2 EPS (8c), consensus (10c)

Reports Q2 revenue $9.9M, consensus $9.68M. Total cash, including cash and cash equivalents, and restricted cash was $14.9 M as of June 30. “We continue to actively reduce operating expenses with a focus on improvements in productivity and the longer-term goal of being self-sustaining. Cost cutting measures taken in prior periods have helped to reduce our Q2 2024 operating loss by 48% to $3.4 million, compared to $6.6 million a year ago. Last month, we enacted additional cost cuts, designed to reduce the Company’s cash burn by another $5 million on an annualized basis. Specifically, over the past 5 months, we have streamlined our operations, and through a combination of attrition and layoffs, have decreased full-time and part-time headcount by 17% from 186 to 155 as of today. These have been very difficult but necessary actions for the greater good to ensure that we live within our means and can fund our critical programs.”