CytoSorbents Corporation ( CTSO ) shares are trading lower on Friday after the company reported fourth-quarter 2024 preliminary results.

The company sees product revenue between $9 million and $9.2 million. That’s up 22%-25% year-over-year, and a product gross margin of around 70%, compared to 61% in the third quarter of 2024.

The gross margin improvement reflects the resolution of a planned production slowdown and a temporary manufacturing issue that impacted margins in the previous quarter.

Apart from this, CytoSorbents ( CTSO ) projects 2024 product revenue in the range of $35.4 million to $35.6 million, representing 14% growth.

Rights Offering: On Dec. 23, 2024, CytoSorbents ( CTSO ) launched a rights offering, which remains open until Jan. 10.

CytoSorbents ( CTSO ) CEO Phillip Chan said the company is preparing to enter the North American market with DrugSorb-ATR to reduce the severity of perioperative bleeding in CABG surgery due to Brilinta, pending FDA and Health Canada approvals.

The company expects regulatory decisions in 2025.

CytoSorbents ( CTSO ) plans to release full audited results for the fourth quarter on March 6.

Price Action: Cytosorbents ( CTSO ) shares are down 3.8% at 89 cents at the last check Friday.

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