Analyst Summary:
CytoSorbents Corporation has reported its financial and operating results for the quarter and year ended December 31, 2022. The sales momentum continues in Q1 2023 and the company expects sales growth in 2023. The company has achieved the first milestone of enrolling 40 patients for the pivotal STAR-T RCT and expects to complete enrollment at 120 patients this summer. The company has plans for U.S. FDA and Health Canada regulatory submissions if the results of the study are positive. The STAR-D trial is expected to resume after the completion of the STAR-T trial. The European STAR registry has collected real-world evidence on the use of the company's technology and is expected to establish the technology as the primary standard-of-care therapy for major unmet medical needs in treatment guidelines worldwide. The company has seen a continuation of the sales strength in Q1 2023 due to strong support from clinical data and focused sales and marketing activities. Lastly, growth initiatives are underway to contribute to sales growth in 2023, including a marketing campaign, a standalone blood pump initiative, and preferred supplier agreements with private hospital networks in Germany.