The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Michael Sarcone - Jefferies - Analyst
: Hey, good afternoon and thanks for taking the questions. Just to start, congrats to both Kathy and Pete. Kathy has been great working with you. I
hope you have a great retirement, and Pete, looking forward to working with you again. So -- all right.
So I guess the first one for, I guess, for either Phil or Makis, you're on track with the FDA and Health Canada submission for DrugSorb. Can you just
give us an update on how you're feeling about approval? Maybe can you give us an update on any conversations you've had with the regulators,
particularly the FDA more recently?
Question: Michael Sarcone - Jefferies - Analyst
: Got it. Thanks, Makis. So then maybe one or two for Kathy. Just on the gross margins. The press release today mentioned the line of sight to 80%.
Can you talk about what gets us to 80% and what level of sales might get you there? And then just kind of the second part of that is more in the
near term, how are you thinking about gross margins in the second half of '24?
Question: Michael Sarcone - Jefferies - Analyst
: Got it. (multiple speakers) -- Sorry, go ahead.
Question: Michael Sarcone - Jefferies - Analyst
: Great. Very helpful. Thanks for all the color.
Question: Yuan Zhi - B. Riley Securities - Analyst
: Congrats on a good quarter and thank you for taking our question. Kathy, congrats on the retirement, and Pete, welcome on board, exciting time
for you to join here at CytoSorbents. Maybe Phil, start with you, can you provide more color what factors pushed the revenue to grow in second
quarter? And do you see similar trends in 3Q and comment on the volume versus the price change will be helpful?
Question: Yuan Zhi - B. Riley Securities - Analyst
: Any comments on the volume versus the price change year over year?
Question: Yuan Zhi - B. Riley Securities - Analyst
: Got it. And the following question is how will the delivery of PuriFi pump contributed to the revenue growth in 3Q, either itself or helping the sales
of CytoSorbents territories without the infrastructure. Can you provide more color on that?
Question: Yuan Zhi - B. Riley Securities - Analyst
: Yes. Got it. That's very helpful. Thank you.
Question: Tom Kerr - Zacks Small Cap Research - Analyst
: Good afternoon, guys and congratulations to Kathy, and thanks for all your detailed explanations and quick response to questions, so I appreciate
it. Can you clarify -- I'm unclear on the Canadian submission because originally, I thought it was going to be jointly. Now it's going to happen after
the FDA submission. So it's a fourth quarter event. I'm sorry, I don't have the slides in front of me, but can you clarify when that is expected to be
submitted to the Canadian authorities?
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AUGUST 13, 2024 / 8:30PM, CTSO.OQ - Q2 2024 Cytosorbents Corp Earnings Call
Question: Tom Kerr - Zacks Small Cap Research - Analyst
: Okay. So it's possible the Canadian submission could roll in the fourth quarter, but that's not your goal, correct?
Question: Tom Kerr - Zacks Small Cap Research - Analyst
: Okay. All right. Sorry, I misunderstood that. Couple of financial questions. The R&D down to $1.5 million. Is that just the comparison against the
STAR-T trials a year ago or is there anything else in there?
Question: Tom Kerr - Zacks Small Cap Research - Analyst
: Okay. The comparisons, right. So is that a good number to use for the second half of the year, $1.5 million per quarter?
Question: Tom Kerr - Zacks Small Cap Research - Analyst
: Okay. One last big picture question for Phil or anybody. The Taiwan thing seems interesting. Can you talk about that and what the size of that
business could be or could it be the next Germany? Is it that big enough of a market?
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AUGUST 13, 2024 / 8:30PM, CTSO.OQ - Q2 2024 Cytosorbents Corp Earnings Call
Question: Tom Kerr - Zacks Small Cap Research - Analyst
: Got it. Last financial question for me. You did receive the $15 million loan, right? It wasn't a subsequent event at the end of the quarter?
Question: Tom Kerr - Zacks Small Cap Research - Analyst
: (multiple speakers) --
Question: Tom Kerr - Zacks Small Cap Research - Analyst
: Thank you. That's all I have for today.
Question: Sean Lee - H.C. Wainwright - Analyst
: Hey. Good afternoon, guys. Congrats to Kathy and hope wish you a happy retirement. And welcome, Pete. I look forward to working with you. Most
of my key questions have been answered, but I'm just wondering, you were mentioning the doing R&D mostly on the grant.
So I was wondering what are the major projects that you are working on in terms of the grant supported ones? I know previously you had worked
on HemoDefend with I was wondering whether that's still going on and whether there are other projects or products that we can look forward to?
Thanks.
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AUGUST 13, 2024 / 8:30PM, CTSO.OQ - Q2 2024 Cytosorbents Corp Earnings Call
Question: Sean Lee - H.C. Wainwright - Analyst
: Great. Thanks for taking the questions.
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