Cytosorbents Corporation (NASDAQ:CTSO) Q1 2019 Earnings Conference Call Transcript
May 07, 2019 • 04:45 pm ET
Good afternoon, and welcome to the CytoSorbents First Quarter 2019 Financial and Operating Results Conference Call. At this time, all participants are in listen-only mode. Following the formal remarks, we will open the call for your questions. Please be advised that this call will be recorded at the Company's request.
At this time, I'd like to turn the call over to our moderator, Jeremy Feffer. Please go ahead, Mr. Feffer.
Thank you, Jerry, and good afternoon. Welcome to CytoSorbents First Quarter 2019 Financial and Operating Results Conference Call. Joining me today from the company are Dr. Phillip Chan, Chief Executive Officer and President; Vincent Capponi, Chief Operating Officer; Kathleen Bloch, Chief Financial Officer; Dr. Eric Mortensen, Chief Medical Officer; Dr. Christian Steiner, Senior Vice President of Sales and Marketing from Germany; and Christopher Cramer, Vice President of Business Development.
Before I turn the call over to Dr. Chan, I'd like to remind listeners that during the call, management's prepared remarks may contain forward-looking statements, which are subject to risks and uncertainties. Management may make additional forward-looking statements in response to your questions today. Therefore, the Company claims protection under Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from results discussed today and therefore we refer you to a more detailed discussion of these risks and uncertainties in the Company's filings with the SEC.
Any projections as to the Company's future performance represented by management include estimates today as of May 7, 2019, and we assume no obligation to update these projections in the future as market conditions change.
During today's call, we will have an overview presentation covering the operating and financial highlights for the first quarter by Dr. Chan and Ms. Bloch. Following the presentation, we will open the line to your questions during a live Q&A session with the rest of the management team.
At this time, it's my pleasure to turn the call over to Dr. Phillip Chan. Phil.
Phillip P. Chan
Thank you very much, Jeremy, and good afternoon, everyone.
In the first quarter of 2019, 61,000 CytoSorb treatments were delivered, up from 40,000 a year ago. Trailing 12-month total revenue includes product sales, and grant income increased to $22.8 million versus $17 million a year ago. The Company remains well capitalized with a healthy cash balance of $19.6 million at the end of the first quarter.
Q1 2019 product sales were $4.6 million compared to $4.4 million a year ago. Adjusted Q1 2019 sales would have been approximately $4.9 million after reflecting a decrease in the average exchange rate of the euro to the dollar, which is $1.14 per euro in Q1 of 2019 versus $1.23 for Q1 of 2018.
Direct sales achieved new highs reflecting 18% quarterly growth year-over-year and 4% sequential growth compared to Q4 of 2018. Distributor sales were affected by what we anticipate to be short-term issues from three distributors.
Fresenius Medical Care is transitioning to new exclusive sales territories in Mexico, South Korea