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REVENUE | 12 Months Ended
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Dec. 31, 2024
REVENUE |
REVENUE | 3. REVENUE The following table disaggregates the Company’s revenue by customer type and geographic area for the year ended December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Distributors/ | ​ | ​ | ​
​ |  | Direct |  | Strategic Partners |  | Total
Product revenue: |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 114,611 | ​ | $ | 36,000 | ​ | $ | 150,611
Germany | ​ |  | 13,049,729 | ​ | ​ | — | ​ | ​ | 13,049,729
All other countries | ​ |  | 7,616,123 | ​ |  | 14,778,057 | ​ |  | 22,394,180
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Product revenue | ​ | $ | 20,780,463 | ​ | $ | 14,814,057 | ​ | $ | 35,594,520
​ The following table disaggregates the Company’s revenue by customer type and geographic area for the year ended December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Distributors/ | ​ | ​ | ​
​ |  | Direct |  | Strategic Partners |  | Total
Product revenue: |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 66,773 | ​ | $ | — | ​ | $ | 66,773
Germany | ​ |  | 12,964,806 | ​ | ​ | — | ​ | ​ | 12,964,806
All other countries | ​ |  | 5,956,042 | ​ | ​ | 12,097,332 | ​ | ​ | 18,053,374
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product revenue | ​ | $ | 18,987,621 | ​ | $ | 12,097,332 | ​ | $ | 31,084,953
​ CytoSorb Sales The Company sells its CytoSorb device using both its own sales force (direct sales) and through the use of distributors and/or strategic partners. The majority of sales of the device are outside the United States, as CytoSorb is not yet approved for commercial sale in the United States. However, in April 2020, the Company was granted Emergency Use Authorization (“EUA”) of CytoSorb for use in critically-ill patients infected with COVID-19 with imminent or confirmed respiratory failure by the United States Food and Drug Administration (the “FDA”). Direct sales outside the United States relate to sales to hospitals located in Germany, Switzerland, Austria, Belgium, Luxembourg, Poland, the Netherlands, Sweden, Denmark, Norway and the United Kingdom. Direct sales are fulfilled from the Company’s warehouse facility in Berlin, Germany. There are no formal sales contracts with any direct customers relating to product price or minimum purchase requirements. However, there are agreements in place with certain direct customers that provide for either free of charge product or rebate credits based upon achieving minimum purchase levels. The Company records the value of these items earned as a reduction of revenue. These customers submit purchase orders and the order is fulfilled and shipped directly to the customer. Prices to all direct customers are based on a standard price list based on the packaged quantity (6 packs versus 12 packs). Distributor and strategic partner sales make up the remaining product sales. These distributors are located in various countries throughout the world. The Company has a formal written contract with each distributor/strategic partner. These contracts have terms ranging from 1-5 years in length, with three years being the typical term. In addition, certain distributors are eligible for volume discount pricing if their unit sales are in excess of the base amount in the contract. Most distributor’s/strategic partner’s contracts have minimum annual purchase requirements in order to maintain exclusivity in their respective territories. There is no additional consideration or monetary penalty that would be required to be paid to CytoSorbents if a distributor does not meet the minimum purchase commitments included in the contract, however, at the discretion of the Company, the distributor may lose its exclusive rights in the territory if such commitments are not met. In summary, the contracts the Company has with customers are the distributor/strategic partner contracts related to CytoSorb product sales, agreements with direct customers related to free-of-charge product and credit rebates based upon achieving minimum purchase levels. The Company does not currently incur any outside/third-party incremental costs to obtain any of these contracts. The following table provides information about receivables and contract liabilities from contracts with customers: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2024 |  | December 31, 2023
Contract receivables, which are included in grants and accounts receivable | ​ | $ | 4,426,890 | ​ | $ | 3,846,271
Contract liabilities, which are included in accrued expenses and other current liabilities | ​ | $ | 596,042 | ​ | $ | 1,577,141
​ Contract receivables represent balances due from product sales to distributors amounting to $4,233,888 and $3,270,724 at December 31, 2024 and 2023, respectively, and billed and unbilled amounts due on government contracts amounting to $193,002 and $575,547 at December 31, 2024 and 2023, respectively. Contract receivable amounted to $3,822,452 as of January 1, 2023. Contract liabilities represent the value of free of charge goods and credit rebates earned in accordance with the terms of certain direct customer agreements, which amounted to $176,714 and $196,322 at December 31, 2024 and 2023, respectively, and deferred grant liability related to the billing on fixed price government contracts in excess of costs incurred, which amounted to $419,328 and $1,376,819 at December 31, 2024 and 2023, respectively.

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