Business
KORU Medical Systems Announces 2022 Q4 and Full Year Financial Results, Accelerating to 19% Revenue Growth in 2022
MAHWAH, N.J.--(BUSINESS WIRE)-- KORU Medical Systems, Inc. (NASDAQ: KRMD) ("KORU Medical" or the "Company"), a leading medical technology company focused on
About this update from Koru Medical Systems, Inc.
[{"type":"text","content":" MAHWAH, N.J.--(BUSINESS WIRE)--\nKORU Medical Systems, Inc. (NASDAQ: KRMD) (\"KORU Medical\" or the \"Company\"), a leading medical technology company focused on the development, manufacturing, and commercialization of innovative and easy-to-use subcutaneous drug delivery systems that improve quality of life for patients, today reported financial results for the fourth quarter and full year ended December 31, 2022. The Company also issued guidance for the full year 2023.\n\nRecent Highlights:\n\n\nFourth quarter net revenue growth of 13% to $7.3 million, marking the fifth consecutive quarter of double-digit growth, and full year net revenue growth of 19% to $27.9 million\n\n\n\nNovel Therapies business finished the year with 14 total collaborations to date – growing pre-commercial revenue from $0.5 million in 2021 to $2.5 million for full year 2022\n\n\n\n11% Core business growth (U.S. and International) for the year driven by overall SCIg market growth and market share gains through prefilled syringe adoptions\n\n\n\nImproved cash position to $17.4 million ending the fourth quarter via strong working capital management\n\n\n\n2023 net revenues expected to be between $32.5 and $33.5 million, representing growth in the range of 17-20%\n\n\n\"2022 was a very impactful year for KORU Medical, as we executed on the first year of our Vision 2026 strategy and strengthened our position as a leading provider of drug delivery in the home,\" said Linda Tharby, KORU Medical's President and CEO. \"We grew revenue by 19%, more than doubled our novel therapies revenues and pipeline, and delivered double-digit revenue growth in our Core business. We continued to build a strong team, and we are excited by the momentum we carry into 2023. We anticipate another strong year of growth across both our Novel Therapies and Core businesses, as well as completion of our operational improvements to drive our gross margin profile. We look forward to continuing to build value for our patients, customers and shareholders.\"\n\n2022 Fourth Quarter Financial Results\n\n\n\n \n\n\n\nThree Months\nEnded December 31,\n\n\n\n \n\n\n\nChange from Prior Year\n\n\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n%\n\n\n\n\n\nNet Revenues\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n \n\n \n\n\n\n\n\n...