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KORU Medical Systems Announces 2022 Third Quarter Financial Results
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 third quarter ended September 30, 2022.\n\nHighlights:\n\n\nYear-over-year net sales growth of 28.5% to $7.8 million (inclusive of $0.3 million backorder clearance), marking the fourth consecutive quarter of double-digit growth\n\n\n\nExpanded Novel Therapies to 14 total collaborations, including four new Phase II clinical drug trials, and one drug progressed to Phase III\n\n\n\nImproved sequential gross margin profile to 55.7% in Q3 2022 from 51.1% in Q2 2022\n\n\n\nRaising 2022 full year revenue guidance to $27.5 to $28.0 million\n\n\n\"The third quarter marks another successful quarter for the Company with strong revenue growth across each of our businesses,\" said Linda Tharby, KORU Medical's President and CEO. \"Delivering on our strategic objectives remains a primary focus, and the progress made this quarter is representative of continued solid execution by the team. We are excited by the momentum in our novel therapies business with multiple new collaborations this quarter and by the double digit growth performance in both our domestic and international core business.\"\n\n2022 Third Quarter Financial Results\n\n\n\n \n\n\n\nThree Months\nEnded September 30,\n\n\n\n \n\n\n\nChange from Prior Year\n\n\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n%\n\n\n\n\n\nNet Sales\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\nDomestic Core\n\n\n\n$\n\n\n\n5,900,042\n\n\n\n \n\n\n\n$\n\n\n\n5,076,294\n\n\n\n \n\n\n\n$\n\n\n\n823,748\n\n\n\n \n\n\n\n$\n\n\n\n16.2%\n\n\n\n\n\nInternational Core\n\n\n\n \n\n\n\n1,096,746\n\n\n\n \n\n\n\n \n\n\n\n747,281\n\n\n\n \n\n\n\n \n\n\n\n349,465\n\n\n\n \n\n\n\n \n\n\n\n46.8%\n\n\n\n\n\nNovel Therapies\n\n\n\n \n\n\n\n763,610\n\n\n\n \n\n\n\n \n\n\n\n216,969\n\n\n\n \n\n\n\n \n\n\n\n546,641\n\n\n\n \n\n\n\n \n\n\n\n251.9%\n\n\n\n\n\nTotal\n\n\n\n$\n\n\n\n7,760,398\n\n\n\n \n\n\n\n$\n\n\n\n6,040,544\n\n\n\n \n\n\n\n$\n\n\n\n1,719,854\n\n\n\n \n\n\n\n$\n\n\n...