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KORU Medical Systems, Inc. Announces 2023 First Quarter Financial Results
Strong Start to 2023 With 18% Revenue Growth MAHWAH, N.J.--(BUSINESS WIRE)-- KORU Medical Systems, Inc. (NASDAQ: KRMD) ("KORU Medical" or the "Company"), a
About this update from Koru Medical Systems, Inc.
[{"type":"text","content":"\nStrong Start to 2023 With 18% Revenue Growth\n\n\n 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 specialty infusion solutions that improve quality of life for patients, today reported financial results for the first quarter ended March 31, 2023.\n\n\nHighlights:\n\n\n\nFirst quarter net revenue growth versus prior year of 18% to $7.4 million, marking the sixth consecutive quarter of double-digit growth with strength in all three businesses\n\n\n\nU.S. Core business growth of 15% outpacing the subcutaneous immunoglobulin drug market growth\n\n\n\nInternational Core business growth of 23%, driven by growth in several markets and increases in SCIg global drug availability\n\n\n\nNovel Therapies business growth of 62%, increasing the total number of pharmaceutical collaborations to 15\n\n\n\nSequential quarterly gross margin improvement to 56.1%, and completion of the manufacturing transition paving the way to exit the year with 60%-62% gross margin\n\n\n\nReaffirming 2023 net revenues expected to be between $32.5 and $33.5 million, representing growth in the range of 17-20%\n\n\n\n“The first quarter represents continued momentum towards our Vision 26 strategy, as our team delivered strong double-digit growth across all three of our businesses,” said Linda Tharby, KORU Medical’s President and CEO. “In our US core business, we continue to increase our leadership position in a growing home subcutaneous drug delivery market. We are seeing impact from our geographic expansion strategy with strong results in our international core business. Our efforts in the novel therapies business to bring new drugs and patients to our Freedom System is accelerating with increased numbers of total collaborations and pipeline opportunities. We are excited by a strong start to our year, and by the value we are creating for our patients, customers, and shareholders.”\n\n\n2023 First Quarter Financial Results\n\n\n\n\n \n\n\n\n\n\n\nThree Months\nEnded March 31,\n\n\n\n\n\n\n \n\n\n\n\n\n\nChange from Prior Year\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n \n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\n...