Business
KORU Medical Systems, Inc. Announces 2023 Fourth Quarter, Full Year Financial Results, and 2024 Guidance
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 development, manufacturing, and commercialization of innovative and patient-centric large volume subcutaneous infusion solutions, today reported financial results for the fourth quarter and full year ended December 31, 2023. The Company also issued guidance for the full year 2024.\n\n\nRecent Highlights\n\n\n\nFourth quarter 2023 net revenues of $7.2 million, a 2% decrease from the prior year; Full year 2023 net revenues of $28.5 million, a 2% increase over the prior year\n\n\n\nFull year 6.7% Core business growth (U.S. and International) driven by overall SCIg market growth, share gains and expansion in new geographies\n\n\n\nFourth quarter gross margin of 60.3%, reflecting year-over-year improvement of 470 basis points; Full year gross margin of 58.6%, reflecting year-over-year improvement of 350 basis points\n\n\n\nPositive cash flow of $0.7 million in the fourth quarter of 2023, ending the year with a cash balance of $11.5 million\n\n\n\nEntered 3 Novel Therapies collaborations during 2023 and announced 2 new collaborations in the first quarter of 2024\n\n\n\nRecorded a non-cash valuation allowance against deferred tax assets of $6.0 million. Net loss for the year, which included this allowance, was ($13.7) million, or ($0.30) per share. Adjusted EBITDA was ($6.0) million, or ($0.13) per share vs. ($6.1) million or ($0.14) in the prior year.\n\n\n\nSigned a $10 million credit facility with HSBC USA to replace an expired $3.5 million revolver agreement; the credit facility will be reserved for strategic growth capital\n\n\n\nIssued full year 2024 net revenues guidance of $31.2-$32.2 million, representing 10-13% growth\n\n\n\n“I am proud of the KORU team for delivering a solid end to 2023, led by performance in our Core business. Entry into multiple geographic markets drove international sales, and in the US, we hit a key milestone with the FDA clearance and launch of the 50mL prefill pump platform, which we anticipate will be a significant growth driver in 2024. Additionally, we saw double-digit growth in our end-user specialty pharmacy sales, reflective of share gains and a growing Ig market,” said Linda Tharby, KORU Medical's President and CEO. “Within our Novel T...