Business
KORU Medical Systems, Inc. Announces 2023 Second Quarter Financial Results and Updates Full Year 2023 Outlook
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 specialty infusion solutions that improve quality of life for patients, today reported financial results for the second quarter ended June 30, 2023 and updates full year 2023 outlook.\n\n\nHighlights:\n\n\n\nSecond quarter net revenue growth versus prior year of 6% to $6.9 million\n\n\n\nDomestic Core business growth of 8%, outperforming a second quarter U.S. script decline in subcutaneous immunoglobulin (SCIg) market, driven by strong volumes in consumables and pumps\n\n\n\nInternational Core business growth of 17%, driven by growth in several markets and increases in SCIg global drug availability\n\n\n\nAnnounced a new Novel Therapies collaboration for a Phase III study\n\n\n\nSubmitted a 510(k) for FREEDOM60® Infusion System with Hizentra® 50 mL prefilled syringes\n\n\n\nReduced 2023 net revenues guidance to $31.0 - $32.5 million, representing growth in the range of 11-17% from prior guidance of $32.5 - $33.5 million representing growth in the range of 17-20%\n\n\n\nNamed Tom Adams as Chief Financial Officer\n\n\n\n\"I am pleased with our second quarter progress, as our growth exceeded the overall SCIg market in both the U.S. and Internationally,\" said Linda Tharby, KORU Medical's President and CEO. \"The foundation of our business remains sound, and we are diligently focused on delivering above-market revenue performance, advancing our portfolio with our innovation efforts, and increasing the number of drugs on our Freedom Infusion System. We are excited to welcome Tom Adams as our Chief Financial Officer and look forward to his continued leadership contributions. We remain committed and on track to attain our Vision 2026 strategic goals, and deliver added value to patients, customers and shareholders.\"\n\n\n2023 Second Quarter Financial Results\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended June 30,\n\n\n\n\n\n\n \n\n\n\n\n\n\nChange from Prior Year\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n \n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\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...