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KORU Medical Systems, Inc. Announces 2023 Third 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":"\n \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 third quarter ended September 30, 2023 and updates full year 2023 outlook.\n\n\nHighlights:\n\n\n\nThird quarter net revenue of $7.0 million, a 10% decline versus prior year\n\n\n\nNovel Therapies net revenue decline of $0.6 million was impacted primarily by a large clinical trial order in the prior year and timing of collaborations\n\n\n\nDomestic Core net revenue of $5.8 million, a 2% decline, reflected a prior year backorder clearance of $0.3 million\n\n\n\nImproved gross margin to 62.0%, an increase of 630 BPS versus prior year, driven by increased manufacturing efficiencies\n\n\n\nContinued strategic, operational expense discipline, ending the quarter with $10.8 million in cash and cash equivalents\n\n\n\nRevised full year 2023 net revenue guidance to $28.0 to $28.5 million, reaffirmed gross margin guidance between 58%-60% for full-year and a planned Q4 exit between 60%-62%, and increased year-end cash balance guidance to greater than $10.5 million\n\n\n\nAnnounced a new Novel Therapies innovation collaboration and brought the total closed collaborations to 15\n\n\n\nReceived a 510(k) clearance for FREEDOM60® Infusion System as the first and only FDA-cleared device for use with Hizentra® 50 mL prefilled syringes\n\n\n\nNamed Ken Miller, a 30-year healthcare and pharmaceutical executive, as Chief Commercial Officer\n\n\n\n\"Our third quarter revenues were impacted by our Novel Therapies business due to the timing of collaborations and by our Domestic Core business, which saw lower than anticipated growth in the underlying market. We progressed several initiatives in the quarter aimed at growing our top-line, including expanding our Novel Therapies collaborations, outperforming the U.S. subcutaneous immunoglobulin market, advancing our geographic expansion efforts, and gaining a new 510(k) clearance for a prefilled syringe indication,\" said Linda Tharby, KORU Medical's President and CEO. \"We simultaneously advanced our efforts towards profitability and delivered...