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KORU Medical Systems, Inc. Announces 2024 First Quarter Financial Results Delivering Double-Digit Revenue Growth
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 first quarter ended March 31, 2024.\n\n\nRecent Highlights\n\n\n\nFirst quarter 2024 net revenues of $8.2 million, an 11% increase over the prior year and record high quarterly revenues\n\n\n\nCore business (U.S. and International) growth of 14% over the prior year, driven by overall SCIg market growth, share gains, and geographic expansion\n\n\n\nEntered a Novel Therapies collaboration with an oncology drug therapy, bringing total collaborations to 16, with 3 signed year-to-date\n\n\n\nGross profit of $5.1 million, a 23% increase over the prior year, and gross margin of 62%, reflecting year-over-year improvement of 620 basis points\n\n\n\nEnding cash balance of $10.8 million and quarterly cash usage of $0.7 million driven by increased operating leverage and working capital improvements\n\n\n\nReaffirmed full year 2024 revenue guidance of $31.2 million to $32.2 million, representing growth of 10% to 13% over the prior year.\n\n\n\n“We are excited by a strong start to the year, with double-digit record revenue growth in our Core business and the addition of a new oncology collaboration in our Novel Therapies business,” said Linda Tharby, KORU Medical’s President and CEO. “The Core business saw another quarter of sequential growth in the subcutaneous immunoglobulin market, increasing prefill adoption rates, and further geographic expansion. As a part of our Novel Therapies strategy to expand the Freedom subcutaneous infusion system to new drug therapies, we are proud of the progress we’ve made in diversifying our drug pipeline and signing three new collaborations year-to-date. We also continued to drive operating leverage evidenced this quarter by gross margin expansion and a significant reduction in cash usage over the prior year. We are committed to our strategic growth agenda and providing increased value to our customers, patients, and shareholders.”\n\n\n2024 First Quarter Financial Results\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended March 31,\n\n\n\n\n\n\n \n\n\n\n\n\n\nChange from P...