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KORU Medical Systems, Inc. Announces 2024 Q2 Financial Results, a Record Quarter With 22% Revenue Growth; Raises Full Year 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 second quarter ended June 30, 2024 and raised full year 2024 revenue and gross margin guidance.\n\n\nFinancial Highlights\n\n\n\nSecond quarter 2024 net revenues of $8.4 million, a 22% increase over the prior year with record-high quarterly revenues\n\n\n\nCore business (U.S. and International) growth of 20% over the prior year driven by overall SCIg market growth, share gains, and geographic expansion\n\n\n\nGross profit of $5.5 million, a 41% increase over the prior year, and gross margin of 65%, reflecting year-over-year improvement of 890 basis points\n\n\n\nEnding cash balance of $10.5 million and quarterly cash usage of $0.3 million driven by improved net income, increased operating leverage, and working capital improvements\n\n\n\nRaising full year 2024 revenue guidance to $32.0-$32.5 million, representing year-over-year growth of 12-14%; raising full year gross margin guidance to 61-62%\n\n\n\nBusiness Highlights\n\n\n\nReceived regulatory clearance of FreedomEdge® Infusion System for use in Japan\n\n\n\nSuccessfully passed feasibility for oncology biologic, progressing pathway to an infusion clinic entry in 2025\n\n\n\nEntered Phase III clinical trial for an expanded nephrology indication expected to launch in 2026\n\n\n\nAnnounced collaboration with SCHOTT Pharma to drive market expansion and optimize drug delivery in large volume subcutaneous infusion\n\n\n\n“We delivered a great quarter, highlighted by strong double-digit growth, progress in our Novel Therapies pipeline and increased operating leverage,” said Linda Tharby, KORU Medical’s President and CEO. “Our US Core business continues to capture share gains in a growing SCIg market. Internationally, we are increasing penetration and expanding in new geographies. We also continue to progress our Novel Therapies pipeline collaborations with a clear line of sight to multiple commercial launches over the next several years. We have accomplished this while also delivering on gross margin expansion and operating leverage. I’m proud of the KORU te...