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KORU Medical Systems, Inc. Announces 2024 Q3 Financial Results, Third Consecutive Quarter of Double-Digit 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 third quarter ended September 30, 2024, and raised full year 2024 revenue, gross margin, and year-end cash guidance.\n\n\nRecent Highlights\n\n\n\nThird quarter 2024 net revenues of $8.2 million, a 17% increase over the prior year period\n\n\n\n\nCore business (U.S. and International) growth of 11% and novel therapies growth of 276% over the prior year period\n\n\n\n\nGross profit of $5.2 million, a 19% increase over the prior year period, and gross margin of 63%, a 140-basis point improvement over the prior year period\n\n\n\n\nEnding cash balance of $8.8 million and year-to-date cash burn of $2.7 million, a 60% improvement over the prior year period\n\n\n\n\nPresented data at Partnership Opportunities in Drug Delivery (PODD) Conference demonstrating 97% nursing preference for KORU’s FreedomEdge® system over manual push for subcutaneous oncology infusion clinic administration\n\n\n\n\nRaising full year 2024 net revenue guidance to $32.75 - $33.25 million, representing growth of 15% - 17% over the prior year; raising full year gross margin guidance to 62% - 63%, representing an improvement of 340 - 440 basis points over the prior year; and raising full year ending cash balance guidance to greater than $8.8 million\n\n\n\n“We are pleased to deliver another quarter of strong results representing solid execution by the team across all of our businesses and operations,” said Linda Tharby, KORU Medical’s President and CEO. “Revenue of $8.2 million represents the third consecutive quarter of double-digit growth, while improving our gross margin and driving improved operating leverage. We see strength in our recurring chronic subcutaneous immunoglobulin (SCIg) patient base, and we continue to further drive collaborations in our novel therapies business as more drugs move to subcutaneous administration. We are excited by the progress we continue to make in executing against our long-term strategies and growth objectives which has enabled us to raise guidance for our 2024 revenue, gross margin, and year-end cash-b...