Business
KORU Medical Systems Reports Preliminary Fourth Quarter and Full Year 2024 Results; Achieves Record Full Year and Quarterly Revenues; Positive Cash Flow for the Fourth Quarter
MAHWAH, N.J.--(BUSINESS WIRE)-- KORU Medical Systems (NASDAQ: KRMD) (“KORU Medical” or the “Company”), a leading medical technology company focused on the
About this update from Koru Medical Systems, Inc.
[{"type":"text","content":" MAHWAH, N.J.--(BUSINESS WIRE)--\nKORU Medical Systems (NASDAQ: KRMD) (“KORU Medical” or the “Company”), a leading medical technology company focused on the development, manufacturing, and commercialization of innovative and patient-centric large volume subcutaneous infusion solutions, today announced preliminary unaudited results for the fourth quarter and full year ended December 31, 2024.\n\n\nFinancial Results (unaudited)\n\n\n\nPreliminary, unaudited fourth quarter 2024 net revenues expected to be $8.9 million, representing growth of 23% over the prior year period\n\n\n\nPreliminary, unaudited full year 2024 net revenues expected to be $33.7 million, representing growth of 18% over the prior year\n\n\n\nEnding cash balance of $9.6 million, representing positive cash flow of $0.8 million for the fourth quarter and full year cash burn of $1.9 million, a 67% improvement over the prior year\n\n\n\n“I am proud of the growth that we have achieved in our fourth quarter and 2024 finish,” said Linda Tharby, President and CEO of KORU Medical. “We executed on all aspects of our strategic plan as we continued to win share in the US market, expanded our international footprint, and made meaningful progress towards adding new drug therapies to our label. We did this as we continued to improve margins and demonstrated a disciplined use of cash. We are excited by our fourth quarter momentum that we will carry into 2025 as we look to capitalize on near-term catalysts that will continue to transform KORU into a global leader in drug delivery.”\n\n\nKORU plans to release its fourth quarter and full year 2024 financial results in early March 2025. The quarterly and annual preliminary revenue figures included in this press release are subject to adjustment following the completion of review and audit procedures by the Company’s independent registered public accountants.\n\n\nAbout KORU Medical Systems\n\n\nKORU Medical Systems develops, manufactures, and commercializes innovative and patient-centric large volume subcutaneous infusion solutions that improve quality of life for patients around the world. The FREEDOM Syringe Infusion System (the “Freedom System”) currently includes the FREEDOM60® and FreedomEdge® Syringe Infusion Drivers, Precision Flow Rate Tubing™ and HIgH-Flo Subcutaneous Safety Needle Sets™. The Freedom System, which received ...