Koru Medical Systems, Inc. · NASDAQ:KRMD
Koru Medical Systems — Q4 2025 Earnings Presentation
19 slides from Koru Medical Systems's earnings presentation, Mar 12, 2026
Slide 1: KORU Medical Systems Q4 & FY 2025 Earnings Call
KORU Medical Systems Q4 & FY 2025 Earnings Call March 12, 2026 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. All statements that are not historical fact are forward-looking statements. Forward-looking statements dis
Slide 3: Adam Kalbermatten Appointed CEO effective July 1, 2026
Adam Kalbermatten Appointed CEO effective July 1, 2026 115+ Years of Extensive MedTech and Pharma Experience Among Retained Leadership • Linda Tharby stepping down as President, effective March 15th. Retiring as CEO effective June 30th, 2026 • Will remain on Board of Directors Tom Adams, CFO Eric Sc
Slide 4: Key Strategic Progress, +20% Revenue Growth Driven By Recurring Patient Base Expansion
Q4/FY 2025 Results and Recent Highlights Key Strategic Progress, +20% Revenue Growth Driven By Recurring Patient Base Expansion 1 Q4 revenue of $10.9M and growth of 23%; FY revenue of $41.1M and growth of 22% Outpacing US SCIg market with Q4 Domestic Core growth of 18%; Q4 International Core growth
Slide 5: KORU's Opportunity: Healthcare Moving from Hospital to the Home
KORU’s Opportunity The Movement of Healthcare from Hospital to the Home Driving Large and Growing Subcutaneous Infusion Opportunity Large-Volume Subcutaneous >10ml Infusion SCIg Opportunity Non-SCIg Opportunity Growing market with <20% SCIg 95+ New Drugs in penetration (vs IVIg) Development >10 mL1
Slide 6: Domestic Core: Strong Ig Recurring Revenue Base with Multiple Growth Catalysts
Domestic Core Strong Ig Recurring Revenue Base with Multiple Domestic Growth Catalysts Additional Domestic Core Growth Strong Recurring Revenue Base in SCIg Franchise Opportunities in Non-Ig • ~59k1 chronic SCIg patients (~3M annual infusions) on • Clearance of RYSTIGGO® marks 2nd KRMD system global
Slide 7: International Core: Vial to PFS Conversions in Europe
International Core Opportunity in International with Vial → PFS Conversions in Several European Markets Growing KORU Market Share with Significant Room for Additional Prefilled Syringe Conversion Opportunity Penetration • Pharma driving broad market shift of primary container systems from vial to PF
Slide 8: Pipeline Opportunities in SCIg and New Drug Therapies
Enabling New Drugs Pipeline Opportunities in SCIg and New Drug Therapies 9 in Pipeline 9 on Label Active Opportunities for New Drugs and Indications1 Drugs on KORU’s Freedom Infusion System’s Label Annual Global Commercial Drug Asset Infusions Estimate4 SCIg 5.4M4 Annual Infusions Vancomycin3 900k E
Slide 9: New On-Label Drug as of January 2026
Enabling New Drugs New On-Label Drug as of January 2026 KRMD Infusion Volume Estimates1 Therapeutic Use 400K Global Generalized myasthenia gravis (gMG) Number of Global Infusions1 Administered in the home and infusion clinics by HCP 300K U.S. Market Opportunity UCB saw 65% y/y • Distribution partner
Slide 10: Q4 Y/Y Revenue by Business
Q4/FY25 Financials Q4 Y/Y Revenue by Business Net Revenues; In Millions Domestic Core • Increased 18% y/y outpacing U.S. Market growth • Higher volumes from new patient starts and $10.9 market share gains 23% $0.5 International Core $8.8 • Increased 71% y/y $0.7 $2.6 • Higher volumes driven by new p
Slide 11: 2025 Y/Y Revenue by Business
Q4/FY25 Financials 2025 Y/Y Revenue by Business Net Revenues; Domestic Core In Millions • Increased 11% y/y $41.1 • Driven by SCIg market growth and new account share gains 22% $2.3 International Core $33.6 • Increased 80% y/y $2.4 $10.9 • SCIg market growth/ new patient starts • Increased penetrati
Slide 12: Resilient Gross Margins Despite Headwinds
Q4/FY25 Financials Resilient Gross Margins Despite Headwinds Consistent Performance >60% Gross Margin Fourth Quarter: 62.6% • 30 basis point reduction y/y 63.4% 62.3% 62.8% 63.5% 60.2% 62.6% • Higher material costs and tariffs 65 • Mostly offset by customer mix 60 with higher ASPs 55 50 45 Full Year
Slide 13: FY 2025 Cash Usage of ($0.7M); Positive CF from Operations
Q4/FY25 Financials FY 2025 Cash Usage of ($0.7M); Positive CF from Operations Cash Balance as of December 31, 2025: $8.9M Key Drivers Positive cash flow from operations • FY cash usage of $0.7M +$3.7M • Positive cash flow from $9.6M ($0.4M) operations $8.9M ($1.3M) • Revenue growth and spend discipl
Slide 14: FY 2025 Financial Highlights: Strong Growth and Operating Discipline
Q4/FY25 Financials FY 2025 Financial Highlights: Strong Growth and Operating Discipline FY 2025 FY 2024 Y/Y Δ 22% Revenue $41.1M $33.6M Growth Consistently 110bps Gross Margin 62.3% 63.4% Strong OpEx Decrease Efficiency 3% OpEx $28.6M $27.8M Increase 57% Net Loss ($2.6M) ($6.1M) Strong Improvement m
Slide 15: Initiating 2026 Guidance
Outlook Initiating 2026 Guidance Revenue Gross Margin Profitability Growth Profile Metrics $47.5-$50M, Positive cash flow 61-63% 15-22% growth & positive Adj. EBITDA Key Drivers/Milestones Key Drivers/Milestones Key Drivers/Milestones • Continued U.S. and • Pricing and manufacturing • Operating leve
Slide 16: Execution Milestones on Path to Accelerated Revenue Growth
Outlook Execution Milestones on Path to Accelerated Revenue Growth Initial 2026 Financial Guidance • 15-22% revenue growth • Positive Adjusted EBITDA and positive cash flow Enable More Drugs, Reach More Patients • Add 4 new pipeline collaborations for FY26: 2 of 4 complete • 510(k) submission Defero
Slide 17: Strategically Positioned for Accelerated Long Term Growth
Outlook Strategically Positioned for Accelerated Long Term Growth Financial Goals2 Recent Accomplishments1 $100M revenue Strong Fundamentals, Significant Opportunity1 22% FY25 Large and growing market Y/Y revenue Accelerated for SC drug delivery; ~95 growth double-digit >10mL drugs in development re
Slide 18: Appendix
Appendix 18
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes the non-GAAP financial measures “adjusted EPS”, "adjusted diluted EPS“, and “adjusted EBITDA” that are not in accordance with, nor an alternate to, generally accepted accounting principles and may be different from non-GAAP measures used by othe