New York, August 08, 2024 - PRISM MarketView - PRISM MedDevice Index leader KORU Medical Systems (KRMD) announced a record second quarter for 2024, achieving 22% revenue growth. Net revenues reached $8.4 million, driven by a 20% growth in core business and geographic expansion. Gross profit rose by 41% to $5.5 million, with a gross margin of 65%, reflecting a year-over-year improvement of 890 basis points. The ending cash balance stood at $10.5 million, with a quarterly cash usage of $0.3 million.
KORU has raised its full-year 2024 revenue guidance to $32.0-$32.5 million, representing a growth of 12-14%, and its gross margin guidance to 61-62%. Key business highlights include regulatory clearance for the FreedomEdge® Infusion System in Japan, progress in oncology biologics, and the initiation of a Phase III clinical trial for nephrology. Despite positive earnings, the company reported a net loss of $1.0 million, or ($0.02) per diluted share, a significant reduction from the previous year’s loss of $2.5 million.
About KORU Medical Systems
KORU Medical 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™. These devices are used for infusions administered in the home and alternate care settings. For more information, please visit www.korumedical.com.
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