KUROS BIOSCIENCE ORD NEW - CSBTF STOCK NEWS

Kuros Biosciences reported strong financial results for H1 2024, with direct MagnetOs sales increasing 159% to CHF 31.6 million. The Kuros Medical Devices segment saw a 148% increase in total sales to CHF 31.8 million, with EBITDA rising 287% to CHF 8.6 million. The company achieved a positive Group EBITDA of CHF 0.7 million, up from a loss in H1 2023. Adjusted EBITDA excluding Fibrin-PTH costs and share-based compensation reached CHF 4.0 million, representing a 12.5% margin.

Key highlights include FDA clearances for interbody use of various MagnetOs products and the publication of the MAXA Level 1 clinical study demonstrating MagnetOs' effectiveness. The company expects continued growth in H2 2024 and anticipates generating positive EBITDA and reaching operating cash flow break-even for the first time in 2024.

Kuros Biosciences has announced the publication of a peer-reviewed study in Spine, showcasing the clinical data from their MAXA Level 1 study. This study focused on the efficacy of MagnetOs, a synthetic bone substitute, in challenging posterolateral spinal fusions (PLF). The data from 91 patients and 128 segments with a 1-year follow-up demonstrated a 79% overall fusion rate with MagnetOs, nearly double the 47% rate achieved with autograft. The study indicates that MagnetOs is not only noninferior but potentially superior to traditional autograft methods. The CEO of Kuros, Chris Fair, and lead researcher Dr. Moyo C. Kruyt highlighted the significance of these findings for patients and the medical community, emphasizing MagnetOs as a viable alternative to autograft for difficult-to-treat cases.

Kuros Biosciences reported a significant increase in Direct MagnetOs sales by 155% to CHF 13.9 million in Q1 2024 compared to Q1 2023. The total sales for Kuros Medical Devices segment also surged to CHF 13.9 million. The company achieved a positive EBITDA of CHF 3.9 million. MagnetOs Putty received FDA 510(k) clearance for interbody use, and an independent clinical study showed an 86% fusion rate in lumbar fusion procedures. Joe Ross joined as Senior VP Marketing and Business Development. The company displayed strong financial performance and regulatory achievements in Q1 2024.

Kuros Biosciences (SIX:KURN) held its Annual General Meeting where shareholders approved the Annual Report, Financial Statements, and Consolidated Financial Statements for 2023. Discharge was granted to the Board and Executive Committee, with new members elected to the Board. Adjustments to the articles of association were approved, including the introduction of a Capital Band and an increase in Conditional Share Capital.

Kuros Biosciences, a leader in bone graft technologies, reported a remarkable 163% growth in direct MagnetOs sales to CHF 31.7 million in 2023. Total medical device sales surged by 153% to CHF 33.6 million. The company achieved a positive EBITDA of CHF 6.8 million. They surpassed 25,000 patients treated with MagnetOs and received FDA market clearance for various products. Kuros expects continued sales growth and aims for positive single-digit EBITDA in 2024.

Kuros Biosciences, a leader in bone graft technologies, will host a conference call on March 13, 2024, to discuss its full-year financial results and provide a business update. The call will be at 3pm CET/10am US EST. For registration and more information, contact Daniel Geiger or Sandya von der Weid.

Kuros Biosciences, a leader in next generation bone graft technologies, will present at the CG 2024 Musculoskeletal Conference in San Francisco on February 12, 2024. The management will discuss its novel MagnetOs portfolio of products and its application to spinal fusion. The presentation will be given by Chris Fair, the CEO, and will also include other executive leadership team members. A replay of the presentation will be available for 90 days following the conference, and Kuros management will be available for one-on-one meetings during the event.

Kuros Biosciences receives FDA clearance for MagnetOs Granules and MagnetOs Putty in the US and New Zealand, expanding the MagnetOs portfolio. The company also partners with Vortek Spine Limited for exclusive distribution in New Zealand. The products are now available for interbody use and standalone use in the posterolateral spine, eliminating the need for autograft. Clinical data shows MagnetOs outperformed autograft by 73% in posterior spinal fusion, benefiting difficult-to-treat patient populations.

Kuros Biosciences (Kuros) announced positive results from the MAXA level 1 clinical trial comparing standalone MagnetOs to autograft in a challenging posterolateral fusion procedure. The fusion rate with MagnetOs was 78% compared to 45% with autograft. In smokers, the fusion rate was 80% with MagnetOs versus 32% with autograft. Additionally, two MagnetOs products received 510(k) clearances from the FDA for interbody use and standalone use, expanding the product's market opportunities.