Kuros Reports 149% Increase in Direct MagnetOs Sales and Exceeds Cash Flow Breakeven in the First Nine Months of 2024
Kuros Biosciences reported strong financial performance for the first nine months of 2024, with direct MagnetOs sales increasing 149% to CHF 50.6 million. The company's Medical Devices segment achieved an EBITDA of CHF 13.3 million, representing a 26% margin. Notably, Kuros exceeded the cash flow breakeven point for the first time.
The company continues to invest in Project Fusion, activating three U.S. sites for the PRECISE Level 1 clinical trial comparing MagnetOs Flex Matrix to cellular-based allograft. Kuros also expanded commercial clearances for MagnetOs products in the UAE and Qatar, and onboarded new distributors in Australia and the UK.
CEO Chris Fair expressed excitement about the company's momentum and anticipates incremental growth from new markets and non-spine opportunities in 2025, all internally funded by their sustainable cash flow generating business.
Kuros Biosciences ha riportato una solida performance finanziaria per i primi nove mesi del 2024, con vendite dirette di MagnetOs aumentate del 149% a 50,6 milioni di CHF. Il segmento Dispositivi Medici dell'azienda ha raggiunto un EBITDA di 13,3 milioni di CHF, rappresentando un margine del 26%. È importante notare che Kuros ha superato per la prima volta il punto di pareggio in termini di flusso di cassa.
L'azienda continua a investire nel Progetto Fusion, attivando tre sedi negli Stati Uniti per lo studio clinico PRECISE di Livello 1 che confronta MagnetOs Flex Matrix con alloti cellulari. Kuros ha anche ampliato le autorizzazioni commerciali per i prodotti MagnetOs negli UAE e in Qatar, e ha reclutato nuovi distributori in Australia e Regno Unito.
Il CEO Chris Fair ha espresso entusiasmo per il slancio dell'azienda e prevede una crescita incrementale da nuovi mercati e opportunità non spinali nel 2025, tutto autofinanziato dal loro business generatore di flussi di cassa sostenibili.
Kuros Biosciences informó un sólido desempeño financiero para los primeros nueve meses de 2024, con ventas directas de MagnetOs aumentando un 149% a 50.6 millones de CHF. El segmento de Dispositivos Médicos de la empresa alcanzó un EBITDA de 13.3 millones de CHF, lo que representa un margen del 26%. Cabe destacar que Kuros superó por primera vez el punto de equilibrio de flujo de caja.
La empresa sigue invirtiendo en el Proyecto Fusion, activando tres sitios en EE. UU. para el ensayo clínico PRECISE de Nivel 1 que compara MagnetOs Flex Matrix con injertos celulares. Kuros también amplió las autorizaciones comerciales para los productos MagnetOs en los EAU y Qatar, y incorporó nuevos distribuidores en Australia y el Reino Unido.
El CEO Chris Fair expresó su entusiasmo por el impulso de la empresa y prevé un crecimiento incremental de nuevos mercados y oportunidades no espinales en 2025, todo financiado internamente por su negocio generador de flujo de caja sostenible.
쿠로스 바이오사이언스는 2024년 처음 아홉 개월 동안 강력한 재무 성과를 보고했으며, 직접 판매된 MagnetOs가 149% 증가하여 5,060만 스위스 프랑으로 늘어났습니다. 회사의 의료기기 부문은 1,330만 스위스 프랑의 EBITDA를 달성하여 26%의 마진을 나타냈습니다. 특히 쿠로스는 현금 흐름 기준으로 처음으로 손익 분기점을 초과했습니다.
회사는 Fusion 프로젝트를 계속해서 투자하며, MagnetOs Flex Matrix와 세포 기반 동종 이식편을 비교하는 PRECISE 1단계 임상 시험을 위해 미국 내 세 개의 사이트를 활성화하고 있습니다. 쿠로스는 또한 UAE와 카타르에서 MagnetOs 제품에 대한 상업적 허가를 확대했으며, 호주와 영국의 새로운 유통업체를 영입했습니다.
CEO 크리스 페어는 회사의 성장세에 대한 흥분을 표현하며, 2025년에는 새로운 시장과 비척추 기회에서 점진적인 성장을 기대하고 있으며, 이 모든 것은 지속 가능한 현금 흐름을 생성하는 사업으로 내부에서 자금 조달됩니다.
Kuros Biosciences a rapporté de solides performances financières pour les neuf premiers mois de 2024, avec une augmentation de 149 % des ventes directes de MagnetOs, atteignant 50,6 millions CHF. Le segment Dispositifs Médicaux de l'entreprise a réalisé un EBITDA de 13,3 millions CHF, représentant une marge de 26 %. Il est à noter que Kuros a dépassé pour la première fois le seuil de rentabilité du flux de trésorerie.
L'entreprise continue d'investir dans le Projet Fusion, en activant trois sites aux États-Unis pour l'essai clinique de Niveau 1 PRECISE, comparant MagnetOs Flex Matrix à des allogreffes basées sur des cellules. Kuros a également élargi les autorisations commerciales pour les produits MagnetOs aux Émirats Arabes Unis et au Qatar, et a intégré de nouveaux distributeurs en Australie et au Royaume-Uni.
Le CEO Chris Fair a exprimé son enthousiasme concernant l'élan de l'entreprise et prévoit une croissance progressive provenant de nouveaux marchés et d'opportunités non spinaux en 2025, le tout financé en interne par leur activité génératrice de flux de trésorerie durable.
Kuros Biosciences berichtete über eine starke finanzielle Leistung in den ersten neun Monaten des Jahres 2024, mit direkten MagnetOs-Verkäufen, die um 149% auf 50,6 Millionen CHF gestiegen sind. Das Segment Medizinprodukte des Unternehmens erzielte ein EBITDA von 13,3 Millionen CHF, was einer Marge von 26% entspricht. Bemerkenswert ist, dass Kuros zum ersten Mal den Cashflow-Break-even-Punkt überschritt.
Das Unternehmen investiert weiterhin in das Projekt Fusion und aktiviert drei Standorte in den USA für die PRECISE-Level-1-Studie, die MagnetOs Flex Matrix mit zellbasiertem Allograft vergleicht. Kuros hat auch die kommerziellen Genehmigungen für MagnetOs-Produkte in den VAE und Katar erweitert und neue Vertriebsnehmer in Australien und dem Vereinigten Königreich eingebunden.
CEO Chris Fair äußerte sich begeistert über den Schwung des Unternehmens und erwartet im Jahr 2025 ein schrittweises Wachstum aus neuen Märkten und nicht spinalen Möglichkeiten, die alle durch den nachhaltigen Cashflow ihres Geschäfts finanziert werden.
- 149% increase in direct MagnetOs sales to CHF 50.6 million
- Medical Devices segment EBITDA increased to CHF 13.3 million with a 26% margin
- Exceeded cash flow breakeven point for the first time
- Expansion of commercial clearances for MagnetOs products in UAE and Qatar
- Activation of three U.S. sites for PRECISE Level 1 clinical trial
- None.
Financial Highlights
Direct MagnetOsTM sales rose by
149% to CHF 50.6 million in the first nine months of 2024, from CHF 20.4 million in the same period in 2023Total Kuros Medical Devices segment sales accelerated to CHF 51.1 million in Q3 2024 from CHF 21.3 million in Q3 2023 year to date
Kuros Medical Devices segment EBITDA increased to CHF 13.3 million in the first nine months compared to CHF 3.8 million in the same period in 2023, representing an EBITDA margin of
26% Total Group EBITDA arrived at CHF 1.4 million while adjusted EBITDA totaled at CHF 5.8 million, reflecting an adjusted EBITDA margin of
11% Cash and cash equivalents amounted to CHF 15.8 million, compared to CHF 14.3 million as of June 30, 2024; funds available (including trade and other receivables) totaled CHF 26.8 million as of September 30, 2024
The Group exceeded the cash flow breakeven point for the first time
Regulatory, Commercial & Clinical Highlights
Kuros Biosciences highlights its continued investment in Project Fusion with the activation of three U.S. sites for the PRECISE Level 1 clinical trial comparing MagnetOs Flex Matrix to a cellular based allograft in patients undergoing up to four-level instrumented posterolateral fusion (PLF)
Kuros Biosciences expands commercial clearances for MagnetOs Granules and MagnetOs Putty in the United Arab Emirates (UAE) and Qatar, and onboards new distributors in extremities and trauma markets in Australia and the United Kingdom (UK)
Outlook
For the remainder of the second half of 2024, Kuros expects a similar seasonal sales pattern as in previous years, corresponding to around
57% to60% of total annual sales
SCHLIEREN (ZURICH), SWITZERLAND / ACCESSWIRE / October 10, 2024 / Kuros Biosciences ("Kuros"), a leader in advanced bone healing technologies, today announced its financial performance for the first nine months of 2024. Revenue from direct MagnetOs product sales rose
Building on its MAXA Level 1 clinical study recently published in Spine, which demonstrated nearly double the fusion rate for MagnetOs compared to autograft (
PRECISE is a Level 1 prospective, multi-center, randomized, intra-patient controlled clinical study that will assess the performance of MagnetOs Flex Matrix compared to a cellular based allograft (CBA) in up to four-level instrumented PLF. Patients are randomized to receive MagnetOs Flex Matrix on one side of the spine and a CBA on the other side. Fusion assessment will include CT-scans and radiographs at various time points up to one year.2
Kuros Biosciences also reports key milestones in the international market, with expanded commercial clearances for MagnetOs Granules and MagnetOs Putty in the UAE and Qatar. Additionally, Kuros onboarded new international partners beyond the spine market in Australia and the UK, broadening access to its technologies.
Chris Fair, Chief Executive Officer of Kuros Biosciences, said: "We are excited to report continued momentum in our business, with overachievement of our revenue targets for the period and for the first time, exceeding our cash flow breakeven in the first nine months of 2024." Mr. Fair continued, "We look forward to finishing the year strong and setting up the foundation for 2025, where we anticipate incremental growth from new markets and new non-spine opportunities, which are all internally funded by our sustainable cash flow generating business. Kuros is well positioned as a premier advanced bone healing company serving the musculoskeletal community, and we can continue to expand without the need for dilutive financing."
For further information, please contact:
Kuros Biosciences AG | Investors |
About MagnetOs
MagnetOs is a bone graft like no other: thanks to its NeedleGripTM surface technology, it grows bone even in soft tissues. This surface technology provides traction for our body's vitally important ‘pro-healing' immune cells (M2 macrophages). This in turn, unlocks previously untapped potential to stimulate stem cells - and form new bone throughout the graft. The growing body of science behind NeedleGrip is called osteoimmunology. But for surgeons and their patients it means one thing: a more predictable fusion. * †‡3-7
Indications statement
Please refer to the instructions for use for your local region for a full list of indications, contraindications, warnings, and precautions.
About Kuros Biosciences
Kuros Biosciences is on a mission to discover, develop and deliver innovative biologic fusion technologies. With locations in the United States, Switzerland and the Netherlands, the company is listed on the SIX Swiss Exchange. The company's first commercial product, MagnetOsTM, is a unique advanced bone graft that has already been used across three continents in 25,000 fusion surgeries. For more information on the company, its products and pipeline, visit kurosbio.com.
Forward Looking Statements
This media release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are urged to consider statements that include the words "will" or "expect" or the negative of those words or other similar words to be uncertain and forward-looking. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include scientific, business, economic and financial factors. Against the background of these uncertainties, readers should not rely on forward-looking statements. The Company assumes no responsibility for updating forward-looking statements or adapting them to future events or developments.
*Results from in vivo laboratory testing may not be predictive of clinical experience in humans. For important safety and intended use information please visit kurosbio.com.
†MagnetOs is not cleared by the FDA or TGA as an osteoinductive bone graft.
‡MagnetOs has been proven to generate more predictable fusions than two commercially available alternatives in an ovine model of posterolateral fusion.
1. Stempels, et al. Spine. 2024;49(19):1323-1331.
2. U.S. National Library of Medicine. (n.d.). ClinicalTrials.gov Identifier: NCT05037968. ClinicalTrials.gov.
https://clinicaltrials.gov/study/NCT05037968
3. Van Dijk, et al. eCM. 2021; 41:756-73.
4. Duan, et al. eCM. 2019; 37:60-73.
5. Van Dijk, et al. Clin Spine Surg. 2020;33(6): E276-E287.
6. Van Dijk, et al. JOR Spine. 2018; e1039.
7. Van Dijk, et al. J Biomed Mater Res. Part B: Appl Biomater.
SOURCE: Kuros Biosciences AG
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