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KORU Medical Systems, Inc. (symbol: KRMD) is a prominent developer and manufacturer of innovative medical devices and supplies, headquartered at 24 Carpenter Road, Chester, New York, United States. Specializing in mechanical infusion products, the company is renowned for its cutting-edge FREEDOM Infusion Systems. These systems include the FREEDOM60 and FreedomEdge Syringe Drivers, designed to provide efficient and reliable delivery of life-saving therapies.
KORU Medical Systems primarily focuses on subcutaneous infusion devices, which are essential for administering immunoglobulin therapies to patients suffering from chronic illnesses such as Primary Immunodeficiencies (PIDD) and Chronic Inflammatory Demyelinating Polyneuropathy (CIDP). Their product line features the Precision Flow Rate Tubing and HIgH-Flo Subcutaneous Safety Needle Sets, enhancing the safety and effectiveness of home-based treatments.
The company's commitment to quality and innovation has positioned it as a leader in the medical device industry. Recent achievements include advancements in product technology and expanded partnerships aimed at enhancing patient care and expanding market reach. KORU Medical Systems continues to prioritize patient-centered solutions, ensuring their products meet the highest standards of safety and performance.
KORU Medical Systems reported strong Q3 2024 financial results with net revenues of $8.2 million, representing a 17% increase year-over-year. The company achieved notable growth across segments, with core business up 11% and novel therapies growing 276%. Gross profit increased 19% to $5.2 million, with improved gross margin of 63%. Based on strong performance, KORU raised its full-year 2024 guidance, projecting net revenue of $32.75-$33.25 million (15-17% growth) and gross margin of 62-63%. The company ended Q3 with $8.8 million in cash and expects to achieve cash flow breakeven in Q4 2024.
KORU Medical Systems (NASDAQ: KRMD), a leading medical technology company, will participate in two upcoming investor conferences. The company focuses on developing, manufacturing, and commercializing innovative large volume subcutaneous infusion solutions. The management team will attend the 15th Annual Craig-Hallum Alpha Select Conference on Tuesday, November 19th, 2024. Additionally, they will participate in the Canaccord MedTech, Diagnostics and Digital Health & Services Forum on Thursday, November 21st, 2024.
KORU Medical Systems presented data at the PODD 2024 Conference showing strong nursing preference for their FreedomEdge® Infusion System over manual syringe administration for subcutaneous oncology infusions. The study, conducted across 6 Danish hospitals with 33 nurses performing over 3,000 infusions, revealed significant advantages: 97% of nurses reported more patient interaction time, 81% experienced less hand pain, 91% found it easier to use, and 73% observed reduced patient discomfort. The company plans to file for FDA clearance with an oncology biologic in 2025.
KORU Medical Systems (NASDAQ: KRMD), a medical technology company specializing in subcutaneous infusion solutions, has announced it will release its third quarter 2024 financial results on November 13, 2024. The company will host a conference call and webcast at 4:30 p.m. ET to discuss the results and provide a corporate update. The call will be accessible to U.S. and Canadian participants at (877)-407-0784 and international callers at (201)-689-8560. A live and archived webcast will be available on the company's investor relations website.
KORU Medical Systems (NASDAQ: KRMD), a leading medical technology company, announced its participation in the 8th Annual Lake Street Best Ideas Growth Conference on September 12, 2024, in New York. The company, which specializes in developing and manufacturing innovative large volume subcutaneous infusion solutions, will be engaging in investor meetings during the event.
This conference participation highlights KORU Medical's commitment to investor relations and showcases its position in the medical technology sector. The Lake Street conference is known for featuring promising growth companies, suggesting that KORU Medical's attendance may indicate positive momentum and potential investment opportunities in the subcutaneous infusion market.
KORU Medical Systems (NASDAQ: KRMD) announced a record second quarter for 2024, achieving 22% revenue growth. The company's net revenues hit $8.4 million, driven by a 20% growth in core business and geographic expansion. Gross profit increased by 41% to $5.5 million with a gross margin of 65%, showing a year-over-year improvement of 890 basis points. Ending cash balance was $10.5 million with a quarterly cash usage of $0.3 million.
KORU raised its full-year 2024 revenue guidance to $32.0-$32.5 million, representing a growth of 12-14%, and gross margin guidance to 61-62%. Business highlights include regulatory clearance for the FreedomEdge® Infusion System in Japan, progress in oncology biologics, and entry into a Phase III clinical trial for nephrology. Despite the 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.
KORU Medical Systems (NASDAQ: KRMD), a leading medical technology company specializing in large volume subcutaneous infusion solutions, has announced its participation in the Canaccord Genuity 44th Annual Growth Conference. The event is scheduled for August 14, 2024, with KORU Medical's management set to present at 8:30 am ET.
Interested parties can access both the live and archived webcast of the presentation through the News/Events page in the Investors section of KORU Medical's official website at www.korumedical.com. This conference provides an opportunity for KORU Medical to showcase its innovative and patient-centric solutions to a wider audience of investors and industry professionals.
KORU Medical Systems (NASDAQ: KRMD) announces the promotion of Christopher Pazdan to Chief Operating Officer, effective July 18, 2024.
Pazdan, with KORU since 2021, was previously Senior Vice President of Operations. He will now oversee Research and Development, product development, and innovation efforts. CEO Linda Tharby commends Pazdan for his transformative leadership and familiarity with the company's culture.
Brian Case, Chief Technology Officer, will depart on September 16, 2024. Tharby thanks him for his contributions to the R&D team and product development process.
KORU Medical Systems (NASDAQ: KRMD), a leading medical technology company specializing in large volume subcutaneous infusion solutions, has announced its plans to report second quarter 2024 financial results on August 7, 2024. The company will host a conference call and webcast at 4:30 p.m. ET on the same day to discuss the results and provide a corporate update.
Interested parties can access the conference call by dialing (877)-407-0784 for U.S. or Canada participants, and (201)-689-8560 for international callers. A live and archived webcast will be available on the company's investor relations website for six months following the event.
KORU Medical Systems (NASDAQ: KRMD) has secured regulatory clearance for its FreedomEdge® Infusion System in Japan. This approval includes the delivery of multiple drugs such as CSL Behring’s Hizentra, Takeda Pharmaceutical’s Cuvitru, and Sobi’s Aspaveli for conditions like Subcutaneous Immunoglobulin therapy (SCIg) and Paroxysmal Nocturnal Hemoglobinuria (PNH).
This clearance marks a significant milestone for KORU Medical, expanding its international market reach and enhancing patient care in Japan. The FreedomEdge® System, known for its reliability and patient-friendly design, allows for convenient at-home or clinical administration of large volume subcutaneous therapies.
CEO Linda Tharby highlighted this regulatory success as a testament to KORU’s commitment to improving global healthcare solutions. The system’s customizable features and portable design offer flexible and effective therapy management for patients and healthcare providers alike.
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