KORU Medical Systems, Inc. Announces 2024 Q3 Financial Results, Third Consecutive Quarter of Double-Digit Growth; Raises Full Year 2024 Guidance
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 ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi netti di $8,2 milioni, che rappresentano un aumento del 17% rispetto all'anno precedente. L'azienda ha ottenuto una crescita notevole in tutti i settori, con l'attività principale in aumento dell'11% e le nuove terapie in crescita del 276%. Il profitto lordo è aumentato del 19% a $5,2 milioni, con un margine lordo migliorato del 63%. Sulla base di prestazioni forti, KORU ha alzato le sue previsioni per l'intero anno 2024, prevedendo ricavi netti di $32,75-$33,25 milioni (crescita del 15-17%) e un margine lordo del 62-63%. L'azienda ha chiuso il terzo trimestre con $8,8 milioni in contante e prevede di raggiungere un flusso di cassa in pareggio nel quarto trimestre del 2024.
KORU Medical Systems reportó sólidos resultados financieros para el tercer trimestre de 2024, con ingresos netos de $8.2 millones, lo que representa un aumento del 17% interanual. La compañía logró un crecimiento notable en todos los segmentos, con el negocio principal en aumento del 11% y nuevas terapias creciendo un 276%. La ganancia bruta aumentó un 19% a $5.2 millones, con un margen bruto mejorado del 63%. Basándose en un buen rendimiento, KORU elevó su pronóstico para todo el año 2024, proyectando ingresos netos de $32.75-$33.25 millones (crecimiento del 15-17%) y un margen bruto del 62-63%. La empresa cerró el tercer trimestre con $8.8 millones en efectivo y espera lograr un flujo de caja equilibrado en el cuarto trimestre de 2024.
KORU Medical Systems은 2024년 3분기 강력한 재무 결과를 보고하였으며, 순수익 $8.2 백만 달러로 지난해 대비 17% 증가했습니다. 이 회사는 모든 부문에서 두显한 성장을 이루었으며, 핵심 사업 부문이 11% 증가하고 새로운 치료법이 276% 성장했습니다. 총 이익은 19% 증가하여 $5.2 백만 달러에 이르렀고, 총 이익률은 63%로 개선되었습니다. 강력한 성과를 바탕으로 KORU는 2024년 전체 연도 가이던스를 상향 조정하였으며, 순수익을 $32.75-$33.25 백만 달러(15-17% 성장) 및 총 이익률은 62-63%로 전망하고 있습니다. 이 회사는 3분기를 $8.8 백만 달러의 현금으로 마감했으며, 2024년 4분기에는 현금 흐름을 손익 분기점에 도달할 것으로 예상하고 있습니다.
KORU Medical Systems a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires net de 8,2 millions de dollars, représentant une augmentation de 17 % par rapport à l'année précédente. L'entreprise a connu une croissance remarquable dans tous les segments, avec une augmentation de 11 % de son activité principale et des thérapies innovantes en hausse de 276 %. Le bénéfice brut a augmenté de 19 % pour atteindre 5,2 millions de dollars, avec une marge brute améliorée de 63 %. Sur la base de ses solides performances, KORU a relevé ses prévisions pour l'année 2024, projetant un chiffre d'affaires net de 32,75 à 33,25 millions de dollars (croissance de 15 à 17 %) et une marge brute de 62 à 63 %. L'entreprise a terminé le troisième trimestre avec 8,8 millions de dollars en liquidités et s'attend à atteindre un équilibre de trésorerie au quatrième trimestre 2024.
KORU Medical Systems hat für das dritte Quartal 2024 starke Finanzergebnisse gemeldet, mit Nettoerlösen von 8,2 Millionen Dollar, was einem Anstieg von 17 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte bemerkenswertes Wachstum in allen Segmenten, wobei das Kerngeschäft um 11 % und die neuen Therapien um 276 % wuchsen. Der Bruttogewinn stieg um 19 % auf 5,2 Millionen Dollar, mit einer verbesserten Bruttomarge von 63 %. Aufgrund der starken Leistung hob KORU die Jahresprognose für 2024 an und rechnet mit Nettoerlösen von 32,75 bis 33,25 Millionen Dollar (Wachstum von 15-17 %) und einer Bruttomarge von 62-63 %. Das Unternehmen schloss das dritte Quartal mit 8,8 Millionen Dollar in bar und erwartet, im vierten Quartal 2024 den Cashflow-Break-even zu erreichen.
- Net revenues increased 17% YoY to $8.2 million
- Novel therapies revenue grew 276% YoY
- Gross profit increased 19% to $5.2 million
- Gross margin improved 140 basis points to 63.4%
- Raised full-year revenue guidance to $32.75-$33.25 million
- 60% improvement in year-to-date cash burn
- Net loss of $1.6 million in Q3 2024
- Operating expenses increased 12.3% YoY
- Cash usage of $1.7 million in Q3 2024
Insights
A strong quarter with impressive metrics across the board.
The raised guidance is particularly noteworthy - expecting full-year revenue of
Key concerns include operating expenses increasing
Recent Highlights
-
Third quarter 2024 net revenues of
$8.2 million 17% increase over the prior year period
-
Core business (
U.S. and International) growth of11% and novel therapies growth of276% over the prior year period
-
Gross profit of
$5.2 million 19% increase over the prior year period, and gross margin of63% , a 140-basis point improvement over the prior year period
-
Ending cash balance of
$8.8 million $2.7 million 60% improvement over the prior year period
-
Presented data at Partnership Opportunities in Drug Delivery (PODD) Conference demonstrating
97% nursing preference for KORU’s FreedomEdge® system over manual push for subcutaneous oncology infusion clinic administration
-
Raising full year 2024 net revenue guidance to
$32.75 $33.25 million 15% -17% over the prior year; raising full year gross margin guidance to62% -63% , representing an improvement of 340 - 440 basis points over the prior year; and raising full year ending cash balance guidance to greater than$8.8 million
“We are pleased to deliver another quarter of strong results representing solid execution by the team across all of our businesses and operations,” said Linda Tharby, KORU Medical’s President and CEO. “Revenue of
2024 Third Quarter Financial Results
|
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Three Months Ended September 30, |
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Change from Prior Year |
|
% of Net Revenues |
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|
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2024 |
|
2023 |
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$ |
|
% |
|
2024 |
|
2023 |
|||
Net Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Core |
|
$ |
6,447,469 |
|
$ |
5,773,863 |
|
$ |
673,606 |
|
|
|
|
|
|
International Core |
|
|
1,121,196 |
|
|
1,066,567 |
|
|
54,629 |
|
|
|
|
|
|
Total Core |
|
|
7,568,665 |
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|
6,840,430 |
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728,235 |
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|
|
|
|
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Novel Therapies |
|
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611,312 |
|
|
162,768 |
|
|
448,544 |
|
|
|
|
|
|
Total |
|
$ |
8,179,977 |
|
$ |
7,003,198 |
|
$ |
1,176,778 |
|
|
|
|
|
|
Total net revenues for the third quarter of 2024 were
Gross profit for the third quarter of 2024 was
Total operating expenses for the third quarter of 2024 were
Net loss for the third quarter of 2024 was
Cash and cash equivalents were
2024 Guidance
-
Raising full year 2024 net revenue guidance to
$32.75 $33.25 15% -17% ; increased from previously issued guidance of$32.0 $32.5 million 12% -14%
-
Raising full year 2024 gross margin guidance to
62% -63% ; increased from previously issued guidance of61% -62%
-
Raising guidance of 2024 year-end cash balance to greater than
$8.8 million $8.0 million
- Reiterating cash flow breakeven in the fourth quarter of 2024 and cash flow positive for full year 2025
Conference Call and Webcast Details
The Company will host a live conference call and webcast to discuss these results and provide a corporate update on Wednesday, November 13, 2024, at 4:30 PM ET.
To participate in the call, please dial (877) 407-0784 (domestic) or (201) 689-8560 (international). The live webcast will be available on the IR Calendar on the News/Events page of the Investors section of KORU Medical’s website.
Non-GAAP Measures
This press release includes the non-GAAP financial measures “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 other companies. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on KORU Medical’s reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company’s financial results. Non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial results. Reconciliations of the Company’s non-GAAP measures are included at the end of this press release.
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™. The Freedom System, which received its first FDA clearance in 1994, is used for self-administration in the home by the patient and/or delivery in an ambulatory infusion center by a healthcare professional. Through its Novel Therapies business, KORU Medical provides products for use by biopharmaceutical companies in feasibility/clinical trials during the drug development process and, as needed, is capable of customizing the Freedom System for clinical and commercial use across multiple drug categories. For more information, please visit www.korumedical.com.
Forward-looking Statements
This press release 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, including, but not limited to, oncology biologic clinic entry, launch an expanded nephrology indication, success of Novel Therapies collaborations and related commercial launches, financial guidance and expected operating performance for fiscal 2024. Forward-looking statements discuss the Company’s current expectations and projections relating to its financial position, results of operations, plans, objectives, future performance, and business. Forward-looking statements can be identified by words such as “guidance”, “expect”, “plan”, “believe” and “will”. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, uncertainties associated with SCIg market growth, prefilled syringe penetration, plasma supply, clinical trial activity and success, approval and commercialization of new drug indications, the Company’s EU certification, the shift to increased healthcare delivery in the home, new patient diagnoses, customer ordering patterns, global health crises, innovation and competition, labor and supply price increases, inflationary impacts, labor supply, and those risks and uncertainties included under the captions “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, which is on file with the SEC and available on our website at www.korumedical.com/investors and on the SEC website at www.sec.gov. All information provided in this release and in the attachments is as of November 13, 2024. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
KORU MEDICAL SYSTEMS, INC. BALANCE SHEETS |
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September 30, |
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December 31, |
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2024 |
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2023 |
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(UNAUDITED) |
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ASSETS |
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|||
|
|
|
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CURRENT ASSETS |
|
|
|
|
|
|||
Cash and cash equivalents |
|
$ |
8,806,310 |
|
$ |
11,482,240 |
|
|
Accounts receivable less allowance for credit losses of |
|
|
5,164,700 |
|
|
4,045,211 |
|
|
Inventory |
|
|
3,928,318 |
|
|
3,481,301 |
|
|
Other receivables |
|
|
74,312 |
|
|
28,889 |
|
|
Prepaid expenses |
|
|
955,213 |
|
|
1,218,288 |
|
|
TOTAL CURRENT ASSETS |
|
|
18,928,853 |
|
|
20,255,929 |
|
|
Property and equipment, net |
|
|
4,552,176 |
|
|
3,837,657 |
|
|
Intangible assets, net of accumulated amortization of |
|
|
746,302 |
|
|
754,361 |
|
|
Operating lease right-of-use assets |
|
|
3,063,731 |
|
|
3,514,055 |
|
|
Other assets |
|
|
98,970 |
|
|
98,970 |
|
|
TOTAL ASSETS |
|
$ |
27,390,032 |
|
$ |
28,460,972 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES |
|
|
|
|
|
|||
Accounts payable |
|
$ |
1,670,300 |
|
$ |
975,193 |
|
|
Accrued expenses |
|
|
2,792,967 |
|
|
1,711,427 |
|
|
Note payable |
|
|
401,993 |
|
|
314,344 |
|
|
Other liabilities |
|
|
181,745 |
|
|
512,520 |
|
|
Accrued payroll and related taxes |
|
|
766,867 |
|
|
462,941 |
|
|
Financing lease liability – current |
|
|
114,297 |
|
|
109,540 |
|
|
Operating lease liability – current |
|
|
395,954 |
|
|
368,313 |
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|
TOTAL CURRENT LIABILITIES |
|
|
6,324,123 |
|
|
4,454,278 |
|
|
Financing lease liability, net of current portion |
|
|
230,332 |
|
|
316,623 |
|
|
Operating lease liability, net of current portion |
|
|
3,102,097 |
|
|
3,336,300 |
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|
TOTAL LIABILITIES |
|
|
9,656,552 |
|
|
8,107,201 |
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|
|
|
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STOCKHOLDERS’ EQUITY |
|
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|
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Common stock, |
|
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492,758 |
|
|
490,899 |
|
|
Additional paid-in capital |
|
|
48,940,978 |
|
|
47,018,707 |
|
|
Treasury stock, 3,438,526 and 3,420,502 shares as of September 30, 2024 and December 31, 2023, respectively, at cost |
|
|
(3,882,493 |
) |
|
(3,843,562 |
) |
|
Accumulated deficit |
|
|
(27,817,763 |
) |
|
(23,312,273 |
) |
|
TOTAL STOCKHOLDERS’ EQUITY |
|
|
17,733,480 |
|
|
20,353,771 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
27,390,032 |
|
$ |
28,460,972 |
|
|
KORU MEDICAL SYSTEMS, INC. STATEMENTS OF OPERATIONS (UNAUDITED) |
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Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
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|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
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|
|
|
|
|
|
|
|
|
|||||||
NET REVENUES |
|
$ |
8,179,977 |
|
$ |
7,003,198 |
|
$ |
24,807,864 |
|
$ |
21,331,734 |
|
|||
Cost of goods sold |
|
|
2,993,986 |
|
|
2,661,021 |
|
|
9,038,825 |
|
|
8,954,398 |
|
|||
Gross Profit |
|
|
5,185,991 |
|
|
4,342,177 |
|
|
15,769,038 |
|
|
12,377,336 |
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OPERATING EXPENSES |
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|
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|
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|
|||||||
Selling, general and administrative |
|
|
5,127,658 |
|
|
4,623,928 |
|
|
15,804,966 |
|
|
15,352,972 |
|
|||
Research and development |
|
|
1,533,845 |
|
|
1,293,256 |
|
|
4,143,751 |
|
|
4,454,739 |
|
|||
Depreciation and amortization |
|
|
227,785 |
|
|
216,014 |
|
|
677,019 |
|
|
642,050 |
|
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Total Operating Expenses |
|
|
6,889,288 |
|
|
6,133,198 |
|
|
20,625,736 |
|
|
20,449,761 |
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|||
|
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|
|
|
|
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|
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|||||||
Net Operating Loss |
|
|
(1,703,297 |
) |
|
(1,791,021 |
) |
|
(4,856,698 |
) |
|
(8,072,425 |
) |
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Non-Operating Income/(Expense) |
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Gain/(Loss) on currency exchange |
|
|
9,485 |
|
|
(9,390 |
) |
|
(12,674 |
) |
|
(12,542 |
) |
|||
Loss on disposal of fixed assets, net |
|
|
— |
|
|
(3,527 |
) |
|
(300 |
) |
|
(59,806 |
) |
|||
Interest income, net |
|
|
112,995 |
|
|
135,429 |
|
|
364,183 |
|
|
392,098 |
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TOTAL OTHER INCOME |
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|
122,480 |
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|
122,512 |
|
|
351,208 |
|
|
319,750 |
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LOSS BEFORE INCOME TAXES |
|
|
(1,580,817 |
) |
|
(1,668,509 |
) |
|
(4,505,490 |
) |
|
(7,752,675 |
) |
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Income Tax Benefit |
|
|
— |
|
|
300,247 |
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|
— |
|
|
1,477,642 |
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NET LOSS |
|
$ |
(1,580,817 |
) |
$ |
(1,368,262 |
) |
$ |
(4,505,490 |
) |
$ |
(6,275,033 |
) |
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NET LOSS PER SHARE |
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|
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|
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|||||||
Basic & Diluted |
|
$ |
(0.03 |
) |
$ |
(0.03 |
) |
$ |
(0.10 |
) |
$ |
(0.14 |
) |
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WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING |
|
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|||||||
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|
|
|
|
|
|
|
|||||||
Basic & Diluted |
|
|
45,851,019 |
|
|
45,639,081 |
|
|
45,791,756 |
|
|
45,578,314 |
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KORU MEDICAL SYSTEMS, INC. STATEMENTS OF CASH FLOWS (UNAUDITED) |
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For the
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September 30, |
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|
2024 |
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2023 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net Loss |
|
$ |
(4,505,490 |
) |
$ |
(6,275,033 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
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|
|||
Stock-based compensation expense and warrant expense |
|
|
1,924,131 |
|
|
2,379,613 |
|
|
Depreciation and amortization |
|
|
677,019 |
|
|
642,050 |
|
|
Deferred income taxes |
|
|
— |
|
|
(1,477,643 |
) |
|
Loss on disposal of fixed assets |
|
|
300 |
|
|
59,806 |
|
|
Non-cash lease adjustments |
|
|
243,762 |
|
|
(16,489 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|||
Accounts receivable |
|
|
(1,119,490 |
) |
|
(332,975 |
) |
|
Inventory |
|
|
(447,017 |
) |
|
1,727,954 |
|
|
Prepaid expenses and other assets |
|
|
217,652 |
|
|
87,540 |
|
|
Other liabilities |
|
|
(330,773 |
) |
|
243,283 |
|
|
Accounts payable |
|
|
695,107 |
|
|
(1,446,180 |
) |
|
Accrued payroll and related taxes |
|
|
303,927 |
|
|
(149,872 |
) |
|
Accrued expenses |
|
|
1,081,539 |
|
|
(1,431,412 |
) |
|
NET CASH USED IN OPERATING ACTIVITIES |
|
|
(1,259,333 |
) |
|
(5,989,358 |
) |
|
|
|
|
|
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|||
Purchases of property and equipment |
|
|
(1,340,994 |
) |
|
(586,897 |
) |
|
Purchases of intangible assets |
|
|
(42,786 |
) |
|
(19,312 |
) |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(1,383,780 |
) |
|
(606,209 |
) |
|
|
|
|
|
|
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|||
Borrowings from insurance finance indebtedness |
|
|
487,516 |
|
|
565,172 |
|
|
Payments on insurance finance indebtedness |
|
|
(399,867 |
) |
|
(532,441 |
) |
|
Payments on finance lease liability |
|
|
(81,534 |
) |
|
(73,243 |
) |
|
Payments for taxes related to net share settlement of equity awards |
|
|
(38,932 |
) |
|
— |
|
|
NET CASH USED IN FINANCING ACTIVITIES |
|
|
(32,817 |
) |
|
(40,512 |
) |
|
|
|
|
|
|
|
|||
NET DECREASE IN CASH AND CASH EQUIVALENTS |
|
|
(2,675,930 |
) |
|
(6,636,079 |
) |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
11,482,240 |
|
|
17,408,257 |
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
8,806,310 |
|
$ |
10,772,178 |
|
|
|
|
|
|
|
|
|||
Supplemental Information |
|
|
|
|
|
|||
Cash paid during the periods for: |
|
|
|
|
|
|||
Interest |
|
$ |
46,014 |
|
$ |
34,773 |
|
|
Income taxes |
|
$ |
— |
|
$ |
3,160 |
|
|
KORU MEDICAL SYSTEMS, INC. SUPPLEMENTAL INFORMATION (UNAUDITED) |
||||||||||||||||
|
||||||||||||||||
A reconciliation of our non-GAAP measures is below: |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
Reconciliation of GAAP Net (Loss) |
|
September 30, |
|
September 30, |
||||||||||||
to Non-GAAP Adjusted EBITDA: |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
GAAP Net Loss |
|
$ |
(1,580,817 |
) |
$ |
(1,368,262 |
) |
$ |
(4,505,490 |
) |
$ |
(6,275,033 |
) |
|||
Tax Benefit |
|
|
(314,095 |
) |
|
(300,247 |
) |
|
(892,524 |
) |
|
(1,477,642 |
) |
|||
Allowance for Tax Benefit |
|
|
314,095 |
|
|
— |
|
|
892,524 |
|
|
— |
|
|||
Reorganization Charges |
|
|
396,926 |
|
|
— |
|
|
496,255 |
|
|
— |
|
|||
Depreciation and Amortization |
|
|
227,785 |
|
|
216,014 |
|
|
677,019 |
|
|
642,050 |
|
|||
Interest Income, Net |
|
|
(112,997 |
) |
|
(135,429 |
) |
|
(364,183 |
) |
|
(392,098 |
) |
|||
Manufacturing Initiative Expense |
|
|
— |
|
|
— |
|
|
— |
|
|
55,361 |
|
|||
Stock-based Compensation Expense |
|
|
634,608 |
|
|
697,658 |
|
|
1,948,992 |
|
|
2,379,613 |
|
|||
Non-GAAP Adjusted EBITDA |
|
$ |
(434,495 |
) |
$ |
(890,266 |
) |
$ |
(1,747,407 |
) |
$ |
(5,067,749 |
) |
|||
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted average number of common shares |
|
|
45,851,019 |
|
|
45,606,603 |
|
|
45,791,756 |
|
|
45,547,427 |
|
|||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
Reconciliation of Reported Diluted EPS |
|
September 30, |
|
September 30, |
||||||||||||
to Non-GAAP Adjusted Diluted EPS: |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Reported Diluted Earnings Per Share |
|
$ |
(0.03 |
) |
$ |
(0.03 |
) |
$ |
(0.10 |
) |
$ |
(0.14 |
) |
|||
Tax Benefit |
|
|
(0.01 |
) |
|
(0.01 |
) |
|
(0.02 |
) |
|
(0.03 |
) |
|||
Allowance for Tax Benefit |
|
|
0.01 |
|
|
— |
|
|
0.02 |
|
|
— |
|
|||
Reorganization Charges |
|
|
0.01 |
|
|
— |
|
|
0.01 |
|
|
— |
|
|||
Depreciation and Amortization |
|
|
— |
|
|
— |
|
|
0.01 |
|
|
0.01 |
|
|||
Interest Income, Net |
|
|
— |
|
|
— |
|
|
(0.01 |
) |
|
(0.01 |
) |
|||
Manufacturing Initiative Expense |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||
Stock-based Compensation Expense |
|
|
0.01 |
|
|
0.02 |
|
|
0.04 |
|
|
0.05 |
|
|||
Non-GAAP Adjusted Diluted Earnings Per Share |
|
$ |
(0.01 |
) |
$ |
(0.02 |
) |
$ |
(0.05 |
) |
$ |
(0.12 |
) |
|||
*Numbers presented are rounded to the nearest whole cent |
||||||||||||||||
Allowance for nonrealization of deferred tax assets (DTA). We have excluded the effect of recording a full valuation allowance on our deferred tax assets in the third quarter ended 2024 in the amount of
Reorganization Charges. We have excluded the effect of reorganization charges in calculating our non-GAAP measures. In 2024 we incurred severance expenses related to the reorganization of the leadership team, which we would not have otherwise incurred in periods presented as part of continuing operations.
Stock-based Compensation Expense. We have excluded the effect of stock-based compensation expense in calculating our non-GAAP measures. We record non-cash compensation expenses related to grants of equity-based awards for executives, employees, consultants, and directors. Depending upon the size, timing and the terms of the grants, the non-cash compensation expense may vary significantly but is expected to recur in future periods.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241113344251/en/
Investor Contact:
Louisa Smith
investor@korumedical.com
Source: KORU Medical Systems, Inc.
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