Welcome to our dedicated page for KORU Medical Systems news (Ticker: KRMD), a resource for investors and traders seeking the latest updates and insights on KORU Medical Systems stock.
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 (NASDAQ: KRMD) has appointed Brent Rutland as Vice President of Medical Affairs. His role will focus on enhancing the company's clinical and data generation strategies, engaging key opinion leaders, and overseeing the medical affairs team. With 27 years of industry experience, Rutland previously held senior roles at Baxter Healthcare and La Jolla Pharmaceutical, where he facilitated multiple product launches. The leadership change aims to support KORU Medical’s growth by strengthening its medical strategy and clinical evidence generation.
KORU Medical Systems (NASDAQ: KRMD) has joined the Subcutaneous Drug Development & Delivery Consortium, positioning itself as a pioneer among device companies. This membership allows KORU Medical to collaborate with top industry experts to tackle challenges in the SC field, enhancing drug delivery systems. The Consortium aims to address unmet medical needs and improve patient outcomes through evidence-based communication. KORU Medical, known for its Freedom System used by over 25,000 patients, brings considerable expertise in subcutaneous therapy, especially for volumes above 5mL.
KORU Medical Systems (NASDAQ: KRMD) announced its participation in Canaccord Genuity's 42nd Annual Growth Conference, scheduled for August 10, 2022, at 10:00 AM ET. The company's management will present at the conference, which can be accessed via a live and archived webcast on KORU Medical's Investors page. KORU Medical is known for its innovative home infusion solutions, including the FREEDOM Syringe Infusion System, which significantly enhances patient quality of life.
KORU Medical Systems (NASDAQ: KRMD) reported strong Q2 2022 results, showcasing an 18.4% increase in net sales to $6.5 million, driven by substantial growth in novel therapies and domestic core business despite supply chain challenges. The revenue guidance for 2022 has been raised to $27.0 to $27.5 million, reflecting optimism for continued growth. However, gross profit percentage fell to 51.1% due to accelerated amortization and manufacturing variances. The company also reported a net loss of $2.9 million, with expenses rising to $7.0 million due to strategic investments.
KORU Medical Systems (NASDAQ: KRMD) will report its second quarter 2022 financial results on August 3, 2022, at 4:30 p.m. ET.
Management will host a conference call to discuss these results and provide an update. U.S. participants can access the call by dialing (877)-407-0784, while international callers should dial (201)-689-8560. The event will also be available via a live and archived webcast on the company's website.
KORU Medical Systems (NASDAQ: KRMD) reported a strong first quarter of 2022, achieving a 15% year-over-year net sales growth to $6.2 million. This marks the second consecutive quarter of double-digit growth, driven by domestic core sales increasing by 13.2% to $5 million. The company received its fourth FDA clearance in five months and expanded its pipeline for novel therapies. However, operating expenses rose to $6.7 million, leading to a net loss of $2.5 million or $(0.06) per diluted share. KORU reaffirms guidance for full-year revenues of $26.5 to $27.0 million.
KORU Medical Systems (NASDAQ: KRMD) has received 510k clearance for its FreedomEdge infusion system, which will now deliver pegcetacoplan (EMPAVELI®/Aspaveli®) in the U.S. This drug treats paroxysmal nocturnal hemoglobinuria (PNH), a rare blood disorder affecting about 15,000 patients globally. The company's President emphasized the expansion of their infusion technology to enhance patient care and emphasized their online training support for healthcare providers. This development aligns with KORU's strategy to broaden its infusion solutions.
KORU Medical Systems (NASDAQ: KRMD) will release its first quarter 2022 financial results on May 4, 2022, at 4:30 p.m. ET. Management will host a conference call to discuss these results and provide a corporate update. Interested parties can join the call by dialing (877)-407-0784 for U.S. participants or (201)-689-8560 for international callers, using conference ID: 13728821. A live and archived webcast will also be available on the company's website.
KORU Medical Systems (NASDAQ: KRMD) has appointed Brian Case as its new Chief Technology Officer. With over 20 years in R&D, including roles at Fresenius Kabi and Cook Medical, Case will lead product development and innovation. He aims to enhance KORU's technology strategy to support a global drug delivery portfolio. CEO Linda Tharby expressed confidence in Case's ability to drive value through his extensive experience. This leadership change comes at a vital time for KORU, as it seeks to innovate in home infusion solutions.
KORU Medical Systems (NASDAQ: KRMD) reported a 60% increase in fourth-quarter net revenues, reaching $6.5 million, driven by growth in all business areas. For the full year, revenues were $23.5 million, a 2.8% decline from last year due to reduced novel therapies revenue. The company achieved three new 510(k) clearances and announced a five-year strategic plan aiming for $60 million in revenues by 2026. Despite a net loss of $4.6 million in 2021, cash reserves stand at $25.3 million as they prepare for 2022 revenue growth projected at $26.0 to $27.0 million.
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