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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 (NASDAQ: KRMD) reported a strong third quarter for 2022, achieving net sales of $7.8 million, a 28.5% increase year-over-year. This growth was supported by a 46.8% rise in international core sales and a remarkable 251.9% increase in novel therapies. The company raised its full-year revenue guidance to $27.5-$28.0 million and improved its gross margin to 55.7%. However, operating expenses rose to $5.9 million, leading to a net loss of $1.2 million, compared to $1.1 million in the prior year. Cash reserves stood at $16.4 million.
KORU Medical Systems (NASDAQ: KRMD) has progressed its partnership with Kira Pharmaceuticals, expanding their agreement to include three new indications for Phase II studies of Kira's KP-104 program. The conditions target over 150,000 patients in the U.S. with nephrology and hematology conditions. Kira selected KORU for its proven subcutaneous therapeutic solutions, which allow treatments to be administered at home. This partnership reflects KORU's commitment to enhancing its novel therapies pipeline and improving patient care worldwide.
KORU Medical Systems (NASDAQ: KRMD) will report its third quarter 2022 financial results on November 9, 2022, at 4:30 p.m. ET. Management will host a conference call to discuss results and updates. The company is known for its innovative home infusion solutions, including the FREEDOM Syringe Infusion System. Interested parties can access the call at (877)-407-0784 for U.S. callers or (201)-689-8560 for international participants, using conference ID 13732861. Full details available on their website.
KORU Medical Systems (NASDAQ: KRMD) announced its participation in significant industry conferences: the 2022 PDA Universe of Pre-Filled Syringes and Injection Devices Conference on October 18-19 in Palm Springs, California, and the 12th Annual Partnership Opportunities in Drug Delivery (PODD) on October 24-25 in Boston, Massachusetts. KORU Medical aims to enhance its presence in the growing subcutaneous market, focusing on pre-filled syringes and novel therapies. CEO Linda Tharby emphasized the importance of these events in advancing the company's strategic goals.
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.
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