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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) plans to report its second quarter 2021 financial results on August 11, 2021. The management will hold a conference call and webcast at 4:30 p.m. ET on the same day to discuss the financial outcomes and present a corporate update. Interested parties can participate via a U.S. toll-free number or an international line, using conference ID 13721184. A webcast will be available on KORU Medical's website for six months post-event.
KORU Medical Systems (NASDAQ: KRMD) reported its Q1 2021 results, revealing net revenue of $5.4 million, a 14% decline from $6.3 million in Q1 2020, attributed mainly to decreased sales in novel therapies and pandemic impacts. Gross margin stood at 59.5%, consistent with last year. The company incurred a net loss of $1.3 million, or $(0.03) per diluted share, primarily due to leadership change expenses. Total operating expenses rose to $5.4 million, up from $3.2 million the previous year. Adjusted EBITDA was $(0.4) million, a decrease from $1.3 million in Q1 2020.
KORU Medical Systems (NASDAQ: KRMD) will announce its Q1 2021 financial results on May 12, 2021. The results will be discussed during a conference call at 4:30 p.m. ET, providing an opportunity for management to give updates on the company’s performance and future plans. KORU Medical specializes in specialty infusion solutions that enhance the quality of life for patients. Their product line includes the FREEDOM Syringe Infusion System, designed for home and alternate care settings.
KORU Medical Systems reported its financial results for Q4 and full year 2020, revealing a net revenue of $24.2 million, a 4.4% increase from 2019. The gross margin decreased to 62%, while the company faced a net loss of $1.2 million. Q4 2020 net revenue was $4.1 million, a 34.8% decline from Q4 2019, attributed to precautionary inventory purchases and lower international sales. KORU ended the year with $27.3 million in cash. The company expects Q1 2021 net sales of at least $5.0 million as they focus on growth strategies under new CEO, Linda Tharby.
KORU Medical Systems (NASDAQ: KRMD) appoints Linda Tharby as President and CEO, effective April 12, 2021, succeeding Interim CEO Jim Beck, who remains on the Board. Tharby brings 24 years of experience from Becton Dickinson, having played a vital role in its growth to an $18 billion company. Her expertise in global business leadership and product commercialization positions KORU Medical for growth in home infusion solutions. Tharby will receive 1 million restricted stock awards tied to performance metrics and market capitalization milestones.
KORU Medical Systems (NASDAQ: KRMD), a company specializing in specialty infusion solutions, will report its fourth quarter and full year 2020 financial results on March 23, 2021. The management team will host a conference call and webcast at 4:30 p.m. ET to discuss these results and provide a corporate update. Investors can join the call by dialing the appropriate numbers for U.S. or international participants. A webcast will also be available for six months on the company’s investor relations website.
KORU Medical Systems (NASDAQ: KRMD) reported preliminary revenue of approximately $24.0 million for 2020, marking a 3.4% increase from 2019. Cash equivalents rose significantly to $27.3 million, up from $5.9 million the previous year. The company appointed Jim Beck as Interim CEO following the resignation of Don Pettigrew. Factors impacting growth included inventory fluctuations, slower international sales, and reduced new patient starts due to COVID-19 restrictions. KORU Medical remains optimistic about its core business fundamentals in the face of ongoing uncertainties.
KORU Medical Systems (NASDAQ: KRMD) announced that CEO Don Pettigrew will present a company overview at the virtual H.C. Wainwright BioConnect 2021 Conference from January 11-14, 2021. The presentation will be accessible on the investors' section of their website. KORU Medical specializes in developing and commercializing innovative infusion solutions aimed at enhancing the quality of life for patients globally. Their product line includes the FREEDOM60® and FreedomEdge® Syringe Infusion Drivers, among others, designed for home and alternate care settings.
KORU Medical Systems authorized a stock repurchase program allowing for the purchase of up to $10 million of its common stock until December 31, 2021. CEO Don Pettigrew emphasized that this decision reflects confidence in the company's long-term outlook and shareholder value maximization. The repurchase will be financed with cash on hand and executed through open market or private transactions, depending on market conditions. The board views this initiative as a commitment to enhancing shareholder value and believes in the company's growth potential.
KORU Medical Systems (NASDAQ: KRMD) reported Q3 2020 financial results, revealing net sales of $6.1 million, a decrease from $6.6 million in Q3 2019. Despite this, net sales for the first nine months increased 19% year-over-year. Gross profit also declined to $3.9 million, reflecting a 64.8% margin. Net income fell to $0.2 million, or $0.01 per share, down from $0.7 million in the previous year. The company retains a solid cash position of $32.4 million. KORU is optimistic about upcoming product launches and clinical trials that could expand its market presence.
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