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$KORU Medical Systems (KRMD.US)$ NEWS KORU Medical Systems, ...
NEWS
KORU Medical Systems, Inc. Announces 2024 First Quarter Financial Results Delivering Double-Digit Revenue Growth
First quarter 2024 net revenues of $8.2 million, an 11% increase YoY and record high quarterly revenues.
Core business (U.S. and International) experienced 14% growth YoY, driven by SCIg market growth, share gains, and geographic expansion.
Entered a Novel Therapies collaboration with an oncology drug therapy, bringing total collaborations to 16.
Gross profit increased by 23% to $5.1 million, with a gross margin of 62% showing improvement YoY.
Ending cash balance of $10.8 million and quarterly cash usage of $0.7 million, reflecting increased operating leverage and working capital improvements.
Reaffirmed full year 2024 revenue guidance of $31.2-$32.2 million, representing growth of 10-13% YoY.
Core business (U.S. and International) experienced 14% growth YoY, driven by SCIg market growth, share gains, and geographic expansion.
Entered a Novel Therapies collaboration with an oncology drug therapy, bringing total collaborations to 16.
Gross profit increased by 23% to $5.1 million, with a gross margin of 62% showing improvement YoY.
Ending cash balance of $10.8 million and quarterly cash usage of $0.7 million, reflecting increased operating leverage and working capital improvements.
Reaffirmed full year 2024 revenue guidance of $31.2-$32.2 million, representing growth of 10-13% YoY.
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