The following is a summary of the KORU Medical Systems, Inc (KRMD) Q2 2024 Earnings Call Transcript:

Financial Performance:

• KORU Medical Systems reported a strong second quarter with record revenue of $8.4 million, a 22% increase from the previous year.

• Gross margin improved significantly to above 60%, influenced by manufacturing efficiencies and increased average selling prices.

• The company is progressing towards cash flow breakeven, with a reduction in net loss and effective cash usage management, projecting an ending cash balance of over $8 million by the end of the year.

Business Progress:

• KORU achieved regulatory clearance for FreedomEdge infusion system in Japan, broadening international market reach.

• The company saw significant growth in its Novel Therapies business, advancing multiple drugs towards commercialization.

• KORU launched key strategic promotions, appointing a new Chief Operating Officer to enhance operational efficiency and align business functions.

• KORU continues to capitalize on the growing SCIg market, with new product submissions planned to further enhance patient convenience and comfort.

Opportunities:

• The expansion into the Japanese market and regulatory clearances offer a new growth avenue for KORU, expected to contribute significantly from 2025 onwards.

• Collaboration with SCHOTT Pharma to optimize large-volume drug delivery presents opportunities to expand in the prefilled syringe segment.

• An expanding U.S. SCIg market, coupled with the shift towards subcutaneous drug delivery and the introduction of new treatment labels, provides a robust growth platform.

Risks:

• No explicit risks/opportunities detected.

More details: KORU Medical Systems IR

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