The following is a summary of the KORU Medical Systems, Inc. (KRMD) Q1 2024 Earnings Call Transcript:

Financial Performance:

• KORU Medical Systems, Inc. reported Q1 2024 revenue of $8.2 million, exhibiting an increase of 11% compared to the prior year period.

• Gross margins improved to 62.3%, marking the third consecutive quarter of being above 60%, primarily due to consolidation of U.S. manufacturing sites.

• There was a substantial decrease in cash burn from $5.2 million to $700,000 through disciplined management and reduction of working capital.

• The ending cash balance as of March 31 stood at $10.8 million.

• The company reaffirmed its 2024 guidance metrics, projecting revenues of $31.2 million to $32.2 million.

Business Progress:

• KORU saw the fifth consecutive quarter of sequential market growth for immunoglobulin and achieved key milestones of its Vision 2026 growth strategy.

• KORU signed three new collaborations including oncology, reaching their target for the year.

• Expansion into the Middle Eastern and North African markets has occurred and Japanese regulatory approval is anticipated in the coming quarters.

• Overcoming regulatory hurdles in the EU market, the company is now working to address product issues.

• The company is planning to submit new product and drug indication filings to the FDA by the end of the year.

• Focused strategies, including the launch of new products and extended indications, have been set in motion to meet revenue targets for 2026.

More details: KORU Medical Systems IR

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