Wed, Nov 13, 9:05 PM (20 days ago)
Koru Medical Systems, Inc. (KRMD) reported a quarterly net revenue of $8.18 million for Q3 2024, reflecting a 16.8% increase from $7.00 million in Q3 2023, driven by growth in domestic and international core business segments and a notable 275.6% rise in novel therapies. Gross profit also rose to $5.19 million, with a gross margin improvement to 63.4%. However, operating expenses increased to $6.89 million, primarily due to higher selling, general, and administrative costs, leading to a net loss of $1.58 million, up from $1.37 million a year prior. For the nine months ended September 30, 2024, total revenue reached $24.81 million, a 16.3% increase year-over-year. The net loss for this period decreased to $4.51 million from $6.28 million, attributed to improved gross profit and manufacturing efficiencies. Cash and cash equivalents stood at $8.81 million, indicating a decrease from earlier in the year, with cash used in operations significantly reduced compared to the previous year. Future operations may require additional financing as growth strategies unfold, amid ongoing uncertainties in market conditions.