KORU Medical Q2 prelim revenue $6.9M (+6% YoY); cuts FY2023 guidance to $31-32.5M; CFO resigns

KORU Medical Systems, Inc.

2023-Q2 EPS reported -$0.11 revenue$14,328,536

Q2 2023 preliminary net revenue ~$6.9M, up 6% YoY; Domestic Core +8%, International Core +17%, Novel Therapies -28%.
FY2023 revenue guidance lowered to $31-32.5M (11-17% growth) due to weaker U.S. SCIg market and Novel Therapies timing.
Cash $11.7M at June 30; reaffirms FY2023 gross margin 58-60% and year-end cash over $10M.
CFO Andy LaFrence resigned July 27 for personal/family reasons; Thomas Adams (VP FP&A, interim CFO) appointed CFO effective Aug 1.
Adams gets base salary $325k, 50% bonus target, nonqualified options for 100k shares at $2.54, four-year vesting.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Andrew D. C. LaFrence

Chief Financial Officer

KRMD · KORU Medical Systems, Inc.

Effective: 2023-07-27
Successor: Thomas Adams
Filed: August 2, 2023, 7:59 PM ET

On and effective as of July 27, 2023, Andrew D. C. LaFrence, the Company’s Chief Financial Officer, resigned his employment for personal and family reasons.

Appointed

Thomas Adams

Chief Financial Officer

KRMD · KORU Medical Systems, Inc.

Effective: 2023-08-01
Filed: August 2, 2023, 7:59 PM ET

On and effective as of August 1, 2023, Thomas Adams, the Company’s Vice President of Financial Planning and Analysis and formerly interim Chief Financial Officer, was appointed as the Company’s Chief Financial Officer.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

KORU Medical Systems, Inc. reported second quarter ended June 30, 2023 results: revenue approximately $6.9 million. Guidance reaffirmed.

Period: second quarter ended June 30, 2023
Revenue: approximately $6.9 million
Guidance: reaffirmed
Result: preliminary results

Exact text from the filing

revenues for the second quarter 2023 and provided business, outlook and executive updates. The Company reported total net revenues for the second quarter 2023 of approximately $6.9 million, representing growth of approximately 6% compared to the prior year period. Domestic Core revenues increased approximately 8%, International Core revenues increased approximately

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Andrew D. C. LaFrence resigned as Chief Financial Officer at KORU Medical Systems, Inc..

Action: resigned
Role: Chief Financial Officer

Exact text from the filing

On and effective as of July 27, 2023, Andrew D. C. LaFrence, the Company’s Chief Financial Officer, resigned his employment for personal and family reasons.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Thomas Adams was appointed as Chief Financial Officer at KORU Medical Systems, Inc..

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

On and effective as of August 1, 2023, Thomas Adams, the Company’s Vice President of Financial Planning and Analysis and formerly interim Chief Financial Officer, was appointed as the Company’s Chief Financial Officer.

View on SEC.gov

13 earnings releases filed in the last 30 days. Browse all earnings releases →

KORU Medical Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001161697-23-000429

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