8-K
filed November 8, 2023, 6:59 PM ET
ticker KRMD
CIK 0000704440
earnings
confidence high
sentiment negative
materiality 0.80
KORU Medical Q3 revenue down 9.8% YoY; cuts full-year guidance to $28.0-$28.5M
KORU Medical Systems, Inc.
2023-Q3 EPS reported
-$0.14
revenue$21,331,734
- Q3 net revenue $7.0M (-9.8% YoY); net loss $1.4M ($0.03/share) vs $1.2M loss prior year.
- Full-year 2023 revenue guidance cut to $28.0-$28.5M from $31.0-$32.5M; gross margin reaffirmed 58%-60%.
- FDA cleared FREEDOM60 Infusion System for use with Hizentra 50 mL prefilled syringes; first such clearance.
- Appointed Ken Miller as CCO effective Nov 6; base salary $360K, bonus up to 50%, and 400,000 stock options.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 1.0
KORU Medical Systems, Inc. reported third quarter ended September 30, 2023 results: revenue $7.0 million, net income $1.4 million, or $(0.03) per diluted share. Guidance reaffirmed.
- Period
- third quarter ended September 30, 2023
- Revenue
- $7.0 million
- Net income
- $1.4 million, or $(0.03) per diluted share
- Guidance
- reaffirmed
- Result
- reported results
Exact text from the filing
life for patients, today reported financial results for the third quarter ended September 30, 2023 and updates full year 2023 outlook. Highlights: ● Third quarter net revenue of $7.0 million, a 10% decline versus prior year ● Novel Therapies net revenue decline of $0.6 million was impacted primarily by a large clinical trial order in the prior year and timing of
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 1.0
KORU Medical Systems, Inc. reported full year 2023 results: revenue $28.0 to $28.5 million. Guidance reaffirmed.
- Period
- full year 2023
- Revenue
- $28.0 to $28.5 million
- Guidance
- reaffirmed
- Result
- guidance update
Exact text from the filing
● Continued strategic, operational expense discipline, ending the quarter with $10.8 million in cash and cash equivalents ● Revised full year 2023 net revenue guidance to $28.0 to $28.5 million, reaffirmed gross margin guidance between 58%-60% for full-year and a planned Q4 exit between 60%-62%, and increased year-end cash balance guidance to greater
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Kenneth Miller was appointed as Chief Commercial Officer at KORU Medical Systems, Inc..
- Action
- appointed
- Role
- Chief Commercial Officer
Exact text from the filing
Kenneth Miller, age 55, has been appointed by KORU Medical Systems, Inc. (the “Company”) to serve in the newly created position of Chief Commercial Officer commencing November 6, 2023.
View on SEC.gov
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