Koru Medical Systems, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable growth in revenues and improvements in profitability compared to the previous fiscal period.

For Q3 2024, Koru Medical achieved net revenues of $8.18 million, a 16.8% increase from $7.00 million in Q3 2023. This growth was driven by an 11.7% rise in domestic core revenues, which reached $6.45 million, and a significant 275.6% increase in revenues from novel therapies, totaling $611,312. International revenues also saw a modest increase of 5.1%, amounting to $1.16 million. Gross profit for the quarter was $5.19 million, reflecting a 19.4% increase from $4.34 million in the prior year, resulting in a gross margin of 63.4%, up from 62.0%.

Despite the revenue growth, Koru Medical reported a net loss of $1.58 million for Q3 2024, which was an increase of 15.5% from a net loss of $1.37 million in Q3 2023. The increase in net loss was attributed to higher operating expenses, which rose to $6.9 million from $6.1 million in the same quarter last year. This increase was primarily due to higher selling, general, and administrative (SG&A) expenses, which grew by $0.5 million, and a $0.2 million rise in research and development (R&D) expenses.

For the nine months ended September 30, 2024, Koru Medical reported total net revenues of $24.81 million, a 16.3% increase from $21.33 million in the same period in 2023. Domestic core revenues increased by 9.9% to $18.56 million, while international core revenues surged by 38.4% to $4.54 million. Novel therapies revenues also rose by 46.3% to $1.71 million. Gross profit for the nine-month period was $15.77 million, a 27.4% increase from $12.38 million, with a gross margin improvement to 63.6% from 58.0%.

The net loss for the nine months ended September 30, 2024, was $4.51 million, a significant reduction of 28.2% from a net loss of $6.28 million in the same period in 2023. This improvement was driven by a $3.39 million increase in gross profit, despite a slight rise in operating expenses.

As of September 30, 2024, Koru Medical had cash and cash equivalents of $8.81 million, down from $11.48 million at the end of 2023. The company reported total current liabilities of $6.32 million, an increase from $4.45 million at the end of the previous year. The company continues to evaluate its cash flow needs and may consider drawing on its credit facility or seeking additional financing in the future.