KRMD - KORU Medical Systems expects Q2 revenue growth at 6%

2023-08-02 18:12:26 ET

• KORU Medical Systems ( NASDAQ: KRMD ) said Wednesday that its preliminary total net revenues are expected to be about $6.9 million for the second quarter of 2023, a 6% growth from last year.

• The Seeking Alpha consensus estimate for Q2 revenue is $7.78 million.

• For Q2, Domestic Core revenues increased ~8%, International Core revenues increased ~17%, and Novel Therapies revenues declined ~28%, the company said.

• Full-year 2023 net revenues are now expected to be between $31 million and $32.5 million. The consensus estimate is $32.62 million.

• "The company's guidance for full year 2023 has been updated to reflect a Q2 2023 decline in the U.S. subcutaneous immunoglobulin market, resulting in a change of KORU Medical’s outlook on underlying U.S. core market growth assumption from 10% to the mid-single digit range," KORU said.

• The cash balance was $11.7 million as of June 30, 2023.

• The company said it is reaffirming an expected end-of-year cash balance greater than $10.0 million.

• Full-year gross margins are expected to be between 58–60%, with an exit rate of around 60–62%.

• Press Release .

• Shares -3.2% at $2.40 after hours.

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