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KORU Medical Systems Inc. (KRMD-1.87%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in net revenues to $33.6 million, up from $28.5 million in the previous year. This growth was driven by a 12.3% increase in domestic core revenues and a 31.5% increase in international core revenues.
Gross profit for the year was $21.3 million, representing a gross margin of 63.4%, compared to 58.6% in the prior year. The improvement in gross margin was attributed to increased manufacturing productivity and higher average selling prices.
Selling, general, and administrative expenses increased to $21.6 million from $20.4 million, primarily due to higher compensation and benefits-related expenses.
Research and development expenses decreased to $5.3 million from $5.7 million, primarily due to lower project spending.
The company reported a net loss of $6.1 million for the year, compared to a net loss of $13.7 million in the previous year. The decrease in net loss was primarily due to improved gross profit.
Cash and cash equivalents as of December 31, 2024, were $9.6 million, down from $11.5 million at the end of the previous year.
The company continues to focus on its strategy to expand its market position in the subcutaneous drug delivery market and invest in research and development for future growth.
KORU Medical Systems Inc. operates in one reportable segment and derives the majority of its revenues from the United States, with significant contributions from international markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the KORU Medical Systems Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.