KORU Medical : Q4 2024 Earnings Call Presentation (KRMD Q4 2024 Earnings Deck vFINAL)
KRMD
KORU Medical Systems
Q4 and FY 2024 Earnings Call
March 12, 2025
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2024 Results
Strong Fourth Quarter and Full Year Performance
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3
4
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Record Revenues; Q4 $8.8 million, 23% growth and FY $33.6 million, 18% growth
Full Year Core business growth of 16% outperforming overall SCIg market growth and driven by share gains and entry into new geographies
Strong Novel Therapies growth driven by increase in NRE collaborations and clinical trial supplies
Entered 4 new Novel Therapies collaborations in 2024; announced 2 additional collaborations during first two months of 2025
Record-setting FY Gross profit of $21.3 million; Gross margin of 63.4%, an improvement of 480 basis points
Ending cash balance of $9.6M and FY cash usage of $1.9M, a 68% y/y improvement
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2025 revenue guidance of $38.0-$39.0M, 13%-16% growth, 61%-63% gross margins, and operational cash flow
positive for full year 2025
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2024 Results
Year of Strong Execution in Strategic Growth Pillars
Defend and Grow
Leadership Position in
Domestic SCIg Core
Continued SCIg market growth1 FY 10% - 11% growth; 8 consecutive quarters of y/y growth
KORU outpaced market growth
Q4 20% ; FY 12% y/y growth Record quarterly revenues driven by growth in market share
Prefilled syringe growth
PFS 65% penetration of total patient
base
Expand Internationally
International Core performance
Q4 14% ; FY 32% y/y growth
Strong SCIg growth
Continued patient growth
Entry into new geographies
Including MENA and
Eastern Europe
Increased share
In established EU Markets
Add New Drugs on Label Through Novel Therapies Pipeline
15 collaborations in total
4 signed in 2024
2 New collaborations added YTD '25
Next-gen SCIg system & Phase III
Nephrology trial
Multiple near-term opportunities 7 potential commercial launches by 2026 (3 New Drugs, 4 in SCIg)
Novel Therapies name change
"Pharma Services and Clinical Trials"
starting Q1 2025
1. Third party data
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Future Catalysts
75% Recurring Revenues from a Growing Patient/Infusion Base
Recurring
$33.6M Total
Non-Recurring
$28.5M Total
~2.2M Total
~1.8M Total
18%
~49k Total
18%
~42k Total
18%
2023
2024
2023
2024
2023
2024
Strong Recurring Base that is
Expected to Grow
75% of KORU's revenue is recurring
Removing initial 1x sale of pumps and Novel
Therapies service revenue
Recurring SCIg patient base
~45k+ KORU chronic SCIg patients
~2M+ KORU annual infusions
KORU outperforming market growth1
10-11% US SCIg Growth
Outperformance driven by share gains and new market entries
# Patients
# Infusions
Total KORU Revenues
1. Third party data & KORU Medical estimates
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Future Catalysts
Expanding International Footprint
Large Share Left to Capture Within International SCIg Market
~$60M
International SCIg
TAM1
~10%
KORU International
Market Share1
Opportunity for Sustained 20%+
International Growth
Large and underpenetrated
KORU holds ~10% market share with
significant room for growth
Expanding KORU Total Addressable Market
KORU needle sets used with electronic pumps
Strong momentum into 2025
Following accelerated growth in current EU markets and entry into new geographies
Growth opportunities
Entry into new top-10 markets and deeper
penetration in current markets
Europe & UK APAC
Canada
MENA
Total Market
KORU Share
1. Third party data & KORU Medical estimates
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Future Catalysts
Potential for Additional 1.2 Million Infusions From New Drugs
15 Total Opportunities
Immunology New Indications/New Devices
7 Commercial Opportunities by 2026
$2.7B1 Addressable Market Combined
Drug Trial
Expected KRMD
Patient
Opportunity
Asset
Phase
Next Step
Clearance2
Population (000s)
Ig Device
Launched
KRMD 510k
2026
for Increased
Ig Device
Launched
KRMD 510k
2026
630
Market Share
New
and
Ig Device
Launched
KRMD 510k
2026
Pipeline
Geographic
Addition
Ig Drug
Complete Phase III
2026
Penetration
Ig Drug
Complete Phase III
2027
in Ig
Ig Drug
Entry to Phase II
2027/28
New Drug Potential Launches
New
Pipeline
Addition
Drug Trial
Expected KRMD
Patient
Est. Total Annual
Asset
Phase
Next Step
Clearance2
Population (000s)
Infusions3
Rare Disease Biologic
Launched
KRMD 510k
2025
65
~100k
Nephrology Drug
Complete Phase III
2025
3
~20k
Oncology Drug
Launched
KRMD 510k
2026
500
~800k
Nephrology Drug
Complete Phase III
2027
30
~300k
KIRA (PNH)
Entry to Phase III
2027/28
133
TBD
Endocrinology Drug
Complete Phase III
2028
10
TBD
Respiratory Drug
Complete Phase II
2028/29
239
TBD
KIRA (IgAN)
Complete Phase II
2029/30
540
TBD
KIRA (C3G)
Complete Phase II
2029/30
2
TBD
Commercial
Revenue
Opportunity
from New Drugs and Indications on our Label
1.TAM based on patient population, expected treatment frequency. Not adjusted for clinical risk 2. Clearance and launch dates are based on most recent estimation and are subject to
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change 3. Annual infusions are estimates at 3 years post drug launch
Financials
Q4 Y/Y Revenue by Business
Net Revenues; In Millions
Domestic Core
$0.3
$8.8
23%$0.7
$7.2$1.5
$1.3
$5.6$6.7
International Core
Novel Therapies
Q4 2023
Domestic Core
Q4 2024
International Core
Novel Therapies
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Financials
2024 Y/Y Revenue by Business
Net Revenues;
In Millions
18%
$33.6
$2.4
$1.5
$28.5
$6.0
$4.6
$25.2
$22.4
FY 2023
Domestic Core
FY 2024
International Core
Novel Therapies
Domestic Core
International Core
Novel Therapies
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Financials
Improved Gross Margin Profile
Driving y/y Margin Improvement with
Consistent Performance >60%
Gross Margin
Fourth Quarter: 62.9%
65.0%
63.4%
62.9%
62.3% 1%
55%
480
bps 63.4%
58.6%
Full Year: 63.4%
• 480 basis points improvement y/y
• Driven by increased
manufacturing productivity,
favorable revenue mix, and
increases in ASP
• Mitigated supply chain cost
increases on materials during
Q1 24
Q2 24
Q3 24
Q4 24
FY 23
FY 24
2023 Gross Margin
2024 Gross Margin
the year
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Disclaimer
KORU Medical Systems Inc. published this content on March 12, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 12, 2025 at 20:33:05.847.