KORU Medical Systems (KRMD) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $11.57M, up 11.2% YoY; gross margin reached 65.2%, with $218K net income and $1.31M adjusted EBITDA for a second consecutive profitable quarter.

• Q3 growth moderated partly due to timing of entry into a competitive European non-tender market; Q4 revenue growth is expected to reaccelerate.

• A recurring base of ~60,000 chronic SCIg patients supports growth initiatives in specialty pharmacy, international distribution, pharma collaborations and connected health.

Financial highlights

• Q3 gross profit rose 20.5% to $7.55M; operating expenses increased 3.2% to $7.36M, including higher R&D expense.

• 9M revenue increased 17% to $35.38M; gross margin was 64.0% versus 62.1%, and net loss narrowed to $337K from $2.15M.

• Adjusted EBITDA was $1.31M in Q3 versus $89K a year earlier; 9M adjusted EBITDA was $2.17M versus $121K.

• 9M operating expenses were 64.1% of sales versus 70.2%; operating loss narrowed to $51K from $2.43M.

Outlook and guidance

• FY26 revenue guidance increased to $48.0M–$48.5M, implying 17%–18% growth, from the prior $47.5M–$48.5M range; Q4 growth is expected to reaccelerate.

• FY26 gross margin guidance rose to 63%–64% from 62%–64%; positive adjusted EBITDA is expected.

• Year-end cash guidance increased to above $8.0M; positive Q4 cash flow is expected, with FY cash usage below $0.9M.

• Long-term targets remain $100M revenue, gross margin above 65% and EBITDA margin of at least 20%; U.S. core growth in 2027 is viewed at 10%–15%.