KORU Medical Systems (KRMD) Q4 2025 earnings summary

Executive summary

• CEO Linda Tharby announced her retirement, with Adam Kalbermatten set to succeed her as President in March and CEO in July 2026, ensuring a smooth leadership transition.

• Q4 2025 net revenues rose 23% year-over-year to $10.9M; full year 2025 net revenues up 22% to $41.1M, with strong domestic and international growth.

• Gross profit for 2025 increased 20% to $25.6M, with a gross margin of 62.3%.

• Net loss for 2025 narrowed by 57% to $2.6M; adjusted EBITDA turned positive at $0.6M, with positive cash flow from operations.

• Received EU MDR certification for Freedom60 with prefilled syringe compatibility and 510(k) clearance for RYSTIGGO®, expanding the platform beyond IG therapies.

Financial highlights

• Q4 revenue reached $10.9M, marking the third consecutive quarter of over 20% growth; full-year revenue was $41.1M, up 22% from 2024.

• Domestic core revenue grew 11% year-over-year to $33.6M; international core revenue surged 80% to $10.9M.

• Gross margin for 2025 was 62.3%, slightly down due to higher material costs and tariffs but remained above 60% each quarter.

• Adjusted EBITDA for 2025 was $0.6M, up from a loss of $2.5M in 2024, with three consecutive quarters of positive adjusted EBITDA.

• Ended 2025 with $8.9M in cash and reduced cash burn by 63%, with positive cash flow from operations.

Outlook and guidance

• 2026 revenue guidance is $47.5M–$50M, representing 15%–22% growth, with gross margins expected in the 61%–63% range.

• Targeting positive adjusted EBITDA and cash flow for the full year.

• Revenue growth drivers include continued SCIG share gains, new pharma collaborations, and incremental revenue from new drug clearances.

• Anticipated entry into oncology market in 2H 2026 and expansion of non-Ig drug portfolio.

• Guidance incorporates geopolitical risks and expects revenue ramp in the second half as new markets and products come online.