Kuros Biosciences (KURN) H2 2024 earnings summary

Executive summary

• Achieved record revenue growth in 2024, with MagnetOs sales up 136% and total Medical Device sales reaching CHF 75.6 million, driven by expanded U.S. and international market presence and strategic partnership with Medtronic.

• Transitioned to profitability and a debt-free business model, with adjusted EBITDA of CHF 9.0 million (11.9% margin) and strong operational efficiency.

• Expanded regulatory clearances and commercial reach, enabling entry into over 20 countries and increasing the global addressable market.

• Discontinued Fibrin-PTH operations, reducing costs and aligning resources with core growth drivers.

Financial highlights

• Medical Device sales rose to CHF 75.6 million in 2024, up from CHF 33.6 million in 2023, with gross profit increasing to CHF 62.0 million.

• Adjusted EBITDA margin reached 11.9%, with positive operating cash flow and cash and equivalents at CHF 18.0 million at year-end.

• Revenue and volume grew ~450% from 2022 to 2024, with Q4 revenue doubling year-over-year.

• Gross margin stands at approximately 90%, with expectations for further improvement.

Outlook and guidance

• Expects at least 60% revenue growth in 2025, targeting USD 120 million in sales, and projects USD 220–250 million by 2027, driven by organic growth and potential acquisitions.

• EBITDA margin expected to match or slightly exceed 2024 levels, with gradual improvement to 15–16% by 2027.

• Plans to change reporting currency from CHF to USD in 2025 to align with revenue base.

• Sufficiently financed for organic growth and continued expansion into new markets and product segments.