Kuros Biosciences (KURN) Q2 2026 earnings summary

Executive summary

• Achieved 45% year-over-year sales growth in H1 2026, reaching $92.4 million in medical device sales, driven by strong MagnetOs adoption and expanded U.S. and international presence.

• Transitioned to profitability with net profit of $4.4 million, reversing a net loss of $2.0 million in H1 2025, and adjusted EBITDA of $12.5 million (13.6% margin).

• Expanded commercial reach, distributor network, and hospital penetration, with MagnetOs now the third-largest U.S. bone graft brand and over 150,000 patients treated globally.

• Strategic investments in manufacturing, digital infrastructure, and organizational capabilities, including a new U.S. headquarters and manufacturing facility, support long-term growth.

• Advanced clinical trials and published new clinical evidence, including a 97.7% six-month fusion rate in high-risk cervical patients.

Financial highlights

• Revenue grew 45% year-over-year to $92.4 million; direct MagnetOs sales up 46%.

• Adjusted EBITDA reached $12.5 million (13.6% margin), up from $7.8 million in H1 2025; net profit was $4.4 million (H1 2025: net loss of $2.0 million).

• EPS improved from a loss of $0.05 to earnings of $0.11.

• Gross profit increased to $80.0 million (H1 2025: $56.3 million); gross margin for H1 2026 was approximately 87%.

• Cash and cash equivalents stood at $9.7 million as of June 30, 2026, with total funds available for operations at $54.2 million; company remains debt-free.

Outlook and guidance

• 2026 revenue expected to grow at least 35%, with adjusted EBITDA margin around 14%; 2028 guidance for $300–$330 million revenue and >20% adjusted EBITDA margin.

• Margin improvement driven by unit cost optimization, operating leverage, targeted R&D, and G&A efficiency.

• CapEx focused on U.S. and Netherlands facilities, with $15–$16 million total planned for 2026; future annual CapEx expected at $2–$3 million.

• Key growth drivers include increased surgeon adoption, broader hospital access, new product development, and international expansion.

• Operational leverage expected to increase as new U.S. production facility becomes operational in H2 2026.