U.S. stocks edge higher; solid earnings season continues
On Tuesday, Canaccord Genuity analysts maintained a Buy rating on Koru Medical (TASE:PMCN) Systems Inc. (NASDAQ:KRMD).
The firm's endorsement comes in the wake of Koru Medical Systems' disclosure of preliminary financial results for the fourth quarter of 2024.
The company reported revenues of $8.9 million for the quarter, marking a 23% increase from the same period in the previous year, and surpassing both Canaccord Genuity's and consensus estimates of $8.2 million and $8.1 million, respectively. Canaccord analysts reiterated a steady price target of $5.00 for Koru Medical Systems shares.
The strong quarterly performance contributed to Koru Medical Systems' preliminary full-year 2024 revenues totaling $33.7 million, reflecting an 18% year-over-year growth. This figure exceeds the company's own projected range of $32.75 million to $33.25 million and is also higher than the estimates of $33.0 million from Canaccord Genuity and $32.9 million from consensus.
Despite not providing financial guidance for the year 2025, expectations from Canaccord Genuity and the Street prior to the announcement of the preliminary results stood at $38.2 million and $38.1 million, respectively. These projections anticipated a growth rate of approximately 15.6% to 15.8% for the upcoming year, not accounting for the latest reported figures.
In addition to the revenue growth, Koru Medical Systems concluded the fourth quarter with a cash balance of $9.6 million. This represents a positive cash flow of $0.8 million for the quarter, signaling a solid financial position as the company moves forward into the new fiscal year.
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