Index falls as earnings results weigh; pound above $1.33, Bodycote soars
KORU Medical (TASE:BLWV) Systems, Inc. (NASDAQ:KRMD) disclosed the immediate resignation of Kenneth Miller, the company's Chief Commercial Officer, on Monday. The announcement comes as KRMD's stock trades near its 52-week low of $2.05, having declined over 40% year-to-date. Miller is departing to assume the role of CEO at a non-competing organization. KORU expressed gratitude for Miller's strategic contributions to the company's commercial growth. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with 12 additional ProTips available for subscribers.
In the interim, Rob Cannon, who has been with KORU since November 2021 as Vice President of Sales for North America, will oversee commercial operations. Cannon brings over three decades of healthcare industry sales experience, including a significant tenure at McKesson Corporation (NYSE:MCK).
The company has initiated a search for a new Chief Commercial Officer, contracting an executive search firm to assist in this process.
Additionally, KORU Medical reaffirmed its full-year 2025 revenue projections of $38.0-$39.0 million, initially provided during the March 12 earnings call. This target builds on the company's recent revenue growth of 18% over the last twelve months to $33.65 million. For deeper insights into KORU's financial outlook and growth potential, investors can access comprehensive analysis through InvestingPro's detailed research reports.
This forward-looking information is based on current expectations and projections about future events. However, actual results may significantly differ due to various risks and uncertainties, including market growth, product penetration, supply factors, and other identified risks.
The details of these corporate developments are grounded in the company's recent SEC filing. This announcement does not imply any endorsement of the company's performance or prospects but simply relays the information contained within the formal statement.
In other recent news, KORU Medical Systems Inc. reported its fourth-quarter 2024 earnings, surpassing earnings per share (EPS) estimates with a result of -$0.02, compared to the forecast of -$0.03. The company also exceeded revenue expectations, reporting $8.8 million against the anticipated $8.13 million, marking a 23% year-over-year growth. Despite these positive financial results, KORU Medical's stock experienced a decline in after-hours trading. The company highlighted significant growth in its Pharma Services and Clinical Trials segment, formerly known as Novel Therapies, which saw a 122% increase. For the full year 2024, KORU Medical's revenues reached $33.6 million, an 18% rise from the previous year. Looking ahead, the company has projected revenues between $38 million and $39 million for 2025, with plans to launch three new products, including a Flow Controller. KORU Medical aims to achieve operational cash flow positivity in 2025, maintaining gross margins between 61% and 63%. The company also faces potential challenges such as supply chain disruptions and market saturation in core segments.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.