KORU Medical Systems, Inc.
- Open
- 3.21
- Day high
- 3.31
- Day low
- 3.21
- Prev close
- 3.23
- Volume
- 172K
- Mkt cap
- $152M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 8.4
- P/S
- 3.4
- Yield
- —
- Per share
- —
- ▲Insiders net buying $49K over the last 3 months (2 open-market buys, 0 sales)
- 🏛Institutions reducing (13F)
KORU Medical Systems, Inc. (KRMD) is a Healthcare company listed on NASDAQ. The stock is down 20% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 0 sales (SEC Form 4).
KORU Medical Systems, Inc. (KRMD) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KRMD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $-0.02 | $0.01 | +155.6% | $12M | +3.7% |
| May 6, 2026 | $-0.02 | $-0.02 | +0.0% | $12M | +4.3% |
| Mar 12, 2026 | $-0.02 | $-0.01 | +50.0% | $11M | -0.0% |
| Nov 12, 2025 | $-0.03 | $-0.02 | +33.3% | $10M | -4.6% |
| May 7, 2025 | $-0.02 | $-0.03 | -50.0% | $10M | +1.9% |
| Mar 12, 2025 | $-0.03 | $-0.03 | +0.0% | $9M | -0.3% |
| May 1, 2024 | $-0.01 | $-0.02 | -47.4% | $8M | — |
| Mar 13, 2024 | $-0.02 | $-0.02 | -25.0% | $7M | -5.1% |
| May 4, 2023 | $-0.04 | $-0.05 | -25.0% | $7M | -0.6% |
| Mar 8, 2023 | $-0.05 | $-0.04 | +20.0% | $7M | -1.1% |
| Nov 9, 2022 | $-0.05 | $-0.03 | +40.0% | $8M | — |
| Aug 3, 2022 | $-0.06 | $-0.06 | +0.0% | $7M | — |
KRMD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 6, 2026 | KALBERMATTEN ADAM Rofficer: Chief Commercial Officer | Tax | 25,483 | $4.26 |
| Aug 6, 2026 | KALBERMATTEN ADAM Rofficer: Chief Commercial Officer | Option | 75,000 | — |
| Jul 13, 2026 | KALBERMATTEN ADAM Rofficer: President and CEO | Grant | 284,091 | — |
| Jul 2, 2026 | KALBERMATTEN ADAM Rofficer: President and CEO | Grant | 286,697 | — |
| Jul 1, 2026 | Matin Shahriardirector | Grant | 3,571 | $4.20 |
| Jul 1, 2026 | French Donnadirector | Grant | 3,571 | $4.20 |
| Jul 1, 2026 | WHOLIHAN EDWARDdirector | Grant | 3,571 | $4.20 |
| Jul 1, 2026 | CASCELLA ROBERTdirector | Grant | 3,571 | $4.20 |
| Jul 1, 2026 | FLETCHER R JOHNdirector, other: Chairman of the Board | Grant | 5,357 | $4.20 |
| Jul 1, 2026 | Manko Joseph M. Jr.director, 10 percent owner: | Grant | 3,571 | — |
| Jun 15, 2026 | KALBERMATTEN ADAM Rofficer: President-Chief Commercial Off | Buy | 5,000 | $3.96 |
| Jun 15, 2026 | KALBERMATTEN ADAM Rofficer: President-Chief Commercial Off | Buy | 7,500 | $3.93 |
| May 20, 2026 | Schiller Ericofficer: Chief Technology Officer | Buy | 5,000 | $3.91 |
| May 20, 2026 | Tharby Linda Mdirector, officer: Chief Executive Officer | Buy | 1,191 | $3.92 |
| May 19, 2026 | Tharby Linda Mdirector, officer: Chief Executive Officer | Option | 13,977 | — |
Source: KRMD SEC Form 4 filings, latest Aug 6, 2026. For informational purposes only — not investment advice.
See the full KRMD insider & 13F page →KORU Medical Systems, Inc. company profile
Overview
KORU Medical Systems, Inc. (NASDAQ:KRMD) is a medical device company founded in 1980 and headquartered in Chester, New York. The company designs, manufactures, and markets portable medical devices primarily for the ambulatory infusion market in the United States and internationally. KORU has been publicly traded since 1994 and has established itself as a specialized player in the subcutaneous drug delivery space, particularly serving patients who require regular infusions of immunoglobulin and other large-volume medications outside of traditional hospital settings.
Business
KORU Medical Systems operates in the ambulatory infusion market, which serves patients who need regular medication infusions but can receive treatment at home or in outpatient settings rather than hospitals. The company's core business revolves around subcutaneous drug delivery systems - devices that allow medications to be administered under the skin rather than intravenously. The company's flagship products are the FREEDOM infusion systems, which include the FREEDOM60 syringe driver and the FreedomEdge syringe driver. These are portable, mechanical pumps that slowly deliver medications through subcutaneous injection over several hours. The systems are primarily used for subcutaneous immunoglobulin (SCIg) therapy, a treatment for patients with primary immunodeficiency diseases who lack sufficient antibodies to fight infections. These patients require regular infusions of immunoglobulin - antibodies derived from donated plasma - to maintain their immune system function. KORU's product ecosystem also includes HIgH-Flo subcutaneous safety needle sets and precision flow rate tubing, which work together with the pump systems. The company provides education and training materials to clinicians, patients, and patient advocates to ensure proper use of their devices. The business operates through three main segments: 1. Domestic Core Revenue (~75% of total revenue): Sales of FREEDOM systems and consumables in the U.S. market, primarily for SCIg therapy 2. International Core Revenue (~18% of total revenue): International sales of the same core products, with growing presence in Europe, Middle East, North Africa, and Asia Pacific 3. Novel Therapies Revenue (~7% of total revenue): Collaborative development programs with pharmaceutical companies to adapt KORU's delivery systems for new drug applications beyond immunoglobulin
Revenue model
KORU Medical Systems generates revenue through product sales of both durable medical equipment and consumable supplies. The company sells its FREEDOM pump systems as durable goods, but the primary revenue driver comes from recurring sales of consumable components including needle sets, tubing, and syringes that must be replaced with each treatment session. The business model is particularly attractive because approximately 75% of revenues are recurring, generated from the ~45,000 chronic patients who require regular SCIg treatments. These patients typically receive infusions weekly or bi-weekly for life, creating a predictable consumables revenue stream. KORU's customers include specialty pharmacies, home infusion companies, hospitals, and distributors who serve the end patients. The company's revenue streams include: direct sales through its sales force targeting healthcare providers, distributor partnerships for broader market reach, and online sales for certain products. Additionally, KORU receives development fees and milestone payments from pharmaceutical partners in its Novel Therapies collaborations. Several factors influence KORU's profitability margins. Positive margin drivers include the company's market leadership position in SCIg delivery allowing for premium pricing, the recurring nature of consumables sales, economies of scale as production volumes increase, and successful international expansion into higher-margin markets. Negative margin pressures come from competitive pricing in the broader infusion market, the costs of international expansion including regulatory compliance and distribution setup, research and development investments for new product development, and potential supply chain disruptions affecting component costs. The company has demonstrated improving gross margins, reaching over 60% as it has scaled operations and optimized its product mix toward higher-margin consumables and international sales.
Competitive moat
KORU Medical Systems possesses a moderate competitive moat built primarily around regulatory barriers and switching costs, though it faces meaningful competitive threats. The company's strongest defensive position lies in its FDA clearances and regulatory approvals for specific drug-device combinations. Each new drug application requires separate 510(k) clearance from the FDA, creating regulatory barriers for competitors and time-to-market advantages for KORU's established relationships with pharmaceutical partners. The company benefits from high switching costs in its core SCIg market, where patients and healthcare providers become familiar with specific delivery systems and are reluctant to change established treatment protocols. KORU's installed base of ~45,000 chronic patients creates a recurring revenue moat, as these patients require ongoing consumables regardless of competitive pressures. However, KORU's moat has notable weaknesses. The company operates in a niche market that, while growing, remains relatively small and could attract larger medical device companies with greater resources. The core SCIg market is dominated by a few large pharmaceutical companies (CSL Behring, Takeda, Grifols) who manufacture the actual drugs, giving these companies significant leverage over device manufacturers. Additionally, technological disruption represents a meaningful threat, particularly from electronic pump manufacturers and prefilled syringe systems that could potentially bypass KORU's mechanical pumps entirely. The company's international expansion and Novel Therapies pipeline represent attempts to strengthen its moat by diversifying beyond the core SCIg market, but these initiatives are still in relatively early stages. Competition from larger, well-funded medical device companies with broader product portfolios and greater R&D capabilities remains a persistent threat to KORU's market position.
Risks & safety
KORU Medical Systems presents a moderate margin of safety with solid financial fundamentals but ongoing profitability challenges. • Liquidity and Solvency: Strong cash position of $8.7 million with current ratio of 2.44x and quick ratio of 2.02x. Low debt-to-equity ratio of 0.22x indicates minimal solvency risk. However, the company is burning cash operationally with negative free cash flow of -$681k in Q1 2025. • Valuation Metrics: Trading at high multiples due to current unprofitability - P/B ratio of 7.15x and negative EV/EBITDA. Graham net-net ratio of 0.09 suggests the stock trades well above tangible book value. • Profitability Trajectory: Company guided toward operational cash flow positive by Q4 2024 and expects sequential quarterly growth in 2025. Revenue growth of 18% in Q1 2025 with improving gross margins (62.8%) suggests operational leverage potential. • Other Considerations: Recurring revenue base (~75% of total) provides revenue stability. Growing international presence and novel therapies pipeline offer diversification. However, dependence on small SCIg market and competition from larger players create concentration risk.
Recent development
Over the past few years, KORU Medical Systems has executed a strategic transformation focused on three key growth pillars. The company launched its "Vision 26" strategy targeting $60 million in annual revenue by expanding beyond its traditional SCIg market dominance. The most significant development has been the Novel Therapies pipeline expansion, growing from minimal revenue to $2.4 million in 2024 (62% growth). The company now maintains 15-17 pharmaceutical collaborations across multiple drug categories including oncology, nephrology, and rare diseases, with six potential commercial drug launches expected by 2026. This represents a strategic shift from being solely dependent on immunoglobulin therapy to becoming a broader subcutaneous drug delivery platform. International expansion has accelerated dramatically, with international core revenue growing 32% in 2024 to $6 million. KORU has entered new geographies including Japan (receiving full regulatory clearance), Middle East, North Africa, and Eastern Europe. The company established distributor relationships and pharmaceutical partnerships to penetrate these markets, with Japan representing a particularly significant opportunity as a top-10 immunoglobulin market. Product innovation efforts have focused on next-generation device development, including a new flow controller with improved capabilities, updated consumables products, and a next-generation SCIg pump compatible with prefilled syringes. The company has also formed strategic partnerships, notably with SCHOTT Pharma for prefilled syringe optimization and with multiple e-pump manufacturers covering 80% of the global market. Operationally, KORU completed a manufacturing consolidation and facility optimization that improved gross margins from the high-50% range to over 60%. The company also strengthened its leadership team by promoting Chris Pazdan to Chief Operating Officer and hiring new technical talent to support its expanded development pipeline.
KRMD company profile · for informational purposes only — not investment advice.
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