Koru Medical Systems (NSDQ:KRMD) shares ticked up today on fourth-quarter results that topped the consensus forecast.
The Chester, New York-based infusion technology developer posted losses of $1.1 million, or 2¢ per share, on sales of $6.5 million for the three months ended Dec. 31, 2021, for a bottom-line slide further into the red on sales growth of 60%.
Adjusted to exclude one-time items, losses per share were also 2¢ Wall Street, where analysts were looking for sales of $6.1 million.
During the fourth quarter, Koru received three new 510(k) clearances, increased pump placements in its U.S. business and made four new agreements in its novel therapies pipeline, according to a news release.
“We are very pleased to finish 2021 with a strong fourth quarter. Driven by the efforts of our team, Koru Medical has seen momentum in all three areas of our business – domestic and international core business and novel therapies,” Koru Medical CEO Linda Tharby said in the release. “We look forward to continued execution of our plan and driving long-term growth and value for our patients, customers, employees, and shareholders.”
Assuming market growth holds as Koru expects, the company projects full-year 2022 revenues to fall between $26 million and $27 million.
KRMD shares were up 4.4% at $3.31 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.3%.
