KRMD maintains a conservative financial position with a 0.20 debt-to-equity ratio, although the equity base has contracted to $16.9M as of 2026Q1 due to ongoing net losses.
KORU Medical Systems, Inc. (KRMD) balance sheet — 27-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Feb'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 | Feb'09 | Feb'08 | Feb'07 | Feb'06 | Feb'05 | Feb'04 | Feb'03 | Feb'02 | Feb'01 | Feb'00 |
|---|
| Total Current Assets | 19.51M | 19.99M | 19.13M | 20.26M | 29.8M | 37.32M | 37.53M | 11.88M | 9.03M | 7.93M | 6.78M | 6.91M | 5.91M | 5.3M | 4.63M | 4.25M | 2.76M | 2.09M | 2.01M | 887.32K | 813.91K | 549.91K | 609.6K | 754.77K | 593.93K | 830.15K | 921.51K | 1.04M |
| Cash & Short-Term Investments | 8.29M | 8.87M | 9.58M | 11.48M | 17.41M | 25.33M | 27.32M | 5.87M | 3.74M | 4.24M | 3.58M | 3.6M | 2.82M | 2.49M | 2.19M | 2.01M | 1.36M | 577.35K | 519.21K | 75.03K | 99.42K | 26.75K | 69.66K | 219.68K | 16.74K | 25.67K | 35.47K | 167.09K |
| Cash Only | 8.29M | 8.87M | 9.58M | 11.48M | 17.41M | 25.33M | 27.32M | 5.87M | 3.74M | 3.97M | 3.31M | 3.34M | 2.56M | 2.23M | 1.93M | 1.76M | 1.36M | 577.35K | 519.21K | 75.03K | 99.42K | 26.75K | 69.66K | 219.68K | 16.74K | 25.67K | 35.47K | 167.09K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 263.27K | 262.31K | 259.79K | 259.79K | 258.59K | 257.01K | 255.23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 6.09M | 6.53M | 6M | 4.05M | 3.56M | 3.59M | 2.57M | 3.23M | 1.43M | 1.86M | 1.67M | 1.76M | 1.62M | 1.74M | 1.11M | 884.73K | 351.53K | 522.8K | 488.74K | 286.95K | 214.45K | 147.58K | 113.5K | 130.33K | 184.1K | 190.94K | 207.59K | 227.87K |
| Days Sales Outstanding | 49.47 | 57.95 | 65.07 | 51.77 | 46.57 | 55.83 | 38.84 | 50.97 | 29.99 | 42.54 | 49.72 | 52.39 | 52.7 | 73.21 | 52.41 | 50.53 | 26.08 | 50.55 | 51.87 | 44.61 | 45.12 | 30.85 | 26.55 | 31.13 | 40.56 | 39.62 | 36.32 | 40.27 |
| Inventory | 4.51M | 3.68M | 2.8M | 3.48M | 6.4M | 6.11M | 6.83M | 2.39M | 2.1M | 1.66M | 1.35M | 1.26M | 1.23M | 818.72K | 1.15M | 1.17M | 689.33K | 737.92K | 621.85K | 495.51K | 489.74K | 347.39K | 382.73K | 378.98K | 381.62K | 600.63K | 586.87K | 555.88K |
| Days Inventory Outstanding | 90.89 | 86.48 | 83.1 | 107.6 | 186.62 | 229.29 | 269.78 | 104.92 | 117.36 | 92.87 | 104.59 | 98.93 | 98.25 | 88.18 | 148.91 | 189.27 | 151.83 | 213.19 | 182.55 | 200.96 | 269.41 | 174.05 | 192.3 | 191.18 | 145.17 | 164.72 | 193.51 | 180.26 |
| Other Current Assets | 0 | 908.54K | 749.85K | 28.89K | 972.4K | 718.22K | 0 | 0 | 1.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 283.31K | 179K | 306K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40K | 85.52K |
| Total Non-Current Assets | 8.45M | 8.21M | 8.09M | 8.21M | 12.53M | 3.97M | 2.39M | 2M | 1.51M | 1.35M | 1.39M | 1.29M | 1.37M | 913.42K | 959.27K | 551.61K | 323.74K | 304.98K | 301.41K | 292.73K | 324.51K | 367.08K | 403.25K | 433.41K | 516.69K | 569.05K | 521.97K | 538.22K |
| Property, Plant & Equipment | 6.69M | 7.43M | 7.26M | 7.35M | 7.67M | 1.2M | 1.4M | 985.58K | 858.78K | 836.28K | 932.09K | 1.05M | 1.16M | 839.06K | 875.99K | 498.94K | 264.31K | 231.81K | 228.31K | 212.93K | 220.51K | 268.1K | 332.54K | 357.74K | 415.75K | 467.99K | 471.89K | 483.81K |
| Fixed Asset Turnover | 6.40x | 5.54x | 4.64x | 3.88x | 3.64x | 19.54x | 17.21x | 23.50x | 20.21x | 19.10x | 13.19x | 11.71x | 9.68x | 10.37x | 8.86x | 12.81x | 18.62x | 16.28x | 15.06x | 11.03x | 7.87x | 6.51x | 4.69x | 4.27x | 3.98x | 3.76x | 4.42x | 4.27x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.61K | 8.61K | 8.61K | 8.61K | 8.97K | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.66M | 684.84K | 730.28K | 754.36K | 787.18K | 808.81K | 843.59K | 807.13K | 632.16K | 483.82K | 426.94K | 210.26K | 180.56K | 43.3K | 22.91K | 24.51K | 31.28K | 36.41K | 36.34K | 43.03K | 40.59K | 35.21K | 0 | 48.03K | 45.33K | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28.16K | 28.16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 98.97K | 98.97K | 98.97K | 98.97K | 4.07M | 1.96M | 145.09K | 19.58K | 19.58K | 31.58K | 31.49K | 31.14K | 31.14K | 31.05K | 60.37K | 28.16K | 28.16K | 0 | 28.16K | 28.16K | 54.8K | 54.8K | 70.72K | 27.65K | 55.6K | 101.06K | 50.08K | 54.41K |
| Total Assets | 27.96M | 28.2M | 27.22M | 28.46M | 42.33M | 41.29M | 39.92M | 13.88M | 10.55M | 9.28M | 8.17M | 8.19M | 7.28M | 6.21M | 5.59M | 4.81M | 3.08M | 2.39M | 2.31M | 1.18M | 1.14M | 916.99K | 1.01M | 1.19M | 1.11M | 1.4M | 1.44M | 1.57M |
| Asset Turnover | 1.61x | 1.46x | 1.24x | 1.00x | 0.66x | 0.57x | 0.61x | 1.67x | 1.65x | 1.72x | 1.50x | 1.49x | 1.54x | 1.40x | 1.39x | 1.33x | 1.60x | 1.58x | 1.49x | 1.99x | 1.52x | 1.90x | 1.54x | 1.29x | 1.49x | 1.26x | 1.45x | 1.31x |
| Asset Growth % | 17.2% | 3.61% | -4.37% | -32.77% | 2.52% | 3.44% | 187.56% | 31.64% | 13.62% | 13.59% | -0.29% | 12.53% | 17.27% | 11.02% | 16.38% | 55.82% | 29% | 3.47% | 95.79% | 3.66% | 24.15% | -9.47% | -14.76% | 6.98% | -20.62% | -3.07% | -8.33% | - |
| Total Current Liabilities | 7.18M | 8.19M | 7.2M | 4.45M | 6.96M | 4.79M | 3.67M | 2.41M | 1.58M | 1.59M | 1.39M | 1.14M | 691.66K | 771.9K | 525.36K | 558.85K | 300.37K | 513.94K | 720.26K | 674.39K | 659.48K | 663.93K | 609.46K | 649.59K | 560.13K | 647.03K | 340.93K | 512.01K |
| Accounts Payable | 2.91M | 2.27M | 1.65M | 975.19K | 2.39M | 1.23M | 624.92K | 572.66K | 453.5K | 454.4K | 772.43K | 522.34K | 243.22K | 246.62K | 110.36K | 199.53K | 68.39K | 136.68K | 219.48K | 400.6K | 443.44K | 307.25K | 292.53K | 325.72K | 267.63K | 189.11K | 102.14K | 59.36K |
| Days Payables Outstanding | 51.56 | 53.32 | 48.9 | 30.14 | 69.69 | 46.09 | 24.68 | 25.16 | 25.3 | 25.44 | 59.68 | 41.05 | 19.48 | 26.56 | 14.29 | 32.35 | 15.06 | 39.49 | 64.43 | 162.47 | 243.94 | 153.93 | 146.98 | 164.31 | 101.81 | 51.86 | 33.68 | 19.25 |
| Short-Term Debt | 0 | 538.36K | 271.15K | 314.34K | 433.3K | 508.58K | 0 | 142.18K | 0 | 0 | 0 | 0 | 0 | 0 | 45.45K | 43.49K | 40.32K | 42.79K | 122.26K | 88.04K | 71.89K | 214.82K | 220.96K | 224.66K | 225.95K | 290.65K | 81.11K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.76K | 0 | 22.48K | 22.48K | 22.48K | 22.48K | 22.48K | 22.48K | 22.48K | 22.48K | 22.48K | 0 | 104.15K | 0 | 0 | 0 | 44.06K | 144.79K | 132.44K | 0 |
| Other Current Liabilities | 11.07K | 5.39M | 29.27K | 512.52K | 257.34K | 90K | 0 | 1.36M | 688.65K | 796.39K | 0 | 434.12K | 304.04K | 263.46K | 296.88K | 153.8K | 70.36K | 72.19K | 93.54K | 0 | 134.74K | 124.83K | 0 | 85.94K | 0 | 22.48K | 25.25K | 452.65K |
| Current Ratio | 2.72x | 2.44x | 2.66x | 4.55x | 4.28x | 7.79x | 10.24x | 4.94x | 5.70x | 5.00x | 4.88x | 6.06x | 8.54x | 6.86x | 8.82x | 7.61x | 9.19x | 4.06x | 2.79x | 1.32x | 1.23x | 0.83x | 1.00x | 1.16x | 1.06x | 1.28x | 2.70x | 2.02x |
| Quick Ratio | 2.09x | 1.99x | 2.27x | 3.77x | 3.36x | 6.51x | 8.37x | 3.95x | 4.37x | 3.95x | 3.91x | 4.95x | 6.77x | 5.80x | 6.63x | 5.52x | 6.89x | 2.62x | 1.93x | 0.58x | 0.49x | 0.31x | 0.37x | 0.58x | 0.38x | 0.35x | 0.98x | 0.94x |
| Cash Conversion Cycle | 88.8 | 91.12 | 99.26 | 129.23 | 163.49 | 239.02 | 283.94 | 130.74 | 122.05 | 109.97 | 94.63 | 110.27 | 131.47 | 134.83 | 187.03 | 207.45 | 162.84 | 224.25 | 169.99 | 83.11 | 70.59 | 50.97 | 71.87 | 57.99 | 83.93 | 152.48 | 196.15 | 201.28 |
| Total Non-Current Liabilities | 2.73M | 2.96M | 3.2M | 3.65M | 4.05M | 0 | 95.55K | 239.49K | 0 | 25.44K | 104.92K | 282.14K | 316.06K | 244.94K | 710.27K | 695.56K | 656.26K | 843.09K | 885.06K | 1.11M | 1.12M | 822.87K | 783.66K | 712.06K | 489.31K | 414.79K | 408.1K | 404.65K |
| Long-Term Debt | 0 | 2.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 393.86K | 439.31K | 493.27K | 657.61K | 682.72K | 855K | 855K | 530K | 450K | 350K | 84K | 0 | 0 | 0 |
| Capital Lease Obligations | 8.42M | 0 | 3.2M | 3.65M | 4.05M | 0 | 95.55K | 239.49K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 616 | 13.31K | 24.85K | 45.61K | 55.1K | 25.92K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.68K | 82.42K | 231.54K | 248.61K | 155K | 204K | 121.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 71.41K | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 3.76K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 252.92K | 0 | 0 | 320.36K | 0 | 359.7K | 359.69K | 382.18K | 404.65K |
| Total Liabilities | 9.91M | 11.15M | 10.4M | 8.11M | 11.01M | 4.79M | 3.76M | 2.65M | 1.58M | 1.61M | 1.49M | 1.42M | 1.01M | 1.02M | 1.24M | 1.25M | 956.63K | 1.36M | 1.61M | 1.78M | 1.78M | 1.49M | 1.39M | 1.36M | 1.05M | 1.06M | 749.03K | 916.66K |
| Total Debt | 3.24M | 3.5M | 3.99M | 4.45M | 4.93M | 604.14K | 239.49K | 381.68K | 0 | 0 | 0 | 0 | 0 | 0 | 439.31K | 482.8K | 533.59K | 700.4K | 804.98K | 943.04K | 926.89K | 745.44K | 684.27K | 599.51K | 355.57K | 345.74K | 107.03K | 0 |
| Net Debt | -5.05M | -5.38M | -5.59M | -7.04M | -12.48M | -24.73M | -27.08M | -5.49M | -3.74M | -3.97M | -3.31M | -3.34M | -2.56M | -2.23M | -1.49M | -1.27M | -829.31K | 123.05K | 285.77K | 868.01K | 827.47K | 718.69K | 614.61K | 379.82K | 338.83K | 320.07K | 71.56K | -167.09K |
| Debt / Equity | 0.18x | 0.21x | 0.24x | 0.22x | 0.16x | 0.02x | 0.01x | 0.03x | - | - | - | - | - | - | 0.10x | 0.14x | 0.25x | 0.68x | 1.14x | - | - | - | - | - | 5.81x | 1.02x | 0.15x | - |
| Debt / EBITDA | -3.76x | - | - | - | - | - | - | 0.41x | - | - | - | - | - | - | 0.35x | 0.35x | 0.42x | 0.89x | 0.94x | 3.60x | 24.21x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 5.86x | - | - | - | - | - | - | -5.93x | -2.54x | -2.22x | - | -2.30x | -1.79x | -1.80x | -1.19x | -0.91x | -0.66x | 0.16x | 0.33x | 3.32x | 21.61x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | -410.82x | 335.87x | 2099.70x | 223.22x | 37.71x | 41.62x | 33.79x | 14.95x | 15.03x | - | - | - | - | - | - | - | - | - |
| Total Equity | 18.05M | 17.05M | 16.81M | 20.35M | 31.33M | 36.5M | 36.16M | 11.24M | 8.96M | 7.67M | 6.68M | 6.77M | 6.27M | 5.19M | 4.36M | 3.55M | 2.13M | 1.03M | 705.09K | -602.26K | -645.83K | -569.82K | -380.26K | -173.46K | 61.19K | 337.38K | 694.45K | 657.91K |
| Equity Growth % | 7% | 1.39% | -17.39% | -35.03% | -14.18% | 0.95% | 221.79% | 25.39% | 16.83% | 14.88% | -1.4% | 7.93% | 20.83% | 19.17% | 22.7% | 66.92% | 105.81% | 46.59% | 217.07% | 6.75% | -13.34% | -49.85% | -119.22% | -383.5% | -81.86% | -51.42% | 5.55% | - |
| Book Value per Share | 0.36 | 0.37 | 0.37 | 0.45 | 0.70 | 0.82 | 0.86 | 0.29 | 0.23 | 0.20 | 0.18 | 0.18 | 0.17 | 0.14 | 0.12 | 0.10 | 0.06 | 0.03 | 0.02 | -0.02 | -0.02 | -0.02 | -0.02 | -0.01 | 0.00 | 0.01 | 0.03 | 0.03 |
| Total Shareholders' Equity | 18.05M | 17.05M | 16.81M | 20.35M | 31.33M | 36.5M | 36.16M | 11.24M | 8.96M | 7.67M | 6.68M | 6.77M | 6.27M | 5.19M | 4.36M | 3.55M | 2.13M | 1.03M | 705.09K | -602.26K | -645.83K | -569.82K | -380.26K | -173.46K | 61.19K | 337.38K | 694.45K | 657.91K |
| Common Stock | 501.72K | 497.91K | 493.78K | 490.9K | 488.62K | 480.44K | 466.8K | 422.4K | 409.33K | 407.31K | 405.58K | 403.47K | 403.47K | 389.37K | 389.37K | 374.72K | 365.37K | 355.84K | 348.29K | 328.04K | 310.33K | 290.12K | 249.31K | 245.31K | 235.04K | 235.04K | 235.04K | 229.04K |
| Retained Earnings | -32.57M | -32.02M | -29.38M | -23.31M | -9.57M | -910.07K | 3.65M | 4.86M | 4.3M | 3.39M | 2.48M | 2.68M | 2.24M | 1.48M | 780.53K | 54.77K | -1.11M | -2.19M | -2.41M | -3.5M | -3.43M | -3.16M | -2.75M | -2.53M | -2.24M | -1.97M | -1.57M | -1.46M |
| Treasury Stock | -6.41M | -3.88M | -3.88M | -3.84M | -3.84M | -3.84M | -3.84M | -344.2K | -344.2K | -344.2K | -344.2K | -166.28K | -166.28K | -142K | -142K | -142K | -142K | -142K | -142K | -142K | -142K | -142K | -142K | -142K | -142K | -142K | -142K | -142K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -56K | -51.75K | -183.6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -41K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying KRMD stock.
As of 2025, KORU Medical Systems, Inc. (KRMD) had total assets of $28.2M including $20.0M in current assets.
KORU Medical Systems, Inc. (KRMD) carries total debt of $3.5M, offset by $8.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
KORU Medical Systems, Inc. (KRMD) has total shareholders' equity (book value) of $17.0M ($0.37 book value per share). Book value represents the net worth of the company belonging to common stock holders.
KORU Medical Systems, Inc. (KRMD) reported a current ratio of 2.44x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Persistent operating cash burn
Metrics are mathematically derived from official filings.
Capital Erosion Amidst Revenue Growth
According to recent balance sheet filings, KRMD's equity base has contracted from $20.4M in 2023Q4 to $16.9M in 2026Q1, reflecting the cumulative impact of persistent net losses on the company's financial foundation despite the ongoing expansion of its top-line revenue and installed device base.
The steady decline in retained earnings, which reached -$32.8M in 2026Q1, suggests that the company is consuming its capital base to fund market penetration and sales force expansion. Investors should monitor whether this trajectory stabilizes as the installed base of infusion drivers matures and begins to generate more consistent, self-sustaining cash flows.
Liquidity Buffer Facing Structural Pressure
As reported in quarterly financial statements, KRMD's cash position has declined from $11.5M in 2023Q4 to $8.8M in 2026Q1, while the current ratio has tightened from 4.55 to 2.33, indicating a narrowing margin of safety for the company's ongoing operational and research requirements.
While the current ratio remains above 2.0, the downward trend in absolute cash reserves warrants caution given the company's history of negative operating cash flow. This liquidity profile suggests that the company may face increasing pressure to reach break-even or secure additional financing if the current burn rate persists.
Minimal Leverage Amidst Operational Losses
Based on the provided balance sheet data, KRMD maintains a conservative capital structure with a debt-to-equity ratio of 0.20 as of 2026Q1, suggesting that management has avoided significant reliance on external debt financing to support its current growth-oriented business model and ongoing operational deficits.
The low debt load provides a degree of flexibility, as the company is not currently burdened by significant interest obligations that would further exacerbate its net losses. However, the reliance on equity-based capital to fund operations may continue to dilute existing shareholders if the company remains unable to achieve consistent profitability.
Accumulated Deficit Risks Future Flexibility
As indicated by the historical balance sheet data, the company's retained earnings have deepened to -$32.8M by 2026Q1, which represents a significant non-obvious risk that could limit future capital allocation options or necessitate dilutive equity raises to maintain the current pace of investment.
This persistent deficit highlights the challenge of scaling a niche medical device business where high gross margins are offset by heavy R&D and SG&A spending. Investors should consider that the lack of positive retained earnings may eventually constrain the company's ability to pursue strategic acquisitions or internal innovation without external capital support.