The company maintains premium pricing power with a 61.5% gross margin in 2026Q1, though this is offset by an operating loss of $667.4K as SG&A and R&D expenses continue to outpace revenue gains.
KORU Medical Systems, Inc. (KRMD) annual income statement — 27-year revenue, gross profit & net income 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 |
|---|
| Sales/Revenue | 45.11M | 41.13M | 33.65M | 28.52M | 27.9M | 23.49M | 24.18M | 23.16M | 17.35M | 15.98M | 12.29M | 12.25M | 11.24M | 8.7M | 7.76M | 6.39M | 4.92M | 3.77M | 3.44M | 2.35M | 1.73M | 1.75M | 1.56M | 1.53M | 1.66M | 1.76M | 2.09M | 2.07M |
| Revenue Growth % | 22.41% | 22.23% | 17.98% | 2.23% | 18.76% | -2.84% | 4.38% | 33.47% | 8.62% | 29.96% | 0.38% | 8.92% | 29.27% | 12.04% | 21.49% | 29.87% | 30.35% | 9.76% | 46.49% | 35.35% | -0.64% | 11.89% | 2.08% | -7.74% | -5.82% | -15.68% | 0.99% | - |
| Cost of Goods Sold | 17.15M | 15.52M | 12.31M | 11.81M | 12.53M | 9.72M | 9.24M | 8.31M | 6.54M | 6.52M | 4.72M | 4.64M | 4.56M | 3.39M | 2.82M | 2.25M | 1.66M | 1.26M | 1.24M | 899.98K | 663.51K | 728.52K | 726.46K | 723.55K | 959.54K | 1.33M | 1.11M | 1.13M |
| COGS % of Revenue | - | 37.74% | 36.6% | 41.41% | 44.91% | 41.38% | 38.22% | 35.87% | 37.71% | 40.8% | 38.43% | 37.92% | 40.53% | 38.96% | 36.31% | 35.23% | 33.68% | 33.47% | 36.15% | 38.33% | 38.25% | 41.73% | 46.56% | 47.34% | 57.92% | 75.67% | 53.07% | 54.5% |
| Gross Profit | 27.96M | 25.6M | 21.33M | 16.71M | 15.37M | 13.77M | 14.94M | 14.85M | 10.81M | 9.46M | 7.57M | 7.6M | 6.69M | 5.31M | 4.94M | 4.14M | 3.26M | 2.51M | 2.2M | 1.45M | 1.07M | 1.02M | 833.76K | 804.83K | 697.01K | 427.94K | 978.94K | 939.85K |
| Gross Margin % | 61.99% | 62.26% | 63.4% | 58.59% | 55.09% | 58.62% | 61.78% | 64.13% | 62.29% | 59.2% | 61.57% | 62.08% | 59.47% | 61.04% | 63.69% | 64.77% | 66.32% | 66.53% | 63.85% | 61.67% | 61.75% | 58.27% | 53.44% | 52.66% | 42.08% | 24.33% | 46.93% | 45.5% |
| Gross Profit Growth % | - | 20.03% | 27.67% | 8.71% | 11.62% | -7.81% | 0.55% | 37.4% | 14.3% | 24.95% | -0.44% | 13.68% | 25.94% | 7.39% | 19.47% | 26.83% | 29.95% | 14.38% | 51.67% | 35.16% | 5.29% | 22.01% | 3.59% | 15.47% | 62.88% | -56.28% | 4.16% | - |
| Operating Expenses | 29.61M | 28.58M | 27.78M | 26.98M | 26.15M | 20.8M | 16.19M | 10.85M | 8.75M | 7.97M | 8.31M | 6.42M | 5.54M | 4.3M | 3.88M | 2.85M | 2.07M | 1.79M | 1.42M | 1.25M | 1.09M | 1.11M | 1.19M | 1.05M | 949.57K | 802.2K | 1.08M | 1.18M |
| OpEx % of Revenue | - | 69.48% | 82.56% | 94.6% | 93.74% | 88.54% | 66.97% | 46.85% | 50.4% | 49.91% | 67.56% | 52.43% | 49.27% | 49.46% | 50.01% | 44.6% | 42.04% | 47.42% | 41.19% | 53.42% | 63.02% | 63.33% | 76.47% | 68.73% | 57.32% | 45.61% | 51.84% | 57% |
| Selling, General & Admin | 24.56M | 23.38M | 0 | 0 | 0 | 0 | 0 | 9.77M | 8.2M | 7.91M | 7.77M | 5.94M | 4.79M | 3.85M | 3.54M | 2.66M | 1.97M | 1.7M | 1.31M | 1.13M | 993.41K | 984.63K | 1.07M | 876.38K | 827.87K | 635.53K | 827.99K | 1.01M |
| SG&A % of Revenue | - | 56.84% | - | - | - | - | - | 42.19% | 47.23% | 49.53% | 63.18% | 48.52% | 42.58% | 44.27% | 45.65% | 41.56% | 39.98% | 44.96% | 38.23% | 48.14% | 57.27% | 56.4% | 68.41% | 57.34% | 49.98% | 36.13% | 39.69% | 48.83% |
| Research & Development | 4.46M | 4.39M | 5.26M | 5.74M | 4.96M | 2.47M | 1.3M | 740.48K | 241.12K | 60.7K | 237.49K | 207.28K | 468.15K | 218.15K | 147.58K | 90.33K | 35.52K | 27.92K | 22.44K | 59.93K | 42.03K | 41.82K | 44.03K | 42.19K | 40.27K | 40.84K | 35.34K | 80.94K |
| R&D % of Revenue | - | 10.67% | 15.63% | 20.14% | 17.77% | 10.53% | 5.36% | 3.2% | 1.39% | 0.38% | 1.93% | 1.69% | 4.16% | 2.51% | 1.9% | 1.41% | 0.72% | 0.74% | 0.65% | 2.55% | 2.42% | 2.4% | 2.82% | 2.76% | 2.43% | 2.32% | 1.69% | 3.92% |
| Other Operating Expenses | 593.69K | 810.5K | 22.52M | 21.24M | 21.19M | 18.33M | 14.89M | 0 | 0 | 0 | 0 | -9.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -1.65M | -2.97M | -6.45M | -10.27M | -10.78M | -7.03M | -1.25M | 585.68K | 1.16M | 1.48M | -736.25K | 1.18M | 1.15M | 1.01M | 1.06M | 1.29M | 1.19M | 721.52K | 779.01K | 193.51K | -22.14K | -88.25K | -359.35K | -245.64K | -252.56K | -374.26K | -102.35K | -237.34K |
| Operating Margin % | -3.66% | -7.23% | -19.16% | -36.01% | -38.65% | -29.93% | -5.19% | 2.53% | 6.71% | 9.29% | -5.99% | 9.65% | 10.2% | 11.58% | 13.68% | 20.17% | 24.28% | 19.11% | 22.65% | 8.24% | -1.28% | -5.06% | -23.03% | -16.07% | -15.25% | -21.28% | -4.91% | -11.49% |
| Operating Income Growth % | - | 53.89% | 37.23% | 4.74% | -53.37% | -460.22% | -314.24% | -49.71% | -21.52% | 301.54% | -162.32% | 2.96% | 13.87% | -5.15% | -17.59% | 7.89% | 65.6% | -7.38% | 302.57% | 974.18% | 74.92% | 75.44% | -46.29% | 2.74% | 32.52% | -265.66% | 56.88% | - |
| EBITDA | -861.5K | -2.16M | -5.67M | -9.4M | -10.19M | -6.57M | -836.19K | 925.91K | 1.47M | 1.79M | -435.64K | 1.45M | 1.43M | 1.24M | 1.25M | 1.39M | 1.26M | 786.32K | 858.37K | 261.71K | 38.29K | -9.16K | -277.54K | -165.09K | -171.12K | -289.42K | -17.38K | -149.54K |
| EBITDA Margin % | -1.91% | -5.26% | -16.86% | -32.96% | -36.54% | -27.95% | -3.46% | 4% | 8.49% | 11.22% | -3.54% | 11.86% | 12.73% | 14.26% | 16.14% | 21.8% | 25.62% | 20.83% | 24.96% | 11.15% | 2.21% | -0.52% | -17.79% | -10.8% | -10.33% | -16.45% | -0.83% | -7.24% |
| EBITDA Growth % | 78.99% | 61.89% | 39.64% | 7.79% | -55.24% | -685.28% | -190.31% | -37.18% | -17.78% | 511.47% | -129.98% | 1.52% | 15.37% | -1.02% | -10.03% | 10.51% | 60.32% | -8.39% | 227.99% | 583.49% | 517.83% | 96.7% | -68.11% | 3.52% | 40.88% | -1565.25% | 88.38% | - |
| D&A (Non-Cash Add-back) | 791.22K | 810.5K | 772.89K | 870.39K | 587.14K | 463.13K | 418.6K | 340.23K | 309.26K | 308.71K | 300.61K | 271.57K | 283.88K | 232.96K | 190.97K | 103.98K | 65.77K | 64.8K | 79.36K | 68.2K | 60.43K | 79.09K | 81.82K | 80.55K | 81.44K | 84.84K | 84.97K | 87.8K |
| EBIT | -1.81M | -2.62M | -6.06M | -9.77M | -10.68M | -6.36M | 1.19M | 4M | 2.06M | 1.48M | -774.81K | 1.15M | 1.08M | 1.01M | 1.07M | 1.31M | 1.23M | 709.96K | 776.53K | 193.51K | -22.14K | -88.25K | -359.35K | -245.64K | -252.56K | -374.26K | -102.35K | -237.34K |
| Net Interest Income | 282.14K | 293.4K | 444.64K | 561.33K | 145.59K | 13.08K | 42.4K | 80.66K | 28.1K | 0 | 1.05K | -3.41K | 5.11K | 2.88K | -20.2K | -18.69K | -27.67K | -46.16K | -51.67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 282.14K | 293.4K | 444.64K | 561.33K | 145.59K | 13.08K | 42.4K | 80.66K | 28.1K | 0 | 2.94K | 0 | 5.62K | 7.43K | 8.08K | 12.85K | 8.72K | 1.35K | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.89K | 3.41K | 512 | 4.55K | 28.28K | 31.54K | 36.39K | 47.5K | 51.68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -156.4K | 356.41K | 382.49K | 496.4K | 105.71K | 665.09K | 60.52K | 110.74K | 12.41K | 85.18K | -40.45K | -38.81K | -72.86K | 2.78K | -24.29K | -7.97K | -1.71K | -59.06K | -54.16K | -193.51K | -232.59K | -129.56K | -40.14K | -31.53K | -14.84K | -11.24K | -2.11K | 237.34K |
| Pretax Income | -1.81M | -2.62M | -6.06M | -9.77M | -10.68M | -6.36M | -1.19M | 696.42K | 1.18M | 1.57M | -776.7K | 1.14M | 1.07M | 1.01M | 1.04M | 1.28M | 1.19M | 662.46K | 724.86K | 0 | -254.72K | -217.81K | -399.49K | -277.17K | -267.39K | -385.5K | -104.46K | 159.46K |
| Pretax Margin % | -4.01% | -6.36% | -18.02% | -34.27% | -38.27% | -27.09% | -4.94% | 3.01% | 6.78% | 9.82% | -6.32% | 9.33% | 9.56% | 11.62% | 13.37% | 20.05% | 24.25% | 17.55% | 21.08% | - | -14.68% | -12.48% | -25.6% | -18.13% | -16.14% | -21.92% | -5.01% | 7.72% |
| Income Tax | 10.33K | 21.89K | 2.89K | 3.97M | -2.01M | -1.8M | 17.8K | 132.07K | 266.38K | 483.07K | -241.7K | 359.71K | 321.42K | 307.02K | 312.35K | 465.29K | 489.03K | -226.98K | -306K | 196.01K | 0 | 0 | 1.4K | 831 | 800 | 572 | 0 | -487.64K |
| Effective Tax Rate % | -0.57% | -0.84% | -0.05% | -40.59% | 18.87% | 28.31% | -1.49% | 18.96% | 22.63% | 30.79% | 31.12% | 31.48% | 29.91% | 30.38% | 30.09% | 36.32% | 40.99% | -34.26% | -42.22% | - | 0% | 0% | -0.35% | -0.3% | -0.3% | -0.15% | 0% | -305.8% |
| Net Income | -1.82M | -2.64M | -6.07M | -13.74M | -8.66M | -4.56M | -1.21M | 564.35K | 910.57K | 1.09M | -535K | 782.86K | 753.12K | 703.43K | 725.76K | 815.89K | 704.09K | 889.44K | 1.03M | -2.5K | -254.72K | -217.81K | -400.89K | -278K | -268.19K | -386.07K | -104.46K | 250.3K |
| Net Margin % | -4.03% | -6.41% | -18.03% | -48.18% | -31.05% | -19.42% | -5.01% | 2.44% | 5.25% | 6.8% | -4.35% | 6.39% | 6.7% | 8.09% | 9.35% | 12.77% | 14.31% | 23.56% | 29.97% | -0.11% | -14.68% | -12.48% | -25.69% | -18.19% | -16.19% | -21.95% | -5.01% | 12.12% |
| Net Income Growth % | 59.7% | 56.52% | 55.85% | -58.65% | -89.82% | -276.45% | -314.77% | -38.02% | -16.15% | 302.98% | -168.34% | 3.95% | 7.06% | -3.08% | -11.05% | 15.88% | -20.84% | -13.72% | 41350.7% | 99.02% | -16.94% | 45.67% | -44.21% | -3.66% | 30.53% | -269.6% | -141.73% | - |
| Net Income (Continuing) | -1.82M | -2.64M | -6.07M | -13.74M | -8.66M | -4.56M | -1.21M | 564.35K | 910.57K | 1.09M | -535K | 782.86K | 753.12K | 703.43K | 725.76K | 815.89K | 704.09K | 889.44K | 1.03M | -2.5K | -254.72K | -217.81K | -400.89K | -278K | -268.19K | -386.07K | -104.46K | 187.95K |
| Discontinued Operations | 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 |
| 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 |
| EPS (Diluted) | -0.04 | -0.06 | -0.13 | -0.30 | -0.19 | -0.10 | -0.03 | 0.01 | 0.02 | 0.03 | -0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | -0.00 | -0.01 | -0.01 | -0.02 | -0.01 | -0.01 | -0.02 | -0.00 | 0.01 |
| EPS Growth % | 61.59% | 56.08% | 56.67% | -57.89% | -90% | -246.02% | -300.69% | -38.46% | -17.31% | 300.71% | -170.5% | 0% | 0% | 0% | 0% | 0% | 0% | -33.33% | - | - | - | 53.67% | -50% | -3.51% | 30.49% | - | -145% | - |
| EPS (Basic) | - | -0.06 | -0.13 | -0.30 | -0.19 | -0.10 | -0.03 | 0.01 | 0.02 | 0.03 | -0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | -0.00 | -0.01 | -0.01 | -0.02 | -0.01 | -0.01 | -0.02 | -0.00 | 0.01 |
| Diluted Shares Outstanding | 49.51M | 46.19M | 45.8M | 45.6M | 45M | 44.39M | 41.93M | 39.06M | 38.92M | 38.39M | 37.88M | 37.99M | 37.63M | 36.66M | 36.04M | 35.1M | 36.85M | 35.38M | 34.83M | 32.68M | 29.87M | 26.47M | 22.7M | 23.54M | 23.5M | 23.5M | 23.35M | 23.12M |
| Basic Shares Outstanding | 46.08M | 46.19M | 45.8M | 45.6M | 45M | 44.39M | 41.93M | 38.78M | 38.13M | 37.87M | 37.83M | 37.99M | 37.63M | 36.66M | 36.01M | 34.25M | 36.24M | 35.38M | 34.83M | 32.68M | 29.87M | 26.47M | 22.7M | 23.54M | 23.5M | 23.5M | 23.35M | 20.63M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.2% |
Quick answers to the most common questions about buying KRMD stock.
For fiscal year 2025, KORU Medical Systems, Inc. (KRMD) reported total revenue of $41.1M. This represents a 1891.3% increase compared to $2.1M in 1999.
KORU Medical Systems, Inc. (KRMD) reported a net loss of $2.6M for the fiscal year ending 2025.
KORU Medical Systems, Inc. (KRMD) reported an operating income of $-3.0M, resulting in an operating profit margin of -7.2%. This margin reflects the operational efficiency of the business before interest and taxes.
KORU Medical Systems, Inc. (KRMD) generated $25.6M in gross profit for the year, representing a gross profit margin of 62.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Operating loss and cash burn
Metrics are mathematically derived from official filings.
Consistent Double Digit Revenue Expansion
As reported in recent financial filings, KRMD has sustained a robust revenue growth trajectory, achieving a 22.1% year-over-year increase in 2026Q1, which suggests that the company's strategy of expanding its installed base of infusion drivers is successfully driving recurring demand for its proprietary consumable product lines.
The consistent double-digit growth indicates that the company is successfully capturing market share within the subcutaneous immunoglobulin space. Investors should monitor whether this top-line momentum can be maintained as the company faces potential saturation in its core domestic markets and increased competition from alternative delivery modalities.
Premium Pricing Power Remains Intact
Based on the provided income statement data, KRMD maintains a stable gross margin profile, with the 2026Q1 figure of 61.5% reflecting the company's ability to command premium pricing for its proprietary, non-electronic infusion consumables despite broader inflationary pressures on medical-grade manufacturing inputs and raw materials.
The stability of these margins suggests that the mechanical interlocking of the Freedom system creates a durable moat that prevents commoditization. However, the lack of significant margin expansion despite revenue growth warrants investigation into whether the company is utilizing aggressive pricing incentives to secure long-term clinical partnerships.
Operating Leverage Remains Elusive Currently
According to the quarterly income statements, KRMD has yet to demonstrate meaningful operating leverage, as evidenced by the 2026Q1 operating margin of -5.7%, which indicates that SG&A and R&D expenditures continue to outpace the gross profit generated by the company's expanding base of recurring consumable sales.
The persistent operating losses suggest that the company is currently prioritizing market penetration and clinical validation over immediate bottom-line profitability. Investors should monitor the scalability of the current cost structure, as the lack of operating leverage may necessitate future capital raises if the current burn rate persists.
Stock-Based Compensation Distorts Earnings Quality
As indicated by the historical income statement data, KRMD's net income figures are frequently impacted by significant stock-based compensation charges, such as the $972.8K recorded in 2025Q4, which complicates the assessment of the company's underlying operational profitability and creates a disconnect between reported EPS and cash-based performance.
The reliance on equity-based incentives appears to be a primary tool for talent retention, yet it obscures the true cost of operations for shareholders. Analysts should focus on adjusted EBITDA metrics to better understand the core cash-generating capability of the business, stripping away these non-cash accounting impacts.
Sustainability of Current Growth Model
While revenue growth remains strong, the company's reliance on a niche, non-electronic delivery system faces long-term risks, as evidenced by the 2026Q1 net loss of $807.1K, which raises questions about the sustainability of the current business model if pharmaceutical partners pivot toward integrated, large-volume autoinjector technologies.
Short-sellers may focus on the potential for technological obsolescence, as the company's mechanical-only design could be bypassed by future drug delivery innovations. The lack of a clear path to consistent profitability suggests that the company's valuation may be overly dependent on the assumption of continued, uninterrupted growth in the SCIg market.