Revenue grew from $8.2M to $12.0M over the ten reported quarters, but gross margin ranged from 59.8% to 65.1% and the 2.1% net margin in 2026Q2 remains thin and sensitive to modest cost shifts.
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 | -5.56M | -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% | -16.52% | -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 % | 78.38% | 61.1% | 40.87% | 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 | 888.47K | 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
Margin sustainability and scaling costs
Metrics are mathematically derived from official filings.
Revenue Re-Accelerating Toward Double-Digit Growth
Based on reported figures, KRMD revenue rose from $8.2M in 2024Q1 to $12.0M in 2026Q2, with year-over-year growth holding between 17% and 27% across the most recent five quarters, suggesting sustained demand expansion.
The sequence of year-over-year growth rates shows no clear deceleration, with the 2026Q2 print of 18.2% sitting within the band of the prior eight quarters. This pattern suggests growth is being driven by a consistent underlying adoption trend rather than a single pricing or one-time event, though the reported figures alone do not isolate volume from price contributions. Investors should monitor whether growth holds above the mid-teens as the revenue base continues to expand.
Gross Margin Recovery Remains Volatile
KRMD's gross margin fluctuated between 59.8% and 65.1% over the ten reported quarters, with 2026Q2 recovering to 65.1% after a 59.8% trough in 2026Q1, indicating meaningful sensitivity in unit economics.
The quarter-to-quarter swings of roughly five percentage points point to cost of goods sold that is not fully stable against revenue mix or production timing. Compared with the peer AtriCure's gross margin of 74.4% and InfuSystem's 56.0%, KRMD sits in the middle of the range, which suggests it lacks the pricing premium of the higher-margin peer. The reported data does not reveal the drivers behind the swings, so the cause warrants further investigation.
Operating Leverage Emerging but Not Yet Proven
As reported in financial statements, KRMD moved from a $1.7M operating loss in 2024Q3 to a $627K operating profit in 2026Q2, while revenue grew about 46%, indicating the cost base is scaling more slowly than sales.
Operating income improved by well over the revenue growth rate across the period, which is consistent with positive operating leverage. However, the swing in 2026Q1 back to a $865K loss shows the improvement is not yet consistent quarter to quarter. Investors may want to see two or more consecutive profitable operating quarters before treating the margin inflection as durable.
Recent Profitability Built on Thin Margins
Based on KRMD's reported figures, the 2026Q2 net income of $252K on $12.0M revenue equates to a 2.1% net margin, a thin cushion that leaves reported earnings sensitive to modest cost or mix shifts.
Stock-based compensation remained material at $458K in 2026Q2 against $252K of net income, so a meaningful share of the cost structure is non-cash and excluded from some profitability views. The earnings base is small enough that a single quarter's cost timing can flip the sign, as the 2026Q1 loss illustrates. Investors should treat the first positive net income quarter as an early signal rather than a confirmed earnings trajectory.
Fragile Profitability Behind Growth Narrative
The strongest challenge to KRMD's income statement is that a single profitable quarter following ten periods of losses or near-breakeven results may reflect timing rather than structural improvement, given the 2026Q1 reversal to a $865K operating loss.
Short-side analysis would emphasize that reported operating profit is thin at a 5.2% margin and reversed sharply within the last two quarters. Gross margin volatility of roughly five points leaves little room for error if input costs or mix move against the company. Investors should monitor whether operating expenses continue to grow more slowly than revenue, since a reacceleration in SG&A or R&D would quickly erase the recent improvement.