The Chester, N.Y.-based infusion system developer posted losses of -$1.1 million, or -3¢ per share, on sales of $7.7 million for the three months ended June 30, 2020, for a bottom-line slide into the red despite sales growth of 44.1%.
Koru Medical Systems’ -3¢ per share losses came in 5¢ behind the projections of 2¢ per share from Wall Street analysts.
The company said in a news release that it believes its revenue growth was primarily driven by increased demand that included clinical trials and the trend toward at-home infusion therapy amid the COVID-19 pandemic.
“We reported a strong Q2 2020, highlighted by a quarterly net sales record of $7.7 million,” Koru president & CEO Don Pettigrew said in the release. “I am extremely proud of the entire Koru Medical team for navigating us through the COVID-19 pandemic and embracing their designation as essential workers supporting the thousands of chronically ill patients who rely on our products.
Koru did not offer financial guidance for the 2020 fiscal year.
KRMD shares were down -6.2% at $9.02 per share in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -1.6%.