Kuros Biosciences grows sales to CHF 75.6 million for 2024

Schlieren (Zurich), Switzerland, March 11, 2025 – Kuros Biosciences (“Kuros” or the “Company”) a leader in next generation bone healing technologies, today announced its financial and operational results for the full year 2024, marking another year of record growth, increased market penetration, and strategic portfolio advancements. Revenue from Direct MagnetOs product sales increased 136% year-on-year to CHF 74.8 million (2023: CHF 31.7 million). Total group revenue reached CHF 75.6 million, marking a growth of 125% compared to 2023. Kuros Group achieved an EBITDA of CHF 2.2 million in 2024, increased from EBITDA loss of CHF (5.9) million in 2023; adjusted EBITDA excluding the Fibrin-PTH costs, recurring and one-time share-based compensation, and the relevant social security charges totaled at CHF 9.0 million, representing an adjusted EBITDA margin of 11.9%.

Chris Fair, Chief Executive Officer of Kuros Biosciences, said: “We recorded exceptional Direct MagnetOs sales growth of 136%. This growth was driven by the successful roll-out of our technology in key markets, particularly as demand continues to grow globally. Overall, this was a transformative year for Kuros, marked by delivering our first positive EBITDA for the Group much earlier than anticipated. In addition, exceeding cash flow breakeven is a key milestone for the company. Strategically, a landmark Level 1 clinical study published in Spine continues to drive customer preference. We also secured a five-year exclusive agreement with Medtronic to accelerate MagnetOs adoption in the U.S. Our expansion into adjacent extremities markets, portfolio innovation in minimally invasive surgery, and broader global distribution capabilities position us for continued explosive growth. With a strong foundation and a clear roadmap, Kuros is well-positioned to capitalize on emerging opportunities and drive sustained shareholder value.”

Regulatory, Clinical & Commercial Highlights

• Landmark Clinical Data Published – A peer-reviewed Level 1 clinical study in Spine confirmed MagnetOs as a standalone alternative to autograft, showing noninferiority, with primary analysis even indicating MagnetOs superiority. MagnetOs achieved a 79% fusion rate, outperforming autograft’s 47% in challenging spinal posterolateral fusions.^1,2
• U.S. Consolidation and Growth – A five-year strategic agreement with the Medtronic spinal division enhanced MagnetOs’ access and will accelerate its growth and adoption across the U.S. Under the agreement, Medtronic acts as the exclusive sales agent of MagnetOs for Kuros Biosciences USA, Inc. in mutually agreed upon sales territories for use in spine surgeries.
• Diversification into Adjacent Markets – Kuros initiated the expansion into the adjacent extremities markets, leveraging the established success of MagnetOs in the spine market and pursuing new indications in other musculoskeletal areas.
• Portfolio Innovation – Significant development work was completed for new MagnetOs Minimally Invasive Surgery (MIS) applications and osteopromotive platforms, including surface technologies for implantable devices, to meet market needs.
• Global Expansion – Kuros expanded its distribution network in the UK, Australia, New Zealand and the Middle East, with plans to enter Asia Pacific and South American markets in 2025.
• Operational Excellence – Kuros doubled its capacity in August 2024 and is set to double capacity again to meet anticipated growth, focusing on maximizing return on capital through strategic resource allocation and controlled fixed costs for improved operational leverage.
• New Board Member – Kimberley Elting, an experienced MedTech executive with comprehensive global industry expertise and significant leadership experience across all medical technology company operations and product life cycle, is proposed as a new Board member. Kimberley’s background in the U.S. and global commercialization, the orthopedics market, and company governance matters would complement the existing Kuros Board of Directors. She has held executive leadership positions at Orthofix Medical, Inc., Trivascular Technologies (now Endologix) and St. Jude Medical (now Abbott).

Net operating costs

Cost of goods sold amounted to CHF 13.5 million (2023: CHF 9.6 million) of which CHF 1.6 million (2023: CHF 1.8 million) relate to the amortization of capitalized R&D; and CHF 5.1 million related to impairment of goodwill. (2023: impairment of goodwill and intangible of CHF 4.4 million and CHF 0.1 million respectively).

Net operating costs from continuing operations amounted to CHF 67.0 million, compared to CHF 33.6 million in the prior year. Sales and marketing costs increased from CHF 23.3 million in 2023 to CHF 45.0 million in 2024, primarily driven by an expanded sales force, higher sales and distribution expenses, reflecting the growth in commercial activities. Research and development costs increased from CHF 2.0 million in 2023 to CHF 7.0 million in 2024. This is primarily driven by increased R&D activities, clinical trial expenditures, and higher personnel expenses due to an increase in headcount and share-based compensation. General and administrative costs increased from CHF 8.4 million in 2023 to CHF 15.2 million in 2024. The increase was mainly driven by the scaling up of back-office functions to support business growth.

In prior years, the Group explored drug-based orthobiologic development, namely Fibrin-PTH. Following an interim analysis and the superior clinical outcomes observed with MagnetOs, the Group decided in December 2023 not to advance Fibrin-PTH to Phase 3. All operations related to Fibrin-PTH have ceased by the end of 2024, resulting in the classification of Fibrin-PTH as discontinued operation. In 2024, expenses related to discontinued operation totaled CHF 0.6 million (2023: CHF 3.6 million).

Financial position and other assets

Cash and cash equivalents amounted to CHF 18.0 million. The increase is mainly driven by higher operating cash flow from increased revenue and proceeds from option exercises. Funds available (including trade and other receivables) for financing the operations of Kuros amounted to CHF 34.2 million as of December 31, 2024. This is an increase of CHF 12.4 million from CHF 21.8 million as of December 31, 2023.

As of December 31, 2024, total intangible assets amounted to CHF 15.0 million (2023: CHF 16.5 million) and goodwill amounted to CHF 19.4 million (2023: CHF 24.5 million). The impairment of goodwill of CHF 5.1 million resulted from a delay of expected milestones from Checkmate licensing.

Outlook

Kuros expects MagnetOs to continue its strong growth trajectory in the spine and extremity segments, gaining further market share in the U.S., Europe and the rest of the world, and launching in additional countries. The company is sufficiently financed on its planned organic growth path and expects robust sales growth of at least 60% in 2025. Kuros is anticipating sales of USD 220 to 250 million by 2027, reflecting its commitment to long-term value creation through innovation, market share gains, and customer satisfaction.

Annual Report 2024
The Kuros Biosciences Annual Report 2024 can be downloaded via the following link on our website: Kuros Biosciences Annual Report 2024

Full Year Results 2024 – Webcast
Kuros will host a virtual webcast to discuss FY 2024 financial results on March 11, 2025, at 3:00pm CET. Investors can join the webcast via the following link: Investor Webcast Registration

Upcoming Events
April 15, 2025 – Annual Shareholders’ Meeting 2025
April 17, 2025 – Trading Update Q1 2025
May 13, 2025 – Kuros Capital Market Day