Kuros reports 149% increase in direct MagnetOs sales and exceeds cash flow breakeven in the first nine months of 2024
Schlieren (Zurich), Switzerland, October 10, 2024 – Kuros Biosciences (“Kuros”), a leader in advanced bone healing technologies, today announced its financial performance for the first nine months of 2024. Revenue from direct MagnetOs product sales rose 149% in the first nine months of 2024, to CHF 50.6 million from CHF 20.4 million, compared to the same period in 2023. Total revenue from medical devices product sales reached CHF 51.1 million, compared to CHF 21.3 million in 2023. Kuros Medical Devices segment achieved a positive EBITDA of CHF 13.3 million in the first nine months of 2024 compared to CHF 3.8 million in the same period in 2023. The Group arrived at an EBITDA of CHF 1.4 million and an adjusted EBITDA of CHF 5.8 million. With a cash and cash equivalent of CHF 15.8 million, compared to CHF 14.3 million as of June 30, 2024, the Group has exceeded the cash flow breakeven point for the first time.
Building on its MAXA Level 1 clinical study recently published in Spine, which demonstrated nearly double the fusion rate for MagnetOs compared to autograft (79% vs. 47%) in challenging PLFs and found MagnetOs to be noninferior and even indicated superiority, Kuros Biosciences continues its investment in Project Fusion.1 Kuros Biosciences is focused on translating evidence from in vivo and in vitro studies to proven clinical outcomes, developing a superior clinical data package to prove efficacy and superiority versus alternative bone grafts. Project Fusion includes multiple Level 1 studies and Kuros Biosciences is pleased to announce the activation of three U.S. sites that are enrolling patients for the PRECISE clinical trial.
PRECISE is a Level 1 prospective, multi-center, randomized, intra-patient controlled clinical study that will assess the performance of MagnetOs Flex Matrix compared to a cellular based allograft (CBA) in up to four-level instrumented PLF. Patients are randomized to receive MagnetOs Flex Matrix on one side of the spine and a CBA on the other side. Fusion assessment will include CT-scans and radiographs at various time points up to one year.2
Kuros Biosciences also reports key milestones in the international market, with expanded commercial clearances for MagnetOs Granules and MagnetOs Putty in the UAE and Qatar. Additionally, Kuros onboarded new international partners beyond the spine market in Australia and the UK, broadening access to its technologies.
Chris Fair, Chief Executive Officer of Kuros Biosciences, said: “We are excited to report continued momentum in our business, with overachievement of our revenue targets for the period and for the first time, exceeding our cash flow breakeven in the first nine months of 2024.” Mr. Fair continued, “We look forward to finishing the year strong and setting up the foundation for 2025, where we anticipate incremental growth from new markets and new non-spine opportunities, which are all internally funded by our sustainable cash flow generating business. Kuros is well positioned as a premier advanced bone healing company serving the musculoskeletal community, and we can continue to expand without the need for dilutive financing.”