KRMD - Earnings call transcript Q1 2024 | KORU Medical Systems, Inc.

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Operator

Greetings, and welcome to the KORU Medical Systems First Quarter 2024 Financial Results Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Louisa of the Gilmartin Group. Please go ahead, Louisa.

Louisa Smith

Thank you, Rachel, and good afternoon, everyone. Earlier today, KORU Medical Systems released financial results for the first quarter ended March 31, 2024. press available the website. the of copy release on is company's A

I based and this certain events SEC. many other and encourage plans our our are make we We release or matters. as in uncertainties our statements comments During materially to you, will associated risks and most any recent quarter. forward-looking with of business results update press on forward-looking commentary could press statements. no assume call, due financial our today. as expectations the of listeners regarding differ our obligation have These including on well Actual front release mentioned to the filings predictions the results to in as includes and those which

financial posted management our website. in our During will in and investor each non-GAAP SEC, on are the certain discuss of presentation measures accompanying call, which our filings and release press the with

reconciliations non-GAAP You will release. find including our in GAAP additional measures these press disclosure measures, comparable measures with of regarding these

the company comments topics to Please Eastern this Since and reference the company's was held press X:XX made have May the on the at Time. of listening Wednesday, For call recorded p.m. X, recent most release. then, replay, related XXXX, those to additional may benefit approximately the discussed.

Systems; ahead. Joining us go Adams, Tom and KORU Medical and on Linda, Medical's KORU please the call Financial of today President are Linda CEO Chief Officer. Tharby,

Linda Tharby

everyone, afternoon, Good Louisa. you joining today. you, thank Thank for us and

who updates, use quarter Tom, will results and I begin first will we by XXXX our During commentary. guidance. financials our business with key call slides to review will our support XXXX today, and our followed

first pleased with the we very questions. I'm quarter key our against Vision the open multiple strategy. will with remarks, line growth of milestones Following results, 'XX for progress prepared our

consumables an immunoglobulin by the the and double-digit started million in with overall, double-digit business history. have quarterly driven in The solid company's year internationally. quarter was Underlying revenue revenue, market. grew global this the XX% the growth delivering quarter another highest strong and performance core $X.X We in

and great new collaborations, of with expense evidence addition further prior drugs business, to quarter continued pleased consecutive on above hit gross several have systems the for collaboration, cash will same business. Year-to-date, cash a to core Therapies breakeven our burn we discuss also burn the which in to new and our infusion outcome new our of getting and decrease excited significant catalyst decrease in reduction disciplined efforts operating FREEDOM in progress new have hitting more period Novel milestones. from $X.X announce an we profitability. a X approved and with the third our patients the headway of quarter $XXX,XXX, is We which our margin also of I'm operational finished very We is XX%, year. oncology report signed a the I'm XX.X%. in detail later. From the flow a perspective, our key management of working meaningful I This continued towards for capital, million

very pleased I'm our on as 'XX continue execute Finally, Overall, we with agenda. to guidance we Vision this XXXX our growth reaffirming performance are metrics. quarter our

in strong business. a is quarter, we indicative to increasing the first multiple saw similar large progress core, saw our to I in X% double-digit a highlight our quarter to core business. Starting Novel adding our subcutaneous Therapies and the our our we our pharmacies. the detail over want with making sales our to growth expansion, our from I'd penetration Moving demand international patient specialty strategy growth in are like domestic increase label, core, end slide. we X This next across domestic last pillars, volume of to drugs of user distributors XXXX. that in to of

gains share competitive to growth attributable patient largely and volumes. in and driving was new recurring growth growth double-digit consumable starts, Our

penetration diagnosis. and 'XX for increasingly we pump stream was consumables recurring a fastest-growing patient immunoglobulin immunoglobulin, remain strong Prefilled customer subcutaneous the growth sequential syringes a catalyst revenue quarters, growing growth penetration continue indicating Ig quarter to volumes as beyond. following subcu patient win of market and prior the fifth into continue valuable levels in consecutive increased base potential key to growth starts. QX for and drive in represents segment market, the becomes new Our in expand our of and

towards We for XXX(k) more consumables, for QX experience submission our designed and also patients. progress continue to a the for make our convenient good new comfortable

increase the communicated growth appeal quarter international in notified our year-over-year saw I of great in with regarding to products news. core. We want the international successful previously XX% with certification revenue. Europe, ongoing results international in a Moving our in the BSI. body, We explosive were begin to

ex increased result, a BSI saw geographic the prior penetration, strength indications. We we as specifically approved quarter, secondary deeper penetrate the supply into schedule, indications, to a condition strong the large and in As immunodeficiency. volumes markets process. In we CIDP, neurological proceed and subcutaneous targeted and year, established continued into with typical intend markets U.S. these requiring and and per twice SID, routine geographic a our assessment dosing saw we versus expansion, in Ig week

and namely Expansion for multiple new receive key our focus year, a further entered and we base, and and optimistic distributors. including drug increasing the markets, reasons. our hit footprint that therapy highlighted by signed oncology. remainder in quarter During within of in Japan, QX. Within the the or the will the patient remains collaboration by where deals of XXXX, XX we Africa, geographies exciting global goal East clearance remain is first of quarter, oncology the QX for North we and for the The multiple new X therapies, onboarded a this new many already Middle we addition have FreedomEdge novel our collaborations now of for consumables business have total

drug for First, the population as large therapy up patients XXX,XXX this oncology therapy. with is patient addressable population to an

centers and growing post launch This health administration. care large due to a require several entry be as oncology care will drugs market our with infusion it professionals. via subcu Second, potential effects into administration is side oncology health professional first administration

the launch new collaboration and drug to the this related is drug's Finally, the approval. removes time risk which with

currently next the in prior FREEDOM are with We to submission anticipate system XXX(k) X the feasibility drug which infusion we an to a XX in testing of FDA months.

system, I'm trials also towards pleased III to pipeline. we our pivotal The ongoing commercialization. the report has announced which progress enter FREEDOM and year, drug, will passed endocrinology step last within validation Phase first infusion another with successfully

moving it progressed with a This passed we'll successfully drug of We product customized the disease previously development biologics. launched efforts its into with rare development also collaboration has testing, and the be the our anticipate with the FREEDOM announced a across feasibility the We FREEDOM XXX(k) for in quarter this the strategic a the of infusion submission X all use growth year. quarter system. Overall, drug of system areas. successful was with fourth

collaborations, drugs Moving depicts X. for our novel and/or therapies our on on-label representing new opportunities launched This slide new label on with innovations Slide to drugs.

Although key years to many all core to several opportunities into these regulatory highlights. represent drugs of system. our patients bring attain will and take new XX A few infusion approval, FREEDOM

with to First, we're largest and to of broadest pipeline XX collaborations represents number our opportunities XX collaborations our this total new date. represent pursuing, date,

asset approximately our patients, has oncology approximately X.X addition million population to our patients. addressable bringing population total expanded million the X.X of Second, global the patient by

lifestyle clearance the product progress partners. And in FDA are indicate most the making we with time geographies are column line and/or our expansions, Third, last highlighted to pharmaceutical create to new importantly, drugs our new drug potential within the opportunities collaborations there core date KORU for drug Vision with with KORU. in label 'XX for X expansions launch

Japan a diverse pharmaceutical For pipeline continue example, now to KORU. expect financial we for turn multiple I'm new novel see performance. call partners. I'd opening like more Takeda's and to market to opportunities deeper with the for drive year, our review with the Tom over this to the to very CUVITRU get excited clearance therapies

Tom Adams

joining everyone Thank you, Linda, afternoon. and us this thanks to

quarter are quarter by net we due consumable quarter. XX% starts new saw with as $X.X $X the our prior gains. an growth million, were grew Domestic first double-digit line first a increase compared growth with volume period. return We top the and X% revenues of double-digit record setting and of to for to million, pleased year a revenues Net driven results core share patient

growth, for that the a prior orders inventory excluding these as addressed regulatory to Therapies occurred compared OUS business in grew approximately $XXX,XXX driven supply versus driven was indications, collaboration period. $XXX,XXX, by our prior the sales, Normalized business. Novel expansion geographic a earlier. was the an the XXXX, orders QX year, and The Ig international growth rate revenue increased and million, of strategy. $X.X improved with improved core growth by of XX% year-over-year major to international XX% XX% Our approximately for determination expedited revenues decline in revenue Linda consisted milestone and in XX% BSI the strong core of relating

are quarter. consists that of important our of multiple expanded in milestone-based. which for variable pipeline primarily nonrecurring in nature has by business It's revenues, note agreements and mix progress X highlighted The are customer our additional generally an revenue diversified with to therapies novel base, and compensation advancements therapies novel in drugs the

quarter a XXX improved the Our point margin basis prior gross first to increase XX.X%, year. compared to

our due right As achieved improvement greater third manufacturing strong was XX%, to and consecutive marks sites. we operations. manufacturing have side. consolidation efficiencies on of graph diligently realize continue The quarter the to margins indicated This bar across U.S. that largely improvements our than we the and on the work to the

improved business at Additionally, rates. we our Therapies and realized lower gross margins service through the have revenue Novel in costs in-sourcing

cash. to over Moving

quarter, of million of continue year cash will $X.X achieve than usage the year, in our spending lighter ending an cash from This XX, be a we leverage. years incurred of during we operating representing million, had as previous $XXX,XXX reduction the substantial As prior $XX.X the to March period. spend balance cash

offset include came deployment and We financing levels was cash cash of by higher cash new financing accounts This substantially expenditures and payable focused for loss premiums. operational XX% $X net a for Our XXXX. which than production our improvement insurance of nearly capital, first beginning receipts. We line the prior reduced the year. and in Other spending from working since and to investing basis significant million, drivers $XXX,XXX manufacturing from by in capital quarter driven flow in of inventory of on activities was our remain reductions lower efficiencies timing targets. cash due resulting primarily in

with year spend to prior usage second we least year will equipment of significantly We be the that flow expect XXXX. of XXXX lines. pattern ending well cash being by an for cash We half, full our and quarter at the first positive as goals as cash the consistent driven The to confident new XXXX fourth of but at spend relative in production rate. the hit remain lower our million higher burn remain for balance to will the a half $X

Moving on guidance. to

the expecting $XX.X to the for outlook, We novel XXXX mid- to of million, $XX.X a of the representing remainder Revenues following by million of growth are driven aspect growth to reaffirming each of our year. a penetration ASP regions. XX% high XX% collaborations, gross we single-digit approximately therapy an lower margin to expand XX% SCIg XX% year of XX%. a and prefill and X into full syringe We new XX% anticipate as between market;

face supply We later and and production also costs pressures manage in within the start-up chain our inflationary line year. will incur

compensation an to cash and in as cash This which XXXX. will cash fourth the for balance to with stock Lastly, of finish flow expectation positive million million reach breakeven that XXXX, $X is operating year I in and quarter $XX million, than of approximately expect full balance includes exclusive we more includes of of mentioned the the before, flow $XX.X we expenses. ending ending

remains for turn closing will the call growth our strategic for balance. I credit estimates included XXXX Linda opportunities, but back remarks. Our in is available over not cash ending us now to facility for to

Linda Tharby

pleased our last to Thanks, We all very first ensuing committed call. the by results milestones highlighted Tom. momentum earnings in the I'm remain I across and quarter businesses. our

a net with double-digit of achieved growth type of to this the commitment have the of quarter year. for We one remainder revenue growth

growth continue to expansion our We core therapies completed accelerating work continue and of move increasing patient new collaborations by international driven We've our collaboration prefill we'll X goal to closer see penetration. as we new actively novel of commercialization. business, opportunities pursue levels starts, to in new our to gains, and share

new are two the of We the XXX(k)s, a FREEDOM year. platform new indication by product drug for projecting of on submission the for one end a and the other the

drug leader our the full flows of strong to of it progress these breakeven positive value Medical, is subcutaneous and put setting. In experience XXXX, of now milestones in to Vision as commitment day goals. I'm our toward And improve the the for both effort proud continue I closing, over global overarching and each Each clinic of their increasing strive is into are customers, a deliver QX we in to evolve making our delivery into to 'XX flow team and to in finally, Q&A. KORU I'm cash the KORU's cash year work the to 'XX. they a turn incredibly the patient company will and you at and strongly shareholders. Operator, the by call year encouraged we patients we as indicator start for our at-home

Operator

now Thank from [Operator session. a you. Lake Markets. comes Frank Instructions] conducting first be Takkinen question Capital We'll with Your Street question

Frank Takkinen

Great. is the little out conservative. you start Obviously, start some if it's onetime what a year, a after but kind stuff also with was derisked QX of and even QX solid really maybe a I guide of Congrats just like that on to the the annualize understanding to happened first internationally. bit strong quarter. reiteration. the early adjusting happened guidance understanding hoping looks in very It in

So considered some through of a bit the guide you the bringing the when elements that given little momentum kind just year-to-date. up of reiterating versus different walk maybe strong

Linda Tharby

Sure.

thanks, The way is guidance We're that range our in at we So first first overall within guidance quarter. excited see quarter. that we're Frank. the by XX% the

range year the guidance So the of of of at somewhere in end guidance be the guidance the half that lower that anticipate of end coming in to slightly the top the in start back that so range, year we range. with

first of new we're that what we obviously, able international -- which to list. distributors. see be expansion certainly the upside quarter had at orders was overall, certainly the from at would initial in We And our seeing looking BSI, break onetime top So had number with be would potential for of out. that Tom we're we that also a

to have guidance. comfortable anything shakes we that doing relative see to So how to out all before we're

again, upside more the And could mean there. Therapies, Novel excited progress. by deals

uptick in areas. still we to sales user but our some on distributor then have seeing not up see And U.S. do in However, work the with to finally, end our nice results. core starting those really finish business keep inventories share, our

are So looking the we're outs those positives that and at. watch

we'll a overall, and year prudent. the reaffirming pleased strong guidance, But start think when it's be update we to to and

Frank Takkinen

any how reality versus And year-to-date? just negative, maybe update XX-milliliter That's the update for think don't at going, then Got the so positive, helpful. maybe it. looking explain heard one, on to remarks, I prefill. just an my second And us that's in expectations I XXXX. expectations prepared versus

Linda Tharby

Yes.

started prefill we recall, So launched into patients if see our product inventories market, but the conversion in we to quarter did the the launch. load-in that you it initial QX. to therapy, products first is QX, of we've of

anticipate to term, as levels get base, the but also over of on for to subcu therapy. point small longer off we penetration the believe subcutaneous continues is out that year. It we those more really area move And a therapy. fastest-growing increased be what watching tipping people So we're a through we the

Frank Takkinen

Perfect.

Linda Tharby

CSL, in has the prefills is the to company make for only intention in announced their date which only discontinue I have I to vials. market the other the and that is SCIg prefills would guess maybe, their update leader

that, big be So will think, impetus I prefills. another to

Operator

Knickerbocker from comes question next Craig-Hallum. Chase Your with

Chase Knickerbocker

kind Tom, well. commercial congrats think far those and it's kind about of if product. progress It is approval of just that me of for regulatory as impact. particularly as engagement that system, on of rare kind Linda near-term we of for as disease of seems obviously Maybe right now collaboration of to about kind product then well? for use rare then that of to of look disease asset, think -- exciting product drug that approved do strong way your about you're any saying need And on we are sort already of from when us the a at and the as that products the the formal oncology kind Is commercial just first, to use approved from of like just longer the year sort term, oncology commercial you asset steps? that already and kind your what

Linda Tharby

take process months the required would process unknown X FDA approval X part generally somewhere there's an FDA but months, if cooperates and and and internal at. looking would what be our of Yes. Provided equation, X then X about we're the customization with the between sometimes

Chase Knickerbocker

the not in I drug give think one oncology recently Got dosage kind this has of a know of mature certainly. volume And names, as But different you're it. market maybe sort to or we of meaningful a going asset medium? should being more in that's some launched already and

Linda Tharby

Yes. Most from subcu. therapies to of the have in moved subcutaneous IV oncology

launched the X So most them within last X have to years. of

would recent a launch I say. is it fairly what is So

Chase Knickerbocker

you there's system. the where drug some with, kind won't already newly But of obviously, your volume with be launching that

chase there's kind some So down already. of volume to

Linda Tharby

Correct.

Chase Knickerbocker

think approved kind the on you've can And therapies? And there's X to quickly of along speak, chew kind lot if previously open got Got you a if the had it. collaborations. pipeline, impactful sense lines, of in kind of with for And around more about give those of we us you know so formal those collabs like towards kind any collaborations a already guided I year. current same of your these to

lot the it it. more your but of here. kind a this if like I help the not in missed Kind a of the year sorry remarks, last think there And through pipeline months I X couple in mean, us to add prepared seems about of

Linda Tharby

Yes.

we're with That going drugs Therapies I there set our the excited drug. that multiple sort needs launched of because why and on same have that drugs. are is unmet has development one III business to reasons oncology site key this on team So have Phase so Novel am of that the their within asset the capitalize launch about

a further lot there. I see So potential

done geographic partners, with of working to to we've are where the Ig global prior consolidate are basis. now their they of consumables on on our opportunities some expansion base of also looking innovations ourselves a some We

exciting also that's for us. So

Chase Knickerbocker

on your just that kind If could up and we're guide. of from very that seeing of it. that as -- commentary, good Frank kind on half expectations we it a pretty if Tom. to there. guidance Got And hence piggyback look of in of say margins, of fair more still kind kind XX-milliliter is small just maybe seems launch one look reiteration of is impact that was kind second kind gross of at the line QX But then accelerates. And it to the that kind with of

from decline of guidance? us of of there of kind kind Is a standpoint kind help that Just of assumed launch? expected kind the in Japan sequential that that's around

Tom Adams

want You to start Linda?

Linda Tharby

just So what But first I obviously are where we expecting. that about were that heard guidance, we -- question is not on the I kind a Chase. came the year of would I'm there, you yes, in say sure correct quarter

this several in at at on see goal point, market. this including So user point, end a domestic watching And looking we're our we're areas we outperform. several strong distributors see demand. core we to overall what frankly, at, fill also But shots growth the how

what saw get we in we We also first is a through is distributors our network new coming underlying the what see distributors growth recurring once into have quarter. to the international lot -- of

Tom Adams

on our of margin plan then the back the the the Yes. year. for back as the half on We start are gross in the some out do question, very product launches, have I I'd -- year And strong. margins mentioned, that say Chase, gross

the phase when margins our And side, Novel that, to that. as agreements. up, lot a of that. start-up product in-sourcing been start back on margins production novel therapy Therapies normal have you volumes work stages. And of the inefficiencies to say to some of ramp services for those get stronger offset been I'd the launches, So then just on We've and have have top typically, at you the these see you

So some another these we change into of that's get then little as of been international you into gross new on do ASPs mix on as aspect a upside. And see the a on markets, these is the margin the expand you markets. bit

now some along things with we're So to improvements the margins. on right our if pretty pull you together, we're all guidance much doing, those of holding manufacturing

Operator

Riley comes Securities. question from from Next William B. Wood

William Wood

on congratulations taking you a appreciate and our quarter, I very Really nice questions.

the curious, know expansion. required was that Just there? And seems anything we specifically that it's Japan I but I I Or was of on delays a of I to like pilot I holding the just Canadian know I an imminently expecting sort that XQ, related earlier, about think study. update quick sort get just I and least there there now then it Canadian was that update on we're sort some Japan, customs, were or it of mean might but more that additionally, slipping. be on sort maybe -- touched or to know of on that growth might launch there that should up? be potential is at on any XQ? program? how might just Canadian, the of to get update be the you

Linda Tharby

-- within some So easily approval I'll as questions. quarters. there questions start of very regulatory body They sorry, Canada ago. an with the received we Japan. I a answered all round anticipate, final Japan, were We months the by said, coming

see So concerns. we any don't

I to that regulatory we in see think backup just markets. U.S. it's the ex tend

we big into say numbers our slippage forecast So what had anticipated, any time put no for year. -- frame, some but would is that Japan not for just in there had is I we regulatory the though,

well. all that is anticipate eventually the Regarding and then and going but nursing study with that the begin it the will and the product country, trial, it not product in is is a a The we trial will soon, undergo Canada, body is clinical patients. a

-- anticipate the you we we'll to update progress. study quarters on continue that So as

William Wood

then I one if may. more, And Awesome.

go to as said regulatory sort you today. -- the Notified process you as you successfully Body there. still But EU the Just of through appealed earlier have well

might that if expecting could that update entails you international continue of be and expansion? to a still potential EU headwinds what curious give brief you Just what

Linda Tharby

Yes.

products. files And we of So internal for then review your process them, which successfully they we review of undergo with a passed facilities. our technical an your all all regular of audit

confident we resolve due finding in in so rounds working can questions. with an outstanding of X process, product them their feel that we're course, have and we is one normal which And generally we with

completed just first our We round.

a So the months we pathway coming our certification. having MDR to anticipate closing and that in

William Wood

it. the a you. Thank color And I nice again Got very there. congratulations appreciate extra on quarter.

Operator

question with Cronin from next Genuity. comes Caitlin Your Canaccord

Caitlin Cronin

a just the really on quarter. expectations SCIg year? is What share the driving there? bit Congrats great dig gains And a market, more. to growth Maybe core U.S. this updated into on core any

Linda Tharby

I Okay. part, the the the can I give first second got When part. part. first me answered you

gains the accounts. by So core focus are being increased really driven U.S. and penetration key into our

of of First for business. that our accounts all, key our about compose XX%

Just accounts. where share and -- targeted of where stood of each and position every those understood one gone one for focused in them with we did our programs and

territories addition, greatest opportunity. have sales all the on focused we areas and our our feel In we realigned reps have where we of have

on question overall expectations second was your growth market. the think in I SCIg

see globally basis. that high a We mid- continue in to single-digit to

So obviously, our core business performing at XX%.

greatly This that quarter is outperforming underlying.

Caitlin Cronin

Got it.

to pump Okay. the still that set this one close on then of half electronic year. Awesome. a in just first the And trial quick

Linda Tharby

No.

has that's bit, due those We patients have seen that countries every a different enrolled little multiple trial -- system pump country get in and slip and trials. for mostly clinical to a trying we're

it's So a bit little delay. caused of

I our in overall progress what is not markets. stopping would say it's However, international

as great. rate see which underlying well seeing been quarter, an of in you over first we're So XX%, growth has

Operator

Sandler. Joseph from Downing Piper question with Next comes

Joseph Downing

to kind growth the see of guess I the for market market need in piggybacking quarter. to can and you frame the on company what Congrats previous term, hit question the thinking on off about U.S. order the the U.S. you XXXX targets? revenue from longer just

Linda Tharby

year territory. landmark looking for this is in terms to the in into U.S. clearly, year So us we're business take of double-digit a that growth business

do a do obviously to that intend will driver be tremendous of products that. new So is how we

consumables we anticipate XX which new to happening the mentioned I months. pump new the X So next launch, certainly the within and

So our get both growth to to will position, and from I intend increase ASP of some we share drive those think, there. overall drivers, us allow

new launched and business. In us focus which I as in go our U.S. drugs Novel addition, the be into a to those for expanded And in that the continued CIDP I SID, those mentioned area indications, Therapies mentioned core Europe in business, particularly automatically key in

So I of will the revenues just laid be launch to shots which on our before out Novel for into several X Therapies factored recording the but new on new XXXX, is our revenue engineering X nonrecurring goal core slide, business. products business all those

see biggest those being So range added would to all the we overall drugs in lever be we label. growing double-digit to anticipate that combination the over with time that new business the how of expect in

Joseph Downing

That's helpful, looks SCIg -- -- obviously are next few in it Can Great. level your confidence Linda. here. all And visibility then improving of quarters just on the over trends here? comment you like

Linda Tharby

-- it's anticipate and the we overall Ig of steady mean, So just supply. I fantastic been to see sequential levels growth

this patient in market. We're Ig we're now capabilities had Ig their also that diagnosis. drug the seeing built projecting and So the companies have vertical about not been see they increasing concerned overall saying to supply, and we're starting

was requires mentioned back require underlying in a had everyone decreased due diagnosed lack for that where had sheltered while. a patient a patient couple We be because the needing quarters to that lag effect where with infections had COVID overall of we multiple in period order patients had a And to I Ig. that So diagnosis our condition diagnosis.

And it, a result, is enjoying as hate So now sickness occurring. and but everybody out I to themselves. we more say see

You multiple in the now this infections and yourself of diagnosis. flus past seeing that and effect increasing probably or we're friends, season, get saw

because even flip we for. see see outlook lead a subcu to market. will in we're huge growth So us what we And I unknown for to as IV. the healthy Ig a said, be prefills that's watching that That's yet big from is greater for continued but seen,

Operator

time. questions this further at teleconference. are There concludes That today's no

participation. your this Thank for you You time. may lines disconnect your at

KORU Medical Systems (KRMD) 1 May 242024 Q1 Earnings call transcript