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1 Q3 2025 Earnings Call November 12, 2025 KORU Medical Systems
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This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. All statements that are not historical fact are forward-looking statements. Forward-looking statements discuss the Company’s current expectations and projections relating to its financial position, results of operations, plans, objectives, future performance, and business. Forward-looking statements can be identified by words such as "targets", “guidance”, “expected”, “plan”, “drivers”, "milestones", “opportunity”, “believe” and “will”, and include without limitation expected clearance and launch dates for 510(k) submissions and new products, anticipated oncology market entry, and 2025 full year financial guidance (revenues, gross margin and cash usage and balance). Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, uncertainties associated with success of pharma collaborations, SCIg market growth, prefilled syringe penetration, plasma supply, clinical trial activity and success, approval and commercialization of new drug indications, the shift to increased healthcare delivery in the home, new patient diagnoses, customer ordering patterns, global health crises, innovation and competition, labor and supply price increases, inflationary impacts, labor supply, tariffs and those risks and uncertainties included under the captions “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which are on file with the SEC and available on our website at www.korumedical.com/investors and on the SEC website at www.sec.gov. All information provided in this release and in the attachments is as of November 12, 2025. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law. Revenues: All references to revenue(s) in this presentation refer to net revenues. 2 Forward Looking Statements
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3 Q3 2025 Results Key Strategic Progress and Continued Acceleration of Revenue Growth Record Q3 revenues of $10.4 million, 27% growth over the prior year period with strength in Core SCIg business driven by international expansion and new patient starts 1 2 3 4 5 6 Announced two new Pharma Services and Clinical Trials (PST) collaborations expanding potential reach into new patient populations Successful completion of oncology pilot site study; anticipate submission of 510(k) application by end of 2025 Gross profit of $6.3 million, a 21% increase over the prior year period Reported net loss of $0.8 million, positive adjusted EBITDA of $0.09 million, and third quarter cash generation of $0.4 million Raising 2025 revenue guidance to $40.5-$41.0M, representing growth of 20%-22%; Reiterating gross margin of 61%-63%, positive cash flow from operations for FY25, and ending cash balance greater than $8.2 million
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Growth Opportunities US SCIg Market Remains Strong with 9%+ Forecasted Growth through 2029 4 Drivers of Future SCIg Growth Increasing US SCIg penetration Market driven by new PID patients and increasing SID population Pharma investments in SCIg Driving market shift to subcutaneous therapy with prefill conversions and expanded indications KORU growing SCIg leadership position Driven by account wins and innovation pipeline resulting in double-digit end user specialty pharmacy demand growth Total US Ig Market, Historical and Forecasted 1 7.5% Total Ig CAGR 5 yr 9% SCIg CAGR 5 yr 1. Third Party Proprietary Data Source 275K 301K 344K 373K 403K 433K 464K 497K 44.9K 48.4K 53.5K 58.4K 63.9K 69.8K 76.2K 83.3K 20,000 40,000 60,000 80,000 100,000 200,000 400,000 600,000 800,000 1,000,000 2022 2023 2024 2025 2026 2027 2028 2029 Total SCIG # Patients
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1. Third party data & KORU Medical estimates Continued opportunity for cross promotion KORU needle sets used with electronic pumps Large and underpenetrated KORU has grown market share from ~10% to ~15-20% since 2024; significant room for growth remains Prefill market conversion driving increased use of KORU Freedom mechanical pumps Vial to prefilled conversion in multiple markets across the EU Growth opportunities Further expansion in top-10 markets Growth Opportunities International Expansion Fueling Growth with Opportunity for Further Market Share Gains Growing KORU Market Share with Significant Room for Additional Penetration Opportunity for Accelerated International Growth ~$60M Global SCIg TAM1 ~85% Europe ~15% R.O.W 2024 2025 Global SCIg Market KORU International Mkt. Share ~10% ~15-20% 5
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6 New Ig Indications and Devices with 7 Pharma Collaborations Drive Share Gains and Geographic Expansion Asset Drug Status Expected KRMD Clearance1 Details Recent Update Ig Device- Japan Launch Launched Phase I-’25 Phase II- ‘26 KRMD flow controller for use with launched drug Ig Device (Pump) Launched 2026 KRMD next gen Ig pump Ig Device (Pump) Launched; New Device Pending 2027 KRMD next gen. Ig pump 2026 → 2027 Ig Device (Pump) Launched; New Device Pending 2027 KRMD next gen. Ig pump 2026 → 2027 Ig Drug/Device Phase III 2027/28 New drug launch using KRMD device Ig Drug/Device Phase II/III 2027/28 New drug launch using KRMD device Ig Device (Pump) Launched; New Device Pending 2028 KRMD next gen. Ig pump Added to pipeline 7 Collaborations/Opportunities w/ 4 Ig Manufacturers 2 Commercial Opportunities by 2026 $450M Total Ig TAM2 1. Clearance and launch dates are based on most recent estimation and are subject to change 2. TAM and annual infusions are estimates of total patient population and dosing schedule,, not adjusted for clinical risk Pipeline and Outlook Core Ig Business Continues to be Fueled with New Opportunities with Pharma Customers Update since prior quarter
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7 Expand Internationally Asset Drug Trial Phase Next Step Expected KRMD Clearance1 Est. Global Total Annual Infusions2 Recent Update Vancomycin Launched KRMD 510(k) Submission 2026 ~900k Deferoxamine Launched KRMD 510(k) Submission 2026 ~200k KRMD Pursuing Drug Label Independently 9 Collaborations/ 11 Opportunities 4 Commercial Opportunities by 2026 $1.8B Total TAM2 Asset Drug Trial Phase Next Step Expected KRMD Clearance1 Est. Global Total Annual Infusions2 Recent Update Empaveli C3G/IC-MPGN Launched Commercialize Complete ~100k Rare Disease Biologic Launched KRMD 510(k) Clearance 2026 ~270k Under FDA Review Oncology Drug Launched KRMD 510(k) Submission 2026 ~1,100k Empaveli FSGS Phase III Complete Phase III 2027 ~25k New Indication KIRA (PNH) Phase III Entry to Phase III 2027/28 TBD Endocrinology Drug Phase III Complete Phase III 2028 ~1,000k Respiratory Drug Phase II Complete Phase II 2028/29 ~1,165k KIRA (IgAN) Phase II Complete Phase II 2029/30 TBD KIRA (C3G) Phase II Complete Phase II 2029/30 TBD ForCast Orthopedics Phase I Entry to Phase I 2030 ~140K Deal Signed KRMD Pursuing Drug Label through Pharmaceutical Collaborations 1. Clearance and launch dates are based on most recent estimation and are subject to change 2. TAM and annual infusions are estimates of total patient population and dosing schedule,, not adjusted for clinical risk Pipeline and Outlook 4 New Drug Additions planned on KORU Freedom Infusion System by 2026 Launched or late- stage opportunities Launched or late- stage opportunities Update since prior quarter
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Pipeline and Outlook Strategic Oncology Infusion Market Entry Initiative Progressing to Plan Currently 7 Subcutaneous Oncology Drugs Available on the Market Using Syringe Manual Push First oncology collaboration Successful EU pilot site study Successful US pilot site study 510(k) submission to FDA Oncology Infusion Pump & Consumables ~$60M 20301 TAM ~$138M Anticipated Market Entry 1. Third party data & KORU Medical estimates ✓ 100% of doses successfully administered ✓ ~70% of nurses reported ability to multitask, improving workflow efficiency ✓ High Nurse (4.8/5) and Patient (4.9/5) Satisfaction Expected 4Q25/1Q26 Expected 2H26 20251 TAM Current focus Successful US Pilot Study Validated Value Proposition for KORU Freedom System in Infusion Clinics 8
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Net Revenues; In Millions $8.2 $10.4 Domestic Core International Core PST Domestic Core • Decreased 5% y/y • Inventory reduction from distributor • Impacted by a US distributor’s purchase of KORU product from one of our international distributors • Partially offset by new patient starts, market share gains, and strong consumables volumes • Strong end user sales to specialty pharmacies International Core • Increased 230% y/y • Strong prefill conversions and new patient starts • Impacted by stocking for prefill conversions and orders from International distributor sold into a US distributor Pharma Services and Clinical Trials (PST) • Decreased 4.4% y/y • Staging of NRE work reflecting the inherent variability of the business $0.6 $0.6 9 Q3 Financials Q3 Revenue Growth - 2nd Consecutive Record $10M+, 27% Growth Q3 2024 Q4 2025 “Normalized Quarter” 1 VS. 27% $6.5 $6.1 $1.1 $3.7 $10.4 1 “Normalized” is intended to show estimated performance without the temporary distributor purchasing patterns
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3Q24 3Q25 1Q25 Actual 2Q25 Actual 3Q25 Actual FY25 Expected Gross MarginConsistent Performance >60% 60.2% 63.4% 60.2% Q3 Financials Gross Margin Momentum Forecasted to Improve in Q4 61-63% 62.8% FY25: 61-63% Gross Margin • Improvements in manufacturing costs in Q4 • Impact on geographical mix from growth in lower ASP markets and Q4 tariff impacts • Reiterating Guidance of 61%-63% for FY25 63.5% Third Quarter: 60.2% Gross Margin • 320 basis points decline y/y • Higher manufacturing costs and lower manufacturing yields • Geographical customer mix • Tariff impact of 50 bps 10
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11 Ending 2Q25 Cash Net Loss Working Capital Investing / Financing Activities Non Cash Related Ending 3Q25 Cash ($0.8M) +$0.0M $8.1M $8.5M Q3 Financials Q3 Cash Generation Driven by Results of Operations Q3 cash generation of $0.4M • Lower net losses driven by higher revenues and disciplined OpEx spending • Balanced working capital • Lighter investments in manufacturing equipment and financing costs • Non-cash related driven primarily by stock comp expenses and depreciation +$0.4M 3Q Cash Generation $0.9M $0.3M Key Drivers$8.5M Cash Balance as of September 30, 2025 * Refer to appendix slide 1 *
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Q3 Financials YTD 2025 Financial Highlights – Driving toward profitability * Refer to appendix slide 1 YTD 2025 YTD 2024 Y/Y Δ Revenue $30.2M $24.8 22% Growth Gross Margin 62.1% 63.6% 150bps Decrease OpEx $21.2M $20.6M 3% Increase Net Loss ($2.2M) ($4.5M) 51% Improvement Adj. EBITDA* $0.12M ($1.7M) 109% Improvement Adj. EPS* $0.00 ($0.05) 50% Improvement Cash Usage ($1.1M) ($2.7M) 60% Decrease 12
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Revenue Growth Gross Margin Profile Cash Flow Generation Increased to $40.5-$41.0M, 20-22% growth Reiterated positive cash flow from operations for the full year 2025 Reiterated between 61-63% Key Drivers/Milestones • Operating Expense of ~$26- $27M, exclusive of stock compensation expense • Higher OpEx spend to occur in 2H25 driven by R&D project work completion • < $2.0M of investing activities in CapEx for new production lines Key Drivers/Milestones • Sustained 8-10% SCIg drug market growth • Continued US and International share gains (PFS) • Flow controller line extension • NRE revenue from 4 new PST collaborations Key Drivers/Milestones • Higher mix of growth in international markets with lower ASPs • Supply chain inflationary and tariff pressures • Pricing and manufacturing efficiencies planned to maintain gross margin profile 13 Outlook Raising 2025 Revenue Guidance
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Expand Internationally • Japan Commercial Sales Q3 2025 • Phase 1 flow controller launched Q2 2025 • 510(k) submission Phase 2 flow controller (2026) • Further top-10 market penetration Protect and Grow our Core Domestic Business • Outpacing sustained ~8-10% SCIg drug market growth • 510(k) submission new consumables (2H 2026) • 510(k) submission next gen. pump (2026) Enable More Drugs, Reach More Patients • 4 new pharmaceutical collaborations YTD • 510(k) submission Deferoxamine (1H 2026) • 510(k) submission Vancomycin (Q1 2026) • 510(k) submitted Rare Disease Drug for infusion clinic (2Q 2025) • 510(k) submission Oncology Drug for infusion clinic (2025) 2025 Financial Targets and Guidance • Revenue $40.5-$41.0M; 20-22% growth • Positive cash flow from operations for FY2025, Positive in 3Q25 • Adj. EBITDA growth, higher gross profit, increased operating leverage Outlook Execution Milestones on Path to Accelerated Revenue Growth 14
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1 2 3 4 5 Above-market growth in Core business with ~75% recurring revenues Macro tailwinds driving adoption of subcutaneous therapy; >95 large-volume (>10mL) SC drugs in development by major Pharma companies in multiple indications Raising 2025 revenue guidance, and positioned for accelerated revenue growth 11 non-SCIg new drug opportunities in pipeline; oncology and rare disease indications will expand our presence outside of the home and into infusion clinics Strong underlying SCIg market; gaining greater market share domestically and expanding in top-ten global markets Outlook Strategically Positioned for Accelerated Growth 15
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16 Appendix
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Non-GAAP Financial Measures This presentation includes the non-GAAP financial measures “adjusted EPS”, "adjusted diluted EPS“, and “adjusted EBITDA” that are not in accordance with, nor an alternate to, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on KORU Medical's reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company's financial results. Non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial results. 17* Non-cash items Reconciliation of GAAP Net Loss Three Months Ended September 30, Nine Months Ended September 30, to Non-GAAP Adjusted EBITDA: 2025 2024 2025 2024 GAAP Net Loss $ (777,966) $ (1,580,817) $ (2,151,070) $ (4,505,490) Reorganization Charges — 396,926 — 496,255 Depreciation and Amortization* 204,482 227,785 631,326 677,019 Interest Income, Net (74,567) (112,997) (226,698) (364,183) Tax Expense (Refund) (150) — 17,206 — Stock-based Compensation Expense* 737,398 634,608 1,850,732 1,948,992 Non-GAAP Adjusted EBITDA $ 89,197 $ (434,495) $ 121,496 $ (1,747,407) Weighted average number common shares 46,238,819 45,851,019 46,140,347 45,791,756 Reconciliation of Reported Diluted EPS Three Months Ended September 30, Nine Months Ended September 30, to Non-GAAP Adjusted Diluted EPS: 2025 2024 2025 2024 Reported Diluted Earnings Per Share $ (0.02) $ (0.03) $ (0.05) $ (0.10) Reorganization Charges — 0.01 — 0.01 Depreciation and Amortization* — — 0.01 0.01 Interest Income, Net — — — (0.01) Tax Expense (Refund) — — — — Stock-based Compensation Expense* 0.02 0.01 0.04 0.04 Non GAAP Adjusted Diluted Earnings Per Share $ (0.00) $ (0.01) $ (0.00) $ (0.05)