KORU Medical Systems, Inc. (KRMD) Bundle
An Overview of KORU Medical Systems, Inc. (KRMD)
General Summary of KORU Medical Systems, Inc. (KRMD)
KORU Medical Systems, Inc. is a medical device company focused on developing, manufacturing, and marketing portable and easy-to-use medical systems. The company specializes in infusion therapy technologies.
- Headquarters: Orangeburg, New York
- Founded: 1978
- Primary Product: FREEDOM Syringe Driver Infusion System
Financial Performance in Latest Reporting Period
| Financial Metric | 2023 Value |
|---|---|
| Total Revenue | $43.8 million |
| Gross Profit | $27.6 million |
| Net Income | $3.2 million |
Industry Leadership Highlights
KORU Medical Systems holds approximately 15% market share in portable infusion technology segment. Key product lines include:
- FREEDOM Syringe Driver System
- FREEDOM60 Syringe Infusion Pump
- Precision Flow Rate Tubing
| Market Performance Indicator | 2023 Data |
|---|---|
| Market Penetration | 15.3% |
| Global Distribution Channels | 37 countries |
Mission Statement of KORU Medical Systems, Inc. (KRMD)
Mission Statement of KORU Medical Systems, Inc. (KRMD)
KORU Medical Systems' mission statement focuses on advancing infusion technology and improving patient care through innovative medical devices.
Core Components of Mission Statement
| Component | Specific Details |
|---|---|
| Patient Care Innovation | Develop needle-free infusion technologies for enhanced patient experience |
| Medical Technology Advancement | Invest $4.2 million in R&D for precision infusion systems in 2024 |
| Healthcare Accessibility | Target 15% expansion of product accessibility in home healthcare markets |
Strategic Focus Areas
- Hemophilia treatment technology
- Ambulatory infusion solutions
- Patient-centered medical device engineering
Market Performance Indicators
Financial metrics supporting mission statement implementation:
- 2023 Revenue: $41.6 million
- R&D Investment: 22.3% of total revenue
- Product Portfolio: 3 primary infusion technology platforms
Technology Development Metrics
| Technology Metric | 2024 Projection |
|---|---|
| New Patent Applications | 7 pending medical device innovations |
| Clinical Trial Investments | $2.1 million allocated |
| Product Improvement Cycles | 2 major technology upgrades planned |
Market Expansion Strategy
Key strategic objectives supporting mission statement:
- Geographic expansion into 5 new international markets
- Increase market penetration by 12.5% in home healthcare segment
- Develop 2 next-generation infusion platforms
Vision Statement of KORU Medical Systems, Inc. (KRMD)
Vision Statement of KORU Medical Systems, Inc. (KRMD)
Innovative Medical Technology LeadershipKORU Medical Systems, Inc. reported revenue of $43.8 million for the fiscal year 2023, with a focus on advancing medical device technologies.
Strategic Vision Components
Patient Care AdvancementThe company's vision centers on improving patient care through innovative medical delivery systems, specifically targeting specialized infusion technologies.
| Vision Metric | 2024 Target |
|---|---|
| R&D Investment | $8.2 million |
| New Product Development | 3 medical device platforms |
| Market Expansion | 15% international growth |
- Precision infusion pump technology
- Ambulatory drug delivery systems
- Connected healthcare solutions
Market Positioning Strategy
KRMD stock traded at $4.87 per share as of January 2024, with a market capitalization of approximately $159 million.
| Performance Indicator | 2023 Metrics |
|---|---|
| Gross Margin | 54.3% |
| Operating Expenses | $35.6 million |
- Expand global healthcare technology footprint
- Enhance product portfolio through targeted innovations
- Increase operational efficiency
Core Values of KORU Medical Systems, Inc. (KRMD)
Core Values of KORU Medical Systems, Inc. (KRMD) in 2024
Innovation and Technological Advancement
KORU Medical Systems demonstrates commitment to innovation through specific technological investments.
| R&D Expenditure (2023) | $8.3 million |
| Patent Applications (2023) | 7 new medical device patents |
| Technology Development Team Size | 42 engineering professionals |
Patient-Centric Healthcare Solutions
KORU Medical Systems prioritizes patient care through targeted initiatives.
- Developed 3 new medical device platforms specifically addressing patient comfort
- Implemented user-centered design processes
- Conducted 215 patient feedback sessions in 2023
Quality and Regulatory Compliance
Commitment to highest medical device standards.
| FDA Compliance Audit Scores (2023) | 98.7 out of 100 |
| ISO 13485 Certification Status | Fully Compliant |
| Quality Control Team Members | 29 specialized professionals |
Sustainable Healthcare Innovation
Environmental and sustainable practices integration.
- Reduced manufacturing waste by 22% in 2023
- Implemented green manufacturing processes
- Carbon neutrality commitment by 2026
Collaborative Research and Development
Strategic partnerships and collaborative approach.
| Research Partnerships | 6 academic and medical institutions |
| Collaborative Research Funding (2023) | $4.5 million |
| Joint Research Publications | 12 peer-reviewed publications |
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