Kuros Biosciences (KURN) H1 2025 earnings summary

Executive summary

• Achieved 78% year-over-year revenue growth in H1 2025, reaching USD 63.5 million and first-ever operating profit of USD 3.5 million, driven by MagnetOs sales, U.S. market expansion, and strong commercial execution in spine and extremities.

• Entered a strategic alliance and exclusive five-year sales agreement with Medtronic for U.S. spine market access, supporting further growth.

• Launched MagnetOs MIS Delivery System after FDA 510(k) clearance, targeting minimally invasive surgery with unique features and Level I clinical evidence.

• Expanded global reach with regulatory approvals in Brazil, Lebanon, and ongoing registrations in multiple countries.

• Discontinued Pharmaceuticals segment, integrating legacy activities into the Legacy Portfolio.

Financial highlights

• H1 2025 revenue reached USD 63.5 million, up from USD 35.7 million in H1 2024, with gross profit of USD 56.3 million and first-time operating profit of USD 3.5 million.

• Adjusted EBITDA was USD 7.8 million (margin 12.3%-12.9%), with Q2 2025 margin at 12.9%.

• Gross profit margin exceeded 88.8% in H1 2025, supported by effective stockpiling and tariff mitigation.

• Cash and cash equivalents stood at USD 18.4 million as of June 30, 2025, supporting organic growth.

• Net loss for the period was USD 2.0 million, mainly due to higher finance expenses.

Outlook and guidance

• Sales guidance for 2025 is at least 60% growth, with a target of USD 220–250 million in sales by 2027.

• Full commercial launch of MagnetOs MIS system in the U.S. expected in fall 2025.

• U.S. production facility in Atlanta scheduled to open in H2 2026, with $5–$7 million CapEx planned.

• Ongoing supply chain redesign and digitization to optimize tariffs, taxes, and de-risk operations.

• Minimal tariff impact expected in H2 2025; U.S. production to start in H2 2026.