Kuros Reports 163% Growth in Direct MagnetOs Sales and 153% Increase in Total Medical Device Sales for the Full Year 2023

Financial highlights

• Direct MagnetOs sales grew by 163% to CHF 31.7 million in 2023, climbing from CHF 12.1 million in 2022. Total medical device sales accelerated by 153% from CHF 13.3 million in 2022 to CHF 33.6 million in 2023
• The Medical Devices segment achieved a positive EBITDA of CHF 6.8 million driven by MagnetOs
• Cash and cash equivalents amounted to CHF 14.2 million and funds available (including trade and other receivables) totaled at CHF 21.8 million as of December 31, 2023

Operational highlights

• MagnetOs surpassed the important milestone of 25,000 patients treated
• MAXA clinical trial comparing MagnetOs standalone to the gold standard autograft for the challenging posterior lateral spinal fusion showed a fusion rate of 79% versus 47% in the full study population and 80% versus 32% in a difficult-to-heal smoker population
• FDA market clearance received for interbody use of MagnetOs Flex Matrix, MagnetOs Easypack Putty and MagnetOs Granules as well as MagnetOs Putty for standalone us
• Fibrin-PTH discontinued based on the MAXA results

Outlook

Kuros expects a similar sales growth trend going forward. The Company is adequately financed on its planned organic growth path and - adjusted for the Fibrin-PTH costs - will generate positive single-digit EBITDA for the first time in 2024.

SCHLIEREN (ZURICH), SWITZERLAND / ACCESSWIRE / March 13, 2024 / Kuros Biosciences ("Kuros" or the "Company"), a leader in next-generation bone graft technologies, today announced financial results for full year 2023 along with continued significant growth.

Direct sales of MagnetOs rose 163% to CHF 31.7 million in 2023 from CHF 12.1 million in 2022. Total medical device sales accelerated from CHF 13.3 million in 2022 to CHF 33.6 million in 2023, which is a 153% increase. MagnetOs exceeded its commercial plan in 2023 by reaching the important milestone of 25,000 patients treated worldwide, resulting in a positive EBITDA of CHF 6.8 million in the Medical Devices product segment in 2023.

Chris Fair, Chief Executive Officer, stated: "Kuros Biosciences experienced a tremendous year in 2023 as we built a newly focused, scientifically led and clinically proven, pure play MedTech business. Last year's record sales revenue, coupled with our global expansion efforts and a dedicated strategy, marked a successful period as we transitioned to becoming a global leader in bone grafting technologies. Our significant, 153% revenue growth of MagnetOs sales in 2023 compared to last year corresponds to the treatment of over 25,000 patients with MagnetOs.