Repro Med Systems Inc. (KRMD) shares soared 7.84% in after-hours on Tuesday, December 21, 2021, and closed the daily trading at $3.30. Even in the regular trading session, KRMD’s stock gained 0.99%. Repro shares have fallen 50.80% over the last 12 months, and they have moved up 3.03% in the past week. Over the past three months, the stock has lost 0.33%, while over the past six months, it has plunged 24.44%.
Let’s discuss its recent news and developments.
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KRMD received FDA clearance for FREEDOM60
On December 21, 2021, Repro Med Systems, Inc. (KRMD) announced FDA 510(k) clearance that expands on-label use of the FREEDOM60 Infusion System to two additional subcutaneous Ig (SCIg) medications, Cutaquig®, manufactured by Octapharma, and Xembify®, manufactured by Grifols.
KRMD hosted an investor day
Repro Med Systems, Inc. (KRMD) hosted an investor day on Thursday, December 9, 2021, and provided an update to its strategic plan.
FDA Clearance for Hizentra Prefilled Syringes
On November 10, 2021, Repro Med Systems, Inc. (KRMD) received 510k clearance for use of the KORU Medical FreedomEdge® infusion pump to deliver Hizentra® [immune globulin subcutaneous (human) 20% liquid] 20 mL prefilled syringes. Hizentra® is the most prescribed subcutaneous Ig product and the first to be available in a prefilled syringe format.
KRMD latest financial results
On November 10, 2021, Repro Med Systems, Inc. (KRMD) announced its financial results for the third quarter of 2021 which ended on September 30, 2021.
Q3 2021 financial highlights
- KRMD total net revenue was $6.0 million in Q3 2021 compared to $6.1 million in the prior-year period.
- The total cost of revenue was $2.54 million compared to $2.14 million in Q3 2020.
- In Q3 2021, the gross margin was 57.9% compared to 64.8% in Q3 2020.
- Total operating expenses were $4.8 million in Q3 2021 compared to $3.6 million in Q3 2020.
- It suffered a net loss of $1.1 million, or $0.02 per diluted share in Q3 2021, compared with net income of $0.2 million, or $0.01 per diluted share for the same period in 2020.
KRMD collaboration with Gilero
On November 08, 2021, Repro Med Systems, Inc. (KRMD) announced its collaboration with Gilero, a medical device design, and manufacturing company. The collaboration is part of KORU Medical’s strategic focus on innovation as the Company expands and evolves its at-home infusion products and portfolio.
The recent FDA clearance for FREEDOM60 was the reason behind its good performance on Tuesday and we can expect it to continue its momentum on Wednesday as well.