Form 8-K
8-K — KORU Medical Systems, Inc.
Accession: 0001161697-26-000243
Filed: 2026-11-10
Period: 2026-11-10
CIK: 0000704440
SIC: 3841 (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
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EX-99 — PRESS RELEASE, DATED NOVEMBER 10, 2026 (ex_99-1.htm)
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8-K — FORM 8-K CURRENT REPORT FOR 11-10-2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported) November 10, 2026
KORU Medical Systems, Inc.
(Exact name of registrant as specified in its charter)
Delaware
0-12305
13-3044880
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
100 Corporate Drive, Mahwah, NJ
07430
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area
code (845) 469-2042
______________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
[_] Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)
[_] Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
[_] Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
common stock, $0.01 par value
KRMD
The Nasdaq Stock Market
Indicate by check mark whether the registrant is an
emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [_]
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. [_]
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
(a) Public Announcement or Release.
On November 10, 2026, KORU Medical Systems, Inc.
(the “Company”) issued a press release announcing its financial results for the third fiscal quarter ended September
30, 2026 and updating financial guidance for the fiscal year ended December 31, 2026. The Company’s press release is furnished
as Exhibit 99.1 to this Current Report on Form 8-K. A related conference call will be held on November 10, 2026 at 4:30pm Eastern
Time.
KORU Medical
is making reference to non-GAAP financial measures in both the press release and the conference call. Our management believes that investors’
understanding of KORU Medical’s performance is enhanced by disclosing the non-GAAP financial measures of “adjusted EBITDA”
and “adjusted diluted EPS” (each as defined below) as a reasonable basis for comparison of our ongoing results of operations.
KORU Medical strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety
and cautions investors that the non-GAAP measures used by KORU Medical may differ from similar measures used by other companies, even
when similar terms are used to identify such measures. Non-GAAP measures should not be considered replacements for, and should be read
together with, the most comparable GAAP financial measures. A reconciliation of GAAP to non-GAAP results is provided in the attached Exhibit
99.1 press release.
We define
adjusted EBITDA as earnings (net (loss)/income) before depreciation and amortization, interest (income), net, litigation expense and stock-based
compensation expense. We believe that adjusted EBITDA is used by investors and other users of our financial statements as a supplemental
financial measure that, when viewed with our GAAP results and the accompanying reconciliation, we believe provides additional information
that is useful to gain an understanding of the factors and trends affecting our business. We also believe the disclosure of adjusted EBITDA
helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter to quarter and year to year. adjusted
EBITDA is used by management as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual
results against such expectations.
We present
adjusted diluted earnings per share (“adjusted diluted EPS”) after eliminating items that we believe are not part of our ordinary
operations and affect the comparability of the periods presented. Adjusted diluted EPS includes adjustments from reported diluted earnings
per share for depreciation and amortization, interest (income), net, litigation expense and stock-based compensation expense. We believe
adjustments for these items allow investors to better understand our underlying operating results and facilitate comparisons between the
periods shown. Management uses adjusted diluted EPS as a supplemental internal measure for planning and forecasting overall expectations
and for evaluating actual results against such expectations.
The information contained in this Item 2.02 of the
Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any
filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as
expressly set forth by specific reference in such filing.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
Exhibit No.
Description
99.1
Press Release, dated November 10, 2026
104
Cover Page Interactive Data File (embedded within the inline XBRL document)
- 2 -
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
KORU Medical Systems, Inc.
(Registrant)
Date: November 10, 2026
By:
/s/ Adam Kalbermatten
Adam Kalbermatten
Chief Executive Officer
- 3 -
EX-99 — PRESS RELEASE, DATED NOVEMBER 10, 2026
EX-99
Filename: ex_99-1.htm · Sequence: 2
EXHIBIT 99.1
KORU Medical Systems Announces Third Quarter
2026 Results Including Second Consecutive Quarter of Positive Net Income and Adjusted EBITDA
MAHWAH, NJ – November 10, 2026 – KORU
Medical Systems, Inc. (NASDAQ: KRMD) (“KORU Medical” or the “Company”), a leading medical technology company
focused on the development, manufacturing, and commercialization of innovative and patient-centric large volume subcutaneous infusion
solutions, today reported financial results for the third quarter ended September 30, 2026.
Third Quarter 2026 and Recent Highlights
●
Net revenues grew 11% over the prior year period to $11.6 million; year to date net revenues grew 17% to $35.4 million
●
Gross profit grew 20% over the prior year period to $7.5 million, driven by gross margin improvement from 60.2% to 65.2%
●
Net income improved by $1.0 million to $0.2 million compared to a net loss of $0.8 million in prior year period
●
Adjusted EBITDA increased to $1.3 million from $0.1 million in the prior year period
●
Signed two new sales and distribution agreements with partners in Europe and Africa, expanding our geographic footprint internationally
●
Revising full-year 2026 revenue guidance to $48.0 - $48.5 million, representing year-over-year growth of 17% - 18%, compared to the previous guidance range of $47.5 - $48.5 million.
“Total Revenue of $11.6 million represents another
quarter of consistent above-market growth for KORU, driven by our recurring patient base,” said Adam Kalbermatten, President and
CEO of KORU Medical. “We also delivered positive net income and adjusted EBITDA for the second consecutive quarter, demonstrating
the scalability of our business model. As anticipated, our year-over-year revenue growth moderated in the third quarter compared to the
first half of 2026, reflecting in part the timing of our entry into a competitive non-tender market in Europe. With that market launch
now behind us, we anticipate revenue growth to reaccelerate in the fourth quarter for a strong finish to the year. We are encouraged by
our geographic expansion, specialty pharmacy partnerships, and pipeline advancements and plan to continue investing resources in our long-term
growth strategy as we move forward.”
2026 Third Quarter Financial Results
Three Months Ended
September 30,
Change from Prior Year
% of Net Revenues
2026
2025
$
%
2026
2025
Net Revenues
Domestic Core
$
8,058,131
6,122,365
$
1,935,766
31.6%
69.6%
58.9%
International Core
3,084,050
3,695,524
(611,474
)
(16.5%
)
26.7%
35.5%
Total Core
11,142,181
9,817,889
1,324,292
13.5%
96.3%
94.4%
Pharma Services and Clinical Trials
424,374
584,274
(159,900
)
(27.4%
)
3.7%
5.6%
Total
$
11,566,555
10,402,163
$
1,164,392
11.2%
100%
100%
Total net revenues increased $1.2 million, or 11.2%,
to $11.6 million for the three months ended September 30, 2026, as compared to $10.4 million in the prior year period.
Domestic core revenues were $8.1 million, an increase
of $1.9 million, or 31.6%, compared to the prior-year period. Approximately $1.2 million of the increase reflected lower orders from a
U.S. distributor in the third quarter of 2025, when the distributor purchased a portion of its KORU products through one of our international
distributors and reduced its inventory levels. The remaining increase was primarily driven by higher pump and consumable volumes, new
patient starts, and market share gains within existing accounts.
International core revenues were $3.1 million, a decrease
of 16.5% compared to the prior-year period. The decrease primarily reflected a higher prior-year comparison base, which included shipments
to a distributor in a strategic market in anticipation of demand associated with conversions from vials to prefilled products, as well
as purchases by an international distributor for subsequent resale in the U.S. The decrease was partially offset by growth in new patient
starts within existing international markets.
As discussed above, purchases through the international
distributor for resale in the U.S. affected the geographic mix of Core revenues in the prior-year period and, consequently, the year-over-year
comparisons of Domestic and International Core revenues.
Pharma services and clinical trials net revenues were
$0.4 million, a decrease of 27.4% compared to the prior-year period, primarily reflecting lower purchases of products for use in a customer's
clinical trial program.
Gross profit increased $1.3 million, or 20.5%, to
$7.5 million in the three months ended September 30, 2026, as compared to $6.3 million in the prior year period, primarily driven by gross
margin and volume growth. Gross margin increased to 65.2% for the three months ended September 30, 2026, as compared to 60.2% in the prior
year period, primarily driven by lower manufacturing costs, higher than average selling prices from our geographical customer mix and
lower tariff costs driven by tariff related rebates.
Total operating expenses increased $0.2 million, or
3.2%, to $7.4 million for the third quarter of 2026 primarily driven by an increase of $0.3 million in research and development. The increase
in research and development expenses was primarily due to higher salary and stock compensation related to headcount additions, including
employees added in connection with our technology asset acquisition.
Net income increased $1.0 million to $0.2 million
or $0.00 per diluted share for the third quarter of 2026, compared to a net loss of ($0.8) million, or ($0.02) per diluted share, for
the prior year period. Adjusted EBITDA for the quarter was $1.3 million, or $0.02 per adjusted diluted share versus $0.1 million or $0.00
per adjusted diluted share in the prior year period. A reconciliation of adjusted EBITDA to the most directly comparable GAAP measures
is provided at the end of this press release.
Cash and cash equivalents were $7.4 million as of
September 30, 2026, reflecting cash usage of $0.9 million in the third quarter of 2026.
Updated 2026 Guidance
●
Revising full-year 2026 revenue guidance to $48.0 - $48.5 million, representing year-over-year growth of 17% - 18%, compared to the previous guidance range of $47.5 - $48.5 million.
●
Revising full year 2026 gross margin to be between 63 - 64%, from prior range of 62 – 64%
●
Reiterating positive adjusted EBITDA for the full year
●
Raising year-end cash balance to be greater than $8.0 million, from prior guidance of greater than $7.5 million
Conference Call and Webcast Details
The Company will host a live conference call and webcast
to discuss these results and provide a corporate update on Tuesday, November 10, 2026, at 4:30 PM ET.
To participate in the call, please dial (877) 407-0784
(domestic) or (201) 689-8560 (international). The live webcast will be available on the IR Calendar on the News/Events page of the Investors
section of KORU Medical’s website.
Non-GAAP Measures
This press release includes the non-GAAP financial
measures “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. Reconciliations of the Company’s non-GAAP measures are included at the end of this press release.
- 2 -
About KORU Medical Systems
KORU Medical Systems develops, manufactures, and commercializes
innovative and patient-centric large volume subcutaneous infusion solutions that improve quality of life for patients around the world.
The Freedom Syringe Infusion System (the “Freedom System”) currently includes the Freedom60® and FreedomEDGE®
Syringe Infusion Drivers, Precision Flow Rate Tubing™ and HigH-Flo Subcutaneous Safety Needle Sets™. The Freedom System, which
received its first FDA clearance in 1994, is used for self-administration in the home by the patient and/or delivery in an ambulatory
infusion center by a healthcare professional. Through its Pharma Service and Clinical Trials business, KORU Medical provides products
for use by biopharmaceutical companies in feasibility/clinical trials during the drug development process and, as needed, is capable of
customizing the Freedom System for clinical and commercial use across multiple drug categories. For more information, please visit www.korumedical.com.
Forward-looking Statements
This press release 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, including, but not limited to, anticipated revenue growth in the fourth quarter and
financial guidance and expected operating performance for fiscal 2026. 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 “anticipate”, “potential”, “guidance”,
and “expect”. 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, ability to adapt new technology, uncertainties associated with inflation, tariffs, war and other geopolitical
conflicts, customer ordering patterns, availability and costs of raw materials and labor and our ability to recover such costs, future
operating results, growth of new patient starts and the Ig market, our compliance with Food and Drug Administration and foreign authority
regulations and the outcome of regulatory audits, introduction and adoption of competitive products, acceptance of and demand for new
and existing products, ability to penetrate new markets, success in enforcing and obtaining patents, reimbursement related risks, government
regulation of the home health care industry, success of our research and development effort, expanding the market of the Freedom System,
demand in the SCIg market, availability of sufficient capital if or when needed, dependence on key personnel, the impact of recent accounting
pronouncements, 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, which is 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 10, 2026. 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.
Investor Contact:
Louisa Smith
investor@korumedical.com
- 3 -
KORU MEDICAL SYSTEMS, INC.
BALANCE SHEETS
September 30,
December 31,
2026
2025
(UNAUDITED)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
7,364,200
$
8,872,212
Accounts receivable, net
6,382,020
5,972,252
Inventory, net
4,691,949
3,678,131
Other receivables
601,294
557,653
Prepaid expenses and other current assets
1,097,918
908,542
TOTAL CURRENT ASSETS
20,137,381
19,988,790
Property and equipment, net
4,004,237
4,471,386
Intangible assets, net of accumulated amortization of $572,949 and $527,949 as of September 30, 2026 and December 31, 2025, respectively
1,683,726
684,841
Capitalized software development costs, net
206,863
—
Operating lease right-of-use assets
2,653,308
2,956,192
Other assets
98,970
98,970
TOTAL ASSETS
$
28,784,485
$
28,200,179
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable
$
1,875,343
$
2,267,473
Accrued expenses
3,418,114
4,828,830
Note payable
332,479
—
Other liabilities
18,468
27,722
Accrued payroll and related taxes
578,261
531,972
Finance lease liability
130,257
124,913
Operating lease liability
438,712
413,448
TOTAL CURRENT LIABILITIES
6,791,634
8,194,358
Finance lease liability, net of current portion
51,572
78,675
Operating lease liability, net of current portion
2,546,190
2,879,224
TOTAL LIABILITIES
9,389,396
11,152,257
STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value, 75,000,000 shares authorized, 50,375,678 and 49,790,934 shares issued 46,375,176 and 46,370,432 shares outstanding as of September 30, 2026, and December 31, 2025, respectively
503,757
497,909
Additional paid-in capital
57,650,483
52,449,339
Treasury stock, 4,018,526 and 3,438,526 shares as of September 30, 2026 and December 31, 2025, respectively, at cost
(6,405,793
)
(3,882,494
)
Accumulated deficit
(32,353,358
)
(32,016,832
)
TOTAL STOCKHOLDERS’ EQUITY
19,395,089
17,047,922
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
28,784,485
$
28,200,179
- 4 -
KORU MEDICAL SYSTEMS, INC.
STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
NET REVENUES
$
11,566,555
$
10,402,163
$
35,376,599
$
30,232,038
Cost of goods sold
4,020,471
4,137,592
12,752,917
11,445,362
Gross Profit
7,546,084
6,264,571
22,623,682
18,786,676
OPERATING EXPENSES
Selling, general and administrative
5,867,903
5,994,661
18,235,907
17,338,183
Research and development
1,281,040
933,107
3,821,004
3,242,505
Depreciation and amortization
210,023
204,482
617,585
631,326
Total Operating Expenses
7,358,966
7,132,250
22,674,496
21,212,014
Net Operating Income /(Loss)
187,118
(867,679
)
(50,814
)
(2,425,338
)
Non-Operating Income/(Expense)
Gain/(Loss) on currency exchange
(11,752
)
11,790
(57,246
)
61,571
Gain/(Loss) on disposal of fixed assets, net
(1
)
—
(406,269
)
—
Other income
—
3,206
—
3,205
Interest income, net
60,738
74,567
201,603
226,698
TOTAL OTHER (EXPENSE)/INCOME
48,985
89,563
(261,912
)
291,474
INCOME / (LOSS) BEFORE INCOME TAXES
236,103
(778,116
)
(312,726
)
(2,133,864
)
Income Tax Benefit (Expense)
(18,000
)
150
(23,800
)
(17,206
)
NET INCOME/(LOSS)
$
218,103
$
(777,966
)
$
(336,526
)
$
(2,151,070
)
NET INCOME / (LOSS) PER SHARE
Basic
$
0.00
$
(0.02
)
$
(0.01
)
$
(0.05
)
Diluted
$
0.00
$
(0.02
)
$
(0.01
)
$
(0.05
)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic
46,239,985
46,238,819
46,229,137
46,140,347
Diluted
46,731,836
46,238,819
46,229,137
46,140,347
- 5 -
KORU MEDICAL SYSTEMS, INC.
STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
September 30,
September 30,
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss
$
(336,526
)
$
(2,151,070
)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense and warrant expense
2,067,152
1,740,727
Depreciation and amortization
617,585
631,326
Loss on disposal of fixed assets
406,269
—
Loss on write-off of intangible assets
21,890
—
Non-cash leasing charges
(6,007
)
—
Changes in operating assets and liabilities:
Decrease/(Increase) in accounts receivable
(409,768
)
390,139
Decrease/(Increase) in other receivables
(43,641
)
38,151
Decrease/(Increase) in inventory
(1,013,818
)
(1,608,041
)
Decrease/(Increase) in prepaid expenses and other assets
(189,376
)
(224,063
)
Increase/(Decrease) in accounts payable
(392,131
)
222,193
Increase/(Decrease) in accrued payroll and related taxes
46,289
(355,335
)
Increase/(Decrease) in other liabilities
(9,255
)
(26,377
)
Increase/(Decrease) in accrued expenses
(1,410,717
)
709,999
NET CASH FLOWS FROM OPERATING ACTIVITIES
(652,054
)
(632,351
)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment
(422,289
)
(524,735
)
Purchases of intangible assets
(571,804
)
(3,400
)
Capitalized software development costs
(206,863
)
—
NET CASH FLOWS FROM INVESTING ACTIVITIES
(1,200,956
)
(528,135
)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of employee stock options
197,600
89,025
Borrowings from insurance finance indebtedness
403,869
406,751
Payments on insurance finance indebtedness
(71,390
)
(342,972
)
Payments for taxes related to net share settlement of equity awards
(81,059
)
(27,536
)
Payments on finance lease liability, net of asset
(104,022
)
(81,710
)
NET CASH FLOWS FROM FINANCING ACTIVITIES
344,998
43,558
NET DECREASE IN CASH AND CASH EQUIVALENTS
(1,508,012
)
(1,116,928
)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
8,872,212
9,580,947
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
7,364,200
$
8,464,019
Supplemental Information
Cash paid during the nine months ended September 30 for:
Interest
$
11,714
$
36,690
Income Taxes
$
23,800
$
17,206
Non-cash Financing Activity
During the nine months ended September 30, 2026, the Company acquired an intangible asset for $961,035, of which $500,000 was settled through the issuance of 125,628 shares of common stock
—
- 6 -
KORU MEDICAL SYSTEMS, INC.
SUPPLEMENTAL INFORMATION
(UNAUDITED)
Three Months Ended
Nine Months Ended
Reconciliation of GAAP Net Income /(Loss)
September 30,
September 30,
to Non-GAAP Adjusted EBITDA:
2026
2025
2026
2025
GAAP Net Income (Loss)
$
218,103
$
(777,966
)
$
(336,526
)
$
(2,151,070
)
Depreciation and Amortization
210,023
204,482
617,585
631,326
Interest (Income), Net
(60,738
)
(74,567
)
(201,603
)
(226,698
)
Tax Expense (Refund)
18,000
(150
)
23,800
17,206
Stock-based Compensation Expense
927,869
737,398
2,067,152
1,850,732
Adjusted EBITDA
$
1,313,257
$
89,197
$
2,170,408
$
121,496
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic
46,239,985
46,238,819
46,229,137
46,140,347
Diluted
46,731,836
46,238,819
46,229,137
46,140,347
Three Months Ended
Nine Months Ended
Reconciliation of Reported Diluted EPS
September 30,
September 30,
to Non-GAAP Adjusted Diluted EPS:
2026
2025
2026
2025
Reported Diluted Earnings Per Share
$
0.00
$
(0.02
)
$
(0.01
)
$
(0.05
)
Stock-based Compensation Expense
0.02
0.02
0.04
0.04
Adjusted Diluted Earnings Per Share
$
0.02
$
(0.00
)
$
$0.04
$
(0.01
)
Reconciliation of Reported Revenue to Normalized Revenue — Q3 2025
($ in millions, rounded)
Revenue Category
Q3 2025 Reported
Normalization Adjustment
Q3 2025 Normalized
Q3 2026 Reported
Reported Y/Y Growth
Normalized Y/Y Growth
Domestic Core
$6.1
$1.2
$7.3
$8.1
31.6%
10.1%
International Core
$3.7
($1.2)
$2.5
$3.1
(16.5%)
23.2%
Total Core
$9.8
$0.0
$9.8
$11.2
13.5%
13.5%
Pharma Services & Clinical Trials
$0.6
—
$0.6
$0.4
(27.4%)
(27.4%)
Total Revenue
$10.4
$0.0
$10.4
$11.6
11.2%
11.2%
* Normalization adjustments reflect certain distributor
purchasing patterns in Q3 2025 and net to zero at both the Total Core and Total Revenue levels. Revenue amounts are rounded to the nearest
$0.1 million, and year-over-year growth rates are calculated using unrounded amounts.
- 7 -
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Nov. 10, 2026
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