Kuros reports Corporate Highlights as of Q1 2024 including increase in direct MagnetOsTM sales

Schlieren (Zurich), Switzerland, April 24, 2024 – Kuros Biosciences (“Kuros”), a leader in advanced bone healing technologies, today announced its financial performance for the first quarter of 2024. Direct sales of MagnetOs rose 155% in the first three months of 2024, to CHF 13.9 million from CHF 5.4 million, compared to the same period in 2023. Total product sales from all Kuros Medical Devices were CHF 13.9 million in Q1 2024, compared to CHF 5.6 million in Q1 2023. MagnetOs overachieved its commercial plan in the first quarter of 2024, and the overall Kuros Medical Devices segment achieved a positive EBITDA of CHF 3.9 million in Q1 2024 compared to CHF 0.5 million in Q1 2023.

Kuros announced 510(k) clearance from the U.S. Food and Drug Administration (FDA) for interbody use with MagnetOs Putty.*  This significant milestone marks the fourth product from Kuros to receive 510(k) clearance for interbody use, showcasing a notable achievement in the pursuit to deliver advanced innovations for bone healing across broad indications.

Kuros also reported the recent publication of an investigator-initiated clinical study that demonstrated the clinical application of MagnetOs Putty for lumbar interbody use. In the study, 63 subjects received MagnetOs for lumbar interbody fusion (ALIF/LLIF) with posterior instrumentation demonstrating 86% fusion at 12 months as shown by fine-cut CTs. With 49% of patients having three or more comorbidities including heart disease, obesity and previous lumbar surgery, this study reveals high fusion rates with MagnetOs even in challenging high-risk populations.¹

Kuros recently added to the Leadership Team naming Joe Ross as Senior Vice President of Marketing and Business Development. “With more than two decades of device and biologics experience in both public and private companies, this addition further strengthens our ability to continue to meet or exceed our objectives, and to increase access to Kuros technology for surgeons and their patients,” mentioned Chris Fair, CEO of Kuros Biosciences.

“We are extremely pleased with the Q1 performance. We experienced a strong 155% increase in direct MagnetOs sales coupled with another FDA 510(k) clearance for MagnetOs Putty and yet more data to support its superior performance,” stated Fair. “In addition, the approximately 22% sequential revenue increase quarter over quarter is worth noting, particularly given that traditionally we see this time period as flat due to the high procedure volumes seen domestically in Q4,” Fair continued. “The accelerated growth in revenue, incremental regulatory clearance and additional MagnetOs clinical publication further bolster our position as an emerging leader in advanced bone healing technologies.”