Repro Med Systems Inc. (KRMD) shares went up 14.54% in after-hours on Wednesday, November 10, 2021, and closed at $3.23. Even in the regular trading session, KRMD’s stock gained 0.71%. KRMD shares have fallen 26.37% over the last 12 months, and they have moved down 12.96% in the past week. Over the past three months, the stock has lost 19.20%, while over the past six months, it has declined 32.37%.
Let’s have a brief look at its recent news and developments.
KRMD received FDA clearance for prefilled syringes (Hizentra)
On November 10, 2021, Repro Med Systems, Inc. (KRMD) received FDA 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) reported financial results for the third quarter that ended September 30, 2021.
Q3 2021 financial highlights
- KRMD reported total revenue of $6.0 million in Q3 2021 compared to $6.1 million in Q3 2020.
- In Q3 2021, the gross margin was 57.9% compared to 64.8% in Q3 2020.
- Total operating expenses for the third quarter of 2021 were $4.8 million, compared to $3.6 million for the same period in 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 in Q3 2020.
KRMD participation in the upcoming events
Repro Med Systems, Inc. (KRMD) will participate at Canaccord Genuity MedTech, Diagnostics and Digital Health & Services Forum which is to be held on Thursday, November 18, 2021, at 11:00 AM EST.
The company will also participate in the 33rd Annual Piper Sandler Healthcare Conference which will take place Wednesday, December 1, 2021.
KRMD collaboration with Gilero
On November 08, 2021, Repro Med Systems, Inc (KRMD) announced its collaboration with Gilero. Gilero offers unparalleled engineering and manufacturing solutions and has been a trusted partner for medical and drug delivery device companies for 20 years.
KRMD new appointments
On November 01, 2021, Repro Med Systems, Inc. (KRMD) appointed two new leaders who will be responsible for key elements of the Company’s growth strategy.
Rob Cannon was appointed as the Company’s new Vice President of Sales and he will be responsible for U.S. sales and increasing the overall penetration of subcutaneous therapy for commercialized biopharmaceutical drugs. Brian Hertzog was appointed as the Company’s new Vice President of BioPharma Business Development and he will be responsible for leading biopharmaceutical business development and increasing the number of new biopharmaceutical drugs on the Freedom platform.
Conclusion
The latest financial results announcement and FDA approval for prefilled syringes were the reason behind its good performance on Wednesday and it can continue its momentum on Thursday as well.
