Zurich (awp) – The biotechnology company Kuros Biosciences more than doubled its turnover over the first three months of the year, the Zurich group said in a press release on Wednesday. And this thanks to its flagship product Magnetos, a bone substitute.
Magnetos’ direct sales jumped 155% to 13.9 million Swiss francs in the first quarter, according to the press release. Total sales generated by medical devices soared by 75% compared to the same period last year to also reach 13.9 million.
Kuros Biosciences also reported Ebitda of 3.9 million Swiss francs – the previous year operating profit before interest and depreciation was 0.5 million. The company estimates its liquidity at 13.7 million at the end of March 2024 after 14.2 million at the end of 2023.
“We are extremely pleased with the progress of the first quarter,” said chief executive Chris Fair. Magnetos exceeded its targets for the first quarter of the year.
On Wednesday, when the stock market opened, the stock was up 6.6% at 7.58 Swiss francs.
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