Zurich (awp) – The designer of bone substitutes Kuros Biosciences continues to benefit from the explosion in sales of its flagship product MagnetOs, these having increased by 2.5 over one year to 50.6 million Swiss francs after the first nine months of the year. The profitability of the Schlieren group benefited from this growth.
Revenues generated by the medical devices division followed a similar trajectory to that of MagnetOs sales, recording a jump to 50.6 million Swiss francs, after 20.4 million for the first nine months of 2023, according to the press release released Thursday.
The earnings before interest, taxes, depreciation and amortization (Ebitda) of this division thus increased to 13.3 million Swiss francs from 3.8 million, indicates Kuros. The related margin reaches 26%. At group level, Ebitda stood at 1.4 million, for a margin of 11%.
In its press release, the company claims to have reached the cash flow break-even point for the first time, posting cash and equivalents of 14.3 million Swiss francs at the end of September.
For the second half of the year, Kuros management still expects stable seasonal sales, corresponding to around 57 to 60% of annual turnover. These prospects are mainly based on activity in the United States, an important market where orthopedic interventions traditionally take place in the fourth quarter, indicated chief executive officer (CEO) Chris Fair in an interview with AWP. The third part is often quieter, due to the holidays.
Kuros’ market share still remains low. In the spine field, the CEO estimates it at 2.5%, for an addressable market of $2.9 billion in the United States. The company is striving to gradually increase its share of this juicy pie.
Kuros is also striving to expand the fields of application for its products, such as foot and ankle surgery. New features should be presented in the coming weeks and months, with implementation expected mainly next year.
Funding for all these initiatives will be ensured by the means available, affirms Chris Fair. By the end of the year, MagnetOs will be marketed in 25 countries, compared to 16 countries currently.
fr/vj/lf
