Kuros Biosciences AG

Kuros reported H1 2026 medical device revenue of $92.4 million, up 45% year over year. Direct MagnetOs sales grew 46%. Adjusted EBITDA was CHF 12.5 million, equal to a 13.6% margin, and net profit was CHF 4.4 million versus a CHF 2 million loss in H1 2025. EPS improved from a loss of CHF 0.05 to earnings of CHF 0.11. Management said gross margin remained robust, helped by volume growth, unit cost optimization, supply chain productivity and tariff mitigation. For 2026, the company expects growth of approximately 35%, and it reaffirmed its formal midterm guidance of $300 million to $330 million revenue and adjusted EBITDA margin above 20% by 2028.

CEO Chris Fair framed the half as an inflection point, emphasizing that Kuros is now a profitable high-growth medtech company rather than only a growth story. He highlighted three strategic pillars: broader commercial reach, evidence generation, and operational scale, including three Level 1 studies underway and upcoming U.S. manufacturing capacity. His tone was confident and expansion-focused, with repeated emphasis on broader market penetration across spine, extremities, foot and ankle, trauma, and international markets.

CFO Daniel Geiger said revenue growth was not price-driven but came from market penetration, segment expansion and mix, while fixed costs grew more slowly than revenue, showing operating leverage. He cited CHF 12.5 million of adjusted EBITDA, CHF 4.4 million of net profit, CHF 9.7 million in cash, CHF 44.4 million in receivables, and CHF 54.2 million combined cash and receivables, alongside an undrawn CHF 12.4 million bridge facility. He also said business transformation costs of around CHF 2 million were expensed in G&A, CapEx is planned at CHF 15 million to CHF 16 million, and H2 margins could be diluted by the U.S. production ramp and other transformation costs.

Analysts focused on why full-year growth guidance implies a slower H2, and management replied that guidance updates are usually addressed in the Q3 timeframe rather than immediately after H1. Questions also centered on margin sustainability, U.S. manufacturing dilution, surgeon utilization, and the lumpy international business; management said the U.S. ramp will likely dilute margins somewhat in the near term, while international sales are distributor-based and can be timing-dependent. On surgeon adoption, management said growth comes from both more surgeons and deeper use by existing surgeons, with hospital onboarding often taking four to eight months before sales flow through.