Kuros Biosciences AG

Kuros reported H1 2026 total medical device sales of $92.4 million, up 45% year over year, and direct MagnetOs sales up 46%. Adjusted EBITDA was CHF 12.5 million, representing 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. Gross margin was described as remaining robust; management also said gross profit margin increased by 2.1 percentage points and operating costs as a percentage of revenue decreased by 2.2 percentage points, though no exact gross margin percentage for H1 was stated. For full-year 2026, management said revenue growth is expected to be approximately 35%; for 2028, formal guidance remains revenue of $300 million to $330 million and adjusted EBITDA margin above 20%.

Chris Fair framed H1 as an inflection point, saying Kuros has moved from a high-growth company to a profitable, high-growth medical technology company with a debt-free balance sheet and continued investment capacity. He emphasized broader commercial adoption, stronger surgeon penetration, and expansion into extremities, foot and ankle, trauma, and international markets. He also highlighted the company’s clinical evidence strategy and said the new U.S. manufacturing facility and Netherlands expansion are meant to increase resilience, capacity and long-term growth potential.

Daniel Geiger said H1 revenue of $92.4 million was up 45% year over year and that the growth was not price-driven, but instead reflected market penetration, segment expansion and mix. He noted adjusted EBITDA of CHF 12.5 million, net profit of CHF 4.4 million, and EPS moving from CHF 0.05 loss to CHF 0.11 earnings, calling it a profitability inflection point. On liquidity, he said the company closed June with CHF 9.7 million in cash and CHF 44.4 million in receivables, for CHF 54.2 million combined, remained debt-free, and had an undrawn CHF 12.4 million bridge facility. He also said 2026 CapEx is expected to be about CHF 15 million to CHF 16 million total, with H2 margin likely diluted somewhat by the U.S. production ramp, business transformation costs, and ongoing investment.

Analysts pressed on why guidance was left unchanged despite 45% H1 growth, and management said guidance updates are typically reviewed around Q3 and that strong adoption remains intact. On margins, management said H2 could see some dilution from the U.S. manufacturing ramp and business transformation costs, even though H1 margins were slightly better than assumed. Questions on surgeon penetration, international sales and Medtronic exposure drew responses that growth is coming from both new surgeon onboarding and deeper usage among existing surgeons, that international revenue can be lumpy because it is distributor-based, and that the Medtronic relationship remains strong but the company is deliberately diversifying beyond it.