Ad-hoc announcement pursuant to Article 53 of the SIX listing rules
Kuros Biosciences grows sales to CHF 75.6 million for 2024
Financial Highlights
Direct MagnetOs™ sales increased by 136% to CHF 74.8 million (2023: CHF 31.7 million)
Total Medical Device sales rose by 125% to CHF 75.6 million (2023: CHF 33.6 million)
Total Group EBITDA reached CHF 2.2 million (2023: EBITDA loss of CHF (5.9) million), including the impairment, the group ended in a net loss of CHF (4.3) million
Total Group adjusted EBITDA amounted to CHF 9.0 million, equaling a margin of 11.9%
The Group surpassed the cash flow breakeven point on an annualized basis
Cash and cash equivalents totaled CHF 18.0 million, up from CHF 14.2 million as of December 31, 2023
In 2025 Kuros will change its reporting currency from CHF to USD
The Group expects sales growth of at least 60% in 2025 and anticipates sales of between USD 220 million and USD 250 million by 2027
Kimberley Elting proposed as new Board member
Schlieren (Zurich), Switzerland, March 11, 2025 – Kuros Biosciences (“Kuros” or the “Company”) a leader in next generation bone healing technologies, today announced its financial and operational results for the full year 2024, marking another year of record growth, increased market penetration, and strategic portfolio advancements. Revenue from Direct MagnetOs product sales increased 136% year-on-year to CHF 74.8 million (2023: CHF 31.7 million). Total group revenue reached CHF 75.6 million, marking a growth of 125% compared to 2023. Kuros Group achieved an EBITDA of CHF 2.2 million in 2024, increased from EBITDA loss of CHF (5.9) million in 2023; adjusted EBITDA excluding the Fibrin-PTH costs, recurring and one-time share-based compensation, and the relevant social security charges totaled at CHF 9.0 million, representing an adjusted EBITDA margin of 11.9%.
Chris Fair, Chief Executive Officer of Kuros Biosciences, said: “We recorded exceptional Direct MagnetOs sales growth of 136%. This growth was driven by the successful roll-out of our technology in key markets, particularly as demand continues to grow globally. Overall, this was a transformative year for Kuros, marked by delivering our first positive EBITDA for the Group much earlier than anticipated. In addition, exceeding cash flow breakeven is a key milestone for the company. Strategically, a landmark Level 1 clinical study published in Spine continues to drive customer preference. We also secured a five-year exclusive agreement with Medtronic to accelerate MagnetOs adoption in the U.S. Our expansion into adjacent extremities markets, portfolio innovation in minimally invasive surgery, and broader global distribution capabilities position us for continued explosive growth. With a strong foundation and a clear roadmap, Kuros is well-positioned to capitalize on emerging opportunities and drive sustained shareholder value.”
Regulatory, Clinical & Commercial Highlights
Landmark Clinical Data Published – A peer-reviewed Level 1 clinical study in Spine confirmed MagnetOs as a standalone alternative to autograft, showing noninferiority, with primary analysis even indicating MagnetOs superiority. MagnetOs achieved a 79% fusion rate, outperforming autograft’s 47% in challenging spinal posterolateral fusions.1,2
U.S. Consolidation and Growth – A five-year strategic agreement with the Medtronic spinal division enhanced MagnetOs' access and will accelerate its growth and adoption across the U.S. Under the agreement, Medtronic acts as the exclusive sales agent of MagnetOs for Kuros Biosciences USA, Inc. in mutually agreed upon sales territories for use in spine surgeries.
Diversification into Adjacent Markets – Kuros initiated the expansion into the adjacent extremities markets, leveraging the established success of MagnetOs in the spine market and pursuing new indications in other musculoskeletal areas.
Portfolio Innovation – Significant development work was completed for new MagnetOs Minimally Invasive Surgery (MIS) applications and osteopromotive platforms, including surface technologies for implantable devices, to meet market needs.
Global Expansion – Kuros expanded its distribution network in the UK, Australia, New Zealand and the Middle East, with plans to enter Asia Pacific and South American markets in 2025.
Operational Excellence – Kuros doubled its capacity in August 2024 and is set to double capacity again to meet anticipated growth, focusing on maximizing return on capital through strategic resource allocation and controlled fixed costs for improved operational leverage.
New Board Member – Kimberley Elting, an experienced MedTech executive with comprehensive global industry expertise and significant leadership experience across all medical technology company operations and product life cycle, is proposed as a new Board member. Kimberley’s background in the U.S. and global commercialization, the orthopedics market, and company governance matters would complement the existing Kuros Board of Directors. She has held executive leadership positions at Orthofix Medical, Inc., Trivascular Technologies (now Endologix) and St. Jude Medical (now Abbott).
Net operating costs
Cost of goods sold amounted to CHF 13.5 million (2023: CHF 9.6 million) of which CHF 1.6 million (2023: CHF 1.8 million) relate to the amortization of capitalized R&D; and CHF 5.1 million related to impairment of goodwill. (2023: impairment of goodwill and intangible of CHF 4.4 million and CHF 0.1 million respectively).
Net operating costs from continuing operations amounted to CHF 67.0 million, compared to CHF 33.6 million in the prior year. Sales and marketing costs increased from CHF 23.3 million in 2023 to CHF 45.0 million in 2024, primarily driven by an expanded sales force, higher sales and distribution expenses, reflecting the growth in commercial activities. Research and development costs increased from CHF 2.0 million in 2023 to CHF 7.0 million in 2024. This is primarily driven by increased R&D activities, clinical trial expenditures, and higher personnel expenses due to an increase in headcount and share-based compensation. General and administrative costs increased from CHF 8.4 million in 2023 to CHF 15.2 million in 2024. The increase was mainly driven by the scaling up of back-office functions to support business growth.
In prior years, the Group explored drug-based orthobiologic development, namely Fibrin-PTH. Following an interim analysis and the superior clinical outcomes observed with MagnetOs, the Group decided in December 2023 not to advance Fibrin-PTH to Phase 3. All operations related to Fibrin-PTH have ceased by the end of 2024, resulting in the classification of Fibrin-PTH as discontinued operation. In 2024, expenses related to discontinued operation totaled CHF 0.6 million (2023: CHF 3.6 million).
Financial position and other assets
Cash and cash equivalents amounted to CHF 18.0 million. The increase is mainly driven by higher operating cash flow from increased revenue and proceeds from option exercises. Funds available (including trade and other receivables) for financing the operations of Kuros amounted to CHF 34.2 million as of December 31, 2024. This is an increase of CHF 12.4 million from CHF 21.8 million as of December 31, 2023.
As of December 31, 2024, total intangible assets amounted to CHF 15.0 million (2023: CHF 16.5 million) and goodwill amounted to CHF 19.4 million (2023: CHF 24.5 million). The impairment of goodwill of CHF 5.1 million resulted from a delay of expected milestones from Checkmate licensing.
Outlook
Kuros expects MagnetOs to continue its strong growth trajectory in the spine and extremity segments, gaining further market share in the U.S., Europe and the rest of the world, and launching in additional countries. The company is sufficiently financed on its planned organic growth path and expects robust sales growth of at least 60% in 2025. Kuros is anticipating sales of USD 220 to 250 million by 2027, reflecting its commitment to long-term value creation through innovation, market share gains, and customer satisfaction.
Key figures
2024
2023 Restated
In TCHF, IFRS
Revenue from product sales
75,555
33,564
Cost of goods sold
(13,524)
(9,628)
Gross profit
62,031
23,936
Sales and marketing costs
(44,964)
(23,328)
Research and development costs
(6,984)
(2,030)
General and administrative costs
(15,196)
(8,447)
Other income
118
248
Net operating costs
(67,026)
(33,557)
Operating loss
(4,995)
(9,621)
Net finance result
1,649
(155)
Loss before tax
(3,346)
(9,776)
Income taxes
(370)
(380)
Net loss from continuing operations
(3,716)
(10,156)
Loss from discontinued operation, net of tax
(574)
(3,571)
Net loss
(4,290)
(13,727)
Net loss per share from continuing operations (in CHF)
(0.10)
(0.28)
Net loss per share (in CHF)
(0.12)
(0.38)
Cash and cash equivalents
18,021
14,208
Trade and other receivables
16,139
7,617
Annual Report 2024 The Kuros Biosciences Annual Report 2024 can be downloaded via the following link on our website: Kuros Biosciences Annual Report 2024
Full Year Results 2024 – Webcast Kuros will host a virtual webcast to discuss FY 2024 financial results on March 11, 2025, at 3:00pm CET. Investors can join the webcast via the following link: Investor Webcast Registration
Upcoming Events April 15, 2025 – Annual Shareholders’ Meeting 2025 April 17, 2025 – Trading Update Q1 2025 May 13, 2025 – Kuros Capital Market Day
For further information, please contact: Kuros Biosciences AG
About MagnetOs MagnetOsTM is a bone graft like no other: thanks to its NeedleGripTM surface technology, it grows bone even in soft tissues. This surface technology provides traction for our body’s vitally important ‘pro-healing’ immune cells (M2 macrophages). This in turn, unlocks previously untapped potential to stimulate stem cells – and form new bone throughout the graft. The growing body of science behind NeedleGrip is called osteoimmunology. But for surgeons and their patients it means one thing: a more predictable fusion. *†‡3-7
Indications Statement Please refer to the instructions for use for your local region for a full list of indications, contraindications, warnings, and precautions.
About Kuros Biosciences Kuros Biosciences is on a mission to discover, develop and deliver innovative biologic technologies. With locations in the United States, Switzerland and the Netherlands, the company is listed on the SIX Swiss Exchange. The company’s first commercial product, MagnetOsTM, is a unique advanced bone graft that has already been used across four continents. For more information on the company, its products and pipeline, visit kurosbio.com.
Forward Looking Statements This media release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are urged to consider statements that include the words “will” or “expect” or the negative of those words or other similar words to be uncertain and forward-looking. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include scientific, business, economic and financial factors. Against the background of these uncertainties, readers should not rely on forward-looking statements. The Company assumes no responsibility for updating forward-looking statements or adapting them to future events or developments.
*Results from in vivo laboratory testing may not be predictive of clinical experience in humans. For important safety and intended use information please visit kurosbio.com. †MagnetOs is not cleared by the FDA or TGA as an osteoinductive bone graft. ‡MagnetOs has been proven to generate more predictable fusions than two commercially available alternatives in an ovine model of posterolateral fusion.
Stempels, H. et al., "Efficacy of biphasic calcium phosphate ceramic with a needle-shaped surface topography versus autograft in instrumented posterolateral spinal fusion: A randomized trial." Spine. June 17, 2024. https://doi.org/10.1097/BRS.0000000000005075
Yadav S, et al. J Ortho Trauma Rehab. 2020;27(2):173-178.
Van Dijk, et al. eCM. 2021; 41:756-73.
Duan, et al. eCM. 2019; 37:60-73.
Van Dijk, et al. Clin Spine Surg. 2020;33(6): E276-E287.
Van Dijk, et al. JOR Spine. 2018 ; e1039.
Van Dijk, et al. J Biomed Mater Res. Part B: Appl Biomater.
