Piper Sandler Downgrades Koru Medical, Citing Valuation Concerns

GuruFocus.com02-14

Piper Sandler analyst Matthew O'Brien downgraded Koru Medical (KRMD, Financials) from Overweight to Neutral, citing concerns about valuation despite strong financial performance.

Warning! GuruFocus has detected 6 Warning Signs with KRMD.

Set at $4.50, the price target was a downward adjustment. Shares of Koru Medical were trading at $4.43 as of 12:16 p.m. ET on Friday, down 6.7% for the day. The stock remains near its 52-week high of $5.05.

The analyst said that the management of the firm has shown great performance, which has produced a gross margin of 62.82% over four quarters and more than planned income development. Comparatively to an estimated $34 million in 2024, Koru Medical has predicted revenue to surpass $50 million by 2026.

Piper Sandler expressed worries about valuation issues despite these increases as the company is trading close to multi-year highs. The company noted several difficulties, including limited upside in gross margins for 2025 and 2026 due to geographic sales mix, challenging market conditions for the U.S. subcutaneous immunoglobulin segment, and delayed revenue catalysts from new therapies, expected to materialize after 2026.

Piper Sandler said that the risk-reward profile of Koru Medical has degraded and advised that other small-cap medical technology firms might show more appealing prospects. The company's downgrading shows a more wary view of the stock, stressing value concerns even with its high growth expectations.

This article first appeared on GuruFocus.

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