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Form 8-K

sec.gov

8-K — KORU Medical Systems, Inc.

Accession: 0001161697-26-000243

Filed: 2026-11-10

Period: 2026-11-10

CIK: 0000704440

SIC: 3841 (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — form_8-k.htm (Primary)

EX-99 — PRESS RELEASE, DATED NOVEMBER 10, 2026 (ex_99-1.htm)

GRAPHIC (koru_logo.jpg)

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8-K — FORM 8-K CURRENT REPORT FOR 11-10-2026

8-K (Primary)

Filename: form_8-k.htm · Sequence: 1

Form 8-K

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0000704440

0000704440

2026-11-10

2026-11-10

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934

Date of Report (Date of earliest event reported)   November 10, 2026

KORU Medical Systems, Inc.

(Exact name of registrant as specified in its charter)

Delaware

0-12305

13-3044880

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

100 Corporate Drive, Mahwah, NJ

07430

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area

code   (845) 469-2042

______________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing

is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction

A.2. below):

[_]  Written communications pursuant to

Rule 425 under the Securities Act (17 CFR 230.425)

[_]  Soliciting material pursuant to Rule

14a-12 under the Exchange Act (17 CFR 240.14a-12)

[_]  Pre-commencement communications pursuant

to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_]  Pre-commencement communications pursuant

to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of

the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

common stock, $0.01 par value

KRMD

The Nasdaq Stock Market

Indicate by check mark whether the registrant is an

emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2

of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  [_]

If an emerging growth company, indicate by check mark

if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards

provided pursuant to Section 13(a) of the Exchange Act.  [_]

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

(a)   Public Announcement or Release.

On November 10, 2026, KORU Medical Systems, Inc.

(the “Company”) issued a press release announcing its financial results for the third fiscal quarter ended September

30, 2026 and updating financial guidance for the fiscal year ended December 31, 2026. The Company’s press release is furnished

as Exhibit 99.1 to this Current Report on Form 8-K. A related conference call will be held on November 10, 2026 at 4:30pm Eastern

Time.

KORU Medical

is making reference to non-GAAP financial measures in both the press release and the conference call. Our management believes that investors’

understanding of KORU Medical’s performance is enhanced by disclosing the non-GAAP financial measures of “adjusted EBITDA”

and “adjusted diluted EPS” (each as defined below) as a reasonable basis for comparison of our ongoing results of operations.

KORU Medical strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety

and cautions investors that the non-GAAP measures used by KORU Medical may differ from similar measures used by other companies, even

when similar terms are used to identify such measures. Non-GAAP measures should not be considered replacements for, and should be read

together with, the most comparable GAAP financial measures. A reconciliation of GAAP to non-GAAP results is provided in the attached Exhibit

99.1 press release.

We define

adjusted EBITDA as earnings (net (loss)/income) before depreciation and amortization, interest (income), net, litigation expense and stock-based

compensation expense. We believe that adjusted EBITDA is used by investors and other users of our financial statements as a supplemental

financial measure that, when viewed with our GAAP results and the accompanying reconciliation, we believe provides additional information

that is useful to gain an understanding of the factors and trends affecting our business. We also believe the disclosure of adjusted EBITDA

helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter to quarter and year to year. adjusted

EBITDA is used by management as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual

results against such expectations.

We present

adjusted diluted earnings per share (“adjusted diluted EPS”) after eliminating items that we believe are not part of our ordinary

operations and affect the comparability of the periods presented. Adjusted diluted EPS includes adjustments from reported diluted earnings

per share for depreciation and amortization, interest (income), net, litigation expense and stock-based compensation expense. We believe

adjustments for these items allow investors to better understand our underlying operating results and facilitate comparisons between the

periods shown. Management uses adjusted diluted EPS as a supplemental internal measure for planning and forecasting overall expectations

and for evaluating actual results against such expectations.

The information contained in this Item 2.02 of the

Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange

Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any

filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as

expressly set forth by specific reference in such filing.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d)   Exhibits.

Exhibit No.

Description

99.1

Press Release, dated November 10, 2026

104

Cover Page Interactive Data File (embedded within the inline XBRL document)

- 2 -

SIGNATURES

Pursuant to the requirements of the Securities Exchange

Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

KORU Medical Systems, Inc.

(Registrant)

Date:  November 10, 2026

By:

/s/ Adam Kalbermatten

Adam Kalbermatten

Chief Executive Officer

- 3 -

EX-99 — PRESS RELEASE, DATED NOVEMBER 10, 2026

EX-99

Filename: ex_99-1.htm · Sequence: 2

EXHIBIT 99.1

KORU Medical Systems Announces Third Quarter

2026 Results Including Second Consecutive Quarter of Positive Net Income and Adjusted EBITDA

MAHWAH, NJ – November 10, 2026 – KORU

Medical Systems, Inc. (NASDAQ: KRMD) (“KORU Medical” or the “Company”), a leading medical technology company

focused on the development, manufacturing, and commercialization of innovative and patient-centric large volume subcutaneous infusion

solutions, today reported financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 and Recent Highlights

●

Net revenues grew 11% over the prior year period to $11.6 million; year to date net revenues grew 17% to $35.4 million

●

Gross profit grew 20% over the prior year period to $7.5 million, driven by gross margin improvement from 60.2% to 65.2%

●

Net income improved by $1.0 million to $0.2 million compared to a net loss of $0.8 million in prior year period

●

Adjusted EBITDA increased to $1.3 million from $0.1 million in the prior year period

●

Signed two new sales and distribution agreements with partners in Europe and Africa, expanding our geographic footprint internationally

●

Revising full-year 2026 revenue guidance to $48.0 - $48.5 million, representing year-over-year growth of 17% - 18%, compared to the previous guidance range of $47.5 - $48.5 million.

“Total Revenue of $11.6 million represents another

quarter of consistent above-market growth for KORU, driven by our recurring patient base,” said Adam Kalbermatten, President and

CEO of KORU Medical. “We also delivered positive net income and adjusted EBITDA for the second consecutive quarter, demonstrating

the scalability of our business model. As anticipated, our year-over-year revenue growth moderated in the third quarter compared to the

first half of 2026, reflecting in part the timing of our entry into a competitive non-tender market in Europe. With that market launch

now behind us, we anticipate revenue growth to reaccelerate in the fourth quarter for a strong finish to the year. We are encouraged by

our geographic expansion, specialty pharmacy partnerships, and pipeline advancements and plan to continue investing resources in our long-term

growth strategy as we move forward.”

2026 Third Quarter Financial Results

Three Months Ended

September 30,

Change from Prior Year

% of Net Revenues

2026

2025

$

%

2026

2025

Net Revenues

Domestic Core

$

8,058,131

6,122,365

$

1,935,766

31.6%

69.6%

58.9%

International Core

3,084,050

3,695,524

(611,474

)

(16.5%

)

26.7%

35.5%

Total Core

11,142,181

9,817,889

1,324,292

13.5%

96.3%

94.4%

Pharma Services and Clinical Trials

424,374

584,274

(159,900

)

(27.4%

)

3.7%

5.6%

Total

$

11,566,555

10,402,163

$

1,164,392

11.2%

100%

100%

Total net revenues increased $1.2 million, or 11.2%,

to $11.6 million for the three months ended September 30, 2026, as compared to $10.4 million in the prior year period.

Domestic core revenues were $8.1 million, an increase

of $1.9 million, or 31.6%, compared to the prior-year period. Approximately $1.2 million of the increase reflected lower orders from a

U.S. distributor in the third quarter of 2025, when the distributor purchased a portion of its KORU products through one of our international

distributors and reduced its inventory levels. The remaining increase was primarily driven by higher pump and consumable volumes, new

patient starts, and market share gains within existing accounts.

International core revenues were $3.1 million, a decrease

of 16.5% compared to the prior-year period. The decrease primarily reflected a higher prior-year comparison base, which included shipments

to a distributor in a strategic market in anticipation of demand associated with conversions from vials to prefilled products, as well

as purchases by an international distributor for subsequent resale in the U.S. The decrease was partially offset by growth in new patient

starts within existing international markets.

As discussed above, purchases through the international

distributor for resale in the U.S. affected the geographic mix of Core revenues in the prior-year period and, consequently, the year-over-year

comparisons of Domestic and International Core revenues.

Pharma services and clinical trials net revenues were

$0.4 million, a decrease of 27.4% compared to the prior-year period, primarily reflecting lower purchases of products for use in a customer's

clinical trial program.

Gross profit increased $1.3 million, or 20.5%, to

$7.5 million in the three months ended September 30, 2026, as compared to $6.3 million in the prior year period, primarily driven by gross

margin and volume growth. Gross margin increased to 65.2% for the three months ended September 30, 2026, as compared to 60.2% in the prior

year period, primarily driven by lower manufacturing costs, higher than average selling prices from our geographical customer mix and

lower tariff costs driven by tariff related rebates.

Total operating expenses increased $0.2 million, or

3.2%, to $7.4 million for the third quarter of 2026 primarily driven by an increase of $0.3 million in research and development. The increase

in research and development expenses was primarily due to higher salary and stock compensation related to headcount additions, including

employees added in connection with our technology asset acquisition.

Net income increased $1.0 million to $0.2 million

or $0.00 per diluted share for the third quarter of 2026, compared to a net loss of ($0.8) million, or ($0.02) per diluted share, for

the prior year period. Adjusted EBITDA for the quarter was $1.3 million, or $0.02 per adjusted diluted share versus $0.1 million or $0.00

per adjusted diluted share in the prior year period. A reconciliation of adjusted EBITDA to the most directly comparable GAAP measures

is provided at the end of this press release.

Cash and cash equivalents were $7.4 million as of

September 30, 2026, reflecting cash usage of $0.9 million in the third quarter of 2026.

Updated 2026 Guidance

●

Revising full-year 2026 revenue guidance to $48.0 - $48.5 million, representing year-over-year growth of 17% - 18%, compared to the previous guidance range of $47.5 - $48.5 million.

●

Revising full year 2026 gross margin to be between 63 - 64%, from prior range of 62 – 64%

●

Reiterating positive adjusted EBITDA for the full year

●

Raising year-end cash balance to be greater than $8.0 million, from prior guidance of greater than $7.5 million

Conference Call and Webcast Details

The Company will host a live conference call and webcast

to discuss these results and provide a corporate update on Tuesday, November 10, 2026, at 4:30 PM ET.

To participate in the call, please dial (877) 407-0784

(domestic) or (201) 689-8560 (international). The live webcast will be available on the IR Calendar on the News/Events page of the Investors

section of KORU Medical’s website.

Non-GAAP Measures

This press release includes the non-GAAP financial

measures “adjusted diluted EPS” and “adjusted EBITDA” that are not in accordance with, nor an alternate to, generally

accepted accounting principles and may be different from non-GAAP measures used by other companies. These non-GAAP measures are not based

on any comprehensive set of accounting rules or principles. Non-GAAP financial measures should not be considered a substitute for, or

superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges

that have a material effect on KORU Medical’s reported results and, therefore, should not be relied upon as the sole financial measures

to evaluate the Company’s financial results. Non-GAAP financial measures are meant to supplement, and to be viewed in conjunction

with GAAP financial results. Reconciliations of the Company’s non-GAAP measures are included at the end of this press release.

- 2 -

About KORU Medical Systems

KORU Medical Systems develops, manufactures, and commercializes

innovative and patient-centric large volume subcutaneous infusion solutions that improve quality of life for patients around the world.

The Freedom Syringe Infusion System (the “Freedom System”) currently includes the Freedom60® and FreedomEDGE®

Syringe Infusion Drivers, Precision Flow Rate Tubing™ and HigH-Flo Subcutaneous Safety Needle Sets™. The Freedom System, which

received its first FDA clearance in 1994, is used for self-administration in the home by the patient and/or delivery in an ambulatory

infusion center by a healthcare professional. Through its Pharma Service and Clinical Trials business, KORU Medical provides products

for use by biopharmaceutical companies in feasibility/clinical trials during the drug development process and, as needed, is capable of

customizing the Freedom System for clinical and commercial use across multiple drug categories. For more information, please visit www.korumedical.com.

Forward-looking Statements

This press release contains forward-looking statements

within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. All statements that are

not historical fact are forward-looking statements, including, but not limited to, anticipated revenue growth in the fourth quarter and

financial guidance and expected operating performance for fiscal 2026. Forward-looking statements discuss the Company’s current

expectations and projections relating to its financial position, results of operations, plans, objectives, future performance, and business.

Forward-looking statements can be identified by words such as “anticipate”, “potential”, “guidance”,

and “expect”. Actual results may differ materially from the results predicted and reported results should not be considered

as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results

predicted include, among others, ability to adapt new technology, uncertainties associated with inflation, tariffs, war and other geopolitical

conflicts, customer ordering patterns, availability and costs of raw materials and labor and our ability to recover such costs, future

operating results, growth of new patient starts and the Ig market, our compliance with Food and Drug Administration and foreign authority

regulations and the outcome of regulatory audits, introduction and adoption of competitive products, acceptance of and demand for new

and existing products, ability to penetrate new markets, success in enforcing and obtaining patents, reimbursement related risks, government

regulation of the home health care industry, success of our research and development effort, expanding the market of the Freedom System,

demand in the SCIg market, availability of sufficient capital if or when needed, dependence on key personnel, the impact of recent accounting

pronouncements, and those risks and uncertainties included under the captions “Risk Factors” in our Annual Report on Form

10-K for the year ended December 31, 2025, which is on file with the SEC and available on our website at www.korumedical.com/investors

and on the SEC website at www.sec.gov. All information provided in this release and in the attachments is as of November 10, 2026. Undue

reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us

on the date hereof. We undertake no duty to update this information unless required by law.

Investor Contact:

Louisa Smith

investor@korumedical.com

- 3 -

KORU MEDICAL SYSTEMS, INC.

BALANCE SHEETS

September 30,

December 31,

2026

2025

(UNAUDITED)

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

7,364,200

$

8,872,212

Accounts receivable, net

6,382,020

5,972,252

Inventory, net

4,691,949

3,678,131

Other receivables

601,294

557,653

Prepaid expenses and other current assets

1,097,918

908,542

TOTAL CURRENT ASSETS

20,137,381

19,988,790

Property and equipment, net

4,004,237

4,471,386

Intangible assets, net of accumulated amortization of $572,949 and $527,949 as of September 30, 2026 and December 31, 2025, respectively

1,683,726

684,841

Capitalized software development costs, net

206,863

—

Operating lease right-of-use assets

2,653,308

2,956,192

Other assets

98,970

98,970

TOTAL ASSETS

$

28,784,485

$

28,200,179

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable

$

1,875,343

$

2,267,473

Accrued expenses

3,418,114

4,828,830

Note payable

332,479

—

Other liabilities

18,468

27,722

Accrued payroll and related taxes

578,261

531,972

Finance lease liability

130,257

124,913

Operating lease liability

438,712

413,448

TOTAL CURRENT LIABILITIES

6,791,634

8,194,358

Finance lease liability, net of current portion

51,572

78,675

Operating lease liability, net of current portion

2,546,190

2,879,224

TOTAL LIABILITIES

9,389,396

11,152,257

STOCKHOLDERS’ EQUITY

Common stock, $0.01 par value, 75,000,000 shares authorized, 50,375,678 and 49,790,934 shares issued 46,375,176 and 46,370,432 shares outstanding as of September 30, 2026, and December 31, 2025, respectively

503,757

497,909

Additional paid-in capital

57,650,483

52,449,339

Treasury stock, 4,018,526 and 3,438,526 shares as of September 30, 2026 and December 31, 2025, respectively, at cost

(6,405,793

)

(3,882,494

)

Accumulated deficit

(32,353,358

)

(32,016,832

)

TOTAL STOCKHOLDERS’ EQUITY

19,395,089

17,047,922

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

28,784,485

$

28,200,179

- 4 -

KORU MEDICAL SYSTEMS, INC.

STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2026

2025

2026

2025

NET REVENUES

$

11,566,555

$

10,402,163

$

35,376,599

$

30,232,038

Cost of goods sold

4,020,471

4,137,592

12,752,917

11,445,362

Gross Profit

7,546,084

6,264,571

22,623,682

18,786,676

OPERATING EXPENSES

Selling, general and administrative

5,867,903

5,994,661

18,235,907

17,338,183

Research and development

1,281,040

933,107

3,821,004

3,242,505

Depreciation and amortization

210,023

204,482

617,585

631,326

Total Operating Expenses

7,358,966

7,132,250

22,674,496

21,212,014

Net Operating Income /(Loss)

187,118

(867,679

)

(50,814

)

(2,425,338

)

Non-Operating Income/(Expense)

Gain/(Loss) on currency exchange

(11,752

)

11,790

(57,246

)

61,571

Gain/(Loss) on disposal of fixed assets, net

(1

)

—

(406,269

)

—

Other income

—

3,206

—

3,205

Interest income, net

60,738

74,567

201,603

226,698

TOTAL OTHER (EXPENSE)/INCOME

48,985

89,563

(261,912

)

291,474

INCOME / (LOSS) BEFORE INCOME TAXES

236,103

(778,116

)

(312,726

)

(2,133,864

)

Income Tax Benefit (Expense)

(18,000

)

150

(23,800

)

(17,206

)

NET INCOME/(LOSS)

$

218,103

$

(777,966

)

$

(336,526

)

$

(2,151,070

)

NET INCOME / (LOSS) PER SHARE

Basic

$

0.00

$

(0.02

)

$

(0.01

)

$

(0.05

)

Diluted

$

0.00

$

(0.02

)

$

(0.01

)

$

(0.05

)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

Basic

46,239,985

46,238,819

46,229,137

46,140,347

Diluted

46,731,836

46,238,819

46,229,137

46,140,347

- 5 -

KORU MEDICAL SYSTEMS, INC.

STATEMENTS OF CASH FLOWS

(UNAUDITED)

Nine Months Ended

September 30,

September 30,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net Loss

$

(336,526

)

$

(2,151,070

)

Adjustments to reconcile net loss to net cash used in operating activities:

Stock-based compensation expense and warrant expense

2,067,152

1,740,727

Depreciation and amortization

617,585

631,326

Loss on disposal of fixed assets

406,269

—

Loss on write-off of intangible assets

21,890

—

Non-cash leasing charges

(6,007

)

—

Changes in operating assets and liabilities:

Decrease/(Increase) in accounts receivable

(409,768

)

390,139

Decrease/(Increase) in other receivables

(43,641

)

38,151

Decrease/(Increase) in inventory

(1,013,818

)

(1,608,041

)

Decrease/(Increase) in prepaid expenses and other assets

(189,376

)

(224,063

)

Increase/(Decrease) in accounts payable

(392,131

)

222,193

Increase/(Decrease) in accrued payroll and related taxes

46,289

(355,335

)

Increase/(Decrease) in other liabilities

(9,255

)

(26,377

)

Increase/(Decrease) in accrued expenses

(1,410,717

)

709,999

NET CASH FLOWS FROM OPERATING ACTIVITIES

(652,054

)

(632,351

)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of property and equipment

(422,289

)

(524,735

)

Purchases of intangible assets

(571,804

)

(3,400

)

Capitalized software development costs

(206,863

)

—

NET CASH FLOWS FROM INVESTING ACTIVITIES

(1,200,956

)

(528,135

)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from exercise of employee stock options

197,600

89,025

Borrowings from insurance finance indebtedness

403,869

406,751

Payments on insurance finance indebtedness

(71,390

)

(342,972

)

Payments for taxes related to net share settlement of equity awards

(81,059

)

(27,536

)

Payments on finance lease liability, net of asset

(104,022

)

(81,710

)

NET CASH FLOWS FROM FINANCING ACTIVITIES

344,998

43,558

NET DECREASE IN CASH AND CASH EQUIVALENTS

(1,508,012

)

(1,116,928

)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

8,872,212

9,580,947

CASH AND CASH EQUIVALENTS, END OF PERIOD

$

7,364,200

$

8,464,019

Supplemental Information

Cash paid during the nine months ended September 30 for:

Interest

$

11,714

$

36,690

Income Taxes

$

23,800

$

17,206

Non-cash Financing Activity

During the nine months ended September 30, 2026, the Company acquired an intangible asset for $961,035, of which $500,000 was settled through the issuance of 125,628 shares of common stock

—

- 6 -

KORU MEDICAL SYSTEMS, INC.

SUPPLEMENTAL INFORMATION

(UNAUDITED)

Three Months Ended

Nine Months Ended

Reconciliation of GAAP Net Income /(Loss)

September 30,

September 30,

to Non-GAAP Adjusted EBITDA:

2026

2025

2026

2025

GAAP Net Income (Loss)

$

218,103

$

(777,966

)

$

(336,526

)

$

(2,151,070

)

Depreciation and Amortization

210,023

204,482

617,585

631,326

Interest (Income), Net

(60,738

)

(74,567

)

(201,603

)

(226,698

)

Tax Expense (Refund)

18,000

(150

)

23,800

17,206

Stock-based Compensation Expense

927,869

737,398

2,067,152

1,850,732

Adjusted EBITDA

$

1,313,257

$

89,197

$

2,170,408

$

121,496

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:

Basic

46,239,985

46,238,819

46,229,137

46,140,347

Diluted

46,731,836

46,238,819

46,229,137

46,140,347

Three Months Ended

Nine Months Ended

Reconciliation of Reported Diluted EPS

September 30,

September 30,

to Non-GAAP Adjusted Diluted EPS:

2026

2025

2026

2025

Reported Diluted Earnings Per Share

$

0.00

$

(0.02

)

$

(0.01

)

$

(0.05

)

Stock-based Compensation Expense

0.02

0.02

0.04

0.04

Adjusted Diluted Earnings Per Share

$

0.02

$

(0.00

)

$

$0.04

$

(0.01

)

Reconciliation of Reported Revenue to Normalized Revenue — Q3 2025

($ in millions, rounded)

Revenue Category

Q3 2025 Reported

Normalization Adjustment

Q3 2025 Normalized

Q3 2026 Reported

Reported Y/Y Growth

Normalized Y/Y Growth

Domestic Core

$6.1

$1.2

$7.3

$8.1

31.6%

10.1%

International Core

$3.7

($1.2)

$2.5

$3.1

(16.5%)

23.2%

Total Core

$9.8

$0.0

$9.8

$11.2

13.5%

13.5%

Pharma Services & Clinical Trials

$0.6

—

$0.6

$0.4

(27.4%)

(27.4%)

Total Revenue

$10.4

$0.0

$10.4

$11.6

11.2%

11.2%

* Normalization adjustments reflect certain distributor

purchasing patterns in Q3 2025 and net to zero at both the Total Core and Total Revenue levels. Revenue amounts are rounded to the nearest

$0.1 million, and year-over-year growth rates are calculated using unrounded amounts.

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