Kuros Biosciences (CSBTF) Q2 2026 Earnings Report

The call communicated a strong set of operational and financial achievements (robust +45% H1 revenue growth, first sustained half‑year profitability with CHF 12.5M adjusted EBITDA and CHF 4.4M net profit, improving gross margins, strong clinical evidence and a clear midterm revenue/margin target). These positives are tempered by planned near‑term investments and transformation costs, expected dilution from the U.S. manufacturing ramp, lumpiness in international revenue, and working capital accumulation that creates short-term liquidity sensitivity. On balance, the transformational investments are framed as deliberate and the company maintained conservative near-term guidance while presenting a credible path to >20% adjusted EBITDA by 2028, so the overall tone is confident with manageable near-term risks.

Management reiterated mid‑term guidance that revenue should more than double from CHF 146m in 2025 to CHF 300–330m by 2028, with 2026 growth targeted at ~35% and a path to an adjusted EBITDA margin above 20% by 2028 (management cites >6 percentage points of functional cost‑ratio improvement from unit‑cost optimization, commercial operating leverage, targeted R&D and G&A efficiencies). In H1 they reported medical device sales of $92.4m (up 45% YoY), adjusted EBITDA CHF 12.5m (13.6% margin), net profit CHF 4.4m, EPS CHF 0.11 (vs –CHF 0.05 prior year), cash CHF 9.7m plus receivables CHF 44.4m (CHF 54.2m total), an undrawn CHF 12.4m bridge facility, distributor reach +34% YoY, ~4x market‑share increase since 2023, >150,000 patients treated, three Level‑1 trials at 83%/49%/14% enrollment (PROOF/PRECISE/ASTRA), U.S. manufacturing expected live H2 2026, and planned CapEx roughly CHF 11–12m (U.S.), CHF 2–3m (Netherlands) and ~CHF 1m IT (total ~CHF 15–16m).