Good morning,
I've had a share on my radar for a few weeks now that just won't let me go. I've flipped it back and forth, chewed over the figures, read the studies - and now I'm sitting here asking myself: why does hardly anyone actually know about it?
Before I buy, I'd like to hear your opinion. Maybe I'm missing something.
It's about Kuros Biosciences
$KURN (-0,7%) - a small Swiss medtech from Schlieren near Zurich that is shaking up spinal surgery with a single product.
The product - and why it blows me away
The product is called MagnetOs. A synthetic bone graft that activates the immune system via a special surface and thus stimulates bone growth. Sounds dry at first - but now comes the part that really got me.
In a Level I study - that is the absolute gold standard in medicine, controlled, randomized, peer-reviewed - MagnetOs beat the patient's own bone. 79% fusion rate vs. 47% with autograft. The patient's own bone has been the standard against which everything is measured for decades. And Kuros beats it by almost double.
Not a single competitor today has comparable evidence.
The figures - that's where it gets really interesting
Key figure value
Turnover 2023
~USD 25 million
Turnover 2024
USD 85 million (+240% vs. 2023)
Turnover 2025
USD 146 million (+72% YoY)
Q1 2026
USD 43.4 million (+51% YoY)
Gross margin
~87%
Adj. EBITDA margin
13.4% → Target 20%+ by 2028
Net profit 2025
USD 2.6 million - First profit ever
Debt
Zero - that is the crucial point
Sales target 2028
USD 300-330 million
Current share price
CHF 22.90
Analyst price target
CHF 38-39 (+66% upside)
87% gross margin. That is almost at software level - for a medical product. And the company has not even scratched 10% of the addressable market.
What also convinces me
Medtronic - the world's largest medtech company - has signed a 5-year exclusive contract after a pilot program. 5-year exclusive contract program. Medtronic knocks down the doors to US hospitals, Kuros retains control of the contracts and sales. This is no small thing to me. When the biggest company in the industry enters into a deal like this, it has scrutinized the product very carefully beforehand.
There are currently three other Level I studies are currently in parallel - each of them a potential new indication area. Extremities, ankle joint, tarsus. All fresh markets.
And the share price? It has fallen from its 52-week high of CHF 34.20 to CHF 22.90 - without any fundamental deterioration. I find that interesting.
Where I still have honest question marks
I'm not a guy who only shows the nice sides. There are two things that concern me:
Firstly, the cash balance of USD 15.7m is not huge - the new US plant in Atlanta is still under construction and costs money. If growth stumbles, there could be a capital increase. That would not be nice.
Secondly, everything depends on MagnetOs. One product, one destiny. No plan B. That's a real concentration risk that I don't want to downplay.
That's why I'm asking you
Do you know Kuros? Have you ever looked at it? Do you see the risk/reward ratio similarly to me - or am I missing something that should dissuade me from buying?
I'm looking forward to an honest discussion. 👇
