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Movano(MOVE) - 2024 Q1 - Quarterly Results
MOVEMovano(MOVE)2024-05-15 20:31

Financial Performance - Movano Health generated 852,000inrevenueforQ12024,shipping5,305EvieRingsduringtheperiod[8]−Thecompanyreportedanoperatinglossof852,000 in revenue for Q1 2024, shipping 5,305 Evie Rings during the period[8] - The company reported an operating loss of 5.8 million in Q1 2024, an improvement from a loss of 7.2millioninQ12023[8]−Totalcashandcashequivalentsdecreasedto7.2 million in Q1 2023[8] - Total cash and cash equivalents decreased to 2.1 million as of March 31, 2024, down from 6.1millionattheendof2023[8]−Researchanddevelopmentexpensesdecreasedto6.1 million at the end of 2023[8] - Research and development expenses decreased to 2.9 million in Q1 2024 from 3.9millioninQ12023[15]ClinicalandRegulatoryDevelopments−MovanoHealthsuccessfullysubmittedclinicaltrialresultsshowingapooledrootmeansquareerror(RMSE)of2.463.9 million in Q1 2023[15] Clinical and Regulatory Developments - Movano Health successfully submitted clinical trial results showing a pooled root mean square error (RMSE) of 2.46% for the Evie Med Ring, below the FDA guidance of 3.5%[4] - The company expects a decision on its FDA 510(k) clearance for the Evie Med Ring in July 2024[4] - The company plans to conduct an arterial blood pressure study in June 2024, which will provide continuous data on patients[5] Business Strategy and Initiatives - Movano Health closed a 24.1 million private placement on April 4, 2024, to fund working capital and corporate purposes[8] - The company is enhancing the Evie product experience and preparing to resume direct-to-consumer orders[4] - Movano Health is pursuing key business-to-business partnerships as part of its enterprise initiative[2]