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Movano Health Reports Q2 2024 Financial Results and Provides Business Update
MOVEMovano(MOVE) Prnewswire·2024-08-14 20:05

Core Insights - Movano Health is preparing for the restock of the Evie Ring on September 17, 2024, and has announced a brand partnership with digital creator Heidi D'Amelio [1] - The company is focused on launching the EvieMED and securing B2B opportunities, including obtaining FDA 510(k) clearance [1][2] - Movano Health reported an operating loss of 6.4millioninQ22024,animprovementfromalossof6.4 million in Q2 2024, an improvement from a loss of 7.4 million in Q2 2023 [3] Business Initiatives - The company successfully closed a 24.1millionprivateplacementinApril2024,whichincludedinvestmentsfromatier−onemulti−billiondollarmedicaldevicecompany[2]−MovanoHealthisadvancingclinicalstudiesforcufflessbloodpressureandnoninvasiveglucosemonitoringusingitsproprietarySystem−on−a−Chip(SoC)technology[1][2]−Thecompanyisintheagreementphasewithaglobalpharmaceuticalcompanyforapotentialprogramstartinginlate2024,withfurtherevaluationsplannedforEvieMED[2]FinancialPerformance−InQ22024,MovanoHealthshipped1,837EvieRingsbutdidnotreportrevenueduetocustomerrefundsoffsettingpreviouslydeferredrevenue[3]−TotalcashandcashequivalentsasofJune30,2024,were24.1 million private placement in April 2024, which included investments from a tier-one multi-billion dollar medical device company [2] - Movano Health is advancing clinical studies for cuffless blood pressure and noninvasive glucose monitoring using its proprietary System-on-a-Chip (SoC) technology [1][2] - The company is in the agreement phase with a global pharmaceutical company for a potential program starting in late 2024, with further evaluations planned for EvieMED [2] Financial Performance - In Q2 2024, Movano Health shipped 1,837 Evie Rings but did not report revenue due to customer refunds offsetting previously deferred revenue [3] - Total cash and cash equivalents as of June 30, 2024, were 16.9 million, an increase from 6.1millionattheendof2023[3][6]−Thecompanyreportedanetlossof6.1 million at the end of 2023 [3][6] - The company reported a net loss of 6.19 million for Q2 2024, compared to a net loss of $7.27 million in Q2 2023 [7]