Know Labs(KNW)2024-08-15 02:44Financial Data and Key Metrics Changes - For Q3 fiscal 2024, Know Labs reported a net loss of $4.1 million, an increase of 13.9% compared to a net loss of $3.6 million in Q3 fiscal 2023, translating to an earnings per share loss of $0.05, an improvement of 29% from the prior year [21] - Research and development expenses decreased by 28.2% year-over-year to $1.35 million from $1.88 million in Q3 fiscal 2023, primarily due to the completion of hardware and software product development milestones [21] - Selling, general and administrative expenses increased by $1.1 million to $2.49 million compared to $1.36 million for the year-ago quarter, driven by key hires and increased legal expenses [22] Business Line Data and Key Metrics Changes - The company achieved significant milestones in hardware development, including the completion of the KnowU, a wearable non-invasive continuous glucose monitoring device, which is 85% smaller than the previous prototype [7][8] - Clinical testing has progressed, with a mean absolute relative difference (MARD) of 11.8% achieved in trials, indicating the effectiveness of the device in real-world settings [9][10] Market Data and Key Metrics Changes - The company is focusing on expanding its market reach by enrolling a more diversified population in clinical trials, including individuals with Type 1 diabetes, to enhance data collection and algorithm accuracy [13] Company Strategy and Development Direction - Know Labs aims to maximize shareholder value through strategic collaborations and monetization of its intellectual property assets, while continuing to develop the KnowU for FDA approval [19][20] - The company is actively expanding its intellectual property portfolio, with over 330 patents issued, pending, and in process, reflecting a high rate of innovation [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to operate until at least December 31, 2024, following a recent capital raise of $3.445 million [23][24] - The focus remains on successful development and commercialization of the KnowU device, with an emphasis on addressing the needs of underserved populations [19][20] Other Important Information - The company has launched initiatives to reduce fixed expenses and monthly burn rate, and is exploring additional funding options to ensure operational continuity [24] - Know Labs has expanded its advisory board and joined industry advisory boards to enhance its exposure and leverage expertise in product development [18] Summary of Q&A Session Questions and Answers - There was no Q&A session during this call due to the quiet period imposed by SEC regulations following the recent capital raise [5][25]