Corvex (MOVE) Q3 2024 earnings summary

Executive summary

• Launched Evie Ring, a wearable for women, in November 2023, generating $0.9 million revenue in the nine months ended September 30, 2024, with $0.05 million in Q3 2024.

• Focused on R&D for medical-grade consumer health devices, including FDA-cleared wearables and proprietary SoC for blood pressure and glucose monitoring.

• Completed a 1-for-15 reverse stock split on October 29, 2024, regaining Nasdaq compliance.

Financial highlights

• Revenue was $50,000 for Q3 2024 and $0.9 million for the nine months ended September 30, 2024, compared to $0 in both periods last year.

• Net loss was $7.2 million for Q3 2024, improved from $9.0 million in Q3 2023; nine-month net loss was $19.1 million, down from $23.3 million year-over-year.

• Cash and cash equivalents totaled $11.3 million as of September 30, 2024.

• Operating expenses decreased 18% year-over-year for the nine-month period, driven by lower R&D and SG&A costs.

Outlook and guidance

• Expects to continue incurring significant expenses and operating losses for several years as product development and commercialization efforts continue.

• Current cash is not sufficient to fund operations for the next twelve months; additional capital will be required.