Movano (MOVE) Q2 2024 earnings summary

Executive summary

• Focused on efficient use of $24.1M capital infusion, with progress on D2C relaunch, B2B partnerships, and FDA 510(k) clearance for EvieMED Ring.

• Preparing for expanded direct-to-consumer launch of Evie Ring, with orders resuming September 17, 2024, and enhanced customer service.

• Advancing clinical studies and R&D for cuffless blood pressure, noninvasive glucose monitoring, and proprietary sensor technology.

• Highlighted three new B2B commercial opportunities with global pharma and payer partners, plus MIT clinical study partnership.

• Movano Health recorded $0.9M in revenue for H1 2024, with no revenue in Q2 due to refunds and returns offsetting sales.

Financial highlights

• Q2 2024 operating loss was $6.4M, improved from $7.4M in Q2 2023; net loss for Q2 was $6.2M, down from $7.3M.

• Cash and equivalents totaled $16.9M at June 30, 2024, after $24.1M private placement in April.

• Shipped 1,837 Evie Ring units in Q2 2024, down from 5,300 in Q1 due to paused orders.

• Operating expenses decreased 11% year-over-year for the six months, driven by lower R&D and SG&A costs.

• Gross proceeds from the April 2024 private placement were $24.1M, before $1.4M in offering fees and expenses.

Outlook and guidance

• Expect to resume Evie Ring orders and shipments in September, with expanded marketing and improved customer experience.

• Anticipate B2B launch of EvieMED upon FDA clearance, with multiple commercial opportunities in the pipeline.

• Management expects continued net losses and negative cash flows as R&D and commercialization efforts continue.

• Additional financing will be required to fund future operations; substantial doubt exists about ability to continue as a going concern without new capital.

• Continued focus on cash management and margin improvement through operational enhancements and turnkey manufacturing agreement.