Movano (MOVE) Q3 2024 earnings summary

Executive summary

• Achieved successful relaunch and fulfillment of Evie Ring D2C sales post-September 2024, with strong customer feedback and enhanced product experience.

• Progressed toward FDA 510(k) clearance for Evie Med/EvieMED Ring, with final responses submitted and high confidence in clinical data and regulatory position.

• Entered agreement phase for a Q1 2025 B2B pilot with a large healthcare company and active discussions with pharma and CRO partners for B2B opportunities.

• Advanced proprietary RF technology for cuffless blood pressure monitoring, completing a seventh clinical trial and ongoing algorithm development.

• Movano Health is an early-stage technology company focused on medical-grade consumer health devices, with its first commercial product, the Evie Ring, launched in November 2023.

Financial highlights

• Shipped 339 Evie Rings in Q3 2024 following the relaunch.

• Q3 2024 operating loss was $7.4 million, improved from $9.1 million in Q3 2023.

• Net loss for Q3 2024 was $7.2 million, compared to $9.0 million in Q3 2023.

• Revenue for Q3 2024 was $50,000, and $0.9 million for the nine months ended September 30, 2024.

• Cash and cash equivalents stood at $11.3 million as of September 30, 2024; quarterly cash burn was $5.6 million, including $1 million in one-time/annual payments.

Outlook and guidance

• Expectation for FDA clearance of Evie Med/EvieMED Ring to act as a catalyst for both D2C and B2B sales growth into year-end 2024 and beyond.

• Additional capital will be required to fund operations and product development; failure to secure funding may force reductions or cessation of operations.

• Incremental marketing spend planned for the holiday season, with focus on disciplined capital deployment and maximizing D2C sales.

• Anticipate continued product enhancements, new app features, and expansion into Android market, which represents about 40% of potential users.

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