Movano Health Reports Q3 2024 Financial Results and Provides Business Update
Movano Health (MOVE) reported Q3 2024 results, highlighting three key initiatives: the successful back-in-stock launch of Evie Ring direct-to-consumer business, pursuing FDA 510(k) clearance for EvieMED Ring, and advancing blood pressure and glucose monitoring studies. The company shipped 339 Evie Rings in Q3, reporting an operating loss of $7.4 million compared to $9.1 million in Q3 2023. Cash position stood at $11.3 million as of September 30, 2024. The company implemented a 1-for-15 reverse stock split and regained Nasdaq compliance. They also entered agreement phase with a healthcare company for an EvieMED Ring pilot program in Q1 2025.
Movano Health (MOVE) ha riportato i risultati per il terzo trimestre del 2024, evidenziando tre iniziative chiave: il lancio di successo del Evie Ring nel mercato diretto ai consumatori, la ricerca di approvazione FDA 510(k) per il EvieMED Ring e l'avanzamento degli studi sulla monitoraggio della pressione sanguigna e del glucosio. L'azienda ha spedito 339 Evie Rings nel terzo trimestre, riportando una perdita operativa di 7,4 milioni di dollari rispetto a 9,1 milioni di dollari nel terzo trimestre del 2023. La posizione di cassa si attestava a 11,3 milioni di dollari al 30 settembre 2024. L'azienda ha implementato uno split azionario inverso 1-per-15 e ha riacquistato la conformità a Nasdaq. Hanno anche avviato la fase di accordo con una compagnia sanitaria per un programma pilota con l'EvieMED Ring nel primo trimestre del 2025.
Movano Health (MOVE) informó los resultados del tercer trimestre de 2024, destacando tres iniciativas clave: el exitoso lanzamiento del Evie Ring en el mercado directo al consumidor, la búsqueda de la aprobación 510(k) de la FDA para el EvieMED Ring, y el avance de los estudios de monitoreo de presión arterial y glucosa. La compañía envió 339 Evie Rings en el tercer trimestre, reportando una pérdida operativa de 7.4 millones de dólares en comparación con 9.1 millones de dólares en el tercer trimestre de 2023. La posición de efectivo se situó en 11.3 millones de dólares a fecha del 30 de septiembre de 2024. La empresa implementó una división de acciones inversa de 1 por 15 y recuperó la conformidad con Nasdaq. También entraron en la fase de acuerdo con una empresa de salud para un programa piloto del EvieMED Ring en el primer trimestre de 2025.
모바노 헬스 (MOVE)는 2024년 3분기 결과를 보고하며 세 가지 주요 이니셔티브를 강조했습니다: 소비자 직접 판매 시장에서의 Evie Ring의 성공적인 재판매 런칭, EvieMED Ring에 대한 FDA 510(k) 승인을 추구, 그리고 혈압 및 혈당 모니터링 연구의 진전. 회사는 3분기에 339개의 Evie Rings를 배송했으며, 2023년 3분기의 910만 달러 대비 740만 달러의 운영 손실을 보고했습니다. 현금 보유량은 2024년 9월 30일 기준으로 1130만 달러였습니다. 회사는 1대 15 비율의 주식 분할을 시행하고 나스닥 규정을 준수하게 되었습니다. 그들은 또한 2025년 1분기에 EvieMED Ring 파일럿 프로그램을 위해 의료 회사와 계약 단계에 들어갔습니다.
Movano Health (MOVE) a publié ses résultats pour le troisième trimestre 2024, en mettant en avant trois initiatives clés : le lancement réussi du Evie Ring en vente directe aux consommateurs, la recherche de l'approbation 510(k) de la FDA pour le EvieMED Ring, et l'avancement des études de surveillance de la pression artérielle et de la glucose. L'entreprise a expédié 339 Evie Rings au troisième trimestre, déclarant une perte opérationnelle de 7,4 millions de dollars par rapport à 9,1 millions de dollars au troisième trimestre 2023. La position de trésorerie était de 11,3 millions de dollars au 30 septembre 2024. L'entreprise a mis en œuvre une division des actions inversée de 1 pour 15 et a retrouvé sa conformité avec le Nasdaq. Ils sont également entrés dans la phase d'accord avec une entreprise de santé pour un programme pilote du EvieMED Ring au premier trimestre 2025.
Movano Health (MOVE) hat die Ergebnisse für das 3. Quartal 2024 veröffentlicht und dabei drei wichtige Initiativen hervorgehoben: die erfolgreiche Markteinführung des Evie Ring als Direktvertrieb, das Streben nach FDA 510(k) Genehmigung für den EvieMED Ring und die Fortschritte bei Studien zur Blutdruck- und Blutzuckermessung. Das Unternehmen hat im 3. Quartal 339 Evie Rings versendet und einen operativen Verlust von 7,4 Millionen US-Dollar im Vergleich zu 9,1 Millionen US-Dollar im 3. Quartal 2023 gemeldet. Die Barposition betrug am 30. September 2024 11,3 Millionen US-Dollar. Das Unternehmen führte eine 1-zu-15-Rückkehraktienteilung durch und stellte die Nasdaq-Konformität wieder her. Sie haben auch die Vereinbarungsphase mit einem Gesundheitsunternehmen für ein Pilotprogramm mit dem EvieMED Ring im ersten Quartal 2025 begonnen.
- Operating loss decreased from $9.1M in Q3 2023 to $7.4M in Q3 2024
- Successfully regained Nasdaq compliance following reverse stock split
- Entered agreement phase for Q1 2025 pilot program with large healthcare company
- Shipped 339 Evie Rings in Q3 2024
- Continued operating losses of $7.4M in Q3 2024
- Required 1-for-15 reverse stock split to maintain Nasdaq listing
- cash position of $11.3M as of September 30, 2024
Insights
Q3 2024 results reveal both challenges and progress for Movano Health. The company shipped only 339 Evie Rings in Q3, while operating losses stood at
The recent 1-for-15 reverse stock split to maintain Nasdaq listing compliance signals financial pressure. However, positive developments include progress on FDA 510(k) clearance for EvieMED Ring and a potential Q1 2025 pilot program with a large healthcare company. The transition from D2C to B2B healthcare partnerships could provide more stable revenue streams if successful.
The EvieMED Ring's dual functionality as both a medical device (pulse oximetry) and wellness tracker represents a strategic positioning in the healthcare wearables market. The ongoing FDA review process shows positive progression, with successful resolution of wellness features questions and recent submission of medical aspects clarification.
The enhanced blood pressure wrist wearable with 12 additional mmWave antennas and improved design demonstrates meaningful technical advancement. The ability to monitor multiple vital signs (SpO2, ECG, respiration rate) while improving user comfort could differentiate this device in the competitive medical wearables space.
Highlights successful Evie Ring back-in-stock execution
Updates status of EvieMED 510(k) application review
Focuses on launch of EvieMED and securing B2B opportunities
Conference Call at 2:00 PM PT/ 5:00 PM ET Today
The Company continues to remain focused on three key business initiatives.
- Successful execution of the Evie Ring direct-to-consumer business (D2C) following the September 17th back-in-stock launch, bolstered by an enhanced product experience and improved operations across manufacturing, logistics and customer service.
- Securing FDA 510(k) clearance for the EvieMED Ring and pursuing initial business-to-business (B2B) commercial agreements across the healthcare sector.
- Advancing cuffless blood pressure and noninvasive glucose monitoring clinical studies with Movano Health's proprietary and patented System-on-a-Chip (SoC).
"We are pleased with our Evie Ring D2C performance and continue to be laser focused on improving the consumer experience, including the upcoming launch of our Android app, as we head into the holiday period in order to maximize our sales potential," said John Mastrototaro, President and CEO of Movano Health. "Additionally, we look forward to the successful completion of the 510(k) application review process of the EvieMED Ring and continue to focus on the game changing opportunities that we believe EvieMED could unlock for our healthcare partners."
Recent Operating Highlights and Milestones
- On September 17, 2024, Movano Health successfully launched a back-in-stock campaign for the Evie Ring D2C business. On October 30, 2024, the Company also shared the official announcement of its first brand partnership with content creator Heidi D'Amelio.
- The Company continues to work collaboratively with the FDA and remains in the final stage of its FDA 510(k) application review process for the EvieMED Ring. The EvieMED Ring is designed to not only provide medical device functionality with its pulse oximetry feature, but also offer numerous wellness metrics related to sleep, activity and logging of mood, energy and health symptoms. This summer, Movano Health secured a positive resolution after responding to initial FDA questions related to EvieMED's wellness features and metrics. During the week of October 28, 2024, the Company submitted a complete response package to additional clarifying questions related to the medical aspects of EvieMED.
- Movano Health continues to make important progress on the B2B front in anticipation of an expected 510(k) clearance, re-engaging with a number of potential partners across the full spectrum of healthcare use cases. For example, the Company has entered into the agreement phase with a large healthcare company for a pilot program in Q1 2025 using the EvieMED Ring as part of an overall metabolic solution to address chronic disease.
- Movano Health tested its newly developed blood pressure wrist wearable as part of a November 5th and 6th hypoxia clinical trial that took place at the University of
California ,San Francisco . The updated device features an additional 12 mmWave antennas, which together with the Company's custom RF chip, delivers enhanced data collection with less impact of placement while also featuring a slimmer design, making it easier and more comfortable to wear. In addition, the new wearable monitors a host of other vital signs including pulse rate, blood oxygen saturation (Sp02), respiration rate and ECG waveforms.
Third Quarter 2024 and Recent Financial Highlights
- In Q3 2024, Movano Health shipped 339 Evie Rings.
- The Company reported an operating loss of
$7.4 million $9.1 million - Total cash and cash equivalents at September 30, 2024 were
$11.3 million - On October 29, 2024, the Company implemented a 1-for-15 reverse stock split of the issued shares of its common stock. The reverse stock split was intended to increase the bid price of the common stock to enable the Company to regain compliance for continued listing on The Nasdaq Capital Market. On November 12, 2024, the Company was informed by Nasdaq that it had regained compliance with the minimum bid price requirement.
Conference Call
Management will host a conference call and live audio webcast to discuss these results and provide a business update today at 2:00 pm PT/5:00 pm ET.
Attendees can access the live webcast here or on the investors section of Movano Health's website at https://ir.movano.com. The conference call can be accessed by dialing 1-877-407-0989 (domestic), or 1 201-389-0921 (international). Attendees can also use the Call Me Link in which they will be dialed in to the conference call instantly on the number provided with no hold time. An archived webcast will be available on Movano Health's website approximately one hour after the completion of the event and for two years thereafter.
About Movano Health
Founded in 2018, Movano Inc. (Nasdaq: MOVE) dba Movano Health, maker of the Evie Ring (www.eviering.com), is developing a suite of purpose-driven healthcare solutions to bring medical-grade data to the forefront of wearables. Featuring modern and flexible form factors, Movano Health's devices offer an innovative approach to delivering trusted data to both customers and enterprises, capturing a comprehensive picture of an individual's health data and uniquely translating it into personalized and intelligent insights.
Movano Health is developing its proprietary technologies and wearable medical device solutions to enable the future use of data as a tool to proactively monitor and manage health outcomes across a number of patient populations that exist in healthcare. For more information on Movano Health, visit https://movanohealth.com/.
Forward Looking Statements
This press release contains forward-looking statements concerning our expectations, anticipations, intentions, beliefs, or strategies regarding the future. These forward-looking statements are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially from those anticipated. Therefore, you should not place undue reliance on forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding plans with respect to the commercial launches of the Evie Ring and EvieMED; our expectations regarding potential commercial opportunities; planned cost-cutting initiatives; anticipated FDA clearance decisions with respect to our products; expected future operating results; product development and features, product releases, clinical trials and regulatory initiatives; our strategies, positioning and expectations for future events or performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission, including under the caption "Risk Factors." Any forward-looking statement in this release speaks only as of the date of this release. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Movano Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
| ||||||||
September 30, | December 31, | |||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 11,272 | $ | 6,118 | ||||
Payroll tax credit, current portion | 233 | 450 | ||||||
Vendor deposits | 9 | 399 | ||||||
Inventory | 2,033 | 1,114 | ||||||
Prepaid expenses and other current assets | 467 | 442 | ||||||
Total current assets | 14,014 | 8,523 | ||||||
Property and equipment, net | 237 | 342 | ||||||
Payroll tax credit, noncurrent portion | 55 | 169 | ||||||
Other assets | 761 | 387 | ||||||
Total assets | $ | 15,067 | $ | 9,421 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,896 | $ | 3,118 | ||||
Deferred revenue | 20 | 1,252 | ||||||
Other current liabilities | 2,317 | 1,529 | ||||||
Total current liabilities | 4,233 | 5,899 | ||||||
Noncurrent liabilities: | ||||||||
Early exercised stock option liability | — | 23 | ||||||
Other noncurrent liabilities | 583 | 50 | ||||||
Total noncurrent liabilities | 583 | 73 | ||||||
Total liabilities | 4,816 | 5,972 | ||||||
Stockholders' equity: | ||||||||
Common stock | 10 | 6 | ||||||
Additional paid-in capital | 153,732 | 127,823 | ||||||
Accumulated deficit | (143,491) | (124,380) | ||||||
Total stockholders' equity | 10,251 | 3,449 | ||||||
Total liabilities and stockholders' equity | $ | 15,067 | $ | 9,421 | ||||
Movano Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share and per share data) (Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenue | $ | 50 | $ | — | $ | 902 | $ | — | ||||||||
COSTS AND EXPENSES: | ||||||||||||||||
Cost of revenue | 845 | — | 2,440 | — | ||||||||||||
Research and development | 3,404 | 5,636 | 9,198 | 13,701 | ||||||||||||
Sales, general and administrative | 3,180 | 3,443 | 8,794 | 9,965 | ||||||||||||
Total costs and expenses | 7,429 | 9,079 | 20,432 | 23,666 | ||||||||||||
Loss from operations | (7,379) | (9,079) | (19,530) | (23,666) | ||||||||||||
Other income (expense), net: | ||||||||||||||||
Interest and other income, net | 178 | 117 | 419 | 341 | ||||||||||||
Other income (expense), net | 178 | 117 | 419 | 341 | ||||||||||||
Net loss and total comprehensive loss | $ | (7,201) | $ | (8,962) | $ | (19,111) | $ | (23,325) | ||||||||
Net loss per share, basic and diluted | $ | (1.06) | $ | (2.65) | $ | (3.33) | $ | (7.99) | ||||||||
Weighted average shares used in computing net loss per share, basic and diluted | 6,816,339 | 3,380,763 | 5,733,007 | 2,921,201 | ||||||||||||
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SOURCE Movano
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