The following is a summary of the Know Labs, Inc. (KNW) Q2 2024 Earnings Call Transcript:
Financial Performance:
Know Labs reported an operating loss of $4.73 million for Q2 2024, a decrease of 1.7% from the same period in the previous year.
Earnings per share improved to a loss of $0.07, compared to a loss of $0.10 per share last year.
Research and development expenses decreased by 15.1% to $2.18 million, while selling, general, and administrative expenses increased by 13.7% to $2.55 million.
As of Q2 2024, the company had $4.71 million in cash and cash equivalents.
Business Progress:
Know Labs has successfully developed and tested the KnowU, a wearable, non-invasive, continuous glucose monitoring device.
Completed an internal trial with over 30 participants showing a Mean Absolute Relative Difference (MARD) of 11.1%.
Holds over 300 patents issued, pending, and in process.
Secured a funding agreement of up to $12 million from Lind Global Fund II LP.
Aims to raise equity capital from long-term investors and is committed to avoiding structured finance that might harm current investors.
The company has appointed Chris Somogyi as President International, focusing on international markets and monetization of the company's intellectual property.
Initiated the FDA process for its technology and aims to hold a pre-submission meeting with the FDA during fiscal year '24.
More details: Know Labs IR
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