The following is a summary of the Know Labs, Inc. (KNW) Q1 2024 Earnings Call Transcript:
Financial Performance:
Know Labs reported a Q1 net loss of $3.45 million, down 9.8% from a net loss of $3.82 million in Q1 fiscal '23.
Earnings per share improved by 50% to a loss of $0.04.
A non-cash charge of $792,000 was recorded, primarily due to stock-based compensation of $699,000.
Research and development expenditures for Q1 fiscal '24 were down 14.7% YoY at $1.48 million.
Selling, general, and administrative expenses for Q1 '24 increased by 5.6% YoY to $2.01 million, mainly due to increased salaries.
The company ended the quarter with cash and cash equivalents of $4.82 million.
Business Progress:
Know Labs is proactively working on optimizing its Gen 1 portable device that non-invasively monitors glucose levels.
Internal trials conducted in Q1 2024 provided insights into hyper and hypoglycemic ranges, with plans to diversify the population for future trials.
Efforts are being directed at refining the algorithm to achieve a mean absolute relative difference (MARD) of 10% or less, meeting FDA's accuracy requirements across different glycemic ranges.
The company expanded its intellectual property portfolio to 264 patents, primarily focused on their radio frequency spectroscopy technology.
Know Labs added new members to its Board of Directors and advisory board to strengthen expertise across various workstreams.
Plans are in place for participation in the 17th International Conference on Advanced Technologies, where they will present updates on their non-invasive glucose monitor and results from ongoing clinical research.
The company has reduced its core monthly burn rate, providing the company with sufficient cash to operate until at least June 30, 2024.
They plan to raise additional funds through equity issuance, preferred stock, and convertible debentures and have an $18 million S-3 shelf registration statement filed and declared effective.
Know Labs is focusing on developing the second generation of its product family and exploring revenue generation outside the U.S. without needing FDA approval.
More details: Know Labs IR
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