Q2 2024 Know Labs Inc Earnings Call Transcript
Key Points
- Know Labs Inc (KNW) announced the completion of a portable generation one prototype device for noninvasive glucose monitoring, showcasing significant progress in hardware development.
- The company has successfully tested and proven the stability and accuracy of its new Gen two device, which incorporates proprietary technology and sensor improvements.
- Know Labs Inc (KNW) has completed an IRB approved internal trial with promising results, demonstrating the sensor's accuracy across different glycemic ranges, which is crucial for FDA approval.
- The company has secured a funding agreement for an investment of up to $12 million to accelerate development across its core workstreams, enhancing its financial stability.
- Know Labs Inc (KNW) has expanded its intellectual property portfolio, with over 300 patents issued, pending, or in process, strengthening its market position in non-invasive blood glucose monitoring.
- Despite advancements, Know Labs Inc (KNW) reported an operating loss of $4.73 million in Q2 fiscal 2024, indicating ongoing financial challenges.
- The company experienced a decrease in cash and cash equivalents, from $8.02 million at the end of September 2023 to $4.71 million as of March 31, 2024, raising concerns about cash flow.
- Research and development expenses, although reduced from the previous year, remain high, reflecting the significant cost of product development and innovation.
- Know Labs Inc (KNW) faces the challenge of further miniaturization and adjustments of their device based on clinical trials and human factors testing, which could delay commercialization.
- The company's shareholder equity was negative $1.75 million for Q2 fiscal 2024, which could impact its ability to attract further investment and sustain long-term growth.
Greetings. Welcome to know Lab's Second Quarter 2024 earnings conference call. Please note, this conference call is being recorded.
I will now turn the conference over to Jordan, who are with national labs, Chief of Staff. You may begin.
Thank you, operator, and thank you, everyone, for joining us for today's conference call to review NO Labs' Second Quarter 2024 financial results and operating highlights. If you have not seen today's financial results press release or 10-Q filing, please visit the Investors page on the Company's website at www.knowlabs.co.
Before turning the call over to Ron Erickson, new Lab's Chairman and Chief Executive Officer, I would like to remind you that during this conference call the Company will make projections and forward-looking statements regarding future events. Any statements that are not historical facts are forward-looking statements. We encourage you to review the company's SEC filings, including without limitation, the Company
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