Q3 2024 Know Labs Inc Earnings Call Transcript
Key Points
- Completion of the Generation 1 prototype device for non-invasive glucose monitoring and subsequent miniaturization to the KnowU, which is 85% smaller and capable of 24-hour wearable data collection.
- Successful clinical trials with significant data collection and presentation at major conferences, achieving a mean absolute relative difference (MARD) as low as 10.8%.
- Expansion of intellectual property portfolio with over 330 patents issued, pending, and in process, and the creation of the Know Labs Skunkworks for IP monetization.
- Strategic collaborations and increased exposure through participation in various industry advisory boards and conferences, enhancing the company's visibility and potential for partnerships.
- Improvement in earnings per share loss from $0.07 to $0.05 year-over-year, indicating better financial management despite increased net loss.
- Net loss increased by 13.9% year-over-year, from $3.6 million in Q3 fiscal 2023 to $4.1 million in Q3 fiscal 2024.
- Significant decrease in cash and cash equivalents from $8.02 million at the end of September 30, 2023, to $2.13 million at June 30, 2024.
- Increase in selling, general, and administrative expenses by $1.1 million year-over-year, primarily due to higher salaries, legal expenses, and stock-based compensation.
- Shareholder equity turned negative, from $3.74 million in fiscal year 2023 to negative $4.6 million in Q3 fiscal year 2024.
- Dependence on additional funding to ensure operations into 2025, highlighting ongoing financial challenges and the need for further capital raises.
Greetings. Welcome to the Know Lab third quarter 2024 earnings conference call. Please note, this conference call is being recorded. I will now turn the conference over to Ron Erickson, Know Labs, Chairman and Chief Executive Officer. Please go ahead.
Thank you, operator. Thank you, everyone, for joining us for today's conference call to review Know Labs third quarter 2024 financial results and operating highlights. Joining me today is Pete Conley, our Chief Financial Officer, and Senior Vice President of Intellectual Property, who will discuss our financial results. missing today is Jordyn Hujar, who many of you have heard from our long term, Chief of Staff. Jordyn is on maternity leave taking care of her new son and doing wonderfully well.
If you have not seen our financial results today, the press release and 10-Q filings they are available on the investor page on the company's website at www.knowlaba.co.
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
