Q2 2024 Neuroone Medical Technologies Corp Earnings Call Transcript
Key Points
- NeuroOne Medical Technologies Corp (NMTC) reported a significant increase in product revenue, reaching $1,377,000 in Q2 FY2024 compared to $466,000 in Q2 FY2023.
- NMTC has successfully expanded its commercialization efforts with the Evo SEG electrode product line through its partnership with Zimmer Biomet, leading to increased sales and revenue.
- The company has made progress in the development of new technologies, including the one RF ablation system, which is the first FDA-cleared system for both recording electrical activity and ablating nervous tissue using the same device.
- NMTC is actively pursuing strategic partnerships and licensing opportunities to enhance distribution and commercialization of its technologies.
- The company has no outstanding debt as of March 31, 2024, providing a strong financial position to support ongoing operations and development.
- Despite increased product revenue, NMTC reported a net loss of $2.9 million in Q2 FY2024, although this is an improvement from a net loss of $3.5 million in Q2 FY2023.
- Total operating expenses for the first six months of FY2024 were $6.9 million, slightly higher than the $6.8 million reported in the same period of FY2023.
- The company experienced a decrease in collaboration revenue, reporting none in the first six months of FY2024 compared to $1.46 million in the same period of FY2023.
- Cash and cash equivalents decreased to $2.4 million as of March 31, 2024, from $5.3 million as of September 30, 2023, indicating a significant use of cash in operations.
- Selling, general, and administrative expenses increased in the first six months of FY2024 to $4.2 million from $3.5 million in the prior year period, contributing to the financial strain.
Good day, ladies and gentlemen. Welcome to the Neuroone Medical Technologies Corporation second quarter of Fiscal Year 2024 financial results conference call. Today's call will be conducted by the company's Chief Executive Officer, Dave Rosa, and Ronald McClurg, the Company's Chief Financial Officer.
Before I turn the call over to Mr. Rosa, I'd like to remind you that this conference call will include forward-looking statements within the meaning of US federal securities laws with respect to future operations, financial results, events, trends and performance, which are based on management's beliefs and assumptions as of today's call or other specified dates. Forward-looking statements may involve known and unknown risk, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such date, Scener one's financial results, press release and SEC filings for information regarding specific risks and uncertainties that could cause actual results to differ, except as required by law, neuro one undertakes no obligation to update such forward
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