Q3 2024 Neuroone Medical Technologies Corp Earnings Call Transcript
Key Points
- NeuroOne Medical Technologies Corp (NMTC) completed a $2.65 million private placement and entered into a $3 million secured credit facility agreement, improving their balance sheet.
- The OneRF ablation system has been successfully implanted in 16 patients across four centers, with over 50 RF ablations performed on three patients.
- The company has initiated the sales quotation process with an additional 12 centers, indicating growing interest in their product.
- CMS approved a new ICD-10-PCS code for the OneRF ablation procedure, effective October 1, 2024, which will support accurate data collection and reimbursement claims.
- Product revenue increased to $826,000 in Q3 2024 from $630,000 in Q3 2023, and to $3.2 million for the first nine months of fiscal 2024 from $1.2 million in the same period of fiscal 2023.
- The company reported a net loss of $2.8 million for Q3 2024, although this is an improvement from a net loss of $3.5 million in Q3 2023.
- Total operating expenses for the first nine months of fiscal 2024 were $10 million, only a slight decrease from $10.5 million in the same period of fiscal 2023.
- Cash and cash equivalents decreased to $1.6 million as of June 30, 2024, from $5.3 million as of September 30, 2023.
- The company had no collaboration revenue in the first nine months of fiscal 2024, compared to $1.46 million in the same period of fiscal 2023.
- SG&A expenses increased to $6.1 million for the first nine months of fiscal 2024 from $5.3 million in the same period of fiscal 2023.
Good day, ladies and gentlemen. Welcome to the NeuroOne Medical Technologies Corporation third 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 Ron McClurg, the company's Chief Financial Officer; Chris Volker, the company's Chief Operating Officer, will also be in attendance.
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 all based on management's beliefs and assumptions as of today's call or other specified date. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors, which may cause actual results to differ materially from those expressed or implied by such statements. See NeuroOne's financial results press release and SEC filings for information regarding specific risks and uncertainties that could cause actual results
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