USBC, Inc. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Company: Know Labs, Inc.
  • Fiscal Period: Q1 FY 2023 (Ended December 31, 2022)
  • Date of Call: February 14, 2023
  • CEO: Ron Erickson
  • CFO: Pete Conley

Key Financial Highlights

  • Net Loss: $3.82 million, improved from $5.36 million in Q1 FY 2022.
  • EPS: ($0.08), an improvement compared to ($0.15) in the same period last year.
  • R&D Expenses: $1.74 million, up from $886,000 in Q1 FY 2022. Increase due to added engineering staff and third-party services focused on Bio-RFID development.
  • SG&A Expenses: $1.91 million, up from $1.22 million YoY. Increase related to expanded leadership and use of third-party services.
  • Cash Position: $9.68 million as of December 31, 2022, down from $12.5 million on September 30, 2022.
  • Cash Runway: Expected through February 15, 2024.

Strategic and Operational Updates

  • Leadership Transition: Phil Bosua stepped down as CEO and Board Member. Ron Erickson (Chairman) named CEO. Phil remains a consultant focusing on AI and remains engaged in a technical advisory role.

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Operator: Greetings, and welcome to the Know Labs Fiscal Year 2023 First Quarter Earnings Conference Call and Webcast. Please note, this conference call is being recorded. I will now turn the conference call over to Jordyn Hujar, Know Labs’ Chief of Staff. You may begin. Jordyn Hujar: Thank you, operator. Thank you, everyone, for joining us for today’s conference call to discuss Know Labs first quarter of fiscal year 2023 financial results and recent operating highlights. If you have not seen today’s financial results, press release and 10-Q filings, please visit the Investors page on the Company’s website. Before turning the call over to Ron Erickson, Know Labs’ 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 limitations, the Company’s Form 10-K and 10-Q, which identify specific risk factors that may cause actual results or events to differ materially from those described in these forward-looking statements. These factors may include, without limitation, risks inherent in the development and/or commercialization of potential diagnostic products; uncertainty and the results of clinical trials or regulatory approvals; the need to obtain third-party reimbursement for patients use of any diagno

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