USBC, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights
  • Operating Loss: $4.73M in Q2 FY 2024 vs. $4.81M in Q2 FY 2023, a 1.7% improvement.
  • Earnings per Share: Loss of $0.07, a 30% improvement vs. loss of $0.10 in Q2 FY 2023.
  • R&D Expenses: $2.18M, down 15.1% YoY from $2.56M due to reduced personnel and consultants.
  • SG&A Expenses: $2.55M, up 13.7% YoY, driven by new hires and increased legal/IP costs.
  • Cash Position: $4.71M in cash/cash equivalents as of March 31, 2024 vs. $8.02M as of Sept 30, 2023.
  • Net Cash Used in Operations: $7.05M for first half of FY 2024 vs. $6.34M in the first half of FY 2023.
  • Shareholder Equity: Negative $1.75M as of Q2 FY 2024, down from $3.74M as of FY 2023 year-end.
Product Highlights and Operational Milestones
  • Hardware Development:
    • Launched Gen 2 device KnowU—a wearable noninvasive CGM with onboard ML and connectivity to mobile app.
    • Miniaturized from Gen 1; currently wearable with adhesive or armband; further miniaturization planned.
  • Clinical Trials:
    • Internal IRB-approved study completed with over 30 participants with prediabetes or type 2 diabetes.

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Operator: Greetings. Welcome to Know Labs Second Quarter 2024 Earnings Conference Call. Please note, this conference call is being recorded. I will now turn the conference over to Jordyn Hujar with 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 review Know 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, 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 limitation, the company's Forms 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 in the results of clinical trials or regulatory approvals, the need to obtain third-party reimbursement for patients use of any diagnostic products the company commerciali

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