USBC, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • CEO: Ron Erickson
  • CFO: Pete Conley
  • Quarter Ended: June 30, 2023
  • Primary Focus: Development and validation of proprietary Bio-RFID technology for noninvasive glucose monitoring.

Key Financial Highlights

  • Net Loss: $3.59 million, compared to $3.03 million in Q3 FY2022.
  • EPS: Loss of $0.07 (unchanged YoY).
  • R&D Expense: $1.87 million, up 48% YoY due to intensified development of the Gen 1 device.
  • SG&A Expense: $1.35 million, down sequentially from $2.24 million in Q2 and $1.58 million YoY.
  • Cash & Equivalents: $3.93 million (as of June 30, 2023) vs. $12.59 million at Sept 30, 2022.
  • Burn Rate: Reduced from $1.2M/month to ~$800K/month.
  • Capital Plan: Planning new funding through preferred stock, convertible notes, or equity issue by end of 2023.

Operational and Technological Highlights

  • Leadership Shift: Ron Erickson appointed CEO in January 2023; new executive team and partnerships formed.
  • Gen 1 Device: Revealed in June 2023. Portable lab device collects large-scale glucose data across diverse conditions.

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Operator: Greetings. Welcome to the Know Labs Fiscal Year 2023 Third Quarter Earnings Conference Call. Please note, this conference call is being recorded. I will now turn the conference 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 review Know Labs third 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 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 diagnost

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