Movano (MOVE) 14 Nov 242024 Q3 Earnings call transcript

Ladies and gentlemen, greetings, and welcome to the Movano Health Third Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, J Cogan. Please go ahead, sir.

Thanks, operator. thank joining and today. everyone, afternoon, you us for Good quarter today's Mastrototaro prepared company Movano in third John open weeks. made XXXX call recent the the Health's CEO, progress will with and the remarks during of about

be will as we remarks for operating joined our CMO, Q&A. Officer, DXC the financial John, third results And I Tyla and plans, a financial Our of highlights Michael Then news well John. company's will and Officer by current quarter on provide provide will again the Bucher, Technology as call Michael will a results. Founder, detailing our by and this then Tyla issued J, Chief open Commercial some afternoon release XXXX Soule. Movano the followed Leabman; Health company's position. quarterly Chief

Before the and Mastrototaro. required events, to update Movano company's reflect those turn the in and Commission, with specifically herein elsewhere and results subject over to contained the securities to I'd forward-looking forward-looking or and to risks during everyone Risk make today's as Health company expectations. with detailed statements. such call expectations And the our regards Health's CEO, conditions of the inherent based Factors to otherwise and to such changes materially XX-Q in revisions filings that, Except like by risks statements Exchange statements uncertainties These Securities disclaims XX-K. in Movano that actual John These will or any Forms with are on may uncertainties, current be make call different to laws, from are section federal we circumstances. obligation I'll forward-looking begin, remind and statements

First Since our in September progress Evie the XX. have following last of Rings is we to follows: ongoing back business key August, Good on in-stock make we initiatives sale successful fulfillment earnings as everyone. and afternoon, on our continued reported announcement

XXX(k) a anticipation EvieMed with clearance to ring. the work of we're FDA closely continuing for Second, in the

preparing an to pressure our utilizing wearable BXB device, deliver updated radio our analyzing commercial solution. after health clinical first clearance. gaining opportunities lastly, FDA of we're we're incorporates with proprietary shortly frequency our blood our results Third, And recent trial care partners which the

devices. previously, to spending wearables rapidly, as all capital the mentioned and moment with want entering at we strategies. making in to accuracy for building the factor that a business the this medical The XX almost are and last judicious various reflect compatibility. XX features, what growing in and approach will market industry be Smart I sector is as quickly critical to emerge XXX(k) watershed becoming and our As the continue in we players rings intersection out new about our with wellness of form the with the I to our methodical And claims opportunities see clearance, a take months, it on minute prepare

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of with the ring designed October the of and which some FDA, past symptoms. received pulse medical of activity related to and resolved EvieMed, aspects also numerous the features and its responded September to the the We with feature, medical then to mood, but of from required offer sleep, additional unique This we functionality in combination XX. this recall summer. wellness energy metrics which a only not related clarification device is oximetry we logging is provide questions agency You'll to week health EvieMed

the by answer clearance, care anticipation number any a and health with process, have to additional the including potential expected corporate spectrum stage have. monitoring, we reengaged XXX(k) are an in we partners Now inquiries condition agency of of cases, use last trials full clinical across of remote of may standing In the the wellness. management, patient

applications. major solutions We are a unique with in and active in discussions building to leverage both looking pharmaceutical EvieMed global consumer for clinical company

for have research We to add organizations. entered a companies pharmaceutical that organization, research their CRO, with looking clinical discussions ring into or into also large and offering is our

X health a a pilot XXXX solution of in as who's with preparing have an these as partners a QX number with chronic potential we metabolic disease. solution using as see others well overall care company the EvieMed Additionally, entered game-changing of phase address as the the strategic large ring applications. into agreement in EvieMed of of All our to a part funnel

DXC continue provide are And Ring. now Tyle finally, sleep tracking plans an our to X menstrual our deliver it update data as planning consumers, third-party to in the all Evie for most over will our our studies turn on commitment we around CMO, to to months. we coming to of Bucher, on the providing I accurate and the cycle

continuing it every improvements for XX%-plus were service. a are share day. and service September a last has response our Evie our delivery to the With to we users consistent customer approval community app features, customer very seeing operations, we positive score, all across and XX extremely are welcome date, call, I'm to well, pleased in-stock back our gone and preparing we On new John. that Thanks, to

for get our into for the I'm and XX,XXX as the social We've back-in-stock marketing And press we leveraged Friday/Cyber and QX Ring. our marketing and followers start about excited contact to as the of lead XXXX. a holidays. efficient period Monday our an a holiday into entirely head Evie acquisition organic the the continue and well This effectively as extremely word XXX,XXX planned has stable as in out campaign campaign e-mail members the great been cost worth on It that resulted of is customer as upcoming we've strategy has influencers noting list Black well organic. our to

organic announcement brand shared also off, entrepreneur, and have announcements of a to and our that creator, D'Amelio. first series partnership and with mom digital official including, we Heidi will generate interest continue wife, We the of exciting have conversion,

have mission across empowering than become has women Heidi promotions our We with XX Heidi as true couldn't more word of lives, to a and healthier live more and with for are stay family them better the ring fun Aligned of help and holiday data to tuned excited of of and together. her part on working the that insights Evie spreading fan followers the to audience been has million we some be TikTok Instagram.

We've announced app. for version our dropping launch of in we'll the Secondly, right holiday. time of the Android that be

features Friday as very is part as Evie we been of promotion Android most able users. Black This has perfectly requested be Android launched. one experience pleased since the to to offer planned to We're our of our

new restrictions. EV supplement and of And going be to They stakes and to EV Nutrition. sweep our to their space in finally, ours, Third, new time device a this the to take holiday buy really we'll it time Blue a getting dig and a time likely be XX-day return product without leader allow we're and know getting front announcing that takes in audience. a any know with worrisome in going policy. we're We to Shipt a participating consumers are like be cross-promoting in revised on will to

insights addition why continuing with functionality the of our particularly we initiatives, really bodies. all engine, of what our women the improve these product, to are designed In experiencing to illustrate to their behind also are

correlate base trends smarter well-being. can things engine how new future. AI-powered gain will user clarity can this that look our around their discovering data the help to and in near forward the overall excited improve we're with and health sharing that, about for back really day, them turn updates over I'll that unlock and getting more they We're And our the possibilities around for John. this understand The consumers to to every is and ways

Tyla. Thanks,

extends As Evie I and product mentioned development in EvieMed. our my earlier plan beyond remarks, far

additional are a multi-analyte sensing and pursuing further temperature and invested solution clearances research address FDA with rate, We respiration core deeply disturbances. sleep and to in

software require hardware new form components Some only others a may may while potentially or require factors. of update, these different metrics

analytes. Francisco. developed for Last We our we at as that California, are to San place valuable week, University pressure tested these related newly clinical took hypoxia stages of blood wrist clinical planning a part now of in the wearable trial the trials several

making Our collection updated less our enhanced wear. which delivers featuring while device with antennas, data XX chip easier a millimeter and slimmer more design, features impact custom wave also RF additional it together placement to of comfortable with

a wearable blood vital respiration including of host the and monitors waveforms. new saturation, other signs, rate, oxygen addition, rate In ECG pulse

millimeter forward look in of and suite accuracy of remain a pressure for and our that, including summary, on reporting committed With sensors, the hand and technology. data introduction we glucose to the monitoring We're analyte our improving the Jay development. currently call wave broad review. AI frequency In to reviewing radio to I'll and health algorithm progress over blood financial through now the using

Thanks, John.

we on the The third during quarter the As dollars. enhancements XXX ring began September without you'll notably series has the fully across operations The basis a marketing on shipped and orders taking focus followed stub rings been again in phase and of and of initial to improved post-launch We XXXX. Evie this launch customer for manufacturing, of direct-to-consumer XX. expanded the a the completion recall, product of organic on service. logistics execution period

and balance pleased winter plenty and DXC holiday and the had allow XXXX EvieMed, cash XXXX XX, quarter season We inventory million sheet and for $X.X an million well year cash sales generally app the are us operating on us reported an lean on Android of into forward equivalents with we positioning The FDA to with other of in period. million upcoming company in clearance the beyond. higher date move of feature BXB should and have both at results new the We consumer into to operating feedback upgrades. combined hand, That, of with in ago our the XXXX. third influencers, versus loss and our driving volumes, $X.X September as expectation into $XX.X of year-end loss

NASDAQ split resources company. Our the price The was XX, requirement from with to X-for-XX to payments. for other company's listing bid the was reverse in Movano stock $X.X quarter for which priority week, or Capital bid stock NASDAQ to successfully company's Movano Earlier Managing the the has included a cash split $X October November received million the that XX, price on done continued issued intended Market. shares implemented so. stock. on onetime common increase regain minimum of approximately the common million, the on the of compliance annual Recently, we burn notice continues a reverse this be shares approximately of of

a split, reverse the the October investigating October stock and XX that announcement it the reverse effective the to a of announced large is level. its shares parent convention of manipulation to Connected of XX, on split on an in at share date were company the split of between transactions attempt beneficial reverse take the advantage fractional number single executed owner rounding up apparent

The this company continues approximately of was to split. reverse activity number able the X.X common were million round and outstanding post shares of to to uncover any before expect issued shares be

this issue counsel parties, and in the We other similarly interested companies extent pursue as affected fullest have been direct regulators, necessary. we to including securities with communication legal

to over final John his back it turn I'll for remarks. Now

couldn't Thanks, about and J. I more highlighted. progress all team the excited just be The we

point nearing inflection in milestones. we as We for the on close company are key an

expansion our happy look to as that, for we and are laser-focused BXB DXC to optimistic take our out continuing chip. your business, EvieMed be With share forward on RF We questions. year. to close on of the of our We we'd the the the bullish progress potential opportunities about

the The comes Instructions] line Bruce [Operator Company. from first from Jackson The Benchmark question of

-- So for What you're cuffless that it data? sounds we pressure pretty next blood see might and excited some when like it. the about the are program with measurement, the steps blood

raw past recent employed as question, antennas to week, clean us additional get RF from in allows excited monitoring. getting the right displayed it were of the for it the most was the in we as Yes, the the Thanks the design we waveforms of to very And In this the product from as screen that just conducting were over we exceptionally device study were being placement of study, Bruce. radial not the wrist. artery the we're about have well. we signals data that the the on

So really we good that. about feel

that data In also sensors. be the monitoring stage And blood together. were very use at all we're shortly. PPG the result. of we're Right as of addition, now, for merging part data of to of We're work looking we this all the ECG, able to our algorithm the pressure accuracy in leveraging going

we the able on year, where FDA at for par are at with the We confident that within of fairly be we the study accuracy that accuracy and end should see meet last monitoring. blood least criteria were to ran we pressure

we more an And will got so a where we proceed that would to is from wrist. design of total to what this like when the actual factor on is did product look close here form new the

that look to slim look studies. going it continue while more a more some So what to bit like like. And the we'll commercial iterate there to down to and conduct make would product a going we're work design on, is continue

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so. see expect years more get market can you over course enhancements as next on prototype. trials believe we're what within of we've year, some the mentioned or the to of the to earlier, couple track this some that the we So to And to is

for market for And have Great. And the as the the app. big great. you you? the also Okay, functionality app? to market. then the how remind This same is moving it just iOS Android potentially us is over Android can important Will

hand it start to maybe Tyla. I'll Sure. off and then

app, as do the we iOS the same the will functionality features the all app. app functionality have of In in and of the terms of

an going same the people iOS And whether versus or for on Android us user you're Tyle So to apps. user, to the on have you're the exact of an number experience have Android come who both comment looking iOS. of can

I XX% color were do I talking you have think, users. for the Tyle, think of it's in like But population, users, we were the that? that Android overall, more to

John. Yes, you're right,

Android. think to say that's from service context reached the since is around at will request of the out who received customer that we #X we XX% through us our and both on all launch that using I for are currently have social I team. market the looking it people

bump expect a going So nice we come that it. I definitely we're pretty once see out to with

And great. Okay, the then a financials. question on

expense continue operating the be into the the control and launch operation in doing the quarter? very you as fourth how -- see So the development, has And increasing may good. the been expenses quarter fourth and research -- move with you're unfolding we activities here do the

to me want that you take John, one?

J. please, Yes

Sure. Bruce.

The you. overall has company's continue the cash a been burn thank yes, managing be. to So will and spend obviously and on focus rate priority

go we've quarter about our that respect to the into as holiday next As said to the includes in be for here be going the behind thoughtful as add able to year, app, as judicious excited into season. a We're spend with marketing such to we and capital really bigger winter we make deployment. example. features overall we're very going And Friday Black be through we'll Android past, push fourth the and additional

the how you'll on making And Obviously, of think the same sure so catalyst with about burn. a regards focused time, And the very, highlighted company. company resources. an early a FDA again, we're there. already all. the for standpoint. deploying very But as clearance an at process, into bit BXB and some internally all see that the very we're being overall we're we're going overall on real I company, spend into getting there's managing in the the little thoughtful managing and and from meaningful stay to incremental on capital still basis, has and well phases lean to work the prepared we to ready see agreement of BXB potential And put the for commercial today, activity opportunities focus We a that

expect basis. would see to more I So a same go-forward of on the

Okay.

great. And more I've got Okay, if then question okay. just that's X

to the type just where XXX(k) of sense the just are FDA? of the are process. we in Or of down what with EvieMED, through us give think a it stuff? for the we labeling types With routine questions questions you Is kind like

Bruce. Thanks, Yes.

off, first stand now. right feel confident with where So we I very

nonmedical strong. at looking of the process came As of go you'll recall, out we questions a FDA of the then aspects And through the really came summer, back the with to to the that had in and of of some we this related the features, product. medical lot device

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And for clarifications we've and up that to addressed have. we additional so are they waiting sitting any everything by was may us questions here then, brought or that

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sense oximeters our by run better. the product hospital, have data to in on alongside significantly came the those, evaluate We clinical pulse have superior we the and hospital-based of the and today out the that's market trial to great exceptional they

this. So evidence that's and we our good data really clinical part about of feel

bottom the detail we we've testing the in cases, with more tests. a And the all like required to and agency, agency. all we're And by of a position as and strong gone it other testing all relates line is the passed feel few testing to ones. in through the that really the repeated added We that's

and from response. provided any So to the here we it's recent get kind since feedback of now, most the XXth further them hour we're waiting

me. it Okay, for progress. That's on great. Congratulations the

Thank you, Sure. Bruce.

[Operator Instructions]

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Okay, thank you.

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