NetworkNewsBreaks – Nemaura Medical Inc. (NASDAQ
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Posted On: 02/14/2022 3:36:31 PM
NetworkNewsBreaks – Nemaura Medical Inc. (NASDAQ: NMRD) Reports Financial Results, Business Updates for Q3 2022
Nemaura Medical (NASDAQ: NMRD), a medical technology company focused on developing and commercializing wearable diagnostic devices and supporting personalized lifestyle coaching programs, has released its Q3 financial results and business updates. The company noted that, for the three-month period ending Dec. 31, 2021, highlights included the shipment of sugarBEAT(R) continuous glucose monitor (“CGM”) devices to its United-Kingdom licensee, MySugarWatch Limited; the appointment of Dr. Arash Ghadar as COO; and the launch of Miboko, a new metabolic health program using a wearable glucose sensor along with an AI mobile application. The company also reported that earlier this month Tiger Partners Trading LLC acquired a 3.1% equity stake in Nemaura Medical. Financially, the company also reported its first-ever revenue: NMRD received $500,000 as a deposit payment toward a purchase order, of which revenue of $183,628 was recognized during the fiscal third quarter 2022 from initial shipments made to MySugarWatch. Other Q3 numbers worth noting include total operating expenses for the quarter reaching an estimated $1.8 million and cash and cash equivalents totaling approximately $23 million, compared to $31.9 million in March 2021. “The December quarter marked a milestone for Nemaura, as we officially entered the commercialization phase of our corporate development and recognized revenue for the first time in our history,” said Nemaura Medical CEO Dr. Faz Chowdhury in the press release. “Moreover, with the recent launch of Miboko, our new metabolic health program, we now have a second product from our platform of noninvasive microsystem technology, which we believe will have broad appeal. We are leveraging our sensor platform to enter mass market, high-value applications to deliver long-term value to shareholders.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Nemaura Medical (NASDAQ: NMRD), a medical technology company focused on developing and commercializing wearable diagnostic devices and supporting personalized lifestyle coaching programs, has released its Q3 financial results and business updates. The company noted that, for the three-month period ending Dec. 31, 2021, highlights included the shipment of sugarBEAT(R) continuous glucose monitor (“CGM”) devices to its United-Kingdom licensee, MySugarWatch Limited; the appointment of Dr. Arash Ghadar as COO; and the launch of Miboko, a new metabolic health program using a wearable glucose sensor along with an AI mobile application. The company also reported that earlier this month Tiger Partners Trading LLC acquired a 3.1% equity stake in Nemaura Medical. Financially, the company also reported its first-ever revenue: NMRD received $500,000 as a deposit payment toward a purchase order, of which revenue of $183,628 was recognized during the fiscal third quarter 2022 from initial shipments made to MySugarWatch. Other Q3 numbers worth noting include total operating expenses for the quarter reaching an estimated $1.8 million and cash and cash equivalents totaling approximately $23 million, compared to $31.9 million in March 2021. “The December quarter marked a milestone for Nemaura, as we officially entered the commercialization phase of our corporate development and recognized revenue for the first time in our history,” said Nemaura Medical CEO Dr. Faz Chowdhury in the press release. “Moreover, with the recent launch of Miboko, our new metabolic health program, we now have a second product from our platform of noninvasive microsystem technology, which we believe will have broad appeal. We are leveraging our sensor platform to enter mass market, high-value applications to deliver long-term value to shareholders.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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