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.”
To view the full press release, visit https://ibn.fm/J7Ccm
About Nemaura Medical Inc.
Nemaura Medical is a medical technology company developing and commercializing noninvasive wearable diagnostic devices. The company is currently commercializing sugarBEAT(R) and proBEAT(TM). sugarBEAT, a CE mark-approved class IIb medical device, is a noninvasive and flexible continuous glucose monitor (“CGM”) that provides actionable insights derived from real-time glucose measurements and daily glucose trend data, which may help people with diabetes and prediabetes to better manage, reverse and prevent the onset of diabetes. Nemaura has submitted a premarket approval application (“PMA”) for sugarBEAT to the U.S. Food and Drug Administration (“FDA”). proBEAT combines noninvasive glucose data processed using artificial intelligence and a digital healthcare subscription service and has been launched in the United States as a general wellness product as part of NMRD’s BEAT diabetes program. Additionally, Nemaura has launched Miboko, a new metabolic health and well-being program using a noninvasive glucose sensor along with an AI mobile application that helps a user understand how certain foods and lifestyle habits can impact one’s overall metabolic health and well-being. Nemaura believes that up to half the population could benefit from a sensor and program that monitors metabolic health and well-being. Nemaura sits at the intersection of the global type 2 diabetes market that is expected to reach nearly $59 billion by 2025, the $50-plus billion prediabetic market, and the wearable health-tech sector for weight loss and wellness applications that is estimated to reach $60 billion by 2023. For more information about the company, visit www.NemauraMedical.com.
NOTE TO INVESTORS: The latest news and updates relating to NMRD are available in the company’s newsroom at https://ibn.fm/NMRD
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