Summary by Moomoo AI
Cardio Diagnostics Holdings, Inc. (Cardio) reported financial results for the quarter ended March 31, 2024. The company generated revenue of $15,928, compared to no revenue in the same period the previous year. Operating expenses totaled $4,173,976, driven by sales and marketing, research and development, and general and administrative expenses. The net loss for the quarter was $4,163,584, a significant increase from the $1,032,618 loss in the first quarter of 2023. The increase in net loss was primarily due to higher general and administrative expenses, including stock compensation and costs associated with being a public company. Cardio's cash position improved slightly to $1,563,139 from $1,283,523 at the end of the previous quarter. The company's future plans include developing additional products, expanding clinical evidence, leveraging new CPT codes, increasing...Show More
