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

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 product adoption, improving operational efficiency, and exploring strategic partnerships or acquisitions. Cardio's ability to continue as a going concern is dependent on obtaining further equity financing and generating revenue. The company's common stock is listed on The Nasdaq Capital Market, and it must meet minimum financial requirements to maintain this listing. Cardio also announced the launch of new products and a telehealth agreement with Navierre. The FDA's new rule for LDTs, effective May 6, 2024, will require premarket authorization for such tests, which may impact Cardio's operations and financial condition.