Summary by Moomoo AI
Cardio Diagnostics Holdings, Inc. reported its financial performance for the quarter ended June 30, 2024. The company saw a net loss of $1,287,995 for the quarter, a significant improvement from the $4,022,905 net loss in the same period the previous year. This reduction in net loss was primarily due to decreased general and administrative expenses and lower interest expenses. Revenue for the quarter was $7,870, up from $1,725 year-on-year, indicating some growth in the company's sales. Operating expenses totaled $1,290,330, with the largest contributor being general and administrative expenses at $1,220,477. Research and development costs were $7,280, and sales and marketing expenses were $57,779. The company's future plans include expanding its product offerings, increasing market reach, and pursuing potential strategic partnerships or acquisitions. Cardio Diagnostics Holdings, Inc. is focused on developing products for cardiovascular disease and associated co-morbidities, leveraging its AI-driven Integrated Genetic-Epigenetic Engine™. Despite the improved financial performance, the company acknowledges the need for additional equity financing to sustain operations beyond the next 12 months.
