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10-Q: Q3 2024 Earnings Report

SEC ·  Nov 14 05:26

Summary by Moomoo AI

Cardio Diagnostics Holdings, Inc. (Cardio) reported financial results for the quarter ended September 30, 2024. The company experienced a net loss of $1,412,566 for the quarter, which was an improvement from the net loss of $1,932,382 in the same period the previous year. This reduction in net loss was primarily due to decreased interest expenses. Revenue for the quarter was $6,580, a decrease from $10,030 in the prior year's quarter. For the nine months ended September 30, 2024, the company's net loss was $6,864,145, slightly lower than the $6,987,905 net loss for the same period in 2023. Revenue for the nine-month period increased to $30,378 from $11,755 in the previous year. Operating expenses for the quarter included sales and marketing costs of $52,059, research and development expenses of $5,247, and general and...Show More
Cardio Diagnostics Holdings, Inc. (Cardio) reported financial results for the quarter ended September 30, 2024. The company experienced a net loss of $1,412,566 for the quarter, which was an improvement from the net loss of $1,932,382 in the same period the previous year. This reduction in net loss was primarily due to decreased interest expenses. Revenue for the quarter was $6,580, a decrease from $10,030 in the prior year's quarter. For the nine months ended September 30, 2024, the company's net loss was $6,864,145, slightly lower than the $6,987,905 net loss for the same period in 2023. Revenue for the nine-month period increased to $30,378 from $11,755 in the previous year. Operating expenses for the quarter included sales and marketing costs of $52,059, research and development expenses of $5,247, and general and administrative expenses of $1,353,439. The company's cash position improved, with cash totaling $1,982,590 at the end of the quarter, up from $1,283,523 at the end of the previous year. Cardio continues to explore financing options and expects to rely on an At-the-Market Offering and potential future equity issuances to fund operations. The company's financial statements have been prepared on a going concern basis, but there is substantial doubt about its ability to continue without additional financing. Cardio also faces potential regulatory challenges with the FDA's new rule for laboratory developed tests (LDTs), which may require premarket authorization for some of Cardio's products.

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