MOVE - Earnings call transcript Q3 2021

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Operator

Greetings. Welcome to the Movano 3Q 2021 earnings conference call. At this time, all participants are in a listen only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. is conference this note, being recorded. Please now J. will turn the host, your to over conference I CFO. Cogan,

may You begin.

J. Cogan

Thank thank us you operator. for you Good joining today. afternoon everyone. And

call the Our financial prepared will position. on operating cover our during open results Mastrototaro, of CEO, I today's highlights quarter John QX. Afterward, remarks we progress our third about the have and made will perspective with XXXX provide

Michael Leabman, the Movano's will John Finally, Technology Founder for Chief and Q&A Officer, session. and me join

would I make today's whether Securities during such filings our begin, statements to risk Before conditions inherent specifically remind will Exchange risk uncertainties. in forward-looking XX-Q. to disclaims expectations as or the with risk and otherwise prospectus we laws, those that we These changes reflect These IPO or the to by circumstances. factors update with and like or Commission, make any Except forward-looking section everyone remarks regards in events, are company's session. statements forward-looking call, Movano subject and uncertainties of the to federal contained to securities herein and in statements Forms required are during Q&A elsewhere prepared to obligation and the in revisions detailed

to over John Mastrototaro. Now turn the I to would like call our CEO,

John Mastrototaro

update. J. welcome business QX appreciate everyone. call you We earnings joining Thanks and And our us today for

building are technology a on been proving roadmap in that public Since plan out products. proprietary to continued technology quarter, lives. empower our studies, third and of we to development inspire commercial the to make live out clinical and of pipeline have to went be our laying that commercial we a will healthier, initial and and following critical technology the integrates the our we we aims the which team. During product path hyper-focused on our progress development happier individuals foundation March,

health work focused consumer-driven macro market care of the the and We a determined care in these given a preventative areas, practice at progress been forces market transitions have from on fast across significant treating as to longevity. to make sick the

couple utility referred our Over time execute of step-by-step thoughtfully. and strategy crawl, which functionality in past and the our calls, this vision I over for a to product walk, adds to fashion safely as earnings commercialization, run have

We as hands Class of necessary follows. to product One, are device Two, the steps our our experience. incremental cloud bringing a platform development to as to Class of a data are user reach the to as carving Today, technology variety to II goal to as to attractive II at in monitoring. and blood a primary our Class pressure an or sooner. same taking app while three, And wearable for of create exempt to glucose technology our the consumers I fit develop get cleared to our collect algorithm much able pathway a to be in we exceptional to can time form factors. market strategic a FDA best-in-class further miniaturize end and way goals

device wearable end-to-end is first solution our plan, our shape. against execute taking we As

in clinical early During our the by prototype the into our of that told call, move a third second to end that expected quarter. would you the of evaluation and testing be development quarter quarter fourth we quarter we earnings stage the the wrist-worn out or fourth and wearable in conducted

plan now is be our as mobile to use contains teams new engineering we blood new device enable Movano's milestone. first to from tireless study report transferred more the and advances efforts data a this to taking especially wearable a wearable special A directly the helping prototype wrist-worn for obtain productizing lab major our Movano in wearable pressure of than and This thanks bring is clinical clinical uncommon, few technology. to and pressure step new the to and data circuits cloud as shortly, testing our towards which to our our a signal the Bluetooth-enabled, officially achieve operational very technology, and and for the ready which processing our prototype I development prototype of meaningful blood battery-powered will talented data And weeks sciences am took our clinical to us and the proprietary well the prototype development integrated algorithms. up of isn't happy allowing developing of capabilities wireless, optimize at applications iteration further which is a While when expected, out testing.

In milestone major excited miniaturization addition, our to another are we related this efforts. year of

multi-chip previous our solution. our architecture to single-chip down focus alluded During calls, to a we shrinking on have

will timing packages the single-chip integrated As completed solution single-chip innovative recently on proprietary with key that into our was which developing tape-out internal circuits our to leaves solution will one and the you all is that us small factors A be competitive expectations. commercial recall, our products. of design spot form flexibility to

advance factors huge is in on us have economy We the am of expect the We on broader the milestone very spring proud to process another executing our Despite slowed many calls. future plan our through XXXX. this partner, progress this foundry the continue company. keep of that our to team for I down, GlobalFoundries, could testing and for fabrication as of with you apprised

key what plan and the the on seasoned has next product take steps Vice we brought months build miniaturizing stage laying the at end, several regular more and have to will next Bernstein's Continuous been updates necessary technological we foundation next organization. CES our progress hear at early Conference. hires necessary should we be we the technology over Monitoring Glucose week is in the And from of our we presenting in will with be that for resources of expect are us of XXXX. our exit our third significant President offering, evolution. Disruptors past January, Virtual XXXX groundwork To of the demoing as to it in made lifecycle, addition you we group consider Operations, is for a technology enter in Due we for the on arrange we potential As to strategic Vegas believe scale effective manufacturing market bring to in We companies and could our with a that to opportunities be we the quarter, In who developing as have of the to accelerated, and an Las partners key going and limited our future strategic meetings to basis. made planning platform. instrumental efficient

digitally-enabled increasingly to today's So are health solutions. wellness consumers connected, seeking and recap,

making technology accessible control more We health are and vital over and us developing greater our giving data that's simple, health personalized smart journey.

want partner feel you to not we developing are delay the fitness to to live grade to We your empowering we consumer users not a provide device health so good, patients. it and best, also at medical burden you advantage sit diseases such be technology market, want a as happier real want only feel that your in people, patented stylish products you and wearables hypertension We helping that healthier, look will cut-less competitive but like the of a reduce and or of and to medical or small diabetes. in of noninvasive to want deployed feel We to addition life. providing packaged in more prevent diagnostics focus in with in be on We chronic and with solution believe provides stats lifestyle onset can the the it good monitoring inspiring value. our intersection a and

these compared believe current features will we more widespread priced medical devices. rapid, expect our We affordably addition, In to solutions adoption. will be drive

ahead. We about where are today and lies very excited we what are

clear have to a the J, it great vision, With sharing financials. to We forward on additional look I months. will that, momentum. progress discuss in the back updates team We a to and strong turn our quarterly coming

J. Cogan

me We operating ago the financial focus John. our to you items, third in Thanks XXXX few website. find today's of year $X.X loss period. quarter an line in release, key loss But results Movano in the $X.X of on reported XQ compared operating a can on of the detailed an earnings million million which let

increase we of and equivalents and cash public an initial as XXXX, loss costs months nine expansion September of nine third million XXXX. public initiatives first company At of to the The operating the investments the related of primarily to team March term the $XX.X reported end million in inclusion months XXXX was of versus the our total million the For ended cash, of R&D $X.X million. $XX.X short offering. assets as quarter, $XX.X our well and we XX, had of related

company. initiatives guidance and will continue team, our build R&D we a variety be testing financial cost you spending to a absorb medical will public and continue specific tied assume the related should providing being of our but going We not to increase device efforts of forward,

of we at focus our swift progress the the and increase As on into our burn continue and fourth expect commercial in move make would initial our on to an quarter efforts pace, technology rate product, a XXXX. significant we development

would section Q&A call. to As of we formal the our that remarks, the glad take ready your begin questions. are be to concludes Operator, we

Operator

questions the webcast. Please [Operator Instructions]. J, over ahead. like looks it we have go

J. Cogan

They Yes. Kyle.

you first will take question who with? that want So the one? strategies here, you to CES, be meeting at John, the

John Mastrototaro

space. the as overlap are considering has you for we potential health as name are many can discussed, there to and opportunities Look, participants. position potential digital we medtech, the solution a consumer meeting Sure. believe we understand, But in in have not partnerships our

goal healthcare of and world. to democratize millions Americans is provide our others to So and the around solutions

distribution the would us certainly could interested So our help with with partner of development, be scaling for certainly a them. any and speaking and who focus in we is efforts

J. Cogan

Great.

the showing What to year? CES. Let's next on CES also be will this go question, you at

John Mastrototaro

to develop are and know made, show working this will we Well, to showcase advanced our how is exhibits happier, smart first that CES down our and we and to inspire to miniaturized that devices the heads healthier have have and progress have we we our will had we simple, as personalized have you solution. Since want individuals empower hard going lives. live

We in have development made tremendous integrated the progress platform. app front cloud circuit well as as and the on

made the health plenty showing solution to and furthering and the about market. progress clinical have are through studies. our to looking a how but we glucose that blood connected wellness we to algorithm forward to been health do is still on development And been vital also have other holistic pressure, for bring digitally-enabled strategizing work We There great have data we and today. our showcasing us

J. Cogan

Okay.

We have in the one stealth your What's looks a have in it for forward? going communicating for more while. webcast, like. plan mode says, This got a few been you

John Mastrototaro

question. yes, for Thanks Well, true. the it absolutely

We been company IPO the prototype, wearable since the clinical have evidence execution to single-chip solution March. technology focused intensely making But and for committed tape-out have seen the the all studies as that the think forever. plan the of we in progress and of significant of ourselves focus We major we have never our significant in you have I had. on mode done, we development advancing to quietly the of the be are really the stealth milestones that

As we highlighting there be our prepared talking we highlighted the and now visible future more commercial for bring where in a at we out point vision ultimately products a are the to our bit to going and the to progress, about are preparing remarks, market.

the we participate conference We that a are glucose focuses again CES company. and And in certainly in space. as week, first Bernstein forward are looking monitoring which continuous to on our disruptive excited technology next to

the momentum that increase likewise think pace can you to and XXXX, see in on seen time. the I build have enter the over XXXX communication of pace progress we of As and we

J. Cogan

Great. Okay.

question Next like perhaps? the a when product? says, XXXX launch we sounds a This expect event, to can you webcast on

John Mastrototaro

Thanks question. the for

the We are certainly platform. with making our of development significant progress technology

in as commercial it's to making these early put to are we been product. just I are know out prepare of broader consumers or prevent critical like say milestones with hitting a thrive work increasing as as the and broader we preventative chronic plenty us market hard at as hypertension as And But to And have the necessary a this be for shareholders. quickly our forces on the to care too given point, room we can we as ultimately there. in organization. progress need path including we committed to can launching We possible. value are at investment should and date to very healthcare longevity, and both manage much make a a would the little working also But that focus to delivering company that there help to conditions as diabetes, and macro the

J. Cogan

next in Okay. the cash year. going and I By and in the There cash can ahead morning, go It says, and quarter you into specifically. prepared early more will a fourth was be our quarter, cash is published given remarks over would As this for increase burn. take one first now tomorrow burn for are you bit one. the nine how million operations see $X million holiday that burn a third on the your your our $XX to from mentioned much? months bit XXXX which in upcoming of XX-Q, than

we past, the said, guidance our going as As But we given that taking picking about talked a will additional areas to as R&D on progress product more want initial more specific development in the prepare of not broad and practice. to the financial for are our provide that stage, the development the of an view, a general we technology we platform, other to launch. in health we invest organization are money begin

plan reiterate, good and to the on cash just but before, have our we balance seriously of take stewards to about We capital deployment sheet. very continue this be talked to

We try algorithm and approach as other same quickly process? then asking advancing the investments. at are glucose, we to pressure one we and focus on with about where incremental at versus measured the possible taking are John, a keep a the the generally question to blood as on technology And while to going time have

John Mastrototaro

these Okay. an also And signals, measurement. Well, started started look, we and Yes, make we as as a blood glucose pressure waveforms, we closely that the we then to able data think I glucose see ability to at were we these see when look glucose to see potential that, also collected. And waveforms at we looking were was sure. more first started to with measurements as pressure. pulse organization, because the the there was as being looked and at in

And to One we the data at Our and up will other a so we extract can glucose with that algorithm blood algorithm we is measure. which of that team those is that correlate the from two that analytes focuses. then metrics pressure. really signal has clean looks the have specifically collect

waveform the make So study we the glucose would pressure, for I work that do clinical we the work of improving our first measures either back detection of that that, any and is both comment coming that reduce improve sensitivity are noise, to blood the the do is to or quality the we data that to the of the signals going just make. benefit

involved. to easier because is there our on The in-house measuring. second blood clinical you just thing that the primarily It's recently do study cuff an we study make blood site wear is pressure opted with to because focus versus to no are blood pressure what we

lot compare get for complicated opportunities. is just by so we situation. glucose bring collect blood to doing if device of of But how and blood in are what variety data there resolve to wide team at blood the both to And and a people. the bit which want elected the we algorithm We more And also then for blood lot a look point, tremendous of the can glucose. to markets, testing at a that, deltas. it's studies. beneficial are do we a with algorithms introduce of our get can to we and pressures broad this have whatnot we applicable huge glucose range a both And little Obviously pressures

the seeing think run into The of the that make first is also overall. to ability cleaner the a technology, as size continue I we the the that make as getting you lot scale to improves point moving down we measures testing. and wearable have prototype, last gotten to is clinical our that are see of forward that will will I XXXX, we date

lot and is to to get as improve of both front a solution. a I we optimism continued technology So think in lot the there single-chip a continue and progress of

J. Cogan

the like this don't over am see Kyle, looks that sorry? questions I see any. Great. lines, phone Do at you I time. all any the

Operator

will There over now are no Cogan to closing the questions over the I remarks. for phone. And call turn J.

J. Cogan

Kyle. Thanks today. time Great. everybody thanks And for your

by Movano ir.movano.com. and website checking a news As up-to-date on and can reminder, stay events our investor out connected you at

Operator

may you for time. participation. This lines you your concludes conference at this disconnect and Thank today's your

Movano (MOVE) 11 Nov 212021 Q3 Earnings call transcript