earnings
confidence high
sentiment neutral
materiality 0.60
Movano Q2 net loss $6.9M; advances Ring beta tests, hypoxia study meets FDA SpO2 accuracy
Corvex, Inc.
2022-Q2 EPS reported
-$0.42
- Net loss $6.9M ($0.21/sh) vs $4.7M ($0.15/sh) in Q2 2021; no revenue as development-stage company.
- Cash $21.3M at June 30, 2022, down from $33.6M at Dec 31, 2021.
- Plans DTC launch of Movano Ring in H1 2023; beta partners include Stanford, major pharma, diabetes device firm.
- Hypoxia study with UCSF: Ring achieved 2% SpO2 error margin (FDA requires 4%); larger pivotal study planned.
- Two new patents granted for SoC; planning BP and glucose clinical studies in Q3 2022.