- Nemaura Medical has recently reported its 3QFY2022 (4QCY2021) results, with the company recognizing its inaugural revenues of $183,628 over the quarter
- The company also announced that it held $23 million in cash reserves as of the end of the quarter, which should amply cover its cash requirements over the coming months
- Nemaura Medical seized upon the opportunity to update investors on their ongoing operational highlights, which include the appointment of Dr. Arash Ghadar as COO, the formal launch of their Miboko product line
- Finally, the company also announced a new investment received from Tiger Partners Trading LLC, an investment advisor to legendary investor Julian Robertson’s Tiger Management family office
Nemaura Medical (NASDAQ: NMRD), a medical technology company focused on developing and commercializing non-invasive wearable diagnostic devices and supporting personalized lifestyle coaching programs, has announced its recent Q3 FY2022 results for the quarter ending December 31, 2021 (https://ibn.fm/8VG8U).
Nemaura Medical has seen its financial results go from strength to strength over the past year. The company recognized Q3 FY2022 revenues of $183,628 due to the initial shipments made over the past quarter of sugarBEAT(R) CGM devices to MySugarWatch, the company’s UK licensee. The order marked the inaugural revenues in Nemaura Medical’s history, with the company rapidly moving towards monetizing its recent product launches. Meanwhile, the company reported total operating expenses over the quarter amounting to approximately $1.8 million, including the cost of additional headcount required to support and drive the operational scale-up process across both the company’s UK and US teams. Finally, Nemaura Medical announced that it held cash equivalents of approximately $23 million as of December 31, 2021, compared to $31.9 million as of March 31, 2021.
“The December quarter marked a milestone for Nemaura, as we officially entered the commercialization phase of our corporate development and recognized revenue for the first time in our history,” commented Dr. Faz Chowdhury, CEO of Nemaura.
Nemaura Medical’s recent earnings announcement comes amidst a period of solid growth for the company over the past few months. Nemaura Medical recently appointed Dr. Arash Ghadar as Chief Operating Officer; Dr. Ghadar will come on board entrusted with helping commercialize the company’s transformational line of non-invasive diabetes management products. The company also formally launched its Miboko product line, a service offering in development over the past 18 months. Miboko uses a non-invasive glucose sensor to measure and monitor users’ blood sugar levels based on glucose tolerance or insulin resistance. The device is then linked to an AI mobile application, which provides users with personalized information by tracking their metabolism.
“With the recent launch of Miboko, our new metabolic health program, we now have a second product from our platform of non-invasive microsystem technology, which we believe will have broad appeal. We are leveraging our sensor platform to enter mass market, high-value applications to deliver long-term value to shareholders,” stated Dr. Chowdhury.
Separately, Nemaura Medical also seized on the opportunity to reveal that Tiger Partners Trading LLC, an advisor to legendary investor Julian Robertson’s Tiger Management family office, had acquired a 3.1% equity stake in Nemaura Medical in February 2022. Mr. Robertson’s offshoot network of investment firms, including Tiger Global, has become some of the largest investors in early-stage private- and publicly-listed companies in recent years. In 2021, Tiger Global surged ahead of its peers in venture capital investments, with the asset manager deploying upwards of $70 billion across 335 individual deals for the year (https://ibn.fm/c5yhZ).
NOTE TO INVESTORS: The latest news and updates relating to NMRD are available in the company’s newsroom at https://ibn.fm/NMRD
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