Nemaura Medical Announces Fiscal Second Quarter 2022 Financial Results and Provides Business Update
November 15 2021 - 9:30AM
Nemaura Medical, Inc. (Nasdaq: NMRD) (“Nemaura” or the “Company”),
a medical technology company focused on developing and
commercializing non-invasive wearable diagnostic devices and
supporting personalized lifestyle coaching programs, today provides
a business update and releases its financial results for the second
quarter of fiscal 2022 (for the three months ended September 30,
2021).
Recent Corporate
Highlights:
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Launched beta version of Miboko, its mass-market metabolic health
program utilizing the Company’s non-invasive glucose sensor along
with an AI mobile application. |
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● |
Signed a global commercial contract with MySugarWatch DuoPack
Limited (“MSW-DP”). Under terms of the deal, the continuous glucose
monitors (CGM) and sensors will be provided as Duo-Packs with
prescription-only medicines that are widely prescribed for people
with Type 2 diabetes. |
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● |
Welcomed Dr. Osama Hamdy, M.D., Ph.D., to its advisory board as a
consultant. Dr. Hamdy is a senior endocrinologist at the Joslin
Diabetes Centre, and associate professor of Medicine at Harvard
Medical School. Dr Hamdy will partake and advise on Key Opinion
leader studies in both the Diabetes and Metabolic Health fields
using Nemaura’s glucose monitoring technology |
“We continue to make progress in our
commercializing efforts for sugarBEAT® in the UK and recognizing
revenue from our licensee. We are also working closely with
advisors to expand our footprint throughout the world to address
the worldwide health crisis of diabetes using our skin-mounted
needle-free CGM as an innovative solution for patients and
consumers. Combined with our digital lifestyle management programs,
we believe that our technology offering has the potential to be a
key tool for the prevention and management of Type 2 diabetes,”
commented Dr. Faz Chowdhury, CEO of Nemaura Medical. “As we
progress with our corporate, clinical, and regulatory milestones,
we will provide future investor updates.”
2Q22 Financial summary:
|
● |
Total operating expenses were approximately $1.7 million. The rise
in general and administrative expenses was driven predominantly by
increased wages, as additional headcount has been added to support
the operational scale up process across both our UK and U.S. teams.
Increases have also been seen in insurance and advertising costs,
which are considered to be directly related to the
commercialization steps taken during the period. |
|
● |
Cash and cash equivalents at September 30, 2021 were approximately
$26.8 million, as compared to $31.9 million at March 31, 2021. |
|
● |
The Company submitted its initial “deposit invoice” in the amount
of $513,000 to its UK licensee as partial payment of the order
received for 200,000 sensors and associated devices. Payment for
which was received on October 1, 2021 and will convert to revenue
once the Company begins delivery of the final product to its
licensee, which is expected to begin during the quarter ending
December 31, 2021. |
About Nemaura
Medical, Inc.
Nemaura Medical Inc. is a medical technology
company developing and commercializing non-invasive wearable
diagnostic devices. The company is currently commercializing
sugarBEAT® and proBEAT™. sugarBEAT®, a CE mark approved Class IIb
medical device, is a non-invasive and flexible continuous glucose
monitor (CGM) providing actionable insights derived from real time
glucose measurements and daily glucose trend data, which may help
people with diabetes and pre-diabetes to better manage, reverse,
and prevent the onset of diabetes. Nemaura has submitted a PMA
(Premarket Approval Application) for sugarBEAT® to the U.S. FDA.
proBEAT™ combines non-invasive glucose data processed using
artificial intelligence and a digital healthcare subscription
service and has been launched in the U.S. as a general wellness
product as part of its BEAT®diabetes program.
The Company sits at the intersection of the
global Type 2 diabetes market that is expected to reach nearly $59
billion by 2025, the $50+ billion pre-diabetic market, and the
wearable health-tech sector for weight loss and wellness
applications that is estimated to reach $60 billion by 2023.
For more information, please visit
www.NemauraMedical.com.
Cautionary Statement Regarding
Forward-Looking Statements:
The statements in this press release that are
not historical facts may constitute forward-looking statements that
are based on current expectations and are subject to risks and
uncertainties that could cause actual future results to differ
materially from those expressed or implied by such statements.
Those risks and uncertainties include, but are not limited to, the
launch of proBEAT™ in the U.S., risks related to regulatory status
and the failure of future development and preliminary marketing
efforts, Nemaura Medical’s ability to secure additional commercial
partnering arrangements, risks and uncertainties relating to
Nemaura Medical and its partners’ ability to develop, market and
sell proBEAT™, the availability of substantial additional equity or
debt capital to support its research, development and product
commercialization activities, and the success of its research,
development, regulatory approval, marketing and distribution plans
and strategies, including those plans and strategies related to
both proBEAT™ digital health, and sugarBEAT®. There can be no
assurance that the company will be able to reach a part of or any
of the global market for CGM with its products/services. The U.S.
Food and Drug Administration (the “FDA”) reserves the right to
re-evaluate its decision that proBEAT™ qualifies as a general
wellness product should it become aware of any issues such as skin
irritation or other adverse events from the device, as well as any
misuse impacting patient safety, and any other reason as the FDA
may see fit at its discretion to determine the product does not fit
the definition of a general wellness product. These and other risks
and uncertainties are identified and described in more detail in
Nemaura Medical’s filings with the United States Securities and
Exchange Commission, including, without limitation, its Annual
Report on Form 10-K for the most recently completed fiscal year,
its Quarterly Reports on Form 10-Q, and its Current Reports on Form
8-K. Nemaura Medical undertakes no obligation to publicly update or
revise any forward-looking statements.
Contact:
Jules AbrahamCORE
IR917-885-7378julesa@coreir.com NEMAURA MEDICAL
INC.
Condensed Consolidated Balance
Sheets
|
|
As of September
30,2021(Unaudited) |
|
|
As of March 31, 2021 |
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($) |
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($) |
|
ASSETS |
|
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|
|
|
|
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Current assets: |
|
|
|
|
|
|
|
|
Cash |
|
|
26,768,196 |
|
|
|
31,865,371 |
|
Prepaid expenses and other receivables |
|
|
1,364,458 |
|
|
|
1,269,513 |
|
Accounts receivable - related party |
|
|
503,554 |
|
|
|
- |
|
Inventory |
|
|
1,115,226 |
|
|
|
850,622 |
|
Total current assets |
|
|
29,751,434 |
|
|
|
33,985,506 |
|
|
|
|
|
|
|
|
|
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Other assets: |
|
|
|
|
|
|
|
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Property and equipment, net of accumulated depreciation |
|
|
351,538 |
|
|
|
202,145 |
|
Intangible assets, net of accumulated amortization |
|
|
1,491,068 |
|
|
|
1,055,256 |
|
Total other assets |
|
|
1,842,606 |
|
|
|
1,257,401 |
|
Total assets |
|
|
31,594,040 |
|
|
|
35,242,907 |
|
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|
|
|
|
|
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|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
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|
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Current liabilities: |
|
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|
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|
|
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Accounts payable |
|
|
151,392 |
|
|
|
253,694 |
|
Liability due to related parties |
|
|
- |
|
|
|
148,795 |
|
Other liabilities and accrued expenses |
|
|
602,669 |
|
|
|
180,552 |
|
Notes payable, current portion |
|
|
15,829,764 |
|
|
|
5,733,370 |
|
Deferred revenue |
|
|
624,588 |
|
|
|
103,470 |
|
Total current liabilities |
|
|
17,208,413 |
|
|
|
6,419,881 |
|
|
|
|
|
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Non-current portion of notes payable |
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8,794,846 |
|
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19,188,724 |
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Non-current portion of deferred revenue |
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|
1,224,797 |
|
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1,276,130 |
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Total non-current liabilities |
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10,019,643 |
|
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20,464,854 |
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Total liabilities |
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|
27,228,056 |
|
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26,884,735 |
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Commitments and contingencies: |
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Stockholders’ equity: |
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Common stock, $0.001 par value, 42,000,000 shares authorized and
23,308,049 and 22,941,157 shares issued and outstanding at
September 30, 2021 and March 31, 2021, respectively |
|
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23,308 |
|
|
|
22,941 |
|
Additional paid-in capital |
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|
35,007,626 |
|
|
|
32,044,335 |
|
Accumulated deficit |
|
|
(30,682,660 |
) |
|
|
(23,844,671 |
) |
Accumulated other comprehensive income |
|
|
17,710 |
|
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|
135,567 |
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Total stockholders’ equity |
|
|
4,365,984 |
|
|
|
8,358,172 |
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Total liabilities and stockholders’ equity |
|
|
31,594,040 |
|
|
|
35,242,907 |
|
See notes to the unaudited condensed
consolidated financial statements.
NEMAURA MEDICAL
INC.
Condensed Consolidated Statements of
Operations and Comprehensive
Loss(Unaudited)(in Dollars,
except Share Amounts)
|
|
Three Months EndedSeptember
30, |
|
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Six Months EndedSeptember
30, |
|
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|
2021 |
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2020 |
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2021 |
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2020 |
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Revenue: |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total revenue |
|
|
- |
|
|
|
- |
|
|
|
- |
|
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|
- |
|
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Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
286,886 |
|
|
|
456,280 |
|
|
|
575,370 |
|
|
|
771,592 |
|
General and administrative |
|
|
1,427,916 |
|
|
|
771,533 |
|
|
|
2,760,102 |
|
|
|
1,367,253 |
|
Total operating expenses |
|
|
1,714,802 |
|
|
|
1,227,813 |
|
|
|
3,335,472 |
|
|
|
2,138,845 |
|
|
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|
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Loss from operations |
|
|
(1,714,802 |
) |
|
|
(1,227,813 |
) |
|
|
(3,335,472 |
) |
|
|
(2,138,845 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,779,462 |
) |
|
|
(353,404 |
) |
|
|
(3,502,517 |
) |
|
|
(542,428 |
) |
Net loss |
|
|
(3,494,264 |
) |
|
|
(1,581,217 |
) |
|
|
(6,837,989 |
) |
|
|
(2,681,273 |
) |
|
|
|
|
|
|
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|
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Other comprehensive loss: |
|
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|
|
|
|
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|
|
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|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(107,151 |
) |
|
|
(19,333 |
) |
|
|
(117,857 |
) |
|
|
(14,510 |
) |
Comprehensive loss |
|
|
(3,601,415 |
) |
|
|
(1,600,550 |
) |
|
|
(6,955,846 |
) |
|
|
(2,695,783 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Net loss per share, basic and diluted |
|
|
(0.15 |
) |
|
|
(0.07 |
) |
|
|
(0.29 |
) |
|
|
(0.12 |
) |
Weighted average number of shares outstanding |
|
|
23,308,049 |
|
|
|
22,390,114 |
|
|
|
23,209,514 |
|
|
|
21,638,907 |
|
See notes to the unaudited condensed
consolidated financial statements.
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