Q2 2023 Movano Inc Earnings Call
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Greetings and welcome to the Murano second quarter 2023 earnings call.
At this time, all participants are in listen only mode.
And the answer session will follow the formal presentation.
If anyone should require operator assistance during the conference we supposed to stores or one on your telephone keypad.
As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host Jay Kogan, Chief Financial Officer, Sir. Please go ahead.
Thank you operator, good afternoon, everyone and thank you for joining us today are CEO , Jon mastered to Taro will open today's call with prepared remarks about the progress we've made during the second quarter of 2023 and in recent weeks, our Chief Marketing Officer, Tyler Blucher will join us to give an update on the upcoming launch of the EDI ring.
Afterward, I'll cover the highlights of our quarterly operating results and provide a perspective on our financial position.
Finally, Murano health founder and Chief Technology Officer, Michael Lehman, and Stacy Salve, our vice President of strategy will join John Tyler and me for the Q&A.
A lot of health issued a news release earlier this afternoon detailing our second quarter financial results.
This news release and today's presentation are available on our website at <unk> Dot com.
Before we begin I'd like to remind everyone that we will make forward looking statements during today's call based on our current expectations, whether in prepared remarks or during the Q&A session. These forward looking statements are subject to inherent risks and uncertainties and actual results may be materially different from such statements.
These risks and uncertainties are detailed in the risk factors section of our filings with the Securities and Exchange Commission, specifically in the company's forms 10-Q and 10-K.
Except as otherwise required by federal Securities laws Laval health disclaims any obligation to update or make revisions to such forward looking statements contained herein or elsewhere to reflect changes and expectations with regards to those events conditions and circumstances.
So with that I'd like to turn the call over to our CEO John Masters Charl.
Welcome everyone.
You for joining us from our bottled health second quarter earnings call as you know preparing for the commercial release of a product as innovative and complex as the EBIT ring requires a focused roadmap and dedication to delivering the high quality health solution.
At our last earnings call, we announced the planned launch date of September .
Over the past few months, we have demonstrated significant progress with the development of our production rate as well as through fulfilling the requirements of our FDA submission, which I'll speak to in more detail in a minute.
We recently validated a new high performance sensor with increased sensitivity that has materially improve the efficacy of the EBIT range.
With the new sensor.
<unk> shows, we're getting better more accurate data across a wider group of people, particularly those with smaller fingers or lower perfusion ASIC.
As a company pursuing medical device clearance prioritizing data quality from the start is essential.
We believe this new sensor could be critical to <unk> long term success. However, it naturally requires more time to test it.
That and we have made a business decision to move out our launch date by an estimated two months.
That said, we are still planning to launch ahead of Black Friday, and the extra time will significantly benefit us in several ways.
It enables us to expand upon the capabilities of the EBIT brings to launch.
A critical round of testing with the new sensor and better position the ring for significant media and Influencer exposure ahead of the holiday season.
EV is not just another wearable, it's a medical grade smart ring that needs FDA guidelines and is designed specifically for women.
It's our belief that <unk> has the potential to be a game changing solution that ushers in a new era of women's health with actionable insights and personalized experience for our users we want to ensure that we're delivering on that promise from the onset.
While we're not the first technology company to experience a delay leading up to a planned launch date, we don't take it lightly and the team is working tirelessly to prepare for launch in November we are taking the long view here and believe these actions will help us deliver a health solution that women deserve and respond.
Positively to while simultaneously bolstering value for our shareholders.
Obtaining FDA clearance has always been a top priority for them about hotel and we're very excited to have successfully submitted our first five 10-K application to the FDA for the EV brings pulse oximeter.
This was a monumental milestone.
Is it makes easy one of the first consumer wearables to seek FDA clearance and demonstrates the company's commitment to meeting the highest standards of safety and accuracy.
As we highlighted in our recent press release the submission has passed the initial screening for completeness and is now under a full review by the FDA.
We'll be working closely with the FDA throughout their review process.
While there is no guarantee the ring will receive clearance we're cautiously optimistic based on the clinical performance achieved by the rain and the quality of our submission as we've noted on past earnings calls we are prepared to launch the EV ring is a wellness device. If we have not received it.
Decision from the SBA by our planned launch date.
We also continue to believe that obtaining FDA clearance could be a catalyst for commercial agreements with health care and other enterprises overtime.
We look forward to keeping you posted on our progress in this area.
To that end, we're preparing for a second round of beta programs against our first initial set of beta evaluations in the spring we've made major enhancements to the rain, adding several new features related to our app.
Sensor configuration, mechanical construct and firm, where we had significant interest from a wide variety of health and fitness companies to participate in our next data around and have chosen to work with three partners.
Global Athletic apparel company, which is interested in our women's specific.
As well as a major health insurer and a leading remote patient monitoring company each of which are keen to leverage the EBIT brings medical grade capabilities alongside their in market and future offerings. We expect the next set of beta programs will enable us to perfect our end to end solution.
With a broad audience and presents us with an opportunity to get more rings on the fingers of more people, which is important to ensure commercial success.
Outside of these beta evaluations, we continue to dialogue with numerous potential partners given the broad interest in continuous accessible medical grade data packaged in a highly attractive form factor and combined with a differentiated app experience.
As Youll recall, the EBIT range uses of PPG sensor to read heartbreaking Sto two into skin temperature sensor as well as an accelerometer.
This sensor suite enables the tracking of key health and wellness metrics, such as sleep stages and duration resting heart rate heart rate variability S. P O two respiration rate.
Allergies burn in.
In temperature variability and steps in active minutes.
The companion App enables the logging of period and ovulation menstrual symptoms mood and workouts all of this data, including the medical grade heart rate in Sto. Two data are aggregated in the mobile App, which is personalized for the user based on her specific health goes.
<unk>.
<unk> helps women understand the unique bodies, and how menstrual cycle mood and energy levels relate to help with clear insights derived from women's specific research.
Daily weekly and monthly views of key body metrics also help women identify trends between all aspects of their health.
The rig will be available in three beautiful finishes gold rose gold and silver for $269 with no subscription and free shipping.
The water resistant rang is lightweight and has an open designed to accommodate any swelling that may occur throughout the day or night.
At launch consumers will be able to purchase the EV rang directly from <unk> dot com and have it shipped anywhere in the United States with plans for expansion to other territories in the future.
It's notable that our App also harnesses the positive advancements offered by artificial intelligence utilizing both machine learning and deep learning techniques. We are training the EDI app to not only derived more accurate metrics around sleep and activity, but also to suggest original correlations.
That we can leverage to offer our users a more comprehensive look at their health.
Initially the App will be compatible with iOS devices, and we expect to release, an Android version in early 2024.
In order to ensure there is excitement and awareness of the EV ring at launch the marketing team has been building and executing against the full 360 degree marketing campaign.
I'll now, let our CMO Tyler broker update you on how her team is preparing for launch.
Thanks, John .
Well, that's all for the EV rain continues to build at a steady pace and we've been amping up our communications across social content and email over the last two months since the year. We've had over 600000 visitors to E. D ring dot com with more than 100000 people signed up to receive updates about aren't really R&D.
Our engagement on social and email have been well beyond our internal expectations and we've continuously seen positive responses to close that highlight our unique benefits and product features.
Next up will be the launch of our paid brand campaign, which brings me to life in a whole new way and really showcases the game changing solution for women that were bringing to market.
In addition to our paid social efforts, we will shortly begin to see these samples of influencers celebrities and the media.
The revised released eight offers us the opportunity to place brings into the hands of individuals with enough time to complete thorough device evaluation and draft comprehensive reviews, which are critical to cultivating consumer trust and influencing buying decisions.
The level of interest, we have compressed and consumers positions as well as a potential must have gifts for the holiday season as well as the choice for the new year when people often turn their attention to new healthy habits.
We'll also be showcasing E D. A C E F in January where we will be exhibiting on the floor and sharing a sneak peek of new features we plan to release following launch.
We're building a brand new commercial website to support our D to C parents that will allow users to purchase a ring directly from us and receive a free size or kit to help find a perfect fit.
The entire site is set up to provide an educational immersive and frictionless customer experience from consideration to the moment of purchase.
We've also established a best in class customer service team to manage all aspects of customer care and create a positive person impressions for the brand.
We're also very excited to share that we've recently announced the establishment of our medical Advisory Board a group of subject matter expert and trusted advisers for our team.
Women led board will help establish EV as a highly credible health and wellness resort and we plan to leverage their medical and scientific expertise to enhance <unk> product roadmap and provide trusted content I'd like to give you a brief overview of our esteemed inaugural members.
Dr. Mary Claire Hayward is a board certified Obgyn, who has helped thousands of women going through pairing menopause and menopause actualize their health and wellness goals by creating an online program the Galveston diet.
With the goal of empowering educating women. Her work focuses on the science of menopause aging and inflammation.
Dr Andrej them up tomorrow at the sleep medicine specialists at the Oregon Clinic, who has helped thousands of people improve their sleep habits for current work is focused specifically on helping women improve their sleep and the recognition of how their patterns are different for men.
Dr. Ruth White is a renowned for her work and stress management and diversity equity and inclusion and as written for modern health care Harvard Business Review and fast company. She is the author of several blocks, including the stress management workbook distress in 10 minutes or less.
And finally, we're preparing to launch our first white paper titled Women in Biometrics harnessing the potential of gender specific health and wellness data written by Dr. Christian Health daughter.
With a focus on the impact of gender differences on health and wellness across sleep heart health activity and mental health.
This detailed paper is a significant deep dive into these noted disparities and draw conclusions that we hope women will find helpful and informative we'll be modifying the paper into blog and social posts. So that this information will be accessible across multiple channels and drive traffic to our website and social media pages.
The team is confident that our marketing efforts combined with the products innovative features and pursuit of FDA clearance are setting move on in house up for successful and impactful launch in the evening.
With that I'd like to turn it back to John .
Thank you Tyler.
To support all the activities. We've just laid out our operations team has been building the foundation of our supply chain and order fulfillment capabilities.
A well prepared supply chain and F. D compliant contract manufacturing sites. The team is prepping to handle increased demand and ensure a seamless production process.
Also finalize the manufacturing process and equipment automation hard tooling and packaging as well as software integrations for order fulfillment and logistics.
In addition to our commercial launch we continue to move forward with testing our proprietary single chip radio frequency solution, which is the backbone of our calculus blood pressure and noninvasive glucose initiatives in May we completed a three week IRB approved clinical study on 51 volunteer.
<unk> in the Mmabatho health clinical lab to evaluate the efficacy of our single chip prototypes and estimating blood pressure as you may recall this was the <unk>.
Barry first time, we've used our single chip solution in a clinical study.
We analyze the data and saw good signals. He learned a lot from this initial study and have made modifications to improve the prototype and measurement algorithms and plan to execute a follow up blood pressure study on an additional 50 people in the coming weeks.
We've also been conducting extensive testing to evaluate glucose data as a result, we're optimizing antennas and the circuit board layout to improve signal sensitivity.
Once complete will leverage the modified platform and an upcoming glucose clinical trial.
After almost two years of extensive research and development, we're looking forward to bringing the E V bringing to market the.
The timing for such a product couldn't be better with increased interest in medical grade technologies for home use and a strong focus on women's health and empowerment.
We believe we've designed an exceptional product and are excited to deliver to our customers who are highly engaged and looking for a solution that aid them in their health journey.
With that I'll turn it back to Jay to go over the financials.
Thanks, John we detailed the financial results in today's second quarter earnings release, which you can find on our website, but I'll share a few key line items.
I know health reported an operating loss of $7 $4 million in the second quarter of 2023 and that compares to an operating loss of $6 $8 million in the year ago period.
The increase was primarily related to the accelerated commercialization initiatives described earlier in the call our cash burn in the period was $7 $9 million a bit higher than the run rate for the prior six quarters, given certain prelaunch and FDA submission costs and other timing considerations.
With regards to capital, we raised $9 $2 million in gross proceeds or $8 $1 million net through an underwritten public offering of shares of <unk> common stock in the period.
At the end of the second quarter of 2023, we had $14 $5 million of cash and cash equivalents and total assets of $17 6 million.
That concludes our formal remarks, we'd be glad to take your questions. Operator, we're ready to begin the Q&A section of the call.
Yes.
Thank you.
Ladies and gentlemen, if you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue.
You May press Star two if you would like to remove your question from the queue.
For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
One moment please poll for questions.
And I think also operator remind the participants that we can ask questions in the webcast link as well.
Oh, yes.
You May also ask questions on the webcast link.
Right and it looks like we've got several there just for those that are on the webcast. As a reminder, you can click on the question Mark icon and hit the send button. After you've type in your question and we'll do our best to address them all.
So let me start with the webcast questions, we'll just.
Ask them and a.
A few of us on the call here will be happy to answer them.
John maybe the first one will be for you just.
Just in terms of can you talk more about why you delayed the launch date.
Sure Jay.
Well first off I want to say that as a medical device company the quality and accuracy of the data that we're providing is essential.
And we had an opportunity to enhance our product by incorporating this new component that we spoke out into the ring.
This new component is more accurate and addresses perfusion issues that could be within our target market essentially what the new component does is it has the ability to collect more of the signal that is being reflected from the finger. So.
With a female focused product and with the size of the ring going down to size five where you may have much smaller fingers lower perfusion less.
Less blood smaller blood vessels, and therefore have less signal using this larger.
This larger footprint component allows us to collect more of the data.
From the finger and we've already started testing. This we have seen that it is able to get more of the signal than what we were able to do before and so it increases our ability to provide more accurate data because we have a better signal that we're collecting we're still using the same L.
That we are that we had before in terms of.
Their wavelengths of light and whatnot, but this sensor allows us to basically but lacked more of the data that's emanating from the finger.
So having this delay to put this part into the brain is something that we think is going to really pay off for us and obviously the delay gives us some more time to get in front of the media Influencers and others to really run it through the paces before we get to launch.
At the end of the day, we want to be able to deliver a product that we can be really proud of and stand behind and we believe that pushing back. The launch date by a couple of months gives us time to assure just that the other thing that I'll. Lastly mentioned is that by pushing it out for a couple of months. We can also make sure that we're set up with.
Production and manufacturing and being able to build up a bit more inventory. Initially so that we can meet the demand that comes into the market.
Okay.
Jonathan. This next question is for you as well.
What gives you confidence in your ability to meet the new launch date.
But it's a great question several things first off you should know that in order to submit.
The FDA or the rain.
We had to have produced a fully baked product we have to have all of the testing done.
Our mental testing.
Biocompatibility testing electrical testing, even cloud platform cyber security testing all done as part of the development process and so all of that has already been in place all of the testing is complete all of that documentation is in with the agency. So that's one important note is that we really are at a P.
Well, we've done a lot of the heavy lifting for this product.
The other thing that you should know is that we think continuing to push forward with marketing production readiness as we mentioned on the call customer service etcetera, and so we feel pretty confident because we have been testing. This new component we've seen how it performs we already we know that we're getting more signal collected from it.
And so we feel really good about the fact that this isn't going to somehow not work at the end of the day because we've tested it.
Thoroughly and basically the majority of the system is the same as what it was before.
And I'll I'll stop there.
Okay. Tyler I think this next question is for you.
Any concern about your ability to capitalize on holiday traffic with a launch ahead of Black Friday.
I'm also a great question and so.
No I mean, while the while the team is focused on ensuring that we maximize holiday timing Internet and drive ourselves, we really believe that our overall launch extends far beyond just the fourth quarter and I think it's important to state that the macro awareness around women in their house that we're seeing in the media and in business and in pop culture as it really clear signals that the.
Time is now for a product like E V ring. So our lunch day. It was really just the first step in a much bigger plan to serve our growing community of consumers for the long term, but I'm feeling very confident that the momentum that we've generated so far will translate into purchase both during the holiday season and beyond.
Oh, yes.
Okay I'll take the next question regarding cash burn why does your cash burn increase in the quarter.
This later launch affected and what will the burn rate be after lunch.
So our cash burn is averaged about six six and a half a million dollars per quarter for the last several quarters, we've been gearing up for launch.
Not too surprisingly as you as you approach a launch date.
Some additional resources that you need to invest behind.
For us it includes raw materials tooling.
FDA and product testing and also some marketing dollars that we've begun to put to work.
We continue to be focused on being good stewards of our capital you can count on us to continue to have that focus on a go forward basis.
We view our launch prior to Black Friday is relatively immaterial to our cash burn.
Has any.
Push out eight to 10 weeks or so of gross profits, we think will be.
Offsetting by a lower marketing spend and other launch related costs going into the.
The event so.
It's kind of a wash obviously it's.
Something that we would rather be launching in September but we are.
Of the view that it's relatively immaterial in the overall cash burn basis.
There's also one more question that relates to cash, which I'll address here as well, which is where you have enough cash to operate and execute your plan without.
Without going out to the capital markets and and all that.
Would you basically say that.
As a reminder, we've raised $102 million since inception in 2018.
We had $14 $5 million on the balance sheet as of June 30th.
Our investors have been.
Incredibly supportive over the years, including a couple of offerings that we did year to date.
In 2023, both in the first quarter and the second quarter and then also we've raised about $5 million in net proceeds on the ATM over the past year as well.
Highlighted in our financial filings.
That we will.
Need to raise additional capital over time.
We've also been seeing increased interest.
As we hit key milestones.
So for example, our FDA submission.
As well as a gain.
We're getting closer and closer to the launch of our EV range.
Sure.
Okay next question.
John This is for you can you give us some more insight to the FDA process.
What are the next milestones when do you expect to hear back from FDA.
Yeah happy to Jay. Thank you for the question and I see Theres a couple of others.
Closely related to this so I'll handle it all at once I hope.
Let me first let me explain the process with the FDA for 500 10-K step.
Step one is.
Is actually making the filing and the first thing that would happen after that is that the FDA knowledge that they've received the filing. The next step is when they assessed the entire package for completeness. They verified that all of the sections that are required in a filing are there and that we have provided everything.
They expect to see in that part of the filing.
Gone through that process as well that's at least the 15 day review.
The entire.
Filing that we put in and when we recently announced that we had.
On the five 10-K it was we waited until after that step without milestone was beyond us and so now the 500 10-K isn't the formal review.
And the agency typically comes back with detailed questions. After doing the detailed review at 60 days post filing date and the filing date.
Right when they is fit.
When they gave the 15 day review and said, yes, you're past that it's 15 days prior to that date so basic.
Basically we are in the middle of the detailed review from the agency or probably the first part of the review with the agency in it and it's 60 days, we'll get some feedback once we get the feedback with questions and typically in all the five to engage that that ive been affiliated with and filed Theres often some number of questions.
Theres, a back and forth, where we generate answers to the questions and they we go we go back with them and making sure that we've got everything and provided them everything that they want to see.
At the very end there is final labeling.
Cereals that are reviewed assuming that they are going to clear there's no guarantees that they will clear, but that's the basic process and that's why on average it's three to six months to get through this entire process assuming that you that you get cleared so are we.
We feel pretty good about the completeness of our filing we feel very good about the clinical data that we've collected to date.
And so you know we're cautiously optimistic that things will go forward, but again there are no guarantees that they will that they will clear it and and I hope that that addresses.
All of those questions fairly well there was one other question about you know this new larger footprint detectors.
Sensors that were using.
Does that impact the FDA filing process, we're reviewing that right now again, it's one component of the entire platform that's being reviewed.
I will tell you this that going through this first 500 10-K getting it completely done getting to the process, where we understand exactly what the FDA wants to see and what's necessary for clearance.
Any subsequent filings incredibly easy and in fact 90 plus percent of what was already put together would be acyclic b.
Identical to what we would file if there was something else we needed to do and there are different processes.
Ross's up assessing that could be that we have what's called a special five 10-K, it's more of a 30 day review don't know, but those are some of the things that we're looking at right now in assessing and talking to our regulatory consultants about.
That's it for that year.
Okay, and we've got one more from the webcast here.
And Michael or John I think this would be best answered by you what were the results of your latest brought blood pressure study with your single Chip technology and what are you doing to make further progress.
Okay.
Go ahead Michael.
Sure Yeah, so the big change in our in our last studies were smiling using our single chip, which is a much smaller has a lot less heat impacts and more efficient.
And there is no expose wire since all self contained in a single chip.
And we were able to get.
You know a much cleaner data on on that platform that test was done like a little over a month or so ago from that we've we've done a couple of things that we think will really kind of take us to the next level in terms of optimizer optimizing our antenna.
As we've mentioned before as the millimeter wave system. So there's there's definitely a lot of innovation on our antenna side, and we keep making and find more and more.
Things as we go along.
So we're making some changes there and there's a couple of other things we're doing from an algorithm standpoint.
And we hope that the next study, which John mentioned earlier, we will start in a couple of weeks.
It will give us the cause the the day that we need to really.
Fine tune, our algorithms and hopefully get to the Holy Grail is look we're working on for the last couple of years.
I think that it also applies as we mentioned John mentioned earlier two glucose. So they kind of go hand in hand, as we make fixes to our blood pressure system a lot of those fixes also apply to glucose and again most of the I'd say most of the innovation in the last couple of months has been really trying to fine tune, our antennas, which again are.
Quite complicated this frequency to perfect and I think now we're finally getting to the bottom of a lot of the performance improvements we'd like to get to.
Okay.
Operator, I think that does it for the Q&A from the webcast and I think also as I'm looking at the phone lines as well so.
I'll turn it back to I'll turn it back to you.
Thank you.
We do have one question on the phone line from the line of Michael <unk> with B. Riley. Please proceed with your question.
Can you hear me.
Yeah, we can.
Okay.
Just a little aside.
From Facebook.
I saw an AD for a watch took those gross monitoring it's snowing in voice.
Is that something that's and I haven't had a chance to check it out as something that's FDA cleared or something.
Yes.
The blood pressure on the other ones.
I will answer this question real quick thanks for providing it.
I'm not.
They don't know the name specifically of the one you're referring to I can't exactly answered, but there was one recently that I did see talking about trying to make glucose measurements noninvasively and they've talked about setting up for an F. D. A.
Filling on that so it's not something that is commercially available or that's been through the.
The rigor of an FDA review process at this point doing glucose Noninvasively is obviously really challenging as we all know we we like the platform that we have in development for that we've we've certainly seen some nice signals on the bench as well as in prior clinical studies and.
As Michael mentioned, we're making some enhancements to our design so that we get even stronger signals for glucose and are excited about.
Our clinical work coming up.
A little bit later in the year.
Michael do you have anything you'd like to add.
Yes.
Oh no no I mean, I think you know one of the things.
That we've noticed is kind of related to your glucose or blood pressure.
And now we're using optical signals for things like blood auction a ring is that you know our millimeter wave signal really has.
A lot less sensitivity.
To lighten movement in sunlight other thing than optical and it.
It has a lot higher fidelity, which we need for.
Measuring the different features of the use of blood pressure. So I think were you.
The second raising both domains you know on a range of different things and blood pressure with our chip I think we we feel even more strongly that our millimeter wave chip is really.
The right architecture, and the right design for going after things like blood pressure and glucose.
Great, Okay and a question.
A little follow up on that.
I remember when.
The Oh I can't remember, what it's called but anyway do you have a fitness device or came out fitbit or whatever.
Some of the insurance life insurance companies, we're offering them as part of <unk>.
The deal have you looked to insurance companies and.
Trying to through partnerships with famous Raul. Thank you Pablo.
Sure. So I'll I'll start with this and Jay maybe if you'd like to comment as well and in a moment.
Yeah, you know when our beta evaluations, we but we've already completed and our a beta one study a partnership with an integrated health care network.
And then the next one we are working with with another entity that that's payer like in the bottom line is the.
The product being a medical device.
Really.
Lowers the bar for us to get in and partner with them. It also provides us an opportunity to potentially seek reimbursement.
In the future.
Which would be really nice, especially for high risk populations, who could benefit from this technology that we have.
And so for those reasons anything in the health care space.
Really is a is a big opportunity for us, especially because of the fact that we're a medical device you know the the wellness devices on the market or specifically labeled against being used for medical purposes. Now that doesn't mean, you can't use them in a certain capacity and certainly use them to monitor activity in sleep.
And in those types of things, but we.
We feel like having the FDA clearance, which we are seeking for heart rate S. P. O two and then for future measures.
On that I mean, our goal in the next three to five years that maybe have five to 10 and different measures or diagnoses that are all cleared within the one product.
We're really looking to provide a comprehensive health solution, which would be very appealing we believe to the insurance companies as you mentioned.
Yeah, I would just basically just add.
On a broader basis.
Our investors.
Obviously.
No a lot about us and has been with us through the years still on a relative basis, we're a fairly.
Under the radar company and with the launch of EV, obviously will become a much more onto the limelight I think there's a few things that are pretty much under appreciated about us one as you've seen just growing interest in other form factors besides bands or watches.
And I think Thats strategic second I'd say that being a medical device company is definitely a differentiator.
We continue to see significant interest.
From health care and other enterprises and what we're doing as we highlighted for example, I will be working with a large insurer for.
Our beta two as well as a major remote patient monitoring company and also global athletic apparel retailer as we talked about on today's call and we've talked about that in the past as well and we've said that there are other.
Health care and.
Consumer entities that we've been talking to about possible partnerships collaborations et cetera, and as we move through the FDA process.
We think that.
To provide.
Before opportunities overtime, and then third obviously, the RF technology that Michael and Jon we're highlighting with respect to the beans.
The engine.
Behind her.
Lucas and blood pressure initiatives.
So from our standpoint.
We feel like we have a lot of opportunities to create value over time and.
Looking forward to continuing that journey.
Operator, I think that pretty much concludes the Q&A for us today, we'd like to thank everybody for your time as a reminder, you can stay connected and up to date on Novato health news and events by checking out our investor website at IR Dot <unk> Dot com.
Thank you.
Thank you.
Today's conference you May now disconnect your lines at this time, thank you for your participation.