Q3 2024 Movano Inc Earnings Call
Speaker Change: John Mastrototaro, Unknown Executive, John Mastrototaro Unknown Executive, John Mastrototaro Unknown Executive, John Mastrototaro
Speaker Change: Quickly Territory, The Simpsons, 2009 Once Upon a Time in Hollywood
Speaker Change: Ladies and gentlemen, greetings and welcome to the Moana Health third quarter earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and zero on your telephone keypad. As a reminder, this conference is being recorded.
Speaker Change: It is now my pleasure to introduce your host, Jay Cogan. Please go ahead, sir.
Jay Cogan: Thanks, operator. Good afternoon, everyone, and thank you for joining us today. Movano Health CEO John Mastrototaro will open today's call with prepared remarks about the progress the company made during the third quarter of 2024 and in recent weeks.
Jay Cogan: Our CMO, Tyler Bucher, will provide some remarks on the company's D to C plans, followed again by John, and then I will provide highlights of the company's quarterly operating results and current financial position.
Then we will open the call for Q&A.
Jay Cogan: John, Jay, and Tyler will be joined by our Chief Technology Officer and Founder, Michael Liebman, as well as our Chief Commercial Officer, Michael Solt.
Jay Cogan: Movano Health issued a news release this afternoon detailing third quarter 2024 financial results.
Jay Cogan: Before we begin, I'd like to remind everyone that the company will make forward-looking statements during today's call based on current expectations.
Jay Cogan: These forward-looking statements are subject to inherent risks and uncertainties, and actual results may be materially different from such statements.
Jay Cogan: These risks and uncertainties are detailed in the risk factors section of Movano Health filings with the Securities and Exchange Commission, specifically in the company's forms 10-Q and 10-K.
Speaker Change: Except as otherwise required by federal securities laws, Novanta Health disclaims any obligation to update or make revisions to such forward-looking statements contained herein or elsewhere to reflect changes in expectations with regards to those events, conditions, and circumstances.
Good afternoon, everyone.
Speaker Change: Since we last reported earnings in August, we have continued to make progress on our key business initiatives as follows.
Speaker Change: First, is the ongoing successful sale and fulfillment of EV rings following our back in stock announcement on September 17th.
Speaker Change: Second, we're continuing to work closely with the FDA in anticipation of a 510k clearance for the EV med ring.
Speaker Change: Third, we're preparing to deliver our first B2B commercial opportunities with healthcare partners shortly after gaining an FDA clearance.
Speaker Change: and lastly we're analyzing the results of our recent blood pressure clinical trial utilizing our updated wearable device which incorporates our proprietary radiofrequency solution
Speaker Change: As mentioned previously, we continue to be judicious with our capital spending and methodical in our approach to building out our business strategies.
Speaker Change: And as we prepare for the opportunities that will emerge with a 510k clearance, I want to take a minute to reflect on what I see as a watershed moment at this critical intersection of wellness and medical devices.
Speaker Change: The wearables industry is growing rapidly, and smart rings are quickly becoming the it-form factor in the sector, with almost 10 new players entering the market in the last 24 months, all making various claims about features, accuracy, and compatibility.
Speaker Change: Whereas major tech companies are selling more than 100 million wellness devices globally each year, we estimate there will be approximately 1 million smart rings sold in 2024. Just 1 million.
Speaker Change: The leading Smart Ring competitor recently announced that it is on track to generate about $500 million in revenue in 2024.
In our view,
Speaker Change: Smart rings are a particularly attractive form factor compared to other wearables on the market as they can help improve engagement, especially at night while the user is sleeping where the collection of longitudinal baseline data is a big positive for both consumers and our B2B partners.
Speaker Change: Additionally, our award-winning open ring design, which can flex to accommodate any swelling, also sets us apart from the competition in a very distinct way and caters effectively to both the D2C and B2B consumer.
Speaker Change: Movano Health has made significant strides over the last several months with our first commercial device, the EV Ring, and we look forward to many more enhancements in the coming months as well as future generations of EV.
Speaker Change: With an upcoming launch of EVMed and the ongoing distribution of the EV Wellness Ring, Movano Health will be the only player in the space with a ring that effectively serves both B2C and B2B markets.
Speaker Change: In our view, it would take years and many millions of dollars in investment for competitors to potentially transition from a wellness to medical device, which positions Movano Health as a very valuable asset in this emerging sector.
Speaker Change: And the progress we have made to date in blood pressure detection opens the door for yet a third device under the Mobano Health umbrella.
Speaker Change: A Cuffless Blood Pressure Detection Band. We have now completed our seventh cuffless blood pressure clinical trial with our proprietary and highly patented RF technology, as well as several glucose studies.
Speaker Change: For the past six and a half years, we have steadily invested in our RF chip, risk-borne prototypes, clinical evaluations, and algorithm development, and continue to work towards addressing these significant opportunities.
Speaker Change: The vast majority of our R&D investment dollars have been spent here, helping to improve the risk profile of our RF technology and related commercial opportunities going forward.
Speaker Change: As I mentioned earlier, we're in the final stages of the FDA 510K review process for the EVMed ring.
Speaker Change: You'll recall the eBedRing is designed to not only provide medical device functionality with its pulse oximetry feature, but also offer numerous wellness metrics related to sleep, activity, and logging of mood, energy, and health symptoms.
Speaker Change: This is a unique combination of features and required some clarification with the FDA, which we resolved this past summer. We then received additional questions from the agency in September related to the medical aspects of EVMed, which we responded to the week of October 28th.
Speaker Change: Now, in the last stage of the process, we are standing by to answer any additional inquiries the agency may have.
Speaker Change: In anticipation of an expected 510k clearance, we have re-engaged with a number of potential partners across the full spectrum of healthcare use cases, including condition management, remote patient monitoring, clinical trials, and corporate wellness.
Speaker Change: We are in active discussions with a major global pharmaceutical company looking to leverage ED-Med in building unique solutions for both clinical and consumer applications.
Speaker Change: We have also entered into discussions with a clinical research organization, or CRO, that is looking to add our ring into their offering for large pharmaceutical companies and research organizations.
Speaker Change: Additionally, we have entered into the agreement phase with a large healthcare company who's preparing a pilot in Q1 of 2025 using the EVMed ring as part of an overall metabolic solution to address chronic disease.
Speaker Change: All three of these strategic partners, as well as the others in our funnel, see EVMed as a game-changing solution with a number of potential applications.
Speaker Change: And finally, as we continue to deliver on our commitment to providing the most accurate data to all of our consumers, we are planning two third-party studies around sleep and menstrual cycle tracking in the coming months.
Speaker Change: I will now turn it over to our CMO Tyler Bucher to provide an update on our D2C plans for the EV range.
Tyler Bucher: Thanks, John. On our last call, we were preparing for our September 17th back in stock date, and I'm pleased to share that it has gone extremely well, and we are continuing to welcome new users to the EV community every day.
Tyler Bucher: With a consistent 90% plus customer service approval score, we are seeing a very positive response to all our improvements across app features, operations, delivery, and customer service. And I'm excited for the upcoming Black Friday Cyber Monday marketing campaign we've planned, as well as our strategy for the holiday period and into Q1 2025.
Tyler Bucher: It is worth noting that our back-in-stock marketing campaign has been entirely organic. We've effectively leveraged our 120,000 contact email lead list and our 17,000 followers on social, as well as a stable of organic influencers and members of the press to continue to get the word out about the eBee Ring. This has resulted in an extremely efficient customer acquisition cost and a great start as we head into the holidays.
Tyler Bucher: We also have a series of exciting announcements that have and will continue to generate organic interest and conversion, including, first off, we shared the official announcement of our brand partnership with digital creator, wife, mom, and entrepreneur Heidi D'Amelio.
Tyler Bucher: Aligned with our mission of empowering women with better data and insights to help them live healthier lives, Heidi has become a true fan of the ring and has been spreading the word to her audience of more than 12 million followers across TikTok and Instagram. We couldn't be more excited to have Heidi as part of the Easy family. And stay tuned for some fun holiday promotions that we are working on together.
Tyler Bucher: Secondly, our launch of the Android version of the app. We've announced that we'll be dropping right in time for holiday. This is planned perfectly as part of our Black Friday promotion, as Android has been one of our most requested features since we launched. We're very pleased to be able to offer the experience to Android users.
Tyler Bucher: Third, we're going to be announcing a revised 60-day return policy.
Tyler Bucher: And finally, we're going to be participating in a holiday sweepstakes with Blue Ship Nutrition. They are a leader in the supplement space and will be cross-promoting and getting easy in front of a new and likely-to-buy audience.
Tyler Bucher: In addition to all of these initiatives, we are also continuing to improve the functionality of our product, particularly our Insights Engine. Designed to really illustrate the why behind what women are experiencing with their bodies, the AI-powered engine is getting smarter every day, and we're discovering new ways to correlate the data for our consumers that can really help them understand trends and gain clarity around how they can improve their overall health and well-being.
Speaker Change: We're excited about the possibilities that this will unlock for our user base and look forward to sharing more updates around this in the near future. And with that, I'll turn things back over to John.
Speaker Change: Thanks, Tyla. As I mentioned in my earlier remarks, our product development plan extends far beyond EV and EV-Med. We are deeply invested in multi-analyte sensing and pursuing additional FDA clearances with further research and respiration rate for a temperature and a solution to address sleep disturbances.
Speaker Change: Last week, we tested our newly developed blood pressure risk wearable as part of a hypoxia clinical trial that took place at the University of California, San Francisco.
Speaker Change: In addition, the new wearable monitors a host of other vital signs including pulse rate, blood oxygen saturation, respiration rate, and ECG waveforms. We're currently reviewing the data and look forward to reporting on our progress in accuracy and algorithm development.
Speaker Change: In summary, we remain committed to improving health monitoring through the introduction of a broad suite of analyte sensors, including blood pressure and glucose, using our millimeter wave radio frequency and AI technology.
Jay Cogan: With that, I'll now hand the call over to Jay for the financial review.
Jay Cogan: Thanks, John. As you'll recall, we began taking direct-to-consumer orders again for the EV ring on September 17th. We shipped 339 rings in the subperiod of the third quarter of 2024.
Jay Cogan: The expanded launch followed the completion of a series of enhancements to the product and improved operations across manufacturing, logistics, and customer service.
Jay Cogan: We are generally pleased with the results and consumer feedback to date and have plenty of inventory on hand positioning us well as we move forward into the winter holiday season.
Jay Cogan: with new influencers, our upcoming Android app, and other feature upgrades.
Jay Cogan: That, combined with the expectation for FDA clearance of EV-Med, should allow us to lean into driving higher sales volumes, both B2B and D2C, into year-end 2024 and beyond.
Jay Cogan: The company reported an operating loss of 7.4 million dollars in the third quarter of 2024 versus an operating loss of 9.1 million dollars in the year ago period.
Jay Cogan: We had $11.3 million in cash and cash equivalents on our balance sheet at September 30th, 2024.
Jay Cogan: Our cash burn in the quarter was approximately $5.6 million, which included approximately $1 million of one-time or other annual payments.
Managing resources continues to be a priority for the company.
Jay Cogan: The reverse stock split was intended to increase the bid price of the company's common shares to regain compliance with the minimum bid price requirement for continued listing on the NASDAQ capital market. Earlier this week, on November 12th, we received notice from NASDAQ that Movano has successfully done so.
Jay Cogan: Connected to the reverse split, the company announced that it is investigating apparent stock manipulation.
Jay Cogan: Between the announcement of the reverse split on October 25th and its effective date on October 29th, a large number of single-share transactions were executed in an apparent attempt to take advantage of the convention of rounding up reverse split fractional shares at the beneficial owner level. The company was able to uncover this activity before any roundup shares were issued and continues to expect the number of common shares outstanding to be approximately 6.6 million post-reverse split.
Jay Cogan: We have been in direct communication with securities regulators, legal counsel, and other interested parties, including similarly affected companies, as we pursue this issue to the fullest extent necessary.
Speaker Change: Now I'll turn it back over to John for his final remarks.
John Mastrototaro: Thanks, Jay. The team and I couldn't be more excited about all the progress we just highlighted.
John Mastrototaro: We are nearing an inflection point for the company as we close in on key milestones. We are laser focused on the expansion of our D2C business, bullish on the B2B opportunities for EVMed, and optimistic about the potential of our RF chip. We look forward to continuing to share our progress as we close out the year. With that, we'd be happy to take your questions.
Speaker Change: Thank you. Ladies and gentlemen, we will now begin with the question and answer session. If you'd like to ask a question, please press star and one on your telephone keypad. A confirmation tone will indicate your line is in the question queue.
Speaker Change: For participants, if you are listening via the webcast, you may type your question into the Ask a Question box.
Speaker Change: Ladies and gentlemen, we will wait for a moment while we poll for questions.
Speaker Change: And in the raw data as it was being displayed on the screen as we were conducting the study we were getting exceptionally clean signals from the RF waveforms that we were monitoring so we feel really good about that in addition, we were also able to use E. C. G. A P P G sensors and <unk>.
Speaker Change: We're leveraging all of that data as part of our algorithm work for the blood pressure monitor result, right now we're in the stage of <unk>.
Speaker Change: Emerging all the data together, we're gonna be looking at the accuracy of this very shortly.
Speaker Change: We are fairly confident that we should see accuracy at least on par with the study that we ran at the end of last year, where we were able to meet and be within the FDA accuracy criteria for blood pressure monitoring and so where.
Speaker Change: Where we will proceed to from here is we did a total new design, that's got more close to what an actual form factor of the product would look like when this is on the rest of it will continue to iterate there a bit to slim down the design <unk>.
Speaker Change: And make it look more like what a commercial product would look like and while that work is going on we're going to continue to conduct some more studies are we've got a lot more work set up right now in terms of evaluating the ability of the product to monitor changes in blood pressure in real time. This last study was done using our <unk>.
Speaker Change: Serial blood sample continuous monitoring and were looking at that signal versus our devices output. So what you can expect to see some more trials over the course of this year some enhancements to the prototype and as we've mentioned earlier, we believe that we're on track to get to the market within the next couple of.
Speaker Change: Years or so.
Speaker Change: Okay, great Great and then moving over to the Android App. This is also important for the market well. It has the same functionality as the iOS App and can you remind us just how big the Android market is potentially for you.
Speaker Change: Sure I'll start and then maybe hand, it off to Tyler in terms of the functionality of the App. The App will have all the same features and functionality as we do in the iOS app, so whether you're an Android user or end and I O S user you're going to have the exact same.
Tyler Bucher: Experience on both the apps and I can't Tyler can comment on.
The number of people who have come to us looking for Android versus iOS I think overall in the population, it's like 40% of the users I think that we were talking.
Tyler Bucher: Talking to where Android users, but Tyler do you have more color for that.
Tyler Bucher: Yeah, you're right John I think we.
Tyler Bucher: I think we are looking at around a 40% of the market. That's currently using Android I will say for contacts that it is the number one request that we have received since launch from all the people who reach out to us both on social and through our customer service teams, though.
Tyler Bucher: I definitely expect that we're going to see a pretty nice bump once you come out with that.
Speaker Change: Okay great.
Speaker Change: And then a.
A question on the financials. So the expense control has been very good and as we move into the fourth quarter and you're increasing the launch activities, maybe doing snow continuing research and development. How do you see the operation the operating expenses unfolding here in the fourth quarter.
Speaker Change: John you want me to take that one.
Jake: Yeah. Please Jake.
Sure papers.
Speaker Change: So yes. Thank you the focus on managing our spend in the company's overall cash burn rate has obviously been a priority.
Speaker Change: We'll continue to be as we've said in the past you know we'd be really judicious with respect to our capital deployment and that includes going into the.
Speaker Change: The fourth quarter here and into next year.
Speaker Change: Thoughtful about spend behind marketing as we go scrutiny.
Speaker Change: For Black Friday, and overall winter holiday season.
Very excited to be able to make a bigger push as we had additional features such as the Android App for example.
Speaker Change: And so I think you'll see a little bit of incremental spend there, but on an overall basis.
Speaker Change: We're going to stay very very focused on managing resources obviously.
Speaker Change: With all the work that the company has put into in regards to the FDA clearance process, we see that as a potential meaningful catalysts for the <unk>.
Company, and we're already getting ready to lean into the BD opportunities.
The company you highlighted today again some of the early commercial.
Speaker Change: No activity.
Speaker Change: And greener phases at all and they said, there's real focus internally on making sure we're well prepared from an overall <unk> standpoint.
Speaker Change: And at the same time still being very thoughtful about how we're deploying capital and managing the burn so I would expect.
Speaker Change: You know you just see more of the same on a go forward basis.
Speaker Change: Okay, Okay, Great and then I've just got one more question if that's okay.
Speaker Change: With the the five 10-K for the EV Mad.
Speaker Change: Just or what types of questions are we down to with the F. D. A is it.
Speaker Change: Kind of like labeling type questions.
Routine stuff or.
Speaker Change: Just give us a sense of where do you think we are in the process.
Speaker Change: Yeah. Thanks Bruce.
So first off I'm I feel very confident with where we stand right now I as you'll recall.
Speaker Change: In the summer we had to go through this process of looking at some of the non medical features and we came out of that are really strong and then the FDA came back with a lot of the questions related to the medical device aspects of the product. So when we put our responses and at the end of the week of October 28, we.
Speaker Change: Felt really good about the responses that we provided to them they.
They had.
Speaker Change: Questions around a variety of topics, including labeling which was a lot of it and so are we we've addressed everything that was brought up to us by then and we are sitting here waiting for any additional questions or clarifications that they may have.
Speaker Change: But you know one of things that's really critical to understand about these these FDA filings and being a medical device company is often people just don't appreciate.
Speaker Change: The commitment that it takes when you make that decision to become a medical device company and the thousands and thousands of pages of documentation that are part of what's required.
Speaker Change: This to to come to fruition, we've been very fortunate in our clinical evaluations. We have exceptional data that's superior to the hospital based pulse oximeter is on the market today and in the clinical trial run by the hospital. They had the the great sense to evaluate our product alongside of those in <unk>.
Speaker Change: I'm out significantly better so we feel really good about our clinical evidence and data.
Speaker Change: As part of this and as it relates to all of the testing that's required by the agency.
We repeated a few tests, we added more detail to other ones and the bottom line is is that in all cases, we've gone through the testing and passed all the testing and feel like we're in a really strong position with the agency. So.
Speaker Change: It's kind of the 11th hour here now and we're.
Speaker Change: Waiting to get any further feedback from them since we provided the most recent response.
Speaker Change: Okay great.
Speaker Change: That's it for me congratulations on the progress and thank you for taking my questions.
Speaker Change: Sure. Thank you Bruce.
Speaker Change: Thank you.
Speaker Change: Ladies and gentlemen, a reminder, if you wish to ask a question. Please press star and one.
Speaker Change: Brian It looks like there are a few questions on the webcast. So why don't I go ahead and ask those to the team and.
Speaker Change: We have any more questions on the phone lines will come back to you on that okay.
Speaker Change: Alright, Joe. Please go ahead.
Joe: Okay, John how would you take the first one.
It talks about the big picture, it's early days for smart rings et cetera to all the new entrants concern you at all.
John Mastrototaro: Oh, Thanks, Yeah, Yeah. Good question.
As I mentioned in the prepared remarks, smart rings are quickly, becoming a preferred form factor. So it's not surprising that others are getting into the game, but we really feel like we're well positioned to address the competition and when we've spoken to you in the past we talked about.
John Mastrototaro: Becoming the best taking the best of what a consumer device offers and meeting it with the best of what a medical device offers because we know that people are concerned about form factor. We know the wearability is really important and of course, we know that they want data that they can trust so our decision to establish ourselves.
John Mastrototaro: As a medical device company really gives us a significant advantage and speaks to our drive to provide better and more accurate data. So that people can have.
John Mastrototaro: <unk> helped the insights from this data to live better lives and that's what we've heard over and over again from consumers for what they're looking for is the accuracy of the data now as it relates to the consumer appeal with only bring on the market with an open design and we've gotten feedback over and over again about the look the feel.
John Mastrototaro: The fit and how it sits on the finger and we think we're really winning there in fact for a lot of folks are talking to US now about the fact that there is various stages of input and inflammation in your lives and obviously with the open ring designed that has a little bit of a flex. It's it's critically important in these scenarios. So.
Overall between.
The construct of the ring the form factor and the usability of it made it with.
John Mastrototaro: The shops that we have as a medical device company, we feel like we're in a really great position and assuming that we're successful in the FDA clearance process with EDI Mad and the ongoing distribution of BD wellness, we would be the only player in the space with a ring that effectively serves both the D to C and b to B markets and as we.
John Mastrototaro: We've mentioned before the bar for others to become a med device company and get over that hurdle is significant in terms of investment with people and time and in dollars to get to to what you need to do for a medical device company. So overall I'm pleased with the fact that we embarked on developing a ring.
<unk> factor and the market seems to be gravitating toward it and.
And and all the other aspects of what we've done in terms of med device and just overall design and usability.
John Mastrototaro: So I feel pretty good.
John Mastrototaro: Okay.
Speaker Change: Tyler. This one is for you we mentioned on the call are focus about execution with the relaunch of movie ranks in September.
Speaker Change: Can you tell us a little bit more about what we've learned over the last couple of months and plans for the holiday sales period and beyond.
Speaker Change: Yeah happy to.
Speaker Change: I mean, so we're engaging really regularly with our community and what we've heard and what we're learning is that when they continue to look for a device that they can trust and give them the information and insights and what they're looking for so that they can look better lives and this is something that we are singularly focused on getting these things better than the competition and so you know what this means for us is.
Speaker Change: Continually improving the overall experience such as providing better accuracy, making sure that our inside their valuable delivering a seamless customer service experience and building on our strong operational background as well that has improved yields and quality processes. So that the whole wheel is working seamlessly.
Speaker Change: And then I'll just add as I noted in our call our marketing outreach day has been entirely organic and we're continuing to reach new users with our message of authenticity and putting women first and but now as we head into the holidays, we will be implementing a focused paints strategy and I think that will help us break through the noise and reach more women who are looking for a device like E V and this will come in <unk>.
Speaker Change: And to the Influencer community that we're already leveraging which includes the number of women with various interested we're all using easy ring as well as our partner Heidi, who I mentioned on the call she's creating content for us.
Speaker Change: I'm constantly and she experiences the ring and shares her findings with her followers.
Speaker Change: And then I'll just add that we continue to deliver content that resonates with our community across all our social channels, a blog and our newsletter and we really are actively listening to feedback coming in and a perfect example of this is really actually just about Bruce asked which is the release of anti this was as I noted the most requested feature and we've worked really hard to try to get it ready.
Speaker Change: We are going to be able to do for this holiday season, and so I'm excited about that and that's also where we.
Speaker Change: Decided to do the 60 day return policy, because we were hearing from people that they weren't sure that it would be enough time for them to really understand the eating experience. So that's one thing that we that came out of our ongoing communication with our customers as well. So we're continuing to co create easy experience with our community and I'm really excited about what's to come.
Speaker Change: Okay. Thank you, let's go to Michael So for this one.
Speaker Change: Hi, Michael remind us of the details behind these first easy med commercial opportunities how do they position the company for growth with pharmaceutical companies and other health partners and how quickly do you think these will all come to fruition once.
Michael So: The company has a clearance from the FDA.
Michael So: Sure Jay.
So very near term as John mentioned earlier on the call. We have entered into the agreement phase with a large healthcare company, who is preparing a pilot in Q1 of next year using the E V Med ring as part of an overall metabolic solution to address chronic disease, we continue to engage with many of our beta partners.
Who are looking forward and keeping very close eye on our FDA clearance.
Michael So: And then additionally, we expect the 510 clearance to unlock a host of initiatives across channels, such as large pharma medical device and remote patient monitoring and are currently building all of the back end systems that would be required for these partnerships. So we can hit the ground running.
Speaker Change: We have a question on the ultra line of which is from the line of Jon Lieber Bacchus on in West L. Please go ahead.
Michael So: Yeah.
Speaker Change: Hey, guys.
Speaker Change: It was quite an impressive called in my view.
Speaker Change: The management quality is so high and selling at two times cash per share.
And the intellectual property and product superiority of the size of the market depending strategics.
Speaker Change: And pending FDA clearance and so it's profoundly undervalued any thoughts about.
Speaker Change: How you might address the discrepancy in the valuation to its peers.
Jay Cogan: Jay would you like to take this one.
Jay Cogan: Yeah happy to Hey, John Thanks for the question.
Jay Cogan: And you know the comments at all.
Jay Cogan: I would just say that so well.
Jay Cogan: We understand as we laid out in this call and others that we're going after some pretty big things in the world of health.
Jay Cogan: Obviously, the capital markets have been swinging back and forth over the last few years from now.
Jay Cogan: Composition of very bullish enough to over the last couple of years very challenging for startups broadly private and public and.
Capital market conditions with higher interest rates have obviously weighed on valuations for small companies like mobile.
Jay Cogan: That said I guess, we just get up every day.
Jay Cogan: Do the work.
Jay Cogan: We know what the strategy is what we're trying to take this.
Jay Cogan: And over time things.
Jay Cogan: Things generally work out.
Jay Cogan: Sure so.
Jay Cogan: We hear you and I think from a management team standpoint, and from all of our partners were just working too.
Jay Cogan: Execute the best we can whether it's the ring.
The FDA clearance and easy Mad and then obviously some of the Holy Grail opportunities with respect to blood pressure.
Jay Cogan: Glucose et cetera, and obviously on today's call. We're trying also you can highlight a little bit about where we are big picture with respect to this new form factor smart rain and relative to the opportunity.
Jay Cogan: On a <unk> basis, there's also some ability standpoint, it is wide open.
Jay Cogan: So.
Jay Cogan: I appreciate the thoughts and sentiment and we're just going to be as.
That's like as possible.
Jay Cogan: We continue to move through time and and further progress.
Speaker Change: Got it.
Speaker Change: Yeah. Thank you John I'd like to just add one other comment.
Speaker Change: Thank you for everything that you said, we agree with your assessment and one of the things that we're trying to do as an organization is also just to become more visible out there, but you know we think a lot of the reasons why maybe.
Speaker Change: All of the assets, we have not reflected in the valuation is because the visibility and so we are doing quite a bit these days to be more vocal about ourselves to get the word out on just the in the past month I participated in.
Speaker Change: And the American Medical Association meeting in Chicago, and at the Diabetes Technology Society meeting in Northern California are in.
And just getting the word out more broadly to more folks because I I think that.
Speaker Change: As people hear more about our story and we expand broader with the number of folks who are we're able to see what we're all about I think that'll help in the in the regard that you brought up in terms of valuation versus the assets of the company.
Speaker Change: Well said thank you so much.
Speaker Change: Yeah.
Speaker Change: Okay I can't think about does it for the questions on the webcast and I don't see any more can be.
Speaker Change: Telephone.
Speaker Change: Q&A, so perhaps we conclude the call at this time.
Speaker Change: Thank you, ladies and gentlemen, the conference of Moana Health has now concluded.
Speaker Change: Thank you for your participation you may now disconnect your lines.
Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Awesome.
Speaker Change: [noise].