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Movano Health Reports Q2 2024 Financial Results and Provides Business Update

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Prepares for September 17, 2024, Evie Ring back in stock date
Announces brand partnership with digital creator Heidi D’Amelio
Focuses on launch of EvieMED and securing B2B opportunities
Conference Call at 2:00 PM PT/ 5:00 PM ET Today

PLEASANTON, Calif., Aug. 14, 2024 /PRNewswire/ — Movano Health (Nasdaq: MOVE), a pioneer in health technology, reported second quarter 2024 results and provided a business update.

Following the successful close of the Company’s April 2024 $24.1 million private placement that included a seed investment from a tier 1 multi-billion dollar medical device company, Movano Health has been focused on three key initiatives:

Preparing for the September 17th back in stock date for the Evie Ring, including an enhanced product experience, improved operations processes, and bolstered customer service.Today, the Company announced an Evie Ring brand partnership with digital creator, wife, mom, and entrepreneur Heidi D’Amelio.Securing FDA 510(k) clearance for the EvieMED Ring and pursuing initial business-to-business (B2B) commercial agreements across the healthcare sector. The Company is scheduled to meet live with its FDA counterparts in mid-August.Advancing cuffless blood pressure and noninvasive glucose monitoring clinical studies with Movano Health’s proprietary and patented System-on-a-Chip (SoC).

“We are excited to be back in stock on the Evie Ring and have been laser focused over the past quarter on improving the consumer experience across product, delivery and customer service in order to maximize our sales potential,” said John Mastrototaro, CEO and President of Movano Health. “Additionally, we are committed to working collaboratively with the FDA to obtain a 510(k) clearance for EvieMED, the cornerstone of our enterprise initiative.” 

Recent Operating Highlights and Milestones

On April 4, 2024, Movano Health closed a $24.1 million private placement, totaling 45.3 million units, with each unit consisting of one share of the Company’s common stock (or pre-funded warrant in lieu thereof) and one warrant to purchase a share of common stock, to a select group of investors that included a tier-one multi-billion dollar medical device company, institutional and accredited investors, and members of the Company’s management team and board of directors.On April 21, 2024, Movano Health successfully submitted updated pivotal clinical trial results as well as proof of enhanced medical device usability to the U.S. Food and Drug Administration (FDA) as part of its 510(k) filing for the Company’s first commercial medical device, the EvieMED Ring pulse oximeter. The Company recently announced that it will be meeting live with the FDA in mid-August to discuss the wellness aspects of EvieMED and to move forward with the review process.On June 10, 2024, Movano Health announced a clinical study partnership with the Massachusetts Institute of Technology (MIT)’s MAESTRO study of the long term effects of Chronic Lyme and Long Covid, using the continuous health monitoring capabilities of the Evie Ring.In the second quarter, Movano Health made important progress with three additional B2B commercial opportunities that could leverage EvieMED in building unique solutions for both clinical and consumer applications. In the first case, the Company is in the agreement phase with a global pharmaceutical company for a program that could begin in late-2024, and, assuming success, would be expected to develop into a larger commercial opportunity in 2025. In the second case, EvieMED is expected to be evaluated this Fall by a tier 1 global pharmaceutical company for a clinical trial that is scheduled to commence in 2025. Finally, Movano Health is engaged with a large payor looking to better manage high risk populations utilizing EvieMED. This opportunity is expected to commence in late-2024/early-2025 and could develop further into calendar 2025.In June 2024, Movano Health completed a cuffless blood pressure clinical study that included the use of an arterial blood pressure line. The Company plans to execute another cuffless blood pressure clinical study in the fourth quarter of 2024.

Second Quarter 2024 and Recent Financial Highlights

In Q2 2024, Movano Health shipped 1,837 Evie Rings. The Company did not report revenue in the period, as previously deferred revenue was offset by customer refunds.The Company reported an operating loss of $6.4 million in Q2 2024, compared to an operating loss of $7.4 million in Q2 2023.Total cash and cash equivalents at June 30, 2024 were $16.9 million.

Conference Call

Management will host a conference call and live audio webcast to discuss these results and provide a business update today at 2:00 pm PT/5:00 pm ET.

Attendees can access the live webcast here or on the investors section of Movano Health’s website at https://ir.movano.com. The conference call can be accessed by dialing 1-877-407-0989 (domestic), or 1 201-389-0921 (international). Attendees can also use the Call Me Link in which they will be dialed in to the conference call instantly on the number provided with no hold time. An archived webcast will be available on Movano Health’s website approximately one hour after the completion of the event and for two years thereafter.

About Movano Health
Founded in 2018, Movano Inc. (Nasdaq: MOVE) dba Movano Health, maker of the Evie Ring (www.eviering.com), is developing a suite of purpose-driven healthcare solutions to bring medical-grade data to the forefront of wearables. Featuring modern and flexible form factors, Movano Health’s devices offer an innovative approach to delivering trusted data to both customers and enterprises, capturing a comprehensive picture of an individual’s health data and uniquely translating it into personalized and intelligent insights.

Movano Health’s proprietary technologies and wearable medical device solutions will soon enable the use of data as a tool to proactively monitor and manage health outcomes across a number of patient populations that exist in healthcare. For more information on Movano Health, visit https://movanohealth.com/.

Forward Looking Statements
This press release contains forward-looking statements concerning our expectations, anticipations, intentions, beliefs, or strategies regarding the future. These forward-looking statements are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially from those anticipated. Therefore, you should not place undue reliance on forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding plans with respect to the commercial launches of the Evie Ring and EvieMED; our expectations regarding potential commercial opportunities; planned cost-cutting initiatives; anticipated FDA clearance decisions with respect to our products; expected future operating results; product development and features, product releases, clinical trials and regulatory initiatives; our strategies, positioning and expectations for future events or performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission, including under the caption “Risk Factors.”  Any forward-looking statement in this release speaks only as of the date of this release. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

 

Movano Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

June 30,

December 31,

2024

2023

ASSETS

Current assets:

Cash and cash equivalents

$              16,868

$                6,118

Payroll tax credit, current portion

233

450

Vendor deposits

22

399

Inventory

1,790

1,114

Prepaid expenses and other current assets

776

442

Total current assets

19,689

8,523

Property and equipment, net

272

342

Payroll tax credit, noncurrent portion

55

169

Other assets

810

387

Total assets

$              20,826

$                9,421

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$                1,538

$                3,118

Deferred revenue

1,252

Other current liabilities

1,883

1,529

Total current liabilities

3,421

5,899

Noncurrent liabilities:

Early exercised stock option liability

4

23

Other noncurrent liabilities

623

50

Total noncurrent liabilities

627

73

Total liabilities

4,048

5,972

Stockholders’ equity:

Common stock

10

6

Additional paid-in capital

153,058

127,823

Accumulated deficit

(136,290)

(124,380)

Total stockholders’ equity

16,778

3,449

Total liabilities and stockholders’ equity

$              20,826

$                9,421

 

Movano Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Revenue

$                                  —

$                                  —

$                                852

$                                  —

COSTS AND EXPENSES:

Cost of revenue

380

1,595

Research and development

2,907

4,171

5,794

8,065

Sales, general and administrative

3,110

3,213

5,614

6,522

Total costs and expenses

6,397

7,384

13,003

14,587

Loss from operations

(6,397)

(7,384)

(12,151)

(14,587)

Other income (expense), net:

Interest and other income, net

207

117

241

224

                Other income (expense), net

207

117

241

224

Net loss and total comprehensive loss

$                           (6,190)

$                           (7,267)

$                         (11,910)

$                         (14,363)

Net loss per share, basic and diluted

$                             (0.06)

$                             (0.17)

$                             (0.15)

$                             (0.36)

Weighted average shares used in computing net loss per share, basic and diluted

99,538,371

43,056,785

77,780,822

40,314,164

 

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SOURCE Movano

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Lichen China Limited Announces $2.8 Million Registered Direct Offering

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XIAMEN, China, Dec. 26, 2024 /PRNewswire/ — Lichen China Limited (Nasdaq: LICN) (“Lichen China” or the “Company”), a dedicated financial and taxation service provider in China today announced that it has entered into a definitive agreement with several investors for the purchase and sale of an aggregate of 20,000,000 of the Company’s Class A ordinary share, par value $0.00004 per share (the “Shares”) (or pre-funded warrants in lieu thereof) at a purchase price of $0.14 per share in a registered direct offering. The purchase price for the pre-funded warrants is identical to the purchase price for Shares, less the exercise price of $0.001 per share.

The aggregate gross proceeds to the Company of this offering are expected to be approximately $2.8 million. The transaction is expected to close on or about December 27, 2024, subject to the satisfaction of customary closing conditions.

Univest Securities, LLC is acting as the sole placement agent.

The registered direct offering is being made pursuant to a shelf registration statement on Form F-3 (File No. 333-277230) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on March 1, 2024. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying base prospectus will be filed by the Company and, upon filing, can be obtained at the SEC’s website at www.sec.gov.

About Lichen China Limited

Lichen China Limited focuses on providing financial and taxation solution services, education support services, and software and maintenance services under its “Lichen” brand. In recognition of the Company’s expertise and experience in the financial and taxation solution services industry for over 18 years, the Company has built up its reputation as a dedicated financial and taxation solution services provider of professional and high-quality services in China. For more information, please visit the Company’s website: https://ir.lichenzx.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

Tian Sun
Phone: +86-0592-5586999
Email: ir@lichenzx.com

View original content:https://www.prnewswire.com/news-releases/lichen-china-limited-announces-2-8-million-registered-direct-offering-302339364.html

SOURCE Lichen China Limited

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Elvis Birthday Celebration tour kicks off at the Miniaci Performing Arts Center January 5th

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This January 8th would have been the King’s Birthday. Gone but never forgotten, his image, music, films and memories live on as a testament to his true effect and influence on his generation and future generations to come. Keeping the memory alive at countless venues throughout the country, Chris MacDonald lovingly shares the magic of the “King of Rock-n-Roll” with his full production tribute Memories of Elvis Rockin Birthday Bash

FORT LAUDERDALE, Fla., Dec. 26, 2024 /PRNewswire-PRWeb/ — Elvis Presley Birthday Celebration Florida Tour kicks off at the Miniaci Performing Arts Center at Nova Southeastern University Davie Campus on January 5th with Chris MacDonald’s Memories of Elvis Rockin Birthday Bash, a multi-media full production tribute celebrating the life and music of the King of Rock-n-Roll.

“Adding to the authenticity of his tribute, Chris has the honor of being the only tribute artist hired by Elvis Presley Enterprises to perform at Graceland’s Heartbreak Hotel.”

This January 8th would have been the King’s Birthday. Gone but never forgotten, his image, music, films and memories live on as a testament to his true effect and influence on his generation and future generations to come. The original American Rock-n-Roll Idol who influenced the Beatles, The Rolling Stones and anyone that has ever picked up a guitar or a microphone since, continues to engage our love affair with his all American story of a shy poor and humble country boy that became the King of Rock-n-Roll. Elvis Presley, recognized by TIME magazine as the “Artist of the 20th Century,” has sold more records than any other artist or group in the history of modern music. Even after death, his image and music continue to be loved and celebrated throughout the world. With the critically acclaimed big screen biopic “Elvis” by director Baz Luhrmann starring Austin Butler as Elvis and Tom Hanks as Colonel Tom Parker, Elvis’s music and charisma are once again in the spotlight for a whole new generation and there’s no sign of the King leaving the building of Rock-n-Roll icon status.

Keeping the memory alive at countless venues throughout the country, Chris MacDonald lovingly shares the magic of the “King of Rock-n-Roll” with his full production tribute Memories of Elvis. Chris’s show is not an overdone impersonation. It is a natural heartfelt tribute to a legendary performer and music icon. With his dynamic production band, Chris MacDonald draws his audience in with the look, sounds, and nuances that made Elvis the King of Rock-n- Roll!

Adding to the authenticity of his tribute, Chris MacDonald has the honor of being the only tribute artist hired by Elvis Presley Enterprises to perform at Graceland’s Heartbreak Hotel. An energetic and experienced entertainer, MacDonald has also starred in the famous “Legends in Concert” stage productions and has performed in Branson, MO, and Las Vegas, NV. Chris has also performed in Concert with Elvis Presley’s original back up group The Jordanaires and D.J. Fontana Elvis original drummer “The Beat Behind The King” at the famous Seminole Hard Rock Live Concert Venue in Hollywood Florida and other venues throughout the country.

With this newly updated production, the show will include costume changes and songs representing the different stages of Elvis’s incredible career including the 1950′s, the Movies, the 1968 Comeback and the 1970′s White Fringe Vegas Concerts. It’s all a part of this fun loving tribute to one of the greatest entertainers of all time.

Get “All shook up” and celebrate the life and music of the King of Rock-n-Roll with Chris MacDonald’s Memories of Elvis Rockin Birthday Bash.

Florida Tour Dates:

January 5, 2025 2pm (Sunday)

Rose and Alfred Miniaci Performing Arts Center

Nova Southeastern University

3100 Ray Ferrero Junior Boulevard,

Davie, FL 33314

Box Office: 954-462-0222

https://www.miniacipac.com/events/detail/chris-macdonalds-memories-of-elvis-rockin-birthday-bash-2025

 

January 16, 2025 7:30 pm (Thursday)

Barbara B Mann Performing Arts Hall

Southwestern State College

13350 FSW Parkway, Fort Myers, FL 33919

Box Office: 800-440-7469 • 239-481-4849

https://www.bbmannpah.com/events/detail/chris-macdonalds-memories-of-elvis-2025-fort-myers

 

January 18, 2025 7:30 pm (Saturday)

Sunrise Theatre

117 S 2nd Street, Fort Pierce, FL 34950

Box office: 772-461-4775

https://www.sunrisetheatre.com/shows/memories-of-elvis-rockin-birthday-bash/

Media Contact

Donna Oz, CME Inc, 1 954341-6005, info@chrismacdonaldselvis.com, https://www.elvispresleystory.com/

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SOURCE CME Inc; CME Inc

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VIVOTEK Wins Double Honors for Its Commitment to Sustainability

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TAIPEI, Dec. 26, 2024 /PRNewswire/ — VIVOTEK (3454-TW), the global leading security solution provider, has once again demonstrated its outstanding commitment to sustainability. Participating for the first time in the 17th Taiwan Corporate Sustainability Awards (TCSA), VIVOTEK emerged victorious, earning the Sustainability Report Award for the Information, Communication, and Broadcasting Industry and the Taiwan Corporate Sustainability Excellence Award. These recognitions showcase VIVOTEK’s remarkable success in corporate governance, environmental protection, and social responsibility, affirming its dedication to sustainable growth.

Pioneering Sustainability with Dual Recognition

“For over seven years, VIVOTEK has independently published sustainability reports, actively driving and disclosing our internal sustainability initiatives.” said Allen Hsieh, VIVOTEK’s Spokesperson and Director of the Global Marketing Division. “These awards not only recognize our integrity and efforts in presenting operational performance, environmental data, and social impact but also serve as a strong motivation for us to continue advancing on the path of sustainable development.”

Driving Sustainability through AI Innovation

VIVOTEK delivers advanced AI-powered security solutions built on cutting-edge AI and edge computing technologies. Beyond innovation, the company drives green initiatives, reduces its carbon footprint, and fosters a sustainable, supportive workplace.

Committed to social responsibility, VIVOTEK leads the security industry’s sustainability efforts through its ‘Safety Map’ initiative. For four years, employees have formed security teams to enhance safety in neighborhoods, care centers, and schools with on-site assessments and improvement plans.

In 2024, VIVOTEK will expand its efforts to Hualien’s Dacheng Village, where it will help improve local safety environments and support cultural preservation and tourism revitalization. These actions reflect its dedication to sustainability, community well-being, and lasting societal contributions.

Security Sustainability as a Foundation for Social Impact

VIVOTEK proudly received two prestigious honors at the Taiwan Corporate Sustainability Awards, highlighting its dedication to sustainable practices. These accolades inspire the company to deepen its internal efforts and mark the start of an exciting new chapter.

Building on this achievement, VIVOTEK aims to strengthen its mission of becoming the world’s most trusted smart security brand. By aligning with global market needs and fostering collaboration with customers, partners, and employees, VIVOTEK is committed to shaping a sustainable future founded on mutual trust and shared success.

To learn more about VIVOTEK’s sustainability initiatives, please refer to the 2023 Sustainability Report.

View original content to download multimedia:https://www.prnewswire.com/news-releases/vivotek-wins-double-honors-for-its-commitment-to-sustainability-302339206.html

SOURCE VIVOTEK Inc.

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