Summary by Futu AI
Cardio Diagnostics Holdings reported Q3 2024 revenue of $6,580, compared to $10,030 in Q3 2023. Net loss narrowed to $1.41 million from $1.93 million year-over-year, primarily due to decreased interest expenses. Operating expenses totaled $1.42 million, slightly down from $1.45 million in the prior year period.The company's cash position strengthened to $1.98 million as of September 30, 2024, up from $1.28 million at year-end 2023. This improvement was driven by $5.18 million in proceeds from stock sales, partially offset by $3.60 million cash used in operations. General and administrative expenses remained stable at $1.35 million compared to $1.38 million in Q3 2023.Looking ahead, Cardio Diagnostics faces challenges including Nasdaq listing compliance requirements, as its stock price fell below $1.00 minimum bid price. The company has until December 2, 2024, to regain compliance, with a possible 180-day extension. Management continues to focus on expanding product adoption across key channels while developing additional clinical tests for cardiovascular diseases.