Cardio Diagnostics Holdings, Inc. Releases Q2 2024 10-Q Report

Cardio Diagnostics Holdings, Inc., a company specializing in advanced cardiovascular diagnostics, has released its Form 10-Q report for the second quarter of 2024. The report highlights significant financial and operational developments, reflecting the company's ongoing efforts to expand its market presence and enhance its product offerings.

Financial Highlights

• Revenue: $7,870 for the three months ended June 30, 2024, compared to $1,725 for the same period in 2023, indicating a significant increase in sales.
• Revenue: $23,798 for the six months ended June 30, 2024, compared to $1,725 for the same period in 2023, reflecting growth in revenue generation.
• Net Loss: $(1,287,995) for the three months ended June 30, 2024, compared to $(4,022,905) for the same period in 2023, showing a decrease in net loss primarily due to reduced general and administrative expenses.
• Net Loss: $(5,451,579) for the six months ended June 30, 2024, compared to $(5,055,523) for the same period in 2023, with an increase attributed to higher general and administrative expenses.
• Net Loss Per Common Share: $(0.06) for the three months ended June 30, 2024, compared to $(0.39) for the same period in 2023.
• Net Loss Per Common Share: $(0.25) for the six months ended June 30, 2024, compared to $(0.51) for the same period in 2023.

Business Highlights

• Revenue Segments: Cardio Diagnostics Holdings, Inc. reported increased revenue in the first six months of 2024, with revenue generated from patients, small providers, larger providers, and employers for the first time. This indicates a diversification in their customer base and an expansion in their market reach.
• New Product Launches: The company launched several new products, including PrecisionCHD™, an integrated epigenetic-genetic clinical blood test for coronary heart disease detection, and HeartRisk™, a cardiovascular risk intelligence platform. These launches are part of Cardio's strategy to expand its product offerings and enhance its market presence.
• Sales Units: The company has developed a more robust sales and partnership pipeline, indicating an increase in sales activities and potential future revenue growth.
• Future Outlook: Cardio plans to continue expanding its business operations by developing additional products for stroke, congestive heart failure, and diabetes. The company also aims to leverage newly awarded CPT PLA codes to expand product adoption across key channels, including health systems and self-insured employers.
• Regulatory Developments: The FDA's final rule on laboratory-developed tests (LDTs) will require premarket authorization for Cardio's tests starting May 6, 2025. This regulatory change may increase costs and impact the company's ability to develop and offer LDTs.

SEC Filing: Cardio Diagnostics Holdings, Inc. Releases Q2 2024 [ NASDAQ:CDIO ] - 10-Q - Aug. 12, 2024