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Movano Health provides update on FDA application for EvieMED ring

Preventive Healthcare

Nov 14, 2024

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Nov 14, 2024

Movano Health provides update on FDA application for EvieMED ring

Product updates

Earnings/results

As per its Q3 2024 financial update, Movano Health is in the final stage of the FDA review process for its EvieMED Ring, having recently submitted a complete response to clarifying questions on its medical features. The device combines medical device functionality for pulse oximetry with wellness metrics related to sleep, activity, and health symptom logging.
In anticipation of FDA clearance, Movano Health is preparing for B2B opportunities and has entered agreement discussions with a large healthcare company for a Q1 2025 pilot program using the EvieMED Ring for metabolic solutions in chronic disease management.
As per its Q3 2024 financial update, Movano Health reported an operating loss of USD 7.4 million, an improvement from a USD 9.1 million loss in Q3 2023.
Analyst QuickTake: After launching the Evie Ring in November 2023 for USD 269 without a subscription fee, Movano Health shipped 339 units in Q3 2024, reflecting early market traction. Later, the company raised USD 24 million in private placement in April 2024 to support its ongoing operations.

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