- NMRD releases fiscal Q2-2021 results, provides business update
- Highlights include pending revenue recognition, global commercial contract with MySugarWatch DuoPack Limited, appointment of Dr. Osama Hamdy to advisory board
- Company operates at intersection of $59 billion Type 2 diabetes market, $50+ billion pre-diabetic market, $60 billion wearable weight loss and wellness applications sector
Nemaura Medical (NASDAQ: NMRD), a medical technology company focused on developing and commercializing non-invasive wearable diagnostic devices and supporting personalized lifestyle coaching programs, recently released its fiscal Q2-2021 results and provided a business update (https://ibn.fm/TX286).
Financial highlights from the announcement included $26.8M cash on hand, and receipt of an initial $513,000 as deposit payment from its UK licensee as partial payment for an order of 200,000 sensors and associated devices. Management expects to convert this and future invoiced payments to revenue once the Company begins delivering the final product to its licensee, scheduled to start during Q4-2021.
NMRD is currently commercializing its sugarBEAT(R) and proBEAT(TM) non-invasive and flexible continuous glucose monitors that provide actionable insights from real-time glucose monitoring to help diabetic and pre-diabetic people better manage, reverse, and prevent the onset of diabetes. The Company recently welcomed Dr. Osama Hamdy, M.D., Ph.D., to its advisory board, who will take part and advise on diabetes and metabolic health studies using Nemaura’s glucose monitoring technology. Dr. Hamdy is a senior endocrinologist and medical director, Obesity Clinic Program at the Joslin Diabetes Center and an associate professor of medicine at Harvard Medical School. Dr. Hamdy is a world-renowned thought leader in the field of obesity management in diabetes, medical nutrition and digital health.
NMRD also announced the signing of a global commercial contract with MySugarWatch DuoPack Limited to provide continuous glucose monitors and sensors as Duo-Packs, to be sold with prescription-only medicines typically prescribed to people with Type 2 diabetes. “We continue to make progress in our commercializing efforts for sugarBEAT(R) in the UK and recognizing revenue from our licensee. We are also working closely with advisors to expand our footprint throughout the world to address the worldwide health crisis of diabetes using our skin-mounted needle-free CGM as an innovative solution for patients and consumers,” said Dr. Faz Chowdhury, CEO of Nemaura Medical.
“Combined with our digital lifestyle management programs, we believe that our technology offering has the potential to be a key tool for the prevention and management of Type 2 diabetes. As we progress with our corporate, clinical, and regulatory milestones, we will provide future investor updates.”
Founded in 2011, Nemaura initially developed a single platform technology to measure blood markers at the skin’s surface. The Company has since evolved with the creation of wearable technologies and digital health care solutions at the intersection of three rapidly growing markets: the global Type 2 diabetes market expected to reach $59 billion by 2025, the $50+ billion pre-diabetic market, and the wearable weight loss and wellness applications sector, estimated to reach $60 billion by 2023 (https://ibn.fm/0MG5U). With obesity and diabetes as the two major drivers fueling the chronic disease epidemic, NMRD is committed to preventing, managing, and reversing these conditions by offering non-invasive, affordable, and flexible glucose monitoring solutions.
For more information, visit the company websites at www.NemauraMedical.com.
NOTE TO INVESTORS: The latest news and updates relating to NMRD are available in the company’s newsroom at https://ibn.fm/NMRD
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