SEATTLE – Feb 14, 2023 – Know Labs, Inc. (NYSE American: KNW), an emerging developer of non-invasive medical diagnostic technology, today reported financial results for the first quarter ended December 31, 2022.
Know Labs reported a net loss of $3.82 million in the first quarter of 2023, compared to a net loss of $5.36 million in the first quarter of 2022, which translates to Earnings Per Share of a loss of $0.08 versus a loss of $0.15 in the year ago period.
Research and development expense for the first quarter ended December 31, 2022, was $1.74 million as compared to $886,000 in the same year ago period. The increase in R&D expense was related to staff increases in engineering, third party technical services and expenditures related to the development of the Bio-RFID technology, as the company continues to execute its path to FDA clinical trials and commercialization.
Selling, general and administrative expense for the first quarter 2023 was $1.91 million versus $1.22 million in the same year ago period, which increased versus the prior year primarily to due to key additions to the executive team and increases in third party services.
As of December 31, 2022, cash and cash equivalents equaled $9.68 million, as compared with $12.59 million at the end of the fourth quarter ended September 30, 2022. Net cash used in operations for the first quarter ended December 31, 2022, was $2.92 million, as compared to $1.91 million in the prior year. The company believes its cash on hand will be sufficient to fund its operations through February 14, 2024.
Shareholder equity for the first quarter 2023 was $7.1 million versus $9.9 million as of September 30, 2022.
Know Labs will host an audio webcast to discuss its results and provide a business update today, February 14, 2023, at 4:30pm ET (1:30 pm PT). The live webcast will be available on the Investors page of the Company’s website, www.knowlabs.co/investors, and a replay will be available for six months.
Participant Dial-In: 877-514-3621 / +1 215-268-9856
A copy of the form 10-Q filed with the SEC can also be downloaded from the Company’s website.
About Know Labs, Inc.
Know Labs, Inc. is a public company whose shares trade on the NYSE American Exchange under the stock symbol “KNW.” The Company’s technology uses spectroscopy to direct electromagnetic energy through a substance or material to capture a unique molecular signature. The Company refers to its technology as Bio-RFID™. The Bio-RFID technology can be integrated into a variety of wearable, mobile or bench-top form factors. This patented and patent-pending technology makes it possible to effectively identify and monitor analytes that could only previously be performed by invasive and/or expensive and time-consuming lab-based tests. The first application of our Bio-RFID technology will be in a product marketed as a non-invasive glucose monitor. It will provide the user with real-time information on blood glucose levels. This product will require U.S. Food and Drug Administration clearance prior to its introduction to the market.
Safe Harbor Statement
This release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Know Labs, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy; and (iv) performance of products. You can identify these statements by the use of the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Know Labs, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended September 30, 2022, Forms 10-Q and 8-K, and in other filings we make with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Investor Relations section of our website at www.knowlabs.co. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.
For Know Labs Media Inquiries Contact:
Ph. (317) 439-3173
Know Labs, Inc. Contact: Jordyn Hujar firstname.lastname@example.org Ph. (206) 629-6414