Executive Summary

Q1 2024 revenue was $0.064M, up vs $0.056M in Q1 2023 (+14.3%), driven by reorders and new disposable sleeve orders amid a limited U.S. launch of Pure‑Vu EVS Gastro and Gen 4 Colon systems .
Net loss attributable to common shareholders widened to $7.6M due to a $5.5M deemed dividend from warrant issuance; EPS was $(0.88) vs $(13.81) in Q1 2023 on a much larger share count post reverse split .
Commercial traction improved: active Pure‑Vu customers doubled and 100% of onboarded customers use the system independently vs 25% on the prior generation; Board engaged an investment bank to evaluate strategic alternatives .
Liquidity: cash and equivalents were $4.9M at March 31, 2024; operating and capex cash use was $2.0M in Q1, reflecting lower OpEx vs prior year .
No formal financial guidance or earnings call transcript was available; consensus estimates from S&P Global were unavailable for MOTS, limiting beat/miss assessment .

What Went Well and What Went Wrong

What Went Well

Limited U.S. commercial launch ramped, doubling active Pure‑Vu customers; 100% of onboarded customers now use the system independently, indicating easier adoption and improved end‑user experience with the new systems .
New product reception: early adopters cited improved handling and easy setup with the sleeveless Flex‑Channel design, supporting autonomous use and emergent GI bleeding cases without onsite support .
Strategic positioning strengthened: AMAR approval for EVS Colon in Israel and a new USPTO patent for automatic self‑purging features; Board engaged an investment bank to evaluate strategic alternatives .

What Went Wrong

Scale remains very small: Q1 revenue was $64K, flat sequentially and down from Q3 2023; the disposable sleeve‑driven model has yet to materially scale .
Net loss attributable to common shareholders expanded to $7.6M, primarily due to a $5.5M deemed dividend from warrant issuance, creating a larger reported EPS loss despite reduced operating expenses .
No formal guidance and no call transcript; limited transparency for near‑term revenue trajectory and margins, hindering estimate anchoring and narrative clarity for investors .

Financial Results

Metric	Q3 2023	Q4 2023	Q1 2024
Revenue ($USD Millions)	$0.086	$0.064	$0.064
Net Loss ($USD Millions) - (IS)	$(2.679)	$(2.805)	$(2.113)
Net Loss Attributable to Common Shareholders ($USD Millions)	$(2.679)	$(2.805)	$(7.621)
Diluted EPS - Attributable to Common Shareholders ($USD)	$(4.28)	$(4.48)	$(0.88)
Total Costs and Expenses ($USD Millions)	$2.480	$2.536	$2.090
Net Cash Used in Operating Activities + Capex ($USD Millions)	$(2.0)	$(1.9)	$(2.0)
Cash and Equivalents ($USD Millions)	$5.7 (as of 9/30/23)	$5.0 (as of 12/31/23)	$4.9 (as of 3/31/24)

Notes:

Q1 2024 EPS is driven by net loss attributable to common shareholders; the GAAP net loss per share excluding deemed dividends was $(0.25) vs $(0.88) including deemed dividends .
Revenues primarily from disposable sleeve reorders/new orders .

Margins vs prior periods:

Metric	Q3 2023	Q4 2023	Q1 2024
Net Income Margin % (Net Loss / Revenue)	(−2.679 / 0.086) = −3115%	(−2.805 / 0.064) = −4383%	(−2.113 / 0.064) = −3305%

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q1 2024	None provided	None provided	Maintained (no guidance)
Margins/OpEx	FY/Q1 2024	None provided	None provided	Maintained (no guidance)
OI&E / Tax Rate	FY/Q1 2024	None provided	None provided	Maintained (no guidance)
Segment Guidance	FY/Q1 2024	None provided	None provided	Maintained (no guidance)
Dividends	FY/Q1 2024	None provided	None provided	Maintained (no guidance)

Earnings Call Themes & Trends

(No earnings call transcript available for Q1 2024; themes below reflect press releases.)

Topic	Previous Mentions (Q3 2023)	Previous Mentions (Q4 2023)	Current Period (Q1 2024)	Trend
Commercialization ramp	FDA clearance achieved; plan to initiate market introductions by end of 2023	Limited U.S. launch initiated; targeting existing customers; positive feedback on Flex‑Channel	Limited U.S. launch implemented; doubled active customers; 100% independent use	Improving adoption trajectory
Emergent GI bleeding use cases	Upper GI bleeding opportunity highlighted (400k cases/yr)	Positive initial UGI bleed use feedback	Device supporting emergent GI bleeding cases with no onsite support	Strengthening clinical utility
Regulatory / IP	FDA clearance and AMAR approval in Israel pending; CE Mark process underway	New USPTO patent issued; AMAR approval achieved	Continued IP strengthening; AMAR approval reiterated	Expanding protections/markets
Strategic alternatives	Exploration of strategic/financing alternatives	Process to seek strategic partnerships; cash runway extended	Board engaged investment bank to evaluate strategic alternatives	Intensifying strategic review
Financial position	Cash $5.7M; liquidity to fund ops through Q1 2024	Warrants exercised ($2.7M) extended runway into Q4 2024	Cash $4.9M; Kreos facility $2.3M due and outstanding	Liquidity managed; runway monitored

Management Commentary

“We are excited by the initial traction made in the limited U.S. commercial launch of our Pure‑Vu EVS Gastro and Gen 4 Colon system… The most fulfilling aspect of the new system is seeing the device support emergent cases in GI bleeding and seeing how sites can adopt the technology with no onsite support.” — Mark Pomeranz, CEO .
“The new Gen 4 Colon system, which features a sleeveless Flex‑Channel design, is also being well‑received by early‑adopters… improved handling and easy setup.” .
Prior period context: “The new indication for the Upper GI space… are expected to strengthen our ability to penetrate the endoscopy market… we received positive feedback… easy of setup and better handling with our Flex Channel technology…” — Mark Pomeranz (Q4 2023) .

Q&A Highlights

No Q1 2024 earnings call transcript was available; no Q&A themes to report [ListDocuments returned none].

Estimates Context

Wall Street consensus (S&P Global) for Q1 2024 revenue and EPS was unavailable for MOTS due to missing CIQ mapping; therefore, we cannot assess beats/misses versus Street. Values would normally be retrieved from S&P Global, but were unavailable.

Metric	Q1 2024 Actual	Q1 2024 Consensus (S&P Global)
Revenue ($USD Millions)	$0.064	N/A – unavailable via S&P Global
EPS ($USD)	$(0.88)	N/A – unavailable via S&P Global

Key Takeaways for Investors

Early commercial traction: active customers doubled and 100% independent use suggests smoother adoption and lower sales friction for disposables, a key lever for scaling recurring revenue .
Clinical utility in emergent settings (UGI bleeding) and easier setup/handling may drive utilization beyond traditional colon prep use cases, potentially expanding TAM .
Reported EPS was heavily impacted by a $5.5M deemed dividend; operational OpEx reductions (R&D and S&M down sharply YoY) signal cash discipline even as commercialization ramps .
Liquidity remains modest with $4.9M cash and $2.3M outstanding on the Kreos facility; runway management continues to be a priority post Q4 2023 warrant exercise and strategic review .
Strategic alternatives process (investment bank engagement) is a potential near‑term narrative catalyst; outcomes could influence commercialization speed and capital needs .
Absent formal guidance and consensus data, investors should track quarterly revenue progression, sleeve reorder rates, and account conversion to the new systems as leading indicators .
International/regulatory progress (AMAR approval in Israel; ongoing IP expansion) supports optionality in non‑U.S. markets and defensibility of the platform .

Appendices

KPIs and Operating Metrics

KPI	Q3 2023	Q4 2023	Q1 2024
Onboarded customers using Pure‑Vu independently (%)	25% (prior gen baseline)	N/A	100%
Active Pure‑Vu customers vs baseline	N/A	N/A	Doubled (2x)
Warrants exercised (gross proceeds, $USD Millions)	N/A	$2.7	N/A

Additional Financial Detail (OpEx drivers, Q1 2024 vs prior year)

OpEx Line ($USD Thousands)	Q1 2023	Q1 2024
Research & Development	$1,454	$455
Sales & Marketing	$842	$151
General & Administrative	$1,945	$1,472
Total Costs & Expenses	$4,415	$2,090

Documents Reviewed

Q1 2024 Form 8‑K with Exhibit 99.1 press release: “Motus GI Reports First Quarter 2024 Financial Results and Provides Corporate Update” .
Q4 2023 Form 8‑K with Exhibit 99.1 press release: “Motus GI Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Corporate Update” .
Q3 2023 Form 8‑K with Exhibit 99.1: “Motus GI Reports Third Quarter 2023 Financial Results and Provides Corporate Update” .

Disclaimer: S&P Global consensus estimates were unavailable for MOTS in this period; therefore, comparisons to Street expectations could not be performed.

Motus GI Holdings, Inc. (MOTS)·Q1 2024 Earnings Summary