Executive Summary

Q2 FY2024 delivered no revenue and a narrower net loss of $1.20M, helped by a $1.71M non‑cash gain from warrant revaluation; EPS improved to $(0.05) from $(0.16) YoY .
Liquidity tightened: cash fell to $1.38M (plus $3.0M restricted) while current notes payable were $17.55M; management disclosed going‑concern uncertainty and later secured a $10.0M line of credit (20% OID, ~0.833% monthly monitoring fee) to bolster working capital .
Strategic updates: submitted a Modular PMA plan for a Gen II 24‑hour sensor after completing a 100‑patient, 24‑hour study; KSA sugarBEAT approval sustained regional momentum; launched a UK direct‑to‑consumer metabolic program integrated with GLP‑1s .
Nasdaq listing risk remained (MVLS and bid price non‑compliance), with hearings expected to allow trading through the process; no formal quantitative guidance was issued .
No earnings call transcript was available; S&P Global consensus estimates were unavailable for NMRD, limiting beat/miss analysis.

What Went Well and What Went Wrong

What Went Well

“It is management’s view that the Company made good progress during the six month period ended September 30, 2023,” highlighting UK reimbursement support, BEATdiabetes readiness, consumer metabolic platform, and KSA approval .
CEO emphasized momentum on manufacturing scale‑up and global partnerships: “We continue to build momentum on both manufacturing activities and consumer feedback… our focus is on global partnerships and revenue ramp‑up” .
DTC metabolic program launched in the UK, integrating CGM insights with GLP‑1 therapies: “The launch of this integrated program is a turning point in the Company’s history” .

What Went Wrong

No revenue recognized in Q2 FY2024; the prior year quarter had $0.07M driven by UK licensee deliveries and deferred revenue amortization .
Going‑concern uncertainty flagged due to recurring losses and cash burn; working capital deficiency of $13.37M at quarter‑end .
Nasdaq compliance deficiencies for MVLS and bid price (delisting risk pending panel decision); no assurance of extension or regaining compliance .

Financial Results

Headline metrics vs prior periods and estimates

Metric	Q2 FY2023 (oldest)	Q1 FY2024	Q2 FY2024 (newest)	Consensus (Q2 FY2024)
Revenue ($USD)	$74,027	$0	$0	Unavailable
EPS (basic & diluted, $)	$(0.16)	$(0.09)	$(0.05)	Unavailable
Net Loss ($USD Millions)	$(3.856)	$(2.603)	$(1.203)	Unavailable

Notes: S&P Global consensus estimates were unavailable for NMRD (no CIQ mapping), so beat/miss analysis is not possible.

Margins

Metric	Q2 FY2023 (oldest)	Q1 FY2024	Q2 FY2024 (newest)
Gross Profit ($USD)	$1,670	N/M (no revenue)	N/M (no revenue)
Gross Margin (%)	2.3% (computed from $1,670 GP on $74,027 revenue)	N/M (no revenue)	N/M (no revenue)

Operating expenses and other items

Metric ($USD)	Q2 FY2023 (oldest)	Q1 FY2024	Q2 FY2024 (newest)
R&D Expense	$257,061	$549,757	$491,803
G&A Expense	$1,369,155	$1,508,467	$1,558,742
Interest Expense	$(1,617,467)	$(657,012)	$(824,809)
Change in FV – Warrant Liability	—	$(112,000)	$1,709,000
Change in FV – FX Derivative	$(613,687)	$224,082	$(37,100)

Balance sheet and liquidity

Metric	Q2 FY2023 (oldest)	Q1 FY2024	Q2 FY2024 (newest)
Cash and Equivalents ($USD)	$14,751,833 (prior year reference)	$4,009,691	$1,378,219
Restricted Cash ($USD)	—	—	$3,000,000
Inventory ($USD)	$1,754,852 (Mar 31, 2023)	$2,351,286	$2,911,390
Current Notes Payable ($USD)	$16,186,387 (prior year reference)	$16,967,686	$17,551,356
Warrant Liability ($USD)	$3,092,000 (Mar 31, 2023)	$3,204,000	$1,495,000

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY2024	None provided	None provided	N/A
Margins	FY2024	None provided	None provided	N/A
OpEx	FY2024	None provided	None provided	N/A
Cash/Capex	FY2024	None provided	None provided	N/A

Management issued qualitative business updates but no formal quantitative guidance ranges (reimbursement efforts, scale‑up, Modular PMA plan) .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 FY2024)	Current Period (Q2 FY2024)	Trend
AI/technology initiatives	Continued development of consumer metabolic health platform; BEATdiabetes planning; Eversana term sheet for U.S. launch .	Launched UK DTC metabolic program integrating CGM with GLP‑1s; Sidoti investor presentation on Meta‑Score biomarker and GLP‑1 augmentation .	Advancing consumer/DTC with GLP‑1 integration.
Regulatory (FDA)	PMA submission referenced for sugarBEAT .	Modular PMA chosen for Gen II 24‑hour sensor; 100‑patient 24‑hour study completed; proposal submitted Oct 30, 2023 .	Refiled Modular PMA; 24‑hour sensor viability.
Supply chain/manufacturing	Working with Benchmark Electronics for transmitter manufacturing scale‑up .	Increased production headcount; phased raw material orders; engaged German automation partner to scale sensor production, reduce unit cost .	Building capacity, cost optimization.
Regional trends (KSA/UK)	Provisional PO of 1.7M sensors (TPMENA); UK licensee support for reimbursement .	KSA sugarBEAT approval; continued UK reimbursement efforts; plan to fulfill orders .	Regulatory momentum; commercialization prep.
Nasdaq listing/compliance	Not highlighted in Q1 filing.	Non‑compliance with MVLS and bid price; hearing requested; potential extension to Apr 1, 2024 .	Elevated listing risk.
Financing/liquidity	Subsequent $6.5M non‑dilutive debt announced Aug 2023 .	$10.0M line of credit executed Nov 14, 2023 (20% OID, 0.833% monthly fee, asset‑backed) .	Active liability management amid cash burn.

Management Commentary

“It is management’s view that the Company made good progress during the six month period ended September 30, 2023,” citing UK reimbursement support, BEATdiabetes readiness, consumer metabolic platform development, KSA approval, and NHS trials .
“We continue to build momentum on both manufacturing activities and consumer feedback… During the new fiscal year our focus is on global partnerships and revenue ramp‑up” — Dr. Faz Chowdhury, CEO (FY23 update) .
“The launch of this integrated program is a turning point in the Company’s history… leveraging off positive outcomes observed thus far from the NHS studies, and the profound impact of GLP‑1 therapy globally” — Dr. Faz Chowdhury, CEO (DTC/GLP‑1 program) .

Q&A Highlights

No earnings call transcript or formal Q&A was available for Q2 FY2024; management presented at the Sidoti Virtual Investor Conference to discuss the DTC metabolic program and integration with GLP‑1s .
No guidance clarifications or quantitative outlook ranges were provided in filings or press releases .

Estimates Context

S&P Global Wall Street consensus estimates for Q2 FY2024 (Revenue and EPS) were unavailable for NMRD; as a result, we cannot assess beats/misses or imply estimate revisions.

Key Takeaways for Investors

Operating performance remains pre‑commercial: Q2 FY2024 revenue was $0; EPS improved to $(0.05) due to a significant non‑cash warrant revaluation gain, not from core operations .
Liquidity is constrained: $1.38M cash (+$3.0M restricted) versus $17.55M current notes payable; management flagged going‑concern risk and secured a $10.0M LOC with meaningful financing costs (20% OID, ~10% annualized monitoring) to bridge near‑term needs .
Commercialization path is clearer: Modular PMA for a 24‑hour sensor, completed 100‑patient study, and KSA approval provide regulatory traction; watch for subsequent PMA module submissions and review timelines as catalysts .
DTC strategy plus GLP‑1 pairing targets a large metabolic health opportunity; near‑term revenue visibility still depends on uptake, reimbursement progress, and manufacturing scale‑up execution .
Cost structure trending up with scale‑up: G&A rose to $1.56M in Q2; R&D moderated QoQ; inventory build supports anticipated commercialization but elevates working capital demands .
Listing risk persists: MVLS and bid‑price non‑compliance; hearings may grant time, but outcome uncertain—monitor corporate actions addressing market cap and bid price .
Near‑term trading: stock likely sensitive to financing terms/execution, PMA milestones, and DTC traction; medium‑term thesis hinges on regulatory approvals, payer reimbursement, and conversion of pilots to scalable revenue .

Nemaura Medical Inc. (NMRD)·Q2 2024 Earnings Summary