PLEASANTON, Calif. – Movano Health (NASDAQ: MOVE), a developer of wearable healthcare solutions, announced today that it has received a strategic investment from a major medical device company.

This investment, part of a broader $24 million capital raise, aims to advance Movano Health’s proprietary mmWave radio frequency technology and its wearable medical devices, including the upcoming Evie Ring.

The undisclosed tier-one medical device company contributed $3 million to the capital raise, which also saw participation from institutional and accredited investors, as well as Movano Health’s management team and board of directors. The funding is expected to support general corporate purposes and provide working capital.

Movano Health’s CEO, John Mastrototaro, highlighted the investment as a testament to the company’s innovative approach and the clinical precision of its technology, which has shown promising results in cuffless blood pressure studies.

The Evie Ring, Movano Health’s consumer product, is set to be complemented by Evie Med, a business-to-business solution that will leverage future FDA clearances to address unmet needs in healthcare.

Founded in 2018, Movano Health has been focusing on integrating medical-grade data into wearable devices, aiming to provide personalized health insights. The company is preparing to harness data to proactively monitor health outcomes across various patient populations.

The press release also contained forward-looking statements regarding the company’s expectations for the Evie Ring’s commercial launch, anticipated FDA clearances, and future operating results. These statements are based on current assumptions and are subject to risks and uncertainties that could cause actual results to differ significantly.

This strategic investment and partnership signify a step forward for Movano Health as it continues to develop and commercialize its health technology solutions. The information reported is based on a press release statement from Movano Health.

InvestingPro Insights

Movano Health’s recent strategic investment from a major medical device company underscores the potential of its wearable healthcare technology. The capital infusion is aimed at advancing the development and commercial readiness of the Evie Ring, a key product in Movano Health’s portfolio.

In the backdrop of this development, Movano Health’s financial metrics provide a mixed picture. According to InvestingPro data, Movano Health has a market capitalization of $26.36 million, reflecting the size of the company in the competitive healthcare technology market.

The company’s P/E ratio stands at -0.61, with an adjusted P/E ratio for the last twelve months as of Q3 2023 at -0.84, indicating that the company is not currently profitable. Moreover, the return on assets for the same period is at -208.03%, suggesting challenges in generating profit from its assets.

Still, an InvestingPro Tip points out that Movano Health holds more cash than debt on its balance sheet, which could provide some financial stability as the company works towards commercializing its products. Another relevant InvestingPro Tip is that the stock has experienced a significant return over the last week, with a 10.3% price total return, which may interest short-term investors or signal a positive market reaction to recent developments.

For readers interested in a deeper analysis, there are additional InvestingPro Tips available that could provide further insights into Movano Health’s financial health and market performance. Using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these insights.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.


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