Nemaura Medical Reports Fiscal Third Quarter 2023 Results and Provides Business Update


Loughborough, England, Feb. 24, 2023 (GLOBE NEWSWIRE) — Nemaura Medical, Inc. (Nasdaq: NMRD) (“Nemaura” or the “Company”), a medical technology company focused on developing and commercializing non-invasive wearable sensors and supporting personalized lifestyle and weight reduction programs, today releases its financial results for the quarter ending December 31, 2022 and provides a business update.

Recent Corporate Highlights:

  • Announced initial patient data from UK NHS Miboko Study that demonstrates weight loss in 100% of participants – study to continue for 12 months.
  • Received first U.S.-based purchase order for 5,000 proBEATsubscriptions from HealthFleet Inc., a leading telehealth provider focusing on care, coaching, and health recommendations. The purchase order consists of 75,000 proBEAT glucose sensors over an initial five month period and is valued at $500,000 in revenue.


  • Entered into a Registered Direct Offering and concurrent Private Placement for gross proceeds of approximately $8.4 million (before expenses) in January 2023.

“We continue to build momentum with our UK programs, while initiating our foothold in the U.S. The recent purchase order from HealthFleet marks the beginning of our commercialization efforts in the U.S., integrating our proBEAT technology into HealthFleet’s RestoreHealth program to potentially improve diabetes management and weight loss. This is a significant step forward towards the integration of our sensor technology into existing diabetes management programs in the U.S.,” commented Nemaura CEO Dr. Faz Chowdhury. “With Miboko, the encouraging early patient data from our UK NHS Miboko study that demonstrated weight loss in 100% of participants is very encouraging and bodes well for the future of that program. There are obviously many weight loss programs on the market, but this early Miboko data exceeds the results seen in some of these other programs. With our balance sheet strengthened by the recent capital raise, we are better positioned to execute on our commercialization efforts and strategic goals in 2023.”

3Q23 Financial Summary:

  • Reported revenue based on delivery of product from the purchase order from its UK licensee in 2021 with an anticipated gradual ramp of revenue expected in coming quarters.
  • Net loss for the quarter was approximately $1.7million. Additional headcount was added to support the operational scale-up process, to continue building product inventory to fulfil existing purchase orders, and to support ongoing and future commercial sales activities.
  • Cash and cash equivalents at December 31, 2022 were approximately $7.3 million.

About Nemaura Medical, Inc.

Nemaura Medical, Inc. is a medical technology company developing and commercializing non-invasive wearable diagnostic devices. The company is currently commercializing sugarBEAT® and proBEAT. sugarBEAT®, a CE mark approved Class IIb medical device, is a non-invasive and flexible continuous glucose monitor (CGM) providing actionable insights derived from real time glucose measurements and daily glucose trend data, which may help people with diabetes and pre-diabetes to better manage, reverse, and prevent the onset of diabetes. Nemaura has submitted a PMA (Premarket Approval Application) for sugarBEAT® to the U.S. FDA. proBEAT combines non-invasive glucose data processed using artificial intelligence and a digital healthcare subscription service and has been launched in the U.S. as a general wellness product as part of its BEAT diabetes program that is currently undergoing pilot studies.

The Company sits at the intersection of the global Type 2 diabetes market that is expected to reach nearly $59 billion by 2025, the $50+ billion pre-diabetic market, and the wearable health-tech sector for weight loss and wellness applications that is estimated to reach $60 billion by 2023.

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Cautionary Statement Regarding Forward-Looking Statements:

The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, the launch of proBEAT in the U.S., risks related to regulatory status and the failure of future development and preliminary marketing efforts, Nemaura Medical’s ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Nemaura Medical and its partners’ ability to develop, market and sell proBEAT, the availability of substantial additional equity or debt capital to support its research, development and product commercialization activities, and the success of its research, development, regulatory approval, marketing and distribution plans and strategies, including those plans and strategies related to both proBEAT digital health, and sugarBEAT®. There can be no assurance that the company will be able to reach a part of or any of the global market for CGM with its products/services. The U.S. Food and Drug Administration (the “FDA”) reserves the right to re-evaluate its decision that proBEAT qualifies as a general wellness product should it become aware of any issues such as skin irritation or other adverse events from the device, as well as any misuse impacting patient safety, and any other reason as the FDA may see fit at its discretion to determine the product does not fit the definition of a general wellness product. These and other risks and uncertainties are identified and described in more detail in Nemaura Medical’s filings with the United States Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the most recently completed fiscal year, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K. Nemaura Medical undertakes no obligation to publicly update or revise any forward-looking statements.


Jules Abraham
[email protected]

Condensed Consolidated Balance Sheets

    December 31,
    March 31, 2022


Current assets:                
Cash   $ 7,340,840     $ 17,749,233  
Prepaid expenses and other receivables     1,217,237       750,167  
Accounts receivable – related party     25,320       101,297  
Inventory     2,352,407       1,487,771  
Total current assets     10,935,804       20,088,468  
Property and equipment, net of accumulated depreciation     581,903       532,508  
Intangible assets, net of accumulated amortization     1,443,991       1,480,980  
Total other assets     2,025,894       2,013,488  
Total assets   $ 12,961,698     $ 22,101,956  
Current liabilities:                
Accounts payable   $ 171,207     $ 136,310  
Other liabilities and accrued expenses     390,858       558,426  
Foreign currency contract     1,075,692       440,196  
Notes payable, current portion     11,512,711       19,188,724  
Deferred revenue     69,681       259,256  
Total current liabilities     13,220,149       20,582,912  
Notes payable, net of current portion     8,557,548        
Deferred revenue, net of current portion     1,042,710       1,052,960  
Total liabilities     22,820,407       21,635,872  
Commitments and contingencies                
Stockholders’ (deficit) equity:                
Common stock, $0.001 par value, 42,000,000 shares authorized and 24,103,196 and 24,102,866 shares issued and outstanding at December 31, 2022 and March 31, 2022     24,103       24,103  
Additional paid-in capital     38,296,198       38,295,775  
Accumulated deficit     (47,192,364 )     (37,731,476 )
Accumulated other comprehensive loss     (986,646 )     (122,318 )
Total stockholders’ (deficit) equity     (9,858,709 )     466,084  
Total liabilities and stockholders’ (deficit) equity   $ 12,961,698     $ 22,101,956  

Condensed Consolidated Statements of Operations and Comprehensive Loss
(in Dollars, except Share Amounts)

    Three Months Ended
December 31,
    Nine Months Ended
December 31,
    2022     2021     2022     2021  
Sales   $ 3,017     $ 183,628     $ 77,044     $ 183,628  
Cost of Sales     (2,971 )     (172,393 )     (75,327 )     (172,393 )
Gross Profit     46       11,235       1,717       11,235  
Operating expenses:                                
Research and development     393,747       412,341       980,862       987,711  
General and administrative     239,628       1,391,278       4,329,306       4,151,380  
Total operating expenses     633,375       1,803,619       5,310,168       5,139,091  
Loss from operations     (633,329 )     (1,792,384 )     (5,308,451 )     (5,127,856 )
Interest expense     (1,082,949 )     (1,639,184 )     (4,152,437 )     (5,141,701 )
Net loss     (1,716,278 )     (3,431,568 )     (9,460,888 )     (10,269,557 )
Other comprehensive loss:                                
Foreign currency translation adjustment     556,080       (25,065 )     (864,328 )     (142,922 )
Comprehensive loss   $ (1,160,198 )   $ (3,456,633 )   $ (10,325,216 )   $ (10,412,479 )
Net loss per share, basic and diluted   $ (0.07 )   $ (0.15 )   $ (0.39 )   $ (0.44 )
Weighted average number of shares outstanding, basic and diluted     24,103,196       23,313,629       24,102,976       23,244,345  

Condensed Consolidated Statements of Cash Flows

    Nine Months Ended
December 31,
    2022     2021  
Cash Flows From Operating Activities:                
Net loss   $ (9,460,888 )   $ (10,269,557 )
Adjustments to reconcile net loss to net cash used in operating activities:                
Depreciation and amortization     268,595       139,751  
Amortization of debt discount     4,152,437       5,141,701  
Change in fair value of foreign currency contract     635,494       199,522  
Changes in assets and liabilities:                
Prepaid expenses and other receivables     (467,070 )     797,155  
Inventory     (864,636 )     (533,656 )
Accounts payable     34,897       (77,075 )
Due to (from) related parties     75,977       (301,387 )
Other liabilities and accrued expenses     (167,568 )     264,786  
Deferred revenue     (297,419 )     285,266  
Net cash used in operating activities     (6,090,181 )     (4,353,494 )
Cash Flows From Investing Activities:                
Capitalized patent costs     (135,168 )     (60,241 )
Capitalized software development costs     (27,879 )     (460,466 )
Purchase of property and equipment     (275,758 )     (359,301 )
Net cash used in investing activities     (438,805 )     (880,008 )
Cash Flows From Financing Activities:                
Proceeds from issuance of common stock     696       118,791  
Equity issuance cost paid     (273 )     (4,382 )
Proceeds from issuance of notes payable     4,700,000        
Proceeds from warrant exercise           2,963,658  
Repayments of note payable     (7,974,282 )     (6,500,000 )
Net cash used in financing activities     (3,273,859 )     (3,421,933 )
Effect of exchange rate changes on cash     (605,548 )     (163,658 )
Net decrease in cash     (10,408,393 )     (8,819,093 )
Cash at beginning of period     17,749,233       31,865,371  
Cash at end of period     7,340,840       23,046,278  
Supplemental disclosure of non-cash financing activities:                
Release of prepayment from equity compensation           50,000  
Monitoring fees related to notes payable      1,522,372        

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