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Cardio Diagnostics Holdings Inc. (CDIO-6.47%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, indicating a net loss of $8,383,453 for the year, slightly higher than the previous year's loss of $8,376,834. Revenue increased to $34,890 from $17,065 in 2023, attributed to expanded sales efforts.
Operating expenses rose to $8,400,767, with general and administrative expenses contributing the most at $8,169,458, up from $6,936,646 in 2023. This increase was primarily due to higher stock compensation expenses.
Research and development expenses decreased significantly to $29,125 from $145,182, reflecting fewer laboratory runs for new product offerings.
The company highlighted its strategic focus on expanding its product offerings, including clinical tests for stroke, heart failure, and diabetes, while leveraging its newly awarded CPT PLA codes.
Cardio Diagnostics reported cash and cash equivalents of $7,827,487 as of December 31, 2024, an increase from $1,283,523 at the end of 2023, primarily due to proceeds from stock sales.
The company continues to face challenges with long sales and partnership cycles but has made progress by entering into partnerships with seven new provider organizations across various states.
Cardio Diagnostics is preparing for potential regulatory changes as the FDA's new rule on laboratory-developed tests could impact its operations, requiring compliance with additional regulatory requirements.
The company remains focused on expanding its market presence and improving operational efficiencies, with plans to scale internal operations and pursue strategic partnerships and acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cardio Diagnostics Holdings Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.