Cardio Diagnostics Holdings, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting a mixed performance in revenue and losses compared to the previous fiscal period. The company generated revenue of $6,580 for the three months ended September 30, 2024, a decrease from $10,030 in the same period of 2023. However, for the nine months ended September 30, 2024, revenue increased significantly to $30,378, compared to $11,755 for the same period in 2023. This growth in revenue reflects the company's efforts to expand its market presence and product offerings.

Despite the increase in revenue for the nine-month period, Cardio Diagnostics reported a net loss of $1,412,566 for the third quarter of 2024, an improvement from a net loss of $1,932,382 in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss was $6,864,145, slightly reduced from $6,987,905 in the prior year. The company’s total operating expenses for the third quarter were $1,415,547, down from $1,454,221 in the same quarter of 2023, while total operating expenses for the nine months increased to $6,879,853 from $5,712,216.

The company’s cash position improved, with cash at September 30, 2024, totaling $1,982,590, up from $1,283,523 at the end of 2023. This increase was attributed to net cash provided by financing activities, which amounted to $4,649,453 for the nine months ended September 30, 2024, compared to $3,725,968 in the same period of 2023. The company also reported a decrease in accounts payable and accrued expenses, which fell to $74,808 from $243,213 as of December 31, 2023.

Strategically, Cardio Diagnostics has focused on expanding its product offerings, including the launch of new tests such as PrecisionCHD™ and HeartRisk™. The company has transitioned its market strategy to target larger provider organizations and group purchasing organizations, aiming to enhance its revenue generation capabilities. However, the company faces ongoing liquidity challenges and has expressed substantial doubt about its ability to continue as a going concern, necessitating additional capital to fund operations.

The company is also navigating regulatory changes, particularly with the FDA's proposed rule regarding laboratory-developed tests (LDTs), which could impose new compliance costs and operational delays. As of September 30, 2024, Cardio Diagnostics had accumulated a deficit of $21,232,525, reflecting its ongoing financial struggles.