Akili, the corporate behind a video game-like prescription digital therapeutic for kids with ADHD, reported an increase in third-quarter income to $702,000, from $114,000 within the second quarter of this yr, which the corporate attributes to the continued development of its grownup ADHD providing EndeavorOTC.
The corporate reported whole working bills of $18.8 million for the third quarter, in comparison with $15.3 million within the second quarter of this yr, and a internet lack of $15.9 million in Q3, in comparison with $11.8 million in Q2.
Money, short-term investments and money equivalents had been $86.3 million as of the tip of the third quarter.
“We’re happy with early outcomes of our previously-announced strategic shift from a prescription to a non-prescription enterprise mannequin centered on EndeavorOTC,” Matt Franklin, CEO of Akili, stated in an announcement. “We’ve submitted EndeavorOTC for FDA evaluation and authorization as an over-the-counter medical product within the grownup ADHD market and anticipate that these enterprise mannequin adjustments mixed with our new direct-to-consumer advertising and marketing efforts will speed up the trail to profitability.”
Canada-based Carebook, a Saas-based supplier of built-in digital well being and wellness options for employers, suppliers, pharmacies and others, reported a 69% enhance in income to $3.5 million within the third quarter, in comparison with $2.1 million within the second quarter of this yr.
The corporate achieved its first quarter of constructive adjusted EBITDA at $0.1 million, in comparison with Q2’s adjusted EBITDA lack of $1.1 million this yr.
Carebook reported a internet lack of $0.4 million, a 77% enchancment in comparison with the $1.7 million loss throughout the identical interval final yr.
“We proceed to execute on our marketing strategy, accomplished a number of massive implementations to this point through the yr and helped our purchasers onboard a major quantity of customers through the 9 months ended September 30, 2023, indicating robust demand for well being and wellness providers continues to exist,” Michael Peters, Carebook CEO, stated in an announcement.
“We reached one other new excessive this quarter by way of our income and achieved constructive adjusted EBITDA for the primary time. We anticipate the natural income development development to proceed into the yr finish, and we are going to proceed managing value with an goal of minimizing money burn and rising our revenue margins within the coming months. We’re heading in the right direction to ship adjusted EBITDA break even or higher in fiscal 2024, establishing a powerful basis for sturdy long-term development.”
Residence diagnostics firm Cue Well being reported whole income of $17.5 million within the third quarter, however a internet lack of $47 million and adjusted EBITDA lack of $36.6 million.
The corporate reported a lack of $7.4 million in product gross revenue and working bills in quarter three of $60 million.
Nonetheless, the corporate stated it ended the third quarter with $111.5 million in money and money equivalents and continues to function with no debt obligations.