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Bluejay Diagnostics, Inc. Reports Third Quarter 2022 Financial Results
ACTON, Mass., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Bluejay Diagnostics, Inc. (NASDAQ: BJDX) (“Bluejay” or the “Company”), a clinical-stage medical diagnostics
About this update from Bluejay Diagnostics, Inc.
[{"type":"text","content":"ACTON, Mass., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Bluejay Diagnostics, Inc. (NASDAQ: BJDX) (“Bluejay” or the “Company”), a clinical-stage medical diagnostics company developing rapid, near-patient tests using whole blood on its Symphony platform to improve patient outcomes in critical care settings, today reported its financial results for the quarter and nine months ended September 30, 2022. “The last quarter focused on increasing awareness of Bluejay’s Symphony IL-6 test by directly engaging the medical community to build a network of champions that will direct product development and drive initial commercialization,” said Neil Dey, CEO. “In August, Bluejay held a KOL event with clinicians in emergency and critical care who shared their perspectives on Symphony’s potential to guide patient care and acute intervention through monitoring of quantitative IL-6 measurements on a simple, reliable, efficient platform.” “During July, the Company published positive clinical results for its Symphony IL-6 test presented at AACC, which demonstrated 98% NPV to identify COVID-19 patients at risk for severe illness,” continued Dey. “We are also currently expanding our clinical program, adding additional test sites in support of the Company’s planned De Novo marketing application with the FDA for our Symphony IL-6 test, with an anticipated submission during the first half of 2023.” Financial Results for the Three and Nine Months Ended September 30, 2022 Cash and cash equivalents. Cash and cash equivalents on September 30, 2022 were $13.3 million, as compared to $19.0 million on December 31, 2021. The Company has maintained a slow cash burn during its FDA submission process and currently expects that its cash position will be sufficient to fund operations for the next 12 months. Revenue and Gross Profit. Revenue and gross profit increased approximately $250,000 and $49,000 respectively, for the nine month periods ended September 30, 2022, as compared to the same period in 2021. We recognized a small, non-recurring sale to a foreign development partner in the second quarter of 2022, which it does not consider an entry to the market or indicative of expected margins. As expected, there were no sales in the third quarter. Research and Development. Research and development expenses for the three and nine months ended September 30, 2022 were $1.4 mil...