Business
QT Imaging Announces Second Quarter 2024 Financial Results
Generated Scanner Sales Revenue of $1.7 Million with 51% Gross Margin in the Second Quarter of 2024 The Company Continues to Make Progress in the Engineering
About this update from Qt Imaging Holdings, Inc.
[{"type":"text","content":"\nGenerated Scanner Sales Revenue of $1.7 Million with 51% Gross Margin in the Second Quarter of 2024\n\n\nThe Company Continues to Make Progress in the Engineering and Clinical Feasibility Study with its Strategic Partner\n\n\nSigned a U.S. Exclusive Distribution Agreement\n\n\nAnnounced Partnership with the University of Oklahoma and OU Health Stephenson Cancer Center to Improve Precision in Cancer Detection and Treatment\n\n\n NOVATO, Calif.--(BUSINESS WIRE)--\nQT Imaging Holdings, Inc. (NASDAQ: QTI) (“QT Imaging” or the “Company”), a medical device company engaged in research, development, and commercialization of innovative body imaging systems, today announced financial results for the second quarter of 2024.\n\n\n“QT Imaging's team completed the first full quarter in the life of our young public company. We continued to deliver against our plan for the engineering and clinical feasibility study to solidify the intended partnership for large scale manufacturing. Additionally, we shipped four Breast Acoustic CTTM scanners throughout the quarter, three of them via partnership with our strategic distribution partner, increasing the number of commercial locations offering QT Imaging technology in the U.S. to five. This reflects our commitment to expanding the medical imaging market opportunities beyond hospitals and imaging centers, by supporting direct-to-provider approaches to enable the ability to lower health care costs and increase access via personal medical imaging, “ said QT Imaging CEO, Dr. Raluca Dinu.\n\n\n“Additionally, we are very proud to report on our partnership with the University of Oklahoma (OU) and the OU Health Stephenson Cancer Center to advance and scale innovative research in medical imaging and to improve precision in cancer detection and treatment. We look forward to collaborating with OU and OU Health Stephenson Cancer Center investigators and clinicians to develop AI/ML-based algorithms tailored for our inherent 3D images to ease clinical workflows. QT Imaging technology’s ability to safely image frequently for disease progression as well as its ability to assess volumetric breast density without exposing the patient to radiation are at the forefront of this partnership.”\n\n\nFinancial Highlights\n\n\n\nCommercial revenue was $1.7 million for the second quarter of 2024, compared to $1.4 million in ...