15 Aug 2022
Health monitoring tech firm also announces first purchase order for its Bioptx Baseline Band; forms scientific advisory board.Rockley Photonics, a developer of photonics-based health monitoring and communications technologies, has reported its financial results for the second quarter ended June 30, 2022.
Key figures in $millions from the quarter, compared with last year’s equivalent period (in brackets) were as follows: revenue 1.5 (2.2); gross profit -0.8 (-2.4); net loss -121.8 (-30.6); cash and investments at period end 46.6 (35.4); selling and admin expenses 21.2 (6.7); and R&D expenses 26.3 (17.6).
Dr. Andrew Rickman, chairman and CEO, commented, “I am proud of the progress we made in the second quarter. As we ramp towards commercial production, we have reached many of the milestones that we’ve been working towards and expect to reach many more in the coming months.
He added, “In August alone, we have signed a supply agreement and received our first commercial purchase order, we also received the first production devices from our manufacturing partner, and we have expanded our medtech market opportunity by adding contract research organizations as an additional market for our solutions.”
Chad Becker, the firm’s interim CFO, said, “There are many value creation opportunities ahead for Rockley. In my first few weeks as interim CFO, I have focused on ensuring more efficient use of cash and adjusting our operating model as we advance toward the commercialization of our technology in consumer wearables and medtech products.”
Trading figures aside, Rockley highlighted several recent achievements as evidence of the company’s progress:
Revised 2022 revenue guidance
The company said it expects to generate core product revenue of $5 - $10 million (this year). It stated, “While opportunities to monetize its datacom platform remain, Rockley has removed all revenue from datacom platform monetization in its revised guidance for 2022. Expenses related to the datacom asset have been eliminated, and the impact of datacom and other expense reductions is expected to be cash flow neutral.”
The newly formed SAB will support Rockley’s mission of empowering people to make better-informed decisions about their health and well-being. The members of the SAB will advise Rockley concerning its biosensing platform, which enables the non-invasive, continuous, and near-real-time monitoring of multiple biomarkers.
The SAB will be chaired by Vish Kulkarni, senior vice president of commercial development at Rockley Photonics. The initial members of the board include the following:
Mark A. Arnold, PhD is the Edwin B. Green Chair in Laser Chemistry, professor of chemistry and director of the Center for Biocatalysis and Bioprocessing at the University of Iowa.
Zahi A. Fayad, PhD. is a professor of Radiology and Medicine (cardiology) at the Icahn School of Medicine at Mount Sinai and holds the Lucy G. Moses Professorship in Medical Imaging and Bioengineering at the Icahn School of Medicine in New York
Stavros Kavouras, PhD. is an assistant dean of graduate education and professor of nutrition at Arizona State University.
David C. Klonoff, MD is an endocrinologist specializing in the development and use of diabetes technology. He is the medical director of the Dorothy L. and James E. Frank Diabetes Research Institute of Mills-Peninsula Medical Center in San Mateo, California, and is a Clinical Professor of Medicine at University of California San Francisco.