Monogram Technologies Reports Second Quarter 2024 Financial Results

AUSTIN, TX / ACCESSWIRE / August 14, 2024 – Monogram Technologies Inc. (NASDAQ:MGRM), an AI-driven robotics company focused on orthopedic surgery, has released its financial results for the second quarter ended June 30, 2024.

The company filed a 510(k) premarket submission for the mBôs TKA System with the FDA, which passed administrative review. A decision is expected within 90 days. Additionally, Monogram secured a strategic clinical trial collaboration with Shalby Limited in India to test the system's safety and effectiveness.

Financially, research and development expenses decreased to $2.4 million from $3.0 million in the prior-year quarter. Marketing and advertising expenses dropped significantly to $92,000 from $1.7 million. The net loss improved to $3.5 million, down from $5.2 million in the previous year. Cash and cash equivalents stood at $7.3 million as of June 30, 2024.

Monogram aims to achieve FDA clearance, expand international relationships, and further its commercialization efforts in the coming months.