Tivic Health Systems(TIVC)

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Tivic Health Systems(TIVC) - 2024 Q1 - Quarterly Report
2024-05-15 20:31
Financial Performance - For Q1 2024, revenue decreased by $42 thousand, or 11.2%, to $334 thousand compared to Q1 2023, primarily due to a 35% decrease in unit sales, offset by a 35% increase in the average sales price per unit [132][134]. - Cost of sales decreased by $96 thousand, or 37%, to $167 thousand in Q1 2024, driven by lower sales volume, with variable costs at $133 thousand, or $74.32 per unit [132][136]. - Gross profit increased by $54 thousand to $167 thousand in Q1 2024, reflecting improved pricing strategies despite lower sales volume [132]. - The company incurred a net loss of $1.5 million for the three months ended March 31, 2024, compared to a net loss of $2.1 million for the same period in 2023 [159][160]. - Cash used in operating activities for the three months ended March 31, 2024 was $1.7 million, a decrease from $2.4 million in the same period of 2023 [158]. Expenses - Research and development expenses decreased by $234 thousand to $256 thousand in Q1 2024, attributed to reduced headcount and non-recurring expenses from 2023 [132][141]. - Sales and marketing expenses increased by $47 thousand to $505 thousand in Q1 2024, primarily due to a test program focused on educating healthcare professionals about the ClearUP solution [132][143]. - General and administrative expenses decreased by $394 thousand to $887 thousand in Q1 2024, due to reduced headcount and lower consulting fees [132][145]. - The company expects operating expenses to increase significantly as it develops additional product candidates and seeks regulatory approval [147]. Cash and Capital - As of March 31, 2024, the company had cash and cash equivalents of $1.7 million, working capital of $1.8 million, and an accumulated deficit of $39.4 million [146]. - The company raised approximately $3.5 million in net proceeds from a public offering of common stock and warrants in May 2024 [125]. - The company generated net proceeds of approximately $3.6 million from the sale of 200,000 shares of common stock in February 2023 and approximately $4.3 million from the sale of 1,169,230 shares from July to August 2023 [146]. - The company may need to raise additional capital to continue operations and fund planned activities, including research and development and commercialization of future product candidates [154][157]. Product Development and Launches - Tivic Health launched ClearUP 2.0, featuring improved power management for faster charging and longer battery life [128][129]. - A clinical trial is ongoing to evaluate the use of Tivic's handheld platform for managing pain from facial surgeries, which may lead to new product development [122]. - The company plans to increase research and development investments in its vagus nerve platform and clinical applications in 2024 [148]. Market and Economic Conditions - The ongoing military conflicts, particularly between Russia and Ukraine and Israel and Hamas, have led to significant volatility in global markets, affecting commodity prices and supply chains [166]. - The company has not yet experienced material impacts from these conflicts, but the unpredictability of their duration and effects poses risks to operations and supply chains [167]. - Macroeconomic factors, including inflation and high interest rates, complicate revenue forecasting, with potential negative impacts on liquidity and operational results [168]. - Inflationary pressures may arise from increased costs of products, transportation, and wages, although the company has not yet seen a material impact on financial results [170]. Operational Flexibility and Compliance - The company has a noncancelable operating lease for approximately 9,091 square feet of office space in Hayward, California, expiring in October 2025, with lease costs recorded at $51 thousand for Q1 2024 [172][173]. - Contracts with manufacturers and vendors are generally cancelable, allowing flexibility in operations without significant long-term commitments [174]. - Management's estimates and judgments in financial reporting are influenced by macroeconomic factors, which could lead to discrepancies between actual results and forecasts [175]. - Recent accounting pronouncements and significant accounting policies are detailed in the company's Annual Report and Quarterly Report, ensuring compliance with GAAP [177][176].
Tivic Health Systems(TIVC) - 2023 Q4 - Earnings Call Transcript
2024-03-25 21:45
Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2023, was $1.2 million, a decrease of 36% from $1.8 million in 2022, primarily due to a 52% decrease in ClearUP unit sales, offset by a 46% increase in average selling price per unit [27] - Cost of sales decreased to $889,000 in 2023 from $1.5 million in 2022, a reduction of 42%, attributed to the decrease in unit sales and write-offs related to old inventory [28] - The net loss for 2023 was $8.2 million, an improvement from a net loss of $10.1 million in 2022 [32] Business Line Data and Key Metrics Changes - ClearUP unit sales saw a significant decline of 52%, impacting overall revenue despite an increase in average selling price [27] - Research and development expenses remained stable at $1.7 million for both 2023 and 2022, focusing on collaborations with The Feinstein Institute [29] Market Data and Key Metrics Changes - Over 90% of sales in 2023 were direct-to-consumer, indicating a strong reliance on this sales channel [27] - The company established new distribution agreements with major players like McKesson and Cardinal Health, targeting less price-sensitive market segments [11] Company Strategy and Development Direction - The company is focused on stabilization and optimizing efficiency after turbulent years in 2021 and 2022, with efforts to stabilize the supply chain and reduce costs [4] - A significant price increase of nearly 50% was implemented in Q2 2023, which temporarily suppressed revenue but aimed to improve gross profit [10] - The company is exploring business combinations and licensing opportunities to enhance its product portfolio [37] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2023, including compliance issues with NASDAQ, which necessitated a reverse stock split [14] - The focus for 2023 has been on rebuilding and recovery, with a commitment to fiscal responsibility and cost control [36] - The research pipeline is maturing, with a strong emphasis on the vagus nerve stimulation (VNS) opportunity as a significant growth area [38] Other Important Information - The company completed a 2,000-person marketing segmentation and pricing study in Q1 2023, which informed strategic decisions [10] - A reverse stock split was implemented on August 23, 2023, to regain compliance with NASDAQ listing requirements [34] Q&A Session Summary Question: What are the expectations for the ClearUP product sales moving forward? - Management expressed optimism about new distribution agreements unlocking potential sales opportunities for the ClearUP product in the coming year [11] Question: How does the company plan to address the decline in unit sales? - The company is focusing on improving gross profit through strategic pricing and operational efficiencies, while also enhancing marketing efforts [10][36]
Tivic Health Systems(TIVC) - 2023 Q4 - Annual Results
2024-03-25 21:23
Exhibit 99.1 • Revenue (net of returns) for 2023 was $1.2M compared to $1.8M for the year ended December 31, 2022. The decrease of $664 thousand, or 36%, was due to a 52% decrease in ClearUP unit sales, offset by 46% higher average selling price per unit. Greater than 90% of sales were direct to consumer in 2023. • Cost of sales was $889 thousand in 2023 compared to $1.5M for the year ended December 31, 2022, a decrease of $652 thousand, or 42%. The decrease was due to the 52% decrease in overall unit sales ...
Tivic Health Systems(TIVC) - 2023 Q4 - Annual Report
2024-03-25 20:28
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 001-41052 Tivic Health Systems, Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction ...
Tivic Health Systems(TIVC) - 2023 Q3 - Quarterly Report
2023-11-14 21:31
Revenue Performance - Revenue for Q3 2023 decreased by $195 thousand, or 40.9%, compared to Q3 2022, primarily due to a 58% decrease in unit sales offset by a 54% increase in the per unit average sales price [117]. - For the nine months ended September 30, 2023, revenue decreased by $613 thousand, or 42.8%, compared to the same period in 2022, driven by a 57% decrease in unit sales and a 51% increase in the per unit average sales price [118]. - The company reported a revenue increase of 15% year-over-year, reaching $5.2 billion in Q3 2023 [171]. - The company projects a revenue growth of 12% for Q4 2023, with expected revenue between $5.5 billion and $5.7 billion [171]. Cost and Profitability - Gross profit for Q3 2023 was $108 thousand, an increase of $45 thousand compared to Q3 2022, despite lower revenue [115]. - Cost of sales for Q3 2023 decreased by $240 thousand, or 58%, compared to Q3 2022, primarily due to a decrease in sales volume [121]. - For the nine months ended September 30, 2023, cost of sales decreased by $639 thousand, or 54%, compared to the same period in 2022, primarily due to lower sales volume [122]. - Variable cost was $364 thousand, or $70.09 per unit, for the nine months ended September 30, 2023, compared to $1.0 million, or $85.49 per unit, for the same period in 2022 [122]. - Gross margin improved to 45%, up from 42% in the previous quarter [171]. Expenses and Financial Position - Research and development expenses for the three months ended September 30, 2023, decreased by $62 thousand compared to the same period in 2022, while remaining flat for the nine months ended September 30, 2023 [126]. - Sales and marketing expenses decreased by $901 thousand for the nine months ended September 30, 2023, compared to the same period in 2022, primarily due to reductions in unprofitable marketing spend [128]. - General and administrative expenses decreased by $914 thousand for the nine months ended September 30, 2023, compared to the same period in 2022, mainly due to lower consulting and professional fee expenses [130]. - As of September 30, 2023, the company had cash and cash equivalents of $5.2 million and an accumulated deficit of $35.6 million [131]. - The company experienced a net loss of $6.0 million for the nine months ended September 30, 2023, an improvement from a net loss of $7.8 million in the same period of 2022 [147]. - Net cash used in operating activities for the nine months ended September 30, 2023, was $6.7 million, consistent with the previous year, which also reported $6.7 million [146]. - Cash provided by financing activities increased significantly to $8.5 million for the nine months ended September 30, 2023, compared to only $56 thousand in the same period of 2022 [149]. Capital and Funding - The company raised approximately $4.8 million in net proceeds from the sale of 1,169,230 shares of common stock between July 11 and August 9, 2023 [107]. - The company completed a public offering on February 13, 2023, resulting in net proceeds of approximately $3.6 million from the sale of 200,000 shares [133]. - The company anticipates needing to raise additional capital to fund operations, including research and development and commercialization of future product candidates [142]. - The company raised capital through the sale of 1,369,230 shares of common stock during the nine months ended September 30, 2023 [149]. Strategic Initiatives - The company announced a new partnership with InStep Health to increase awareness of ClearUP, targeting approximately 2,500 healthcare professionals [110]. - The company has expanded its intellectual property portfolio and received its first international patent allowance [110]. - Product improvements are expected to enhance customer experience, including extended battery life and faster charging, anticipated to be in market by the end of Q4 2023 [110]. - The company is collaborating on a clinical trial to evaluate the treatment of postoperative pain after sinus surgery [110]. - The company completed an acquisition of a tech startup for $300 million to enhance its product offerings [171]. - The company plans to enter two new international markets by the end of 2024 [171]. Market and Operational Challenges - The company is currently facing challenges related to supply chain disruptions, which have led to increased inventory balances to ensure product availability [152]. - Inflationary pressures are expected to continue, potentially affecting the cost of products and components, although the company has not yet seen a material impact on its financial position [157]. - The ongoing geopolitical tensions, including the conflict between Russia and Ukraine, may lead to market disruptions and affect the company's ability to access additional funds [153]. - The company is evaluating alternative suppliers to mitigate risks associated with supply chain shortages and increased component costs [152]. Lease and Financial Structure - The company executed a noncancelable operating lease for approximately 9,091 square feet of office space, which expires in October 2025 [159]. - The company has not entered into any off-balance sheet arrangements, maintaining a straightforward financial structure [158].
Tivic Health Systems(TIVC) - 2023 Q2 - Quarterly Report
2023-08-14 21:01
Table of Contents ppju5 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2023 OR ☐ Transmission Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______ Commission file number: 001-41052 Tivic Health Systems, Inc. (Exact name of registrant as specified in its charter) Delaware (Sta ...
Tivic Health Systems(TIVC) - 2023 Q1 - Quarterly Report
2023-05-15 20:32
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2023 OR ☐ Transmission Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______ Commission file number: 001-41052 Tivic Health Systems, Inc. (Exact name of registrant as specified in its charter) Delaware (State or ...
Tivic Health Systems(TIVC) - 2022 Q4 - Annual Report
2023-03-31 20:02
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Tivic Health Systems, Inc. (Exact name of registrant as specified in its charter) Delaware FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 001-41052 81-4016391 (State or other j ...
Tivic Health Systems(TIVC) - 2022 Q3 - Quarterly Report
2022-11-14 22:15
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2022 OR ☐ Transmission Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______ Commission file number: 001-41052 Tivic Health Systems, Inc. (Exact name of registrant as specified in its charter) Delaware (Stat ...
Tivic Health Systems(TIVC) - 2022 Q2 - Quarterly Report
2022-08-15 19:17
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 25821 Industrial Blvd., Suite 100 Hayward, CA 94545 (Address of principal executive offices including zip code) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2022 OR ...