Tivic Health Systems(US:TIVC)2024-08-14 20:15Revenue and Profitability - Revenue for Q2 2024 was $140 thousand, a decrease of 12% compared to Q2 2023, primarily due to a 27% decrease in unit sales, offset by a 20% increase in average sales price per unit [6]. - Gross profit for the first half of 2024 was $197 thousand, compared to $174 thousand in the same period of 2023, with a gross margin of 42% in 2024, up from 32% in 2023 [6]. - The company reported a net loss of $2.7 million for the first half of 2024, which is $1.5 million lower than the net loss of $4.2 million in the same period of 2023 [7]. Operating Expenses - Total operating expenses for the first half of 2024 were $2.9 million, a reduction of $1.5 million compared to $4.4 million in the first half of 2023 [7]. Product Development and Launches - Tivic launched ClearUP 2.0, which includes new power management circuitry for faster charging and longer battery life, addressing previous customer complaints [4]. - Tivic's Phase 1 trial of non-invasive vagus nerve stimulation (VNS) showed promising results, indicating potential clinical utility in major disease areas [2]. Strategic Partnerships and Agreements - The company entered a limited exclusive distribution agreement with a top 10 medical equipment distributor in the U.S. [4]. Financial Position and Future Outlook - The company raised approximately $4.0 million through a public offering of 4,710,000 shares at a price of $0.85 per share [7]. - Cash and cash equivalents as of June 30, 2024, totaled $3.7 million, an increase from $3.4 million at the end of 2023 [7]. - The company expects future growth to be significantly enhanced by advancements in its vagus nerve stimulation program [3].