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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tivic Health Systems Inc | NASDAQ:TIVC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0102 | -0.95% | 1.06 | 1.05 | 1.08 | 1.09 | 1.06 | 1.09 | 4,828 | 16:22:14 |
265% growth in unit sales through direct-to-consumer channels, 97% overall revenue growth vs. Q2 2021
Tivic Health® Systems, Inc. (“Tivic Health”, Nasdaq: TIVC), a commercial-phase health technology company that develops and commercializes bioelectronic medicine, today announced its financial results for the quarter ended June 30, 2022.
Jennifer Ernst, CEO of Tivic Health commented, “Our second quarter results demonstrate clear traction on the three pillars of the strategy we laid out last November – increasing direct-to-consumer revenue, reducing cost of goods and seeding our product pipeline.”
Q2 Financial Highlights
Corporate Highlights
Financial Review for the Three Months Ended June 30, 2022
Financial Review for the Six Months Ended June 30, 2022
Conference Call:
Management will host a conference call and webcast on Monday, August 15, 2022, at 1:30 PM PT / 4:30 PM ET to discuss the company’s second quarter 2022 financial results and provide a business update.
The conference call will be available via telephone by dialing toll free 877-545-0320 local callers; or 973-528-0002 for international callers and using Participant Access Code: 492379.
The conference call will also be available via Webcast link: https://www.webcaster4.com/Webcast/Page/2865/46308
An audio replay of the call will be available from the “Recent Press” page on the Tivic Health website at https://tivichealth.com/investor/.
About Tivic Health
Tivic Health Systems, Inc. is a commercial-phase health technology company delivering non-invasive bioelectronic treatments that provide consumers a choice in the treatment of inflammation and related conditions. For more information visit https://tivichealth.com @TivicHealth.
Forward-Looking Statements
This press release may contain “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Tivic Health Systems, Inc.’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Additional information concerning Tivic Health and its business, including a discussion of factors that could materially affect the company operating results, is contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 31, 2022, under the heading “Risk Factors,” as well as the company’s subsequent filings with the Securities and Exchange Commission. Forward-looking statements contained in this press release are made as of this date, and Tivic Health Systems, Inc. undertakes no duty to update such information except as required by applicable law.
Tivic Health Systems, Inc. Condensed Balance Sheets (Unaudited) June 30, 2022 and December 31, 2021 (in thousands, except share and per share data)
June 30,
December 31,
2022
2021
ASSETS
Current assets
Cash and cash equivalents
$
9,049
$
12,975
Accounts receivable, net
92
92
Inventory, net
833
429
Prepaid expenses and other current assets
398
793
Total current assets
10,372
14,289
Property and equipment, net
13
11
Right-of-use assets, operating lease
607
687
Other assets
34
49
Total assets
$
11,026
$
15,036
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable
$
1,915
$
789
Other accrued expenses
293
267
Operating lease liability, current
170
163
Total current liabilities
2,378
1,219
Operating lease liability
461
545
Total liabilities
2,839
1,764
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding at June 30, 2022 and December 31, 2021
—
—
Common stock, $0.0001 par value, 200,000,000 shares authorized; 9,621,484 and 9,715,234 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
1
1
Additional paid in capital
32,990
32,817
Accumulated deficit
(24,804
)
(19,546
)
Total stockholders’ equity
8,187
13,272
Total liabilities and stockholders’ equity
$
11,026
$
15,036
Tivic Health Systems, Inc. Condensed Statements of Operations (Unaudited) Three and Six Months Ended June 30, 2022 and 2021 (in thousands, except share and per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Revenue
$
528
$
268
$
956
$
591
Cost of sales
403
301
760
602
Gross profit (loss)
125
(33
)
196
(11
)
Operating expenses:
Research and development
497
192
898
390
Sales and marketing
1,125
345
1,809
645
General and administrative
1,521
485
2,747
1,066
Total operating expenses
3,143
1,022
5,454
2,101
Loss from operations
(3,018
)
(1,055
)
(5,258
)
(2,112
)
Other income (expense):
Interest expense
—
(223
)
—
(497
)
Change in fair value of derivative liabilities
—
28
—
1
Other income
—
156
—
158
Total other income (expense)
—
(39
)
—
(338
)
Net loss
$
(3,018
)
$
(1,094
)
$
(5,258
)
$
(2,450
)
Net loss per share - basic and diluted
$
(0.32
)
$
(0.46
)
$
(0.55
)
$
(1.04
)
Weighted-average number of shares - basic and diluted
9,621,484
2,374,479
9,668,100
2,354,589
View source version on businesswire.com: https://www.businesswire.com/news/home/20220815005618/en/
Media Contact: Cheryl Delgreco Cheryl.Delgreco@tivichealth.com 617-429-6749
Investor Contact: Hanover International, Inc. ir@tivichealth.com
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