Workflow
Tivic Health Systems(TIVC) - 2024 Q2 - Quarterly Results

Revenue and Profitability - Revenue for Q2 2024 was 140thousand,adecreaseof12140 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 174thousandinthesameperiodof2023,withagrossmarginof42174 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 1.5millionlowerthanthenetlossof1.5 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 2.9million,areductionof2.9 million, a reduction of 1.5 million compared to 4.4millioninthefirsthalfof2023[7].ProductDevelopmentandLaunchesTiviclaunchedClearUP2.0,whichincludesnewpowermanagementcircuitryforfasterchargingandlongerbatterylife,addressingpreviouscustomercomplaints[4].TivicsPhase1trialofnoninvasivevagusnervestimulation(VNS)showedpromisingresults,indicatingpotentialclinicalutilityinmajordiseaseareas[2].StrategicPartnershipsandAgreementsThecompanyenteredalimitedexclusivedistributionagreementwithatop10medicalequipmentdistributorintheU.S.[4].FinancialPositionandFutureOutlookThecompanyraisedapproximately4.4 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 0.85pershare[7].CashandcashequivalentsasofJune30,2024,totaled0.85 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].