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Earnings Call Summary | Tivic Health Systems(TIVC.US) Q1 2024 Earnings Conference

Futu News ·  May 16 09:15  · Conference Call

The following is a summary of the Tivic Health Systems, Inc. (TIVC) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Tivic Health reported Q1 revenue of $334,000, a decrease of 11.2% from the same quarter last year primarily due to a significant decrease in unit sales resulting from a price increase of their product, ClearUp.

  • Despite the drop in unit sales, the gross profit for the first quarter increased by 48% due to the ClearUP price increase and reduction in cost per unit.

  • The company's total operating expenses for the first quarter dropped by 26% due to lower staff consulting, decreased professional fees, and reduced general/administrative expenses.

Business Progress:

  • Tivic established a limited exclusive distribution agreement with McKesson for the distribution of ClearUP and initiated the restructuring of their supply chain to be better aligned with short-term business needs.

  • Tivic successfully launched a new version of ClearUP that rectified a technical issue and completed a pilot clinical study for a novel form of noninvasive vagus nerve stimulation (VNS) with Feinstein Institutes for Medical Research.

  • After the VNS program announcement, the company closed a $4 million financing round. The funds are expected to be used as working capital, which includes advancing the next phase of the VNS clinical program.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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