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.
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June 30, |
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December 31, |
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2022 |
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2021 |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
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$ |
9,049 |
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$ |
12,975 |
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Accounts receivable, net |
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92 |
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92 |
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Inventory, net |
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833 |
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429 |
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Prepaid expenses and other current assets |
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398 |
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793 |
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Total current assets |
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10,372 |
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14,289 |
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Property and equipment, net |
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13 |
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11 |
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Right-of-use assets, operating lease |
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607 |
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687 |
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Other assets |
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34 |
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49 |
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Total assets |
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$ |
11,026 |
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$ |
15,036 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities |
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Accounts payable |
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$ |
1,915 |
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$ |
789 |
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Other accrued expenses |
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293 |
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267 |
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Operating lease liability, current |
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170 |
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163 |
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Total current liabilities |
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2,378 |
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1,219 |
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Operating lease liability |
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461 |
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545 |
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Total liabilities |
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2,839 |
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1,764 |
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Commitments and contingencies |
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Stockholders’ equity |
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Preferred stock, $0.0001 par value, 10,000,000 shares authorized;
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— |
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— |
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Common stock, $0.0001 par value, 200,000,000 shares authorized;
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1 |
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1 |
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Additional paid in capital |
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32,990 |
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32,817 |
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Accumulated deficit |
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(24,804 |
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(19,546 |
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Total stockholders’ equity |
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8,187 |
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13,272 |
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Total liabilities and stockholders’ equity |
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$ |
11,026 |
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$ |
15,036 |
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Tivic Health Systems, Inc.
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Revenue |
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$ |
528 |
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$ |
268 |
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$ |
956 |
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$ |
591 |
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Cost of sales |
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403 |
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301 |
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760 |
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602 |
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Gross profit (loss) |
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125 |
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(33 |
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196 |
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(11 |
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Operating expenses: |
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Research and development |
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497 |
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192 |
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898 |
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390 |
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Sales and marketing |
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1,125 |
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345 |
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1,809 |
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645 |
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General and administrative |
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1,521 |
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485 |
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2,747 |
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1,066 |
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Total operating expenses |
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3,143 |
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1,022 |
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5,454 |
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2,101 |
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Loss from operations |
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(3,018 |
) |
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(1,055 |
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(5,258 |
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(2,112 |
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Other income (expense): |
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Interest expense |
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— |
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(223 |
) |
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— |
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(497 |
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Change in fair value of derivative liabilities |
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— |
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28 |
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— |
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1 |
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Other income |
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— |
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156 |
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— |
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158 |
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Total other income (expense) |
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— |
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(39 |
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— |
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(338 |
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Net loss |
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$ |
(3,018 |
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$ |
(1,094 |
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$ |
(5,258 |
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$ |
(2,450 |
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Net loss per share - basic and diluted |
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$ |
(0.32 |
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$ |
(0.46 |
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$ |
(0.55 |
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$ |
(1.04 |
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Weighted-average number of shares - basic and diluted |
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9,621,484 |
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2,374,479 |
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9,668,100 |
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2,354,589 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220815005618/en/
Media Contact:
Cheryl Delgreco
[email protected]
617-429-6749
Investor Contact:
Hanover International, Inc.
[email protected]