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.
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