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Tivic Health Systems, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $126,000 from $282,000 in the same quarter the previous year. The decrease is attributed to a reduction in unit sales.
Cost of sales for the quarter was $82,000, representing 65% of sales, compared to 62% in the same quarter of the previous year. This increase in cost ratio is due to disposal costs associated with moving to a new logistics provider.
The company reported a gross profit of $44,000 for the quarter, compared to $108,000 in the previous year, with the decline attributed to reduced sales volume.
Research and development expenses increased to $422,000 from $337,000, primarily due to increased costs associated with research related to vagus nerve stimulation.
Sales and marketing expenses decreased to $234,000 from $480,000, reflecting reduced headcount and consulting fees.
General and administrative expenses decreased to $819,000 from $1,051,000, primarily due to reduced headcount and lease expenses.
Net loss for the quarter was $1,431,000, compared to $1,760,000 in the previous year.
Cash used in operating activities was $4,360,000, while cash provided by financing activities was $3,154,000.
Tivic had cash and cash equivalents of $2,189,000 as of September 30, 2024. The company acknowledges its need to raise additional capital to continue operations.
The filing also details various business updates, including the termination of the ALOM Fulfillment Services Agreement and the entry into a new Equity Distribution Agreement with Maxim Group LLC.
Tivic continues to focus on its bioelectronic medicine platforms and has engaged in research collaborations to optimize its non-invasive vagus nerve stimulation technology.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tivic Health Systems Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.