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Tivic Health Systems Inc. (TIVC+32.94%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss of $5.7 million for the year, compared to a net loss of $8.2 million in the previous year. This decrease in net loss is attributed to reduced operating expenses.
Revenue for the year was $780,000, down from $1.2 million in 2023. The decrease in revenue was primarily due to a reduction in unit sales.
Cost of sales decreased to $778,000, reflecting a 12% reduction compared to the previous year's cost of $889,000. This decrease was mainly due to a reduction in sales volume.
Tivic Health's operating expenses were $5.7 million, down from $8.5 million in 2023. The reduction in operating expenses was driven by decreased sales and marketing expenses and general and administrative expenses.
Research and development expenses were $1.3 million, a decrease from $1.7 million in the previous year. This decrease was primarily due to reduced compensation costs and non-recurring expenses from 2023.
Sales and marketing expenses decreased to $1.2 million from $2.1 million in 2023, as a result of reduced advertising spend and lower headcount.
General and administrative expenses were $3.2 million, down from $4.8 million in 2023, due to reduced headcount, lower consulting fees, and decreased insurance costs.
The company ended the year with $2.0 million in cash and cash equivalents, compared to $3.4 million at the end of 2023. Tivic Health's working capital was $2.4 million as of December 31, 2024.
Tivic Health has identified a material weakness in its internal control over financial reporting due to the small size of its accounting and financial reporting team.
The company has announced a reverse stock split of 1-for-17, effective March 7, 2025, to regain compliance with Nasdaq's listing requirements.
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. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.