SAN FRANCISCO–(BUSINESS WIRE)–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 year ending December 31, 2022.
Year over Year Highlights
Jennifer Ernst, CEO of Tivic Health, commented, “We executed our 2022 strategy of increasing our direct-to-consumer sales, reducing the overall manufacturing costs of ClearUP, and seeding our product pipeline. However, supply chain shortages, market volatility and economic uncertainty left us, along with others, with challenges to overcome. With the changes we are making to improve product economics and streamline operations, as well as partnerships under development, I believe that Tivic is positioned to manage the challenges and deliver growth in 2023.”
Comparison of the Years Ended December 31, 2022 and 2021
Revenue
Cost of Sales
Research and Development Expenses
Sales and Marketing Expenses
General and Administrative Expenses
As of December 31, 2022, we had cash and cash equivalents of $3.5 million, with no debt on the balance sheet.
Conference Call: Update
Management will host a pre-recorded conference call and webcast on Friday, March 31, 2023 at 1:30 PM PT / 4:30 PM ET to discuss the Company’s year-end financial results and provide a business update.
The conference call will be available via telephone by dialing toll-free 888-506-0062 for local callers; or 973-528-0011 for international callers; using Participant Access Code: 990339 to access the call.
The conference call will also be available via Webcast link: https://www.webcaster4.com/Webcast/Page/2865/47805
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 with 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. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: market, economic and other conditions; supply chain constraints; macroeconomic factors, including inflation; the company’s ability to raise additional capital on favorable terms; changes in regulatory requirements; and unexpected costs, charges or expenses that reduce Tivic’s capital resources. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Tivic’s actual results to differ from those contained in the forward-looking statements, see Tivic’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 31, 2023, under the heading “Risk Factors”; as well as the company’s subsequent filings with the SEC. 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.
Balance Sheets
December 31, 2022 and 2021
(in thousands, except share and per share data)
December 31,
2022
December 31,
2021
ASSETS
Current assets
Cash and cash equivalents
$
3,517
$
12,975
Accounts receivable, net
88
92
Inventory, net
863
429
Deferred offering costs
584
—
Prepaid expenses and other current assets
235
793
Total current assets
5,287
14,289
Property and equipment, net
12
11
Right-of-use assets, operating lease
523
687
Other assets
34
49
Total assets
$
5,856
$
15,036
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable
$
1,323
$
789
Other accrued expenses
373
267
Operating lease liability, current
163
163
Total current liabilities
1,859
1,219
Operating lease liability
367
545
Total liabilities
2,226
1,764
Commitments and contingencies (Note 6)
Stockholders’ equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2022 and 2021, respectively
—
—
Common stock, $0.0001 par value, 200,000,000 shares authorized; 9,677,734 and 9,715,234 shares issued and outstanding at December 31, 2022 and 2021, respectively
1
1
Additional paid in capital
33,271
32,817
Accumulated deficit
(29,642
)
(19,546
)
Total stockholders’ equity
3,630
13,272
Total liabilities and stockholders’ equity
$
5,856
$
15,036
Tivic Health Systems, Inc.
Statements of Operations
Years Ended December 31, 2022 and 2021
(in thousands, except share and per share data)
Years Ended December 31,
2022
2021
Revenue
$
1,840
$
1,257
Cost of sales
1,541
1,295
Gross profit (loss)
299
(38
)
Operating expenses:
Research and development
1,730
878
Sales and marketing
2,792
1,787
General and administrative
5,875
2,930
Total operating expenses
10,397
5,595
Loss from operations
(10,098
)
(5,633
)
Other income (expense):
Interest income (expense)
2
(1,823
)
Change in fair value of derivative liabilities
—
436
Loss on extinguishment of debt
—
(1,636
)
Other income (expense)
—
162
Total other income (expense)
2
(2,861
)
Net loss
$
(10,096
)
$
(8,494
)
Net loss per share – basic and diluted
$
(1.04
)
$
(2.43
)
Weighted-average number of shares – basic and diluted
9,672,957
3,493,267
Investor Contact:
Hanover International, Inc.
ir@tivichealth.com
Investor Contact:
Hanover International, Inc.
ir@tivichealth.com
