Full Press Release Details
Tivic Health Reports Strong
Growth in Second Quarter 2022 Financial Results
265% growth in unit sales through
direct-to-consumer channels,
97% overall revenue growth vs. Q2 2021
SAN FRANCISCO BAY AREA, CA - (Business Wire)
- August 15, 2022 - 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
Q2 Corporate Highlights
Financial Review for the Three Months Ended June 30, 2022
Financial Review for the Six Months Ended June 30, 2022
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
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:
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/.
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.
Hanover International, Inc.
Tivic Health Systems, Inc.
Condensed Balance Sheets (Unaudited)
June 30, 2022 and December 31, 2021
(in thousands, except share
| June 30, | December 31, | |||||||
| 2022 | 2021 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 9,049 | $ | 12,975 | ||||
| Accounts receivable, net | 92 | 92 | ||||||
| Inventory, net | 833 | 429 | ||||||
| Prepaid expenses and other current assets | 398 | 793 | ||||||
| Total current assets | 10,372 | 14,289 | ||||||
| Property and equipment, net | 13 | 11 | ||||||
| Right-of-use assets, operating lease | 607 | 687 | ||||||
| Other assets | 34 | 49 | ||||||
| Total assets | $ | 11,026 | $ | 15,036 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 1,915 | $ | 789 | ||||
| Other accrued expenses | 293 | 267 | ||||||
| Operating lease liability, current | 170 | 163 | ||||||
| Total current liabilities | 2,378 | 1,219 | ||||||
| Operating lease liability | 461 | 545 | ||||||
| Total liabilities | 2,839 | 1,764 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding at June 30, 2022 and December 31, 2021 | - | - | ||||||
| Common stock, $0.0001 par value, 200,000,000 shares authorized; 9,621,484 and 9,715,234 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 1 | 1 | ||||||
| Additional paid in capital | 32,990 | 32,817 | ||||||
| Accumulated deficit | (24,804 | ) | (19,546 | ) | ||||
| Total stockholders' equity | 8,187 | 13,272 | ||||||
| Total liabilities and stockholders' equity | $ | 11,026 | $ | 15,036 |
Tivic Health Systems, Inc.
Condensed Statements of Operations (Unaudited)
Three and Six Months Ended June 30, 2022 and 2021
(in thousands, except share
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Revenue | $ | 528 | $ | 268 | $ | 956 | $ | 591 | ||||||||
| Cost of sales | 403 | 301 | 760 | 602 | ||||||||||||
| Gross profit (loss) | 125 | (33 | ) | 196 | (11 | ) | ||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 497 | 192 | 898 | 390 | ||||||||||||
| Sales and marketing | 1,125 | 345 | 1,809 | 645 | ||||||||||||
| General and administrative | 1,521 | 485 | 2,747 | 1,066 | ||||||||||||
| Total operating expenses | 3,143 | 1,022 | 5,454 | 2,101 | ||||||||||||
| Loss from operations | (3,018 | ) | (1,055 | ) | (5,258 | ) | (2,112 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | - | (223 | ) | - | (497 | ) | ||||||||||
| Change in fair value of derivative liabilities | - | 28 | - | 1 | ||||||||||||
| Other income | - | 156 | - | 158 | ||||||||||||
| Total other income (expense) | - | (39 | ) | - | (338 | ) | ||||||||||
| Net loss | $ | (3,018 | ) | $ | (1,094 | ) | $ | (5,258 | ) | $ | (2,450 | ) | ||||
| Net loss per share - basic and diluted | $ | (0.32 | ) | $ | (0.46 | ) | $ | (0.55 | ) | $ | (1.04 | ) | ||||
| Weighted-average number of shares - basic and diluted | 9,621,484 | 2,374,479 | 9,668,100 | 2,354,589 |