Viveve reports third quarter 2021 financial results and provides corporate update
ENGLEWOOD, CO – November 11, 2021 – Viveve Medical, Inc. (NASDAQ: VIVE), a medical technology company focused on women's intimate health, today reported financial results for the quarter ended September 30, 2021, and will provide a corporate update on its scheduled conference call at 5:00 PM ET today. The Company's 10-Q documents will be filed on Friday, November 12, 2021, when the U.S. Securities and Exchange Commission reopens following the Veterans Day holiday.
"During the third quarter of 2021, we continued to make great progress in advancing our stress urinary incontinence (SUI) clinical development program. Patient enrollment in our pivotal U.S. PURSUIT trial is close to complete and we expect to fully randomize the trial in the weeks that follow," said Scott Durbin, Viveve's chief executive officer. "We look forward to reaching the PURSUIT trial milestone in the fourth quarter as we move towards a potential future SUI indication in the U.S. if its results are positive. Further, throughout this year we have continued to successfully drive Viveve® System adoption and utilization through core medical specialists in U.S. and Asia Pacific markets."
Third Quarter and Recent Business Highlights
●Reported $1.6 million total revenue for the third quarter of 2021, including sales of 16 Viveve Systems and approximately 2,300 consumable treatment tips;
●Advanced enrollment in the pivotal U.S. PURSUIT clinical trial for SUI to near completion with full patient randomization expected in the fourth quarter;
●Expanded the Company's robust intellectual property portfolio with issuance of an SUI methods patent in Australia and an additional methods patent granted in the U.S.;
●Established a potential long-term reimbursement pathway with announcement of a Category III CPT® code for Viveve's SUI procedure from the American Medical Association and with the support of key medical societies; and
●Continued to maintain high-quality service and support to U.S. and Asia Pacific customers to drive procedures and consumable treatment tip volumes.
Q3 2021 Financial Results
Revenue for the quarter ended September 30, 2021 totaled $1.6 million from sales of 16 Viveve Systems and approximately 2,300 consumable treatment tips, compared to revenue of $1.5 million for the same period in 2020. As of September 30, 2021, the Company had an installed base of 870 Viveve Systems worldwide, 455 in the U.S. and 415 internationally.
Total operating expenses for the third quarter of 2021 were $5.6 million, compared to $3.6 million for the same period in 2020. The increase is mainly a result of the Company's efforts to conduct and advance enrollment in our pivotal U.S. PURSUIT clinical trial.
Net loss attributable to common stockholders for the third quarter of 2021 was $7.0 million, or ($0.67) per share based on 10,591,834 weighted average shares outstanding during the period, compared to a net loss of $4.8 million, or ($2.65) per share, for the same period in 2020 based on 1,807,931 weighted average shares outstanding during the period (adjusted for the Company's 1-for-10 reverse stock split in December 2020).
Cash and cash equivalents were $22.7 million as of September 30, 2021, compared to $25.4 million as of June 30, 2021.
