Q2 2024 ReShape Lifesciences Inc Earnings Call Transcript
Key Points
- Achieved a 45% reduction in overall operating costs for the first six months of 2024 compared to the same period last year.
- Stabilized and increased gross profit margins despite lower sales due to the adoption of GLP-1s.
- Successfully negotiated with Series C shareholders to substantially lower their liquidation preference.
- Positive initial feedback from surgeons on the limited market release of the redesigned Lap-Band 2.0 FLEX.
- Secured a $5.16 million asset purchase agreement with Biorad, which will help pay down costs associated with the Vyome transaction.
- Revenue decreased by $300,000 for the three months ended June 30, 2024, compared to the same period in 2023.
- Revenue for the six months ended June 30, 2024, decreased by $600,000 compared to the same period in 2023.
- Sales and marketing expenses decreased significantly, indicating potential challenges in maintaining market presence.
- Research and development expenses decreased due to a reduction in consulting and clinical trials, potentially impacting future innovation.
- Non-GAAP adjusted EBITDA loss was $1.9 million for the three months ended June 30, 2024, indicating ongoing financial challenges.
Good day and thank you for standing by, and welcome to the ReShape Lifesciences second-quarter 2024 earnings call. (Operator Instructions)
I would now like to hand the conference over to your speaker today, Michael Miller, Rx Communications. Please go ahead.
Good afternoon, and thank you for joining the second-quarter 2024 ReShape Life Sciences earnings call. I'm pleased to be joined today by Paul Hickey, President and Chief Executive Officer; and Tom Stankovich, Chief Financial Officer. Management will also be joined by Krishna Gupta, a current Director of Vyome Therapeutics, who will be appointed Chairman of the combined company upon the completion of the previously announced merger agreement between the two companies.
As we do each quarter, Paul will provide an overview and update on the company's activities, and Tom will review the financial results for the period, after which, Paul will introduce Krishna for his remarks. As a reminder, this conference call as well as
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