Bioelectronics is an emerging area of medicine and the devices based on this approach work by modulating the electrical activity in peripheral and central nerves in order to reduce symptoms and underlying causes of disease. Nerves send electrical signals from one part of our body to another. Global business intelligence firm IDTechEx has estimated that the market for bioelectronic medicine could exceed $60 billion by 2029.
Operating in the bioelectronic medicine landscape is Tivic Health Systems Inc. (TIVC), which made its debut on the Nasdaq Capital Market on November 11, 2021, pricing its shares at $5 each.
The first product of this commercial-phase healthtech company is ClearUP, the first FDA-cleared device that uses gentle pulsed electron waves to relieve symptoms of sinus and nasal inflammation, nasal allergies, sinus infections, chronic sinusitis, cold and flu.
The ClearUP Sinus Pain Relief also has a CE Mark and is marketed in European countries. The product is sold directly to consumers through the company’s own website, Amazon, and Walmart, and also through major and specialty online retailers, such as BestBuy and FSAStore.
Last month, the company agreed to acquire the Reliefband product line for nausea treatment and all related assets from Reliefband Technologies LLC for up to $33.5 million. The transaction is expected to close in the current quarter or first quarter of 2023.
For the second quarter of 2022, net loss was $3.02 million or $0.32 per share compared to a net loss of $1.09 million or $0.46 per share in the year-ago period. Revenue for the third quarter of 2022 soared to $528 thousand from $268 thousand in the year-earlier quarter.
Unit sales in the direct-to-consumer channels increased 265%, while unit sales in the retail channels decreased by 68% in Q2, 2022, due to the termination of less profitable existing arrangements. Average sales price in the direct-to-consumer channels increased by 6%, while average sales price in the retail channels increased by 35%.
As of June 30, 2022, cash and short-term investments balance was $9.0 million.
Tivic Health is scheduled to report financial results for the third quarter of 2022 on November 14.
TIVC has traded in a range of $1.21 to $5.90 in the last 1 year. The stock closed Friday’s trading at $1.66, up 5.73%.
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