Viveve Medical Inc. (NASDAQ: VIVE) stock plunged by 3.83% at last close as well as the VIVE stock price declined further by 5.43% in the after-hours session. Viveve Medical is a medical technology business specializing on the intimate health of women. Viveve is dedicated to finding innovative ways to improve women’s overall health and quality of life.
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Recent Past Developments
The United States Patent and Trademark Office (USPTO) has granted Viveve Medical U.S. Patent No. 10,980,596 for their dual-energy technology gadget. The newly issued patent adds to VIVE’s intellectual property portfolio and broadens its patent claims in the United States.
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Scott Durbin, Viveve’s chief executive officer stated,
VIVE is delighted to announce that their Viveve System has been granted a new patent in the United States. The newly awarded patent is the latest addition to their extensive intellectual property portfolio, which includes patents issued in two important Asia Pacific regions and a US stress urinary (SUI) patent issued in the fall of last year. They’re excited to keep moving forward with their worldwide clinical research and commercialization plan, which is backed by a robust intellectual property portfolio.
Financial Highlights
On May 14, 2021, VIVE announced its first-quarter 2021 financial highlights. Given below is the summary:
- The sale of 8 Viveve Systems and approximately 2,450 disposable treatment tips generated $1.5 million in revenue for the quarter ended March 31, 2021, relative to $1.3 million for the same time in 2020. VIVE had 860 Viveve Systems deployed worldwide as of March 31, 2021, with 456 in the United States and 404 elsewhere.
- The first quarter of 2021 saw net profit of $0.4 million, or 26 percent of sales, relative to $0.2 million, or 13 percent of revenue, in the same period of 2020.
- In the first quarter of 2021, total operating expenditures were $5.5 million, comparing to $6.0 million in the same time of 2020.
- As of March 31, 2021, cash and cash equivalents were $28.4 million, up from $6.5 million as of December 31, 2020.