Viveve Medical Inc (NASDAQ:VIVE)
Viveve Medical Inc (NASDAQ:VIVE), a medical technology firm focused on women’s health, released financial report for the quarter closed 2016. For FY2017, the company expects the revenue to come in between $14 million and $16 million.
Patricia Scheller, Chief Executive Officer of Viveve Medical Inc (NASDAQ:VIVE), reported that they have continued to surpass their commercial anticipations with six successive quarters of strong revenue growth and with broad positive feedback from physicians, patients and distributors.
Earlier this year, they introduced their preliminary U.S. commercial team and the company recently released publication of the VIVEVE I trial data, further supporting the efficacy and safety of their cryogen-cooled monopolar radiofrequency technology and the GENEVEVE™ cure to improve sexual function and vaginal laxity. The increasing demand and interest they are witnessing reinforces the opportunity for fast global adoption throughout 2017.
Scott Durbin, the Chief Financial Officer of Viveve Medical Inc (NASDAQ:VIVE), reported that they now have a marketable installed base of as many as 217 systems. Out of these systems, 102 were sold in the previous two quarters of 2016.
They expect a significant jump in installed base in 2017 as they continue to advance their global commercial strategy. Depending on the increased momentum of overall commercialization efforts, they consider they are well positioned to grow on their 2016 success and estimate revenue for FY2017 in a range of $14 million to $16 million.
Revenue for Q4 2016 came at over $2.452 million from the sale of 55 systems and over 1,300 treatment tips, against the revenue of $752,000 for the comparable period in 2015, a jump of over $1.7 million.
Gross profit for Q4 2016 was $956,000 as against gross profit of $287,000 for the same quarter in 2015. The improvement in gross profit was essentially due to sales of 55 systems to new distributors last year.
Ms. Scheller stated that FY2016 was a monumental year for company. They rigorously pursued and accomplished major milestones in their global commercialization plan. The focus will continue to be recording additional differentiating clinical report, supporting the measures of their direct sales teams and international distribution associates, leading commercialization via the attainment of added regulatory clearances, and growing awareness of vaginal laxity.
Viveve Medical Inc (NASDAQ:VIVE), a stock in the Medical Appliances and Equipment Industry sector, last closed at $5.25 per share, recording a price change of over 23%. The price-to-sales ratio stands at around $6.60.
|Last Price a/o 3:21 PM EST||$5.25|
|Market Cap (mlns)||$56.18M|
|Shares Outstanding (mlns)||10.70M|
|Share Float (mlns)||9.37M|
|Short Interest Ratio||6.75|
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.