ReShape Lifesciences Inc. Stock Price, News & Analysis

Obalon Therapeutics, Inc. (NASDAQ:OBLN) is reminding stockholders to vote on proposals crucial for its merger with ReShape Lifesciences Inc. at the reconvened special meeting on May 25, 2021. Stockholder approval is essential, as failure to secure it could adversely impact Obalon's financial standing and share price. Post-merger, Obalon stockholders will own around 49% of the combined company, promoting potential growth. All materials for the special meeting are available online, and stockholders can vote via phone or email.

Obalon Therapeutics (NASDAQ:OBLN) is urging stockholders to vote on proposals related to its merger with ReShape Lifesciences ahead of the reconvened special meeting on May 25, 2021. Approval of the merger is critical, as failure to secure it could adversely affect Obalon and its stock price. Post-merger, Obalon shareholders will own around 49% of the combined entity, allowing them to benefit from its future growth. Eligible stockholders are reminded to vote by phone or online.

Obalon Therapeutics has announced the adjournment of its special shareholders meeting to May 25, 2021, due to a lack of quorum on the originally scheduled date of May 13, 2021. The board urges all stockholders to participate and vote on key proposals related to the merger with ReShape Lifesciences. Eligible stockholders as of April 7, 2021, can vote regardless of current share ownership. All pertinent materials regarding the special meeting are accessible online. The final joint proxy statement regarding the merger filed with the SEC contains significant information for investors.

ReShape Lifesciences reported a 15.5% increase in Q1 2021 revenues to $3.2 million, driven by U.S. sales growth despite a decline in international sales caused by COVID-19. Gross profit rose to $2.3 million from $1.5 million in Q1 2020. Operating expenses decreased to $4.5 million, and the Non-GAAP adjusted EBITDA loss improved by $1.6 million to $1.8 million. The company secured a $15 million line of credit and received full forgiveness on a $1 million PPP loan, indicating strong financial positioning for future growth and sustainability.

ReShape Lifesciences (OTCQB:RSLS) reported its Q4 and full-year 2020 financial results, revealing a decline in revenue to $3.2 million in Q4, down from $4.1 million in Q4 2019, primarily due to COVID-19 impacts. The total revenue for 2020 fell to $11.3 million from $15.1 million in 2019. Notably, operating expenses decreased by 44.6% year-over-year. The company announced a merger with Obalon Therapeutics, enhancing market presence and aiming for NASDAQ listing. A significant $15 million line of credit was secured, alleviating prior financial concerns.

ReShape Lifesciences Inc. (OTCQB:RSLS) will announce its fourth quarter and full year 2020 financial results on March 10, 2021, after market close. A webinar is scheduled for the same day at 4:30 p.m. E.T to discuss these results. The company's innovative medical devices target obesity and metabolic diseases, including the FDA-approved Lap-Band and the investigational ReShape Vest. These solutions provide minimally invasive weight-loss options, enhancing patient care without altering anatomy. For more details, visit the Investor Relations page.

ReShape Lifesciences reported a 3% revenue increase to $3.6 million for Q3 2020, despite COVID-19 challenges. The company successfully enrolled its first 25 healthcare professionals in the ReShapeCare telehealth program and achieved positive preclinical results for its Diabetes Bloc-Stim device. Operating expenses decreased by 42% to $4.5 million, primarily due to a $2 million drop in general and administrative costs. The non-GAAP adjusted EBITDA loss improved to $1.4 million from $4.0 million in Q3 2019. Cash and equivalents stood at $1.9 million as of September 30, 2020.

ReShape Lifesciences (OTCQB:RSLS) will announce its third quarter 2020 financial results on November 12, 2020, post market closure. A webinar discussing the results will follow at 4:30 p.m. ET. Investors can access the webinar link on the Investor Relations page of ReShape's website. The company specializes in minimally invasive medical devices for obesity treatment, including the FDA-approved Lap-Band and the investigational ReShape Vest System, along with supporting programs like ReShapeCare.

ReShape Lifesciences Inc. (OTCQB:RSLS) reported Q2 2020 financial results, revealing revenues of $1.7 million, a significant drop from $4.4 million in Q2 2019, primarily due to the COVID-19 pandemic. The company launched ReShapeCare, a telehealth-based health coaching program, and implemented cost-reduction strategies, decreasing total operating expenses from $14.3 million to $3.8 million year-over-year. While gross profit fell to $0.8 million compared to $2.8 million in 2019, adjusted EBITDA loss improved to $2.1 million from $3.7 million. Cash reserves were $1.6 million as of June 30, 2020.