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ReShape Lifesciences Inc. (RSLS) reported company developments tied to weight loss and metabolic health products for obesity and metabolic disease. Its product references include the FDA-approved Lap-Band System for minimally invasive obesity treatment, the investigational Diabetes Bloc-Stim Neuromodulation system using vagus nerve block and stimulation technology for type 2 diabetes and metabolic disorders, and Obalon balloon technology for a swallowable intragastric balloon approach.
Recurring RSLS news categories include clinical and regulatory disclosures, intellectual-property updates for intragastric balloon systems, surgeon education around Lap-Band, shareholder voting matters, governance items, material agreements, security-structure disclosures, and capital-structure actions.
ReShape Lifesciences (Nasdaq: RSLS) has appointed Nick Ansari as Senior Vice President of Global Commercial Operations, effective September 6, 2022. Ansari brings over 30 years of experience in developing sales initiatives within the medical device industry, having previously held key roles at Enteromedics, Johnson & Johnson, and Medtronic. His leadership is expected to enhance sales growth for the Lap-Band® and strengthen ReShape's market presence globally. The Lap-Band® has successfully helped over one million patients achieve weight loss over the past two decades.
ReShape Lifesciences (RSLS) reported a 19% sequential revenue increase for Q2 2022, reaching $2.9 million, following decreased COVID-19 restrictions. The company secured FDA clearance for the GIBI HD calibration tube and appointed new CEO Paul F. Hickey, enhancing its leadership. Financially, RSLS experienced a decline in gross profit to $1.9 million, with adjusted EBITDA losses widening to $7.8 million. Expenses surged due to a robust DTC marketing campaign, though cash reserves of $11.5 million strengthen its position into 2023. The outlook remains cautiously optimistic as sales momentum builds.
ReShape Lifesciences (Nasdaq: RSLS) will report its Q2 2022 financial results on August 15, 2022, after-market. The company specializes in weight loss and metabolic health solutions. A conference call will be held on the same day at 4:30 pm ET, with access through their website. ReShape offers products like the FDA-approved Lap-Band Program and the investigational ReShape Vest System. Their services include reshapecare, a virtual weight-management program, and the ReShape Marketplace, an online wellness product collection.
ReShape Lifesciences (Nasdaq: RSLS) has received FDA 510(k) clearance for its Gastro Intestinal Balloon Indicator (GIBI HD™) calibration tube, designed for gastric and bariatric procedures. The GIBI HD™ will come in three sizes (32, 36, and 40 Fr) and aims to enhance surgical visibility and safety. U.S. commercial sales are set to commence in September 2022. The company plans to showcase the product at the IFSO 2022 World Congress in Miami. This advancement is part of ReShape's broader strategy to innovate weight loss solutions.
ReShape Lifesciences (Nasdaq: RSLS) has appointed Paul F. Hickey as its new President and CEO, effective August 15, 2022. He replaces Bart Bandy, who has left the company. Hickey brings over 25 years of medical device commercialization experience, notably serving as SVP of Marketing and Reimbursement at EnteroMedics, the predecessor to ReShape. Under his leadership, the company aims to advance its weight loss solutions, including the Lap-Band Program and reshapecare Virtual Health Coaching. Dan W. Gladney, chair of the Board, will take on a more active role as Executive Chair to support Hickey.
ReShape Lifesciences Inc. (Nasdaq: RSLS) announced a warrant exercise agreement enabling an existing investor to purchase up to 3.7 million shares of common stock for approximately $2.5 million. The exercise price was reduced to $0.6665 per share, aligning with the recent closing price. New warrants for the same number of shares will be issued, having a seven-and-a-half-year term. The funds from this agreement will extend the company's cash runway through 2023 and support its marketing initiatives, increasing demand for its Lap-Band procedures.
ReShape Lifesciences (Nasdaq: RSLS) has announced a partnership with OpenLoop to provide a nationwide, physician-led telehealth solution called reshapecare™. This program offers virtual weight loss coaching through video-based counseling with licensed clinicians and board-certified health coaches, aiming to help patients improve their health goals. reshapecare™ may be covered by major insurance plans for up to 26 visits annually. The collaboration is expected to enhance patient access and outcomes in obesity management.
ReShape Lifesciences reported Q1 2022 revenues of $2.4 million, a 24.2% decline from Q1 2021, primarily due to the COVID-19 Omicron variant impacting bariatric procedures. However, March 2022 revenues surpassed January and February combined, indicating recovery. The company attributes this growth to a successful direct-to-consumer (DTC) marketing campaign. Gross profit decreased to $1.2 million, with a margin of 50%. Sales and marketing expenses soared by 276.6% to $4.7 million. Non-GAAP adjusted EBITDA loss widened to $7.1 million, reflecting increased marketing investment.
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ReShape Lifesciences (Nasdaq: RSLS) announced it will release its first-quarter financial results for 2022 on May 23, 2022, before the market opens. The company will also provide a corporate update during a webcast scheduled for 8:30 am ET on the same day. ReShape Lifesciences focuses on weight loss and metabolic health solutions, offering various FDA-approved and investigational products. Investors can access the results and the accompanying webcast link on the company’s website.