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Reshape Lifesciences Inc. (RSLS) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Reshape Lifesciences Inc.

CIK: 1371217 Ticker: RSLS

Exhibit 99.1

 

 

ReShape Lifesciences Announces Second Quarter 2018 Financial Results

 

San Clemente, CA August 14, 2018 —

ReShape Lifesciences Inc. (NASDAQ:RSLS), a developer of minimally invasive medical devices to treat obesity and metabolic diseases, today reported financial results for the three months ended June 30, 2018.

 

Recent Highlights and Accomplishments

 

·                  Achieved revenues of $653 thousand for the second quarter of 2018

 

·                  Sold 680 ReShape BalloonsTM in the quarter, a 12% decrease compared to the first quarter of 2018

 

·                  Placed 8 ReShape vBlocTM units in the second quarter of 2018, completing the vBloc Now program

 

·                  Assembled a world class scientific advisory board, comprised of several past-presidents of the American Society for Metabolic and Bariatric Surgery (ASMBS)

 

·                  Was granted method and device patent by USPTO covering a combination of blocking and stimulating the vagus and celiac nerve branches to treat gastrointestinal disorders, including type 2 diabetes

 

·                  Received notification by USPTO for a patent covering the concept and technology for the ReShape Vest

 

·                  Completed three registered direct equity offerings with total net proceeds of approximately $7.35 million

 

“We have made a lot of meaningful progress this quarter at ReShape, with particular success in our product development efforts as we advance our platform for future use and applications in additional large markets such as type 2 diabetes,” said Dan Gladney, President, Chief Executive Officer and Chairman of the Board. “Despite cutbacks and reductions in our teams, our sales force also really stepped up and increased productivity substantially in the quarter.  We remain confident in our ability to establish our products as the standard of care for obesity.”

 

Second Quarter 2018 Financial Results

 

For the three months ended June 30, 2018, the Company reported revenues of $653 thousand with gross profit totaling $19 thousand.  The Company placed 8 ReShape vBloc units, primarily from the vBloc Now program, compared to 42 units in the second quarter of 2017.

 

As of June 30, 2018 the Company had cash and cash equivalents totaling $1.9 million and has no debt.  This includes the $7.35 million in net proceeds from the registered direct offerings completed on April 3, 2018, June 8, 2018 and June 21, 2018.

 

Conference Call

 

Management will host an investment community conference call today beginning at 1:30 p.m. Pacific Time /4:30 p.m. Eastern Time.

 


The following information was filed by Reshape Lifesciences Inc. (RSLS) on Tuesday, August 14, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations
Acquisition (Details)
Acquisitions
Acquisitions (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Details)
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Expected Amortization (Details)
Income Taxes
Income Taxes (Details)
Inventory
Inventory (Details)
Inventory (Tables)
Inventory - Additional Information (Details)
Liquidity And Management's Plans
Liquidity And Management's Plans (Details)
Revenue Recognition
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Revenue Recognition (Tables)
Stock Sales
Stock Sales (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Estimated Grant-Date Fair Values Of Employee Stock Options (Details)
Stock-Based Compensation - Expense For Stock-Based Awards (Details)
Stock-Based Compensation - Summary Of Stock Option Activity (Details)
Subsequent Events
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Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
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Summary Of Significant Accounting Policies - Basic And Diluted Net Loss Per Share (Details)
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Reshape Lifesciences Inc. provided additional information to their SEC Filing as exhibits

Ticker: RSLS
CIK: 1371217
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-007164
Submitted to the SEC: Mon Aug 20 2018 5:28:23 PM EST
Accepted by the SEC: Mon Aug 20 2018
Period: Saturday, June 30, 2018
Industry: Electromedical And Electrotherapeutic Apparatus

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