Exhibit 99.1

 

Viveve Announces Third Quarter 2017 Financial Results

 

Company achieves record 120% year-over-year quarterly revenue growth

 

ENGLEWOOD, CO -- (Marketwired) – November 8, 2017 -- Viveve Medical Inc. (NASDAQ: VIVE), a medical technology company focused on women's health and wellness, today reported its financial results for the quarter ended September 30, 2017.

 

During the third quarter, we achieved record quarterly sales of $4.1 million. These results demonstrate continued strong demand for our innovative technology and the GENEVEVE™ treatment globally – particularly in North America, our largest commercial market. We also reached a number of important milestones that support our global commercialization strategy,” said Patricia Scheller, chief executive officer and director of Viveve.

 

Q3 2017 Business Highlights

 

 

Recognized $4.1 million in total revenue – 120% year-over-year quarterly revenue growth

 

Achieved record quarterly number of system sales – 33% quarter-over-quarter increase

 

Achieved a total global installed base of 364 Viveve Systems

 

Received additional regulatory approvals and clearances - a total of nine received in 2017

 

Launched InControl Products by Viveve in U.S.

 

“The increasing demand we have seen since launching the Viveve System in the third quarter of 2015 reinforces the size of the worldwide opportunity and sets the stage for continuing global adoption through the remainder of the year and into 2018,” she continued.

 

Q3 2017 Financial Results

 

Revenue for the third quarter of 2017 totaled $4,070,000 from the sale of 60 systems, 47 of which were sold in North America through direct sales, and 2,724 treatment tips, compared to revenue of $1,849,000 for the same period in 2016, an increase of 120% year-over-year quarterly revenue growth.

 

Gross profit for the third quarter of 2017 was $2,011,000, or 49% of revenue, compared to gross profit of $691,000, or 37% of revenue, for the same period in 2016. The increase in gross profit was primarily due to global sales of 60 systems in the third quarter of 2017.

 

Total operating expenses for the third quarter of 2017 were $10,833,000, up from $5,326,000 in the same period in 2016, mainly a result of increased costs to support U.S. commercialization and expansion into new international markets, research and development efforts, strategies to protect our intellectual property, and other general corporate expenses.

 

Net loss for the third quarter of 2017 was $9,615,000, or a loss of $0.50 per share, compared with a net loss of $4,869,000, or a loss of $0.46 per share, for the same period in 2016.

 

Cash and cash equivalents were $19,207,000 as of September 30, 2017, an increase of $11,121,000 from $8,086,000 as of December 31, 2016.

 

 

The following information was filed by Viveve Medical, Inc. (VIVE) on Wednesday, November 8, 2017 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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