- Expands U.S. commercial footprint
through partnership with Aesthetic Management Partners
Viveve Medical Inc. (NASDAQ:VIVE), a medical technology company
focused on women's intimate health, today reported preliminary
financial results for the second quarter ended June 30, 2018.
Estimated total product revenue for the three months ended June 30,
2018, is expected to be approximately $5.5 million, representing a
79% increase over total product revenue for the quarter ended June
30, 2017. The company also announced today that it has entered into
a capital sales partnership with Aesthetic Management Partners,
Inc. (“AMP”) to expand its commercial footprint in the U.S.
“This quarter’s preliminary total revenue
reflects the impact of several recent positive developments,
including the restructuring and expansion of our sales organization
in the first quarter of 2018, positive clinical data from our
clinical research in stress urinary incontinence in February and
June, and growing adoption of our CMRF platform and single
treatment procedures by physicians around the world. We are also
planning for expansion of our U.S. footprint with the addition of
the experienced capital sales team at AMP. With these
developments in place, we believe we are well-positioned for
further growth in adoption and utilization of our technology and
remain on track to meet our full year revenue guidance of $22-$24
million,” said Scott Durbin, chief executive officer and director
of Viveve.
Under its partnership with AMP, Viveve will
retain its direct sales organization consisting of four regional
sales directors, 23 capital representatives, and 10 practice
development managers while expanding coverage with the addition of
approximately 20 AMP capital representatives. The partnership with
AMP also provides a cross-organizational bundled sales opportunity
with Viveve technology positioned as the core product offering.
Viveve’s newly launched practice development management team
will continue to support all current and future utilization and
growth for the U.S. installed customer base.
Erik Dowell, chief executive officer of
Aesthetic Management Partners, commented, “We are tremendously
excited to partner with the Viveve commercial organization. With
our market expertise and proven sales track-record, we are
confident we can significantly amplify Viveve’s brand awareness,
customer reach and sales growth for their CMRF technology in North
America.”
Second Quarter 2018 Preliminary
Financial ResultsEstimated total revenue from the sale of
85 Viveve Systems worldwide (69 in North America), approximately
2,750 disposable treatment tips and other ancillary consumables
during the three months ended June 30, 2018, is expected to be
approximately $5.5 million, representing a 79% increase over total
product revenue for the quarterly period ended June 30, 2017.
Viveve’s 2018 second quarter anticipated revenue
results are preliminary and based on the most current information
available and are subject to completion of the consolidated
financial statements. The company plans to report its second
quarter 2018 financial results on August 9, 2018.
About Viveve
Viveve Medical, Inc. is a women's intimate
health company passionately committed to advancing new solutions to
improve women's overall well-being and quality of life. The
internationally patented Viveve® System, that delivers the Viveve
treatment, incorporates clinically-proven cryogen-cooled, monopolar
radiofrequency (CMRF) technology to uniformly deliver volumetric
heating while gently cooling surface tissue to generate robust
neocollagenesis in a single in-office session.
International regulatory approvals and
clearances have been received for vaginal laxity and/or improvement
in sexual function indications from over 55 countries. Viveve
received approval of an Investigational Device Exemption (IDE)
application from the U.S. Food and Drug Administration (FDA) in
March of 2018 to proceed with VIVEVE II, a multicenter, randomized,
double-blind, sham-controlled study to assess improvement of sexual
function in women following childbirth. Initiation of the trial
began in the second quarter of 2018 and if successful, could
support a marketing application for a new U.S. commercial
indication. Currently, in the United States, the Viveve System is
cleared by the FDA for use in general surgical procedures for
electrocoagulation and hemostasis.
Viveve is awaiting approval to conduct two
independent, multicenter, randomized, registration trials
(LIBERATE-International and LIBERATE-U.S.). The results of these
studies, if successful, could support marketing applications in the
U.S, and around the world, for the improvement of stress urinary
incontinence in women.
For more information visit Viveve's website at
www.viveve.com.
About Aesthetic Management Partners
Aesthetic Management Partners (AMP) is a
business accelerator for leading aesthetics manufacturers. AMP
provides a comprehensive ecosystem of business support including
sales, engineering, network of physicians, branding, marketing,
clinical and customer service to enhance the reach and growth of
companies in the aesthetics industry. Physicians gain access to
carefully curated product lines that will help their practice
continue to provide innovative procedures and great results for
their patients. Manufacturers gain access to a management team with
a proven track record of success, nationwide distribution,
branding, marketing, sales and clinical support.
To learn more about AMP, please visit
ampgrowth.net.
Safe Harbor StatementAll
statements in this press release that are not based on historical
fact are "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. While management has based any
forward-looking statements included in this press release on its
current expectations, the information on which such expectations
were based may change. These forward-looking statements rely on a
number of assumptions concerning future events and are subject to a
number of risks, uncertainties and other factors, many of which are
outside of our control, which could cause actual results to
materially differ from such statements. Such risks, uncertainties
and other factors include, but are not limited to, the fluctuation
of global economic conditions, the performance of management and
our employees, our ability to obtain financing, competition,
general economic conditions and other factors that are detailed in
our periodic and current reports available for review at
www.sec.gov. Furthermore, we operate in a highly competitive and
rapidly changing environment where new and unanticipated risks may
arise. Accordingly, investors should not place any reliance on
forward-looking statements as a prediction of actual results. We
disclaim any intention to, and undertake no obligation to, update
or revise forward-looking statements to reflect events or
circumstances that subsequently occur or of which we hereafter
become aware.
Viveve is a registered trademark of Viveve, Inc.
Investor Relations contacts: Sarah McCabeStern
Investor Relations, Inc.(212) 362-1200sarah@sternir.com
Amato and Partners, LLC Investor Relations
Counseladmin@amatoandpartners.com
Media contact: Kelly WakeleeBerry & Company
Public Relations (212) 253-8881kwakelee@berrypr.com
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