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ReShape Lifesciences (Nasdaq: RSLS) announced its first-quarter financial results for 2024, highlighting a commercial launch of the Lap-Band® 2.0 FLEX and a significant reduction in operating expenses by 51% compared to Q1 2023. The company anticipates further expense reductions by 55.4% for the entire year.
Revenue for Q1 2024 was $1.9 million, a 15% decrease from the same period in 2023, mainly due to reduced sales volume from GLP-1 pharmaceuticals. However, the gross profit remained steady at $1.2 million, with an improved gross profit percentage of 59.9% compared to 53.5% in 2023.
ReShape also reported a decrease in sales and marketing expenses by 53.3% to $1.0 million, and a 55.6% reduction in general and administrative expenses to $1.9 million. The company has a net working capital of $4.4 million as of March 31, 2024.
Additionally, ReShape strengthened its intellectual property portfolio with a new patent for an intragastric balloon system valid until 2031 and continued its efforts to find synergistic M&A opportunities.
ReShape Lifesciences (Nasdaq: RSLS), a leading provider of physician-led weight loss and metabolic health solutions, will announce its financial results for Q1 2024 on May 15, 2024, after market close. The company will also provide a corporate update at that time. A conference call to discuss these results will be held at 4:30 pm ET on the same day. Interested parties can access the live webcast and the archived replay on ReShape's website under the 'Events and Presentations' section. Participants are encouraged to register and join the call 15 minutes early to ensure timely access.