ReShape Lifesciences, Inc. - RSLS STOCK NEWS

ReShape Lifesciences (Nasdaq: RSLS) announced it will release its third quarter 2024 financial results on Thursday, November 14, 2024, after market close. The company will host a conference call at 4:30 pm ET the same day, featuring Krishna K. Gupta, current Director of Vyome Therapeutics and future Chairman of the combined company following their previously announced merger. A live webcast will be available on ReShape's website, and participants are encouraged to register and dial in fifteen minutes before the call.

ReShape Lifesciences (Nasdaq: RSLS) has received Health Canada approval for its next-generation Lap-Band® 2.0 FLEX and Tubing Kit. The enhanced device features new Flex technology that acts as a relief valve, allowing larger food pieces to pass through more easily by temporarily relaxing before returning to its resting diameter. Like its predecessor, the device can be adjusted post-operatively to optimize eating habits and comfort. The company has completed a market release in the U.S. with positive surgeon feedback and plans to launch the product in Canada soon.

ReShape Lifesciences (Nasdaq: RSLS) received a $241,000 supplementary grant from the NIH, in collaboration with USC's CARSS, to develop next-generation electrodes for their Diabetes Bloc-Stim Neuromodulation™ (DBSN™) device. The grant will fund studies testing minimally invasive laparoscopic surgical implantation techniques and long-duration safety experiments. The DBSN™ device uses vagus nerve block technology to treat Type 2 diabetes. This fourth NIH grant brings total funding to $1.15 million, supporting the pre-clinical development of the technology that aims to regulate insulin production and manage blood glucose levels. The next-generation electrodes could potentially double nerve contact area while reducing power consumption.

ReShape Lifesciences Inc. (Nasdaq: RSLS) has announced a 1-for-58 reverse stock split of its common stock, effective for trading on September 23, 2024. This decision, approved by stockholders on February 23, 2024, will convert every 58 shares of issued and outstanding common stock into one share. The reverse split will also affect the company's outstanding warrants, stock options, and convertible preferred stock proportionally. Fractional shares will be rounded up, and the number of authorized shares will remain unchanged. Stockholders will receive instructions from Equiniti Trust Company, regarding the exchange of existing certificates. The new CUSIP number for RSLS common stock post-split will be 76090R309.

ReShape Lifesciences Inc. (Nasdaq: RSLS) reported Q2 2024 financial results and provided a corporate update. Key highlights include:

1. Entered into a merger agreement with Vyome Therapeutics and an asset purchase agreement with Biorad Medisys.

2. Revenue totaled $2.0 million for Q2 2024, down 12.8% year-over-year.

3. Gross profit margin improved to 57.7% in Q2 2024 from 53.0% in Q2 2023.

4. Significant reduction in operating expenses, down 45.4% in H1 2024 compared to H1 2023.

5. Cash and cash equivalents of $1.2 million as of June 30, 2024.

The company is focusing on maximizing shareholder value through strategic transactions and cost reduction initiatives.

ReShape Lifesciences Inc. (Nasdaq: RSLS), a leading weight loss and metabolic health-solutions company, has announced it will release its financial results for the second quarter ended June 30, 2024, along with a corporate update on August 14, 2024, after market close. The company will host a conference call on August 15 at 4:30 pm ET to discuss the results.

Notably, Krishna K. Gupta, a current Director of Vyome Therapeutics, will join the call. Gupta is set to become Chairman of the combined company following the completion of the previously announced merger between ReShape Lifesciences and Vyome Therapeutics.

Investors can access the live webcast through the company's website and participate in the conference call by registering via the provided link. An archived replay will also be available on the company's website after the call.

ReShape Lifesciences has entered into a merger agreement with Vyome Therapeutics and an asset purchase agreement with Biorad Medisys for $5.16 million.

The all-stock merger will see Vyome and ReShape combine, focusing on immuno-inflammatory diseases. Post-merger, ReShape will be renamed Vyome Holdings and will trade under the Nasdaq ticker 'HIND'.

ReShape's assets, including the Obalon Gastric Balloon System, will be sold to Biorad, with Biorad assuming most liabilities.

ReShape and Vyome secured commitments for $7.3 million in investments. The merger requires approval from ReShape's stockholders and various regulatory bodies.

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.