Reshape Lifesciences Inc. - RSLS STOCK NEWS

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.

ReShape Lifesciences Inc. (RSLS) reported financial results for Q4 and FY 2023, highlighting the completion of first surgeries with the next-generation Lap-Band® 2.0 FLEX. Operating expenses are expected to decrease by over 50% in 2024. The company strengthened its IP portfolio, received FDA approval for Lap-Band® 2.0 FLEX, and engaged in strategic partnerships. Despite revenue decline due to GLP-1 prescriptions, cost reduction plans aim to enhance profitability and commercialize Lap-Band® products.

ReShape Lifesciences (RSLS) receives a Notice of Allowance from the USPTO for a patent application covering an intragastric balloon system, strengthening the company's intellectual property portfolio. The patent will provide protection until at least January 2031, showcasing the company's commitment to innovation and protection of its products.

ReShape Lifesciences (RSLS) announces a 55.4% decrease in operating expenses for 2024 compared to 2023, focusing on commercializing Lap-Band® 2.0 FLEX and seeking synergistic M&A opportunities.

ReShape Lifesciences (RSLS) announces successful surgeries using Lap-Band® 2.0 FLEX, designed to enhance patient experience. Surgeon training underway. The new FLEX technology aims to improve comfort and eliminate the need for in-office band adjustments, potentially increasing demand for Lap-Band® surgery.

ReShape Lifesciences (RSLS) introduces Lap-Band® 2.0 FLEX to bariatric surgical fellows at the University of Texas Health Center, aiming to train the next generation of surgeons on the benefits of the device. The new technology is designed to improve the patient experience by allowing larger pieces of food to pass through the narrowed passage created by the band. The company believes that the Lap-Band® System offers a safe and enduring weight loss solution for patients struggling with managing their weight and is committed to expanding its visibility in the bariatric market.

ReShape Lifesciences Inc. (Nasdaq: RSLS) has engaged Maxim Group LLC as its exclusive financial advisor to explore potential strategic merger and acquisition partnership alternatives. The company has not set a defined timeline for this transaction and cannot guarantee if or when any transaction will occur.

ReShape Lifesciences (RSLS) has received FDA approval for its next generation Lap-Band® 2.0 FLEX, designed to improve the patient experience. The FLEX Technology acts as a relief valve, allowing larger pieces of food to more easily pass through the narrowed passage created by the band. The company is preparing for the U.S. product launch and expects this to be a key growth catalyst for its Lap-Band® franchise.