Reshape Lifesciences Inc. - RSLS STOCK NEWS

ReShape Lifesciences (Nasdaq: RSLS) has appointed Paul F. Hickey as its new President and CEO, effective August 15, 2022. He replaces Bart Bandy, who has left the company. Hickey brings over 25 years of medical device commercialization experience, notably serving as SVP of Marketing and Reimbursement at EnteroMedics, the predecessor to ReShape. Under his leadership, the company aims to advance its weight loss solutions, including the Lap-Band Program and reshapecare Virtual Health Coaching. Dan W. Gladney, chair of the Board, will take on a more active role as Executive Chair to support Hickey.

ReShape Lifesciences Inc. (Nasdaq: RSLS) announced a warrant exercise agreement enabling an existing investor to purchase up to 3.7 million shares of common stock for approximately $2.5 million. The exercise price was reduced to $0.6665 per share, aligning with the recent closing price. New warrants for the same number of shares will be issued, having a seven-and-a-half-year term. The funds from this agreement will extend the company's cash runway through 2023 and support its marketing initiatives, increasing demand for its Lap-Band procedures.

ReShape Lifesciences (Nasdaq: RSLS) has announced a partnership with OpenLoop to provide a nationwide, physician-led telehealth solution called reshapecare™. This program offers virtual weight loss coaching through video-based counseling with licensed clinicians and board-certified health coaches, aiming to help patients improve their health goals. reshapecare™ may be covered by major insurance plans for up to 26 visits annually. The collaboration is expected to enhance patient access and outcomes in obesity management.

ReShape Lifesciences reported Q1 2022 revenues of $2.4 million, a 24.2% decline from Q1 2021, primarily due to the COVID-19 Omicron variant impacting bariatric procedures. However, March 2022 revenues surpassed January and February combined, indicating recovery. The company attributes this growth to a successful direct-to-consumer (DTC) marketing campaign. Gross profit decreased to $1.2 million, with a margin of 50%. Sales and marketing expenses soared by 276.6% to $4.7 million. Non-GAAP adjusted EBITDA loss widened to $7.1 million, reflecting increased marketing investment.

ReShape Lifesciences (Nasdaq: RSLS) announced it will release its first-quarter financial results for 2022 on May 23, 2022, before the market opens. The company will also provide a corporate update during a webcast scheduled for 8:30 am ET on the same day. ReShape Lifesciences focuses on weight loss and metabolic health solutions, offering various FDA-approved and investigational products. Investors can access the results and the accompanying webcast link on the company’s website.

ReShape Lifesciences (Nasdaq: RSLS) announced that Bart Bandy, CEO, and Tom Stankovich, CFO, will present at the Q2 Investor Summit on May 4, 2022, at 9:30 a.m. ET, and to the Philadelphia Securities Association on May 2, 2022. The presentations will highlight the next-gen Lap-Band program, celebrating 21 years as the only FDA-approved surgical weight loss device. The company reports a more than 20% revenue increase in 2021 thanks to a successful direct-to-consumer marketing campaign. ReShape will also provide one-on-one meetings at the summit.

ReShape Lifesciences (Nasdaq: RSLS) reported a 20.4% revenue increase to $13.6 million for 2021, driven by marketing efforts and improved consumer demand. Key achievements included debt elimination, raising $46 million, and enhancing direct-to-consumer campaigns, resulting in a 331% rise in website traffic. Gross profit rose to $8.3 million, reflecting a 61.4% margin. However, total operating expenses increased significantly to $64.8 million due to stock compensation and merger costs. The CEO expressed optimism for continued revenue growth as healthcare restrictions ease.

ReShape Lifesciences (RSLS) reports substantial growth in patient engagement following the launch of its direct-to-consumer marketing campaign in October 2021. The company noted a remarkable increase of 250,000 visits to its website and over 900% more inquiries regarding the Lap-Band procedure. Doctor referrals have surged nearly 400%, indicating strong market interest. As insurers are reducing mandatory wait times and expanding coverage for bariatric procedures across multiple states, ReShape anticipates a significant rise in revenue. The campaign is also featured in various major publications and cable networks.