Business
Viveve(R) Reports Fourth Quarter and Full Year 2015 Financial Results
Viveve(R) Reports Fourth Quarter and Full Year 2015 Financial Results.
About this update from Viveve Medical, Inc.
[{"type":"text","content":"\nViveve(R) Reports Fourth Quarter and Full Year 2015 Financial Results \n\nViveve(R) Reports Fourth Quarter and Full Year 2015 Financial Results\n\n\n SUNNYVALE, CA--(Marketwired - March 24, 2016) - Viveve Medical, Inc. (\"Viveve\") (OTCQB: VIVMF), a medical technology company focused on women's health, today reported financial results for the three months and year ended December 31, 2015.\"2015 was a transformative year for Viveve as we aggressively advanced our commercial strategy around the world,\" said Patricia Scheller, Viveve's chief executive officer. \"Our focus will continue to be driving commercialization through the attainment of necessary regulatory clearances, generating differentiating clinical data and increasing awareness of vaginal laxity, a condition that affects millions of women worldwide. Currently, we believe that the Viveve System provides the only safe and effective non-surgical option to successfully address vaginal laxity.\"\n 2015 Business Highlights\n \n Announced a positive interim analysis from the VIVEVE I clinical study\n Launched distribution coverage in 46 countries and began commercial sales in Q3 2015\n Achieved regulatory approval in 20 of the 46 countries, including Japan, under the physician import license pathway\n Successfully raised $18 million in equity capital to support our clinical, regulatory and global commercialization efforts\n Expanded our commercialization team with the hiring of experienced industry executives\n Research analyst coverage initiated by three firms\n \n Q4 Financial Results \n \"We now have a total commercial installed base of 42 Viveve Systems, 33 of which were sold during the last two quarters of 2015. We anticipate a significant increase in this installed base in 2016 as we continue our global commercial efforts and as we obtain additional regulatory clearances,\" said Scott Durbin, Viveve's chief financial officer.Revenue for the fourth quarter of 2015 totaled $752,000 from the sale of 21 Viveve Systems and 216 treatment tips, compared to revenue of $26,000 for the same period in 2014, an increase of $726,000. Gross profit for the fourth quarter of 2015 was $287,000, or 38% of revenue, compared to gross profit of $16,000, or 62% of revenue, for the same period in 2014. The increase in gross profit was primarily due to sales of 21 Viveve Systems to our ...