Weight-loss implant developer Vivani Medical's Q3 net loss widens on higher costs

Overview

• US drug-delivery implant maker's Q3 net loss widened yr/yr on higher R&D and admin costs

• Company's cash and equivalents fell to $15.5 mln from $20.8 mln at end-Q2

Outlook

• Cortigent-ClearOne merger expected to close shortly after final regulatory approval

Result Drivers

• HIGHER R&D EXPENSES - Co said Q3 research and development costs rose due to increased clinical trial activity in Biopharm Division

• HIGHER ADMINISTRATIVE COSTS - General and administrative expenses increased mainly due to higher personnel and related costs in Neurostimulation and Biopharm divisions

• INCREASED OTHER INCOME - Other income rose due to amounts recognized under the Australian R&D Tax Incentive Program and higher interest income

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the medical equipment, supplies & distribution peer group is "buy"

• Wall Street's median 12-month price target for Vivani Medical Inc is $4.00, about 247.8% above its November 10 closing price of $1.15

Reuters Recommended Reads

• Nov 10 - Tyra Biosciences Q3 net loss widens on higher R&D costs

• Nov 10 - Capricor Therapeutics Q3 net loss widens as expenses rise

• Nov 10 - Corbus Pharmaceuticals Q3 net loss widens on higher expenses

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)