Vyome Holdings, Inc.

Revenue was $2.3 million in Q3 2024, up 6% year over year and up 17% sequentially; nine-month revenue was $6.2 million, down 7% year over year. Gross profit was $1.4 million in Q3, slightly above $1.3 million a year ago, with gross margin at 63% versus 60% last year; nine-month gross profit was $3.7 million, unchanged year over year, with gross margin at 60% versus 55%. Non-GAAP adjusted EBITDA was $1.6 million in Q3 versus a loss of $2.9 million last year; nine-month adjusted EBITDA loss was $5.6 million versus $12 million last year. Management said operating costs were down 41% for the first nine months of 2024, ending the quarter with $1.3 million of net working capital and $800,000 of cash and restricted cash. No formal quarterly or full-year revenue guidance was given; instead, management emphasized continued commercialization of Lap-Band 2.0 FLEX, Health Canada approval, and completion of the Vyome merger and Biorad asset purchase.

Paul Hickey framed the quarter as evidence that ReShape’s business is stabilizing despite GLP-1 pressure, citing the third straight quarter of revenue growth and early positive feedback on the Lap-Band 2.0 FLEX launch. He was upbeat about the market opportunity for minimally invasive obesity treatments as awareness of obesity care grows, while repeatedly linking shareholder value to the Vyome merger and the Biorad asset sale. His tone was notably optimistic about the transaction, saying the board unanimously recommended it and that the combined deals should maximize value.

Tom Stankovich focused on the cost actions and margin improvement, saying overall operating costs were down 41% in the first nine months of 2024 versus the prior year. He walked through the numbers: Q3 revenue of $2.3 million, gross profit of $1.4 million, gross margin of 63%, sales and marketing down 60% to $700,000, G&A down 30% for the nine-month period, and R&D down 26% in Q3 to $400,000. He also said the company ended the quarter with $1.3 million of net working capital and $800,000 of cash and restricted cash, emphasizing that lower overhead and payroll drove the higher gross margin.

The main analyst question focused on Vyome’s drug pipeline, including the 1953 gel, malignant fungating wounds, and whether the investor presentation would outline which programs move forward, including 1908 and the uveitis indication. Krishna Gupta said the detailed science would be covered in the upcoming investor deck, but confirmed the presentation would outline the three molecules and the near-term catalysts the company plans to pursue. Another question asked whether GLP-1 adoption might eventually help the Lap-Band market rebound; Paul Hickey said he believes there is opportunity over time, citing people who taper off GLP-1s or seek the least invasive option, while noting the obesity market remains underserved.