Tivic Health Systems, Inc. (TIVC) 10-Year Financial Performance & Capital Metrics

TIVC • • Industrial / General

HealthcareMedical DevicesNeurological & Neurostimulation DevicesNeurostimulation & Neuromodulation

AboutTivic Health Systems Inc. operates as a bioelectronic device company that delivers non-invasive neuromodulation products for the treatment of inflammatory conditions. Its primary product is ClearUP, is a medical device intended to relieve sinus and nasal inflammation. The company sells its products on direct-to-consumer channel through its own websites; and platforms, such as Amazon.com and Walmart.com, as well as to U.S. online retailers, including BestBuy.com and FSAStore.com. Tivic Health Systems, Inc. was incorporated in 2016 and is headquartered in Hayward, California.Show more

Revenue $780K -33.7%
EBITDA -$5M +34.2%
Net Income -$6M +31.4%
EPS (Diluted) -19.67 +88.9%
Gross Margin 0.26% -98.9%
EBITDA Margin -680.64% +0.7%
Operating Margin -725.77% -3.5%
Net Margin -725% -3.4%
ROE -184.96% +19.1%
ROIC -781.19% +24.4%
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 13.2%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Weak momentum: RS Rating 4 (bottom 4%)
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high
✗Expensive at 139.4x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y13.18%

3Y-12.54%

TTM-49.63%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-16.9%

EPS CAGR

10Y-

5Y-

3Y-

TTM81.12%

ROCE

10Y Avg-163.15%

5Y Avg-165.05%

3Y Avg-167.09%

Latest-179.97%

Peer Comparison

Neurostimulation & Neuromodulation

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BWAYBrainsWay Ltd.	452.42M	23.10	128.33	29.04%	12.73%	8.92%	1.44%	0.09
INSPInspire Medical Systems, Inc.	2.8B	96.47	55.13	28.49%	5.05%	6.69%	3.25%	0.05
TIVCTivic Health Systems, Inc.	3.11M	1.23	-0.06	-33.67%	-15.57%	-134.25%
COCHEnvoy Medical, Inc.	19.42M	0.67	-0.45	-28.8%	-104.75%
HSDTSolana Company	128.03M	3.10	-0.72	-19.25%	-393.59%	-6.89%		0.01
NXLNexalin Technology, Inc.	12.87M	0.69	-0.83	52.35%	-55.3%	-182.01%
CVRXCVRx, Inc.	143.37M	5.47	-2.06	30.53%	-92.95%	-108.26%		0.71
VANIVivani Medical, Inc.	91.92M	1.26	-2.93			-19.88%		1.10

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	420K	860K	1.17M	1.84M	1.18M	780K
Revenue Growth %	-	1.05%	0.36%	0.58%	-0.36%	-0.34%
Cost of Goods Sold+	709K	1.08M	1.29M	1.54M	889K	778K
COGS % of Revenue	1.69%	1.26%	1.11%	0.84%	0.76%	1%
Gross Profit+	-289K	-225K	-129K	299K	287K	2K
Gross Margin %	-0.69%	-0.26%	-0.11%	0.16%	0.24%	0%
Gross Profit Growth %	-	0.22%	0.43%	3.32%	-0.04%	-0.99%
Operating Expenses+	3.35M	2.98M	5.5M	10.4M	8.53M	5.66M
OpEx % of Revenue	7.99%	3.46%	4.72%	5.65%	7.26%	7.26%
Selling, General & Admin	2.36M	2.32M	4.63M	8.67M	6.88M	4.35M
SG&A % of Revenue	5.63%	2.7%	3.97%	4.71%	5.85%	5.58%
Research & Development	990K	659K	878K	1.73M	1.66M	1.31M
R&D % of Revenue	2.36%	0.77%	0.75%	0.94%	1.41%	1.68%
Other Operating Expenses	15K	0	0	0	0	0
Operating Income+	-3.64M	-3.2M	-5.63M	-10.1M	-8.24M	-5.66M
Operating Margin %	-8.67%	-3.73%	-4.83%	-5.49%	-7.01%	-7.26%
Operating Income Growth %	-	0.12%	-0.76%	-0.79%	0.18%	0.31%
EBITDA+	-3.64M	-3.2M	-5.61M	-9.92M	-8.06M	-5.31M
EBITDA Margin %	-8.66%	-3.72%	-4.81%	-5.39%	-6.86%	-6.81%
EBITDA Growth %	-	0.12%	-0.75%	-0.77%	0.19%	0.34%
D&A (Non-Cash Add-back)	4K	8K	24K	174K	182K	352K
EBIT	-3.7M	-3.22M	-6.67M	-10.1M	-8.24M	-5.66M
Net Interest Income+	-443K	-423K	-1.82M	2K	1K	6K
Interest Income	0	0	0	2K	1K	6K
Interest Expense	443K	423K	1.82M	0	0	0
Other Income/Expense	-503K	-435K	-2.86M	2K	999	6K
Pretax Income+	-4.15M	-3.64M	-8.49M	-10.1M	-8.24M	-5.66M
Pretax Margin %	-9.87%	-4.23%	-7.28%	-5.49%	-7.01%	-7.25%
Income Tax+	2K	0	1K	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%
Net Income+	-4.15M	-3.64M	-8.49M	-10.1M	-8.24M	-5.66M
Net Margin %	-9.88%	-4.23%	-7.28%	-5.49%	-7.01%	-7.25%
Net Income Growth %	-	0.12%	-1.33%	-0.19%	0.18%	0.31%
Net Income (Continuing)	-4.15M	-3.64M	-8.49M	-10.1M	-8.24M	-5.66M
Discontinued Operations	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0
EPS (Diluted)+	-180.35	-177.01	-243.15	-104.37	-176.72	-19.67
EPS Growth %	-	0.02%	-0.37%	0.57%	-0.69%	0.89%
EPS (Basic)	-180.36	-177.01	-243.16	-104.37	-176.72	-19.67
Diluted Shares Outstanding	23K	23.03K	34.93K	96.73K	46.65K	287.37M
Basic Shares Outstanding	23K	23.03K	34.93K	96.73K	46.65K	287.37M
Dividend Payout Ratio	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.97M	1.5M	14.29M	4.72M	4.65M	2.64M
Cash & Short-Term Investments	2.31M	1.04M	12.97M	3.52M	3.4M	2M
Cash Only	2.31M	1.04M	12.97M	3.52M	3.4M	2M
Short-Term Investments	0	0	0	0	0	0
Accounts Receivable	13K	52K	92K	107K	174K	69K
Days Sales Outstanding	11.3	22.07	28.8	21.23	54.01	32.29
Inventory	475K	241K	429K	863K	756K	319K
Days Inventory Outstanding	244.53	81.07	120.92	204.41	310.39	149.66
Other Current Assets	0	160K	-41K	235K	327K	249K
Total Non-Current Assets+	50K	34K	747K	1.3M	505K	168K
Property, Plant & Equipment	27K	19K	698K	535K	471K	119K
Fixed Asset Turnover	15.56x	45.26x	1.67x	3.44x	2.50x	6.55x
Goodwill	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0
Other Non-Current Assets	23K	15K	49K	618K	34K	49K
Total Assets+	3.02M	1.53M	15.04M	6.02M	5.16M	2.81M
Asset Turnover	0.14x	0.56x	0.08x	0.31x	0.23x	0.28x
Asset Growth %	-	-0.49%	8.82%	-0.6%	-0.14%	-0.46%
Total Current Liabilities+	653K	1.27M	1.22M	1.88M	1.4M	272K
Accounts Payable	369K	370K	789K	1.32M	713K	125K
Days Payables Outstanding	189.96	124.47	222.38	313.36	292.74	58.64
Short-Term Debt	0	36K	0	163K	0	0
Deferred Revenue (Current)	1K	16K	0	2K	0	0
Other Current Liabilities	1K	853K	0	245K	277K	0
Current Ratio	4.55x	1.17x	11.72x	2.51x	3.32x	9.70x
Quick Ratio	3.83x	0.99x	11.37x	2.05x	2.78x	8.53x
Cash Conversion Cycle	65.87	-21.33	-72.67	-87.73	71.66	123.3
Total Non-Current Liabilities+	0	1.43M	545K	510K	176K	0
Long-Term Debt	0	1.43M	0	0	0	0
Capital Lease Obligations	0	0	545K	367K	176K	0
Deferred Tax Liabilities	0	0	0	143K	0	0
Other Non-Current Liabilities	0	0	0	0	0	0
Total Liabilities	653K	2.71M	1.76M	2.39M	1.58M	272K
Total Debt+	0	1.47M	708K	530K	369K	0
Net Debt	-2.31M	425K	-12.27M	-2.99M	-3.03M	-2M
Debt / Equity	-	-	0.05x	0.15x	0.10x	-
Debt / EBITDA	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-
Interest Coverage	-8.22x	-7.57x	-3.09x	-	-	-
Total Equity+	2.37M	-1.18M	13.27M	3.63M	3.58M	2.54M
Equity Growth %	-	-1.5%	12.28%	-0.73%	-0.01%	-0.29%
Book Value per Share	103.09	-51.10	379.93	37.53	76.74	0.01
Total Shareholders' Equity	2.37M	-1.18M	13.27M	3.63M	3.58M	2.54M
Common Stock	1K	1K	1K	1K	0	1K
Retained Earnings	-7.41M	-11.05M	-19.55M	-29.64M	-37.89M	-43.54M
Treasury Stock	0	0	0	0	0	0
Accumulated OCI	-1K	0	0	0	0	0
Minority Interest	0	0	0	0	0	0

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-3.67M	-3.03M	-5.61M	-8.92M	-8.51M	-5.72M
Operating CF Margin %	-8.74%	-3.52%	-4.81%	-4.85%	-7.24%	-7.34%
Operating CF Growth %	-	0.18%	-0.85%	-0.59%	0.05%	0.33%
Net Income	-4.15M	-3.64M	-8.49M	-10.1M	-8.24M	-5.66M
Depreciation & Amortization	4K	8K	24K	174K	182K	352K
Stock-Based Compensation	10K	78K	57K	0	271K	229K
Deferred Taxes	0	0	0	0	0	0
Other Non-Cash Items	532K	482K	3.2M	398K	32K	354K
Working Capital Changes	-68K	44K	-403K	605K	-752K	-1M
Change in Receivables	-26K	-75K	-66K	1K	-67K	105K
Change in Inventory	-476K	227K	-181K	-434K	75K	83K
Change in Payables	348K	1K	419K	534K	-610K	-588K
Cash from Investing+	-31K	0	0	-11K	-118K	0
Capital Expenditures	-31K	0	0	-11K	-118K	0
CapEx % of Revenue	0.07%	-	-	0.01%	0.1%	-
Acquisitions	-	-	-	-	-	-
Investments	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0
Cash from Financing+	5.55M	1.76M	17.54M	-528K	8.51M	4.33M
Debt Issued (Net)	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-
Other Financing	0	3K	62K	0	0	-49K
Net Change in Cash	-	-	-	-	-	-
Free Cash Flow+	-3.7M	-3.03M	-5.61M	-8.93M	-8.63M	-5.72M
FCF Margin %	-8.81%	-3.52%	-4.81%	-4.85%	-7.34%	-7.34%
FCF Growth %	-	0.18%	-0.85%	-0.59%	0.03%	0.34%
FCF per Share	-160.91	-131.43	-160.65	-92.32	-184.97	-0.02
FCF Conversion (FCF/Net Income)	0.88x	0.83x	0.66x	0.88x	1.03x	1.01x
Interest Paid	0	1K	0	0	0	0
Taxes Paid	2K	1K	1K	0	0	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-174.95%	-609.55%	-140.45%	-119.47%	-228.68%	-184.96%
Return on Invested Capital (ROIC)	-4553.75%	-	-3339.13%	-919.11%	-1033.21%	-781.19%
Gross Margin	-68.81%	-26.16%	-11.06%	16.25%	24.4%	0.26%
Net Margin	-987.62%	-423.14%	-728.47%	-548.7%	-701.02%	-725%
Debt / Equity	-	-	0.05x	0.15x	0.10x	-
Interest Coverage	-8.22x	-7.57x	-3.09x	-	-	-
FCF Conversion	0.88x	0.83x	0.66x	0.88x	1.03x	1.01x
Revenue Growth	-	104.76%	35.58%	57.8%	-36.09%	-33.67%

Revenue by Segment

	2022	2023	2024
Shipping and Handling	3K	3K	1K
Shipping and Handling Growth	-	0.00%	-66.67%

Frequently Asked Questions

Growth & Financials

Tivic Health Systems, Inc. (TIVC) reported $0.5M in revenue for fiscal year 2024. This represents a 15% increase from $0.4M in 2019.

Tivic Health Systems, Inc. (TIVC) saw revenue decline by 33.7% over the past year.

Tivic Health Systems, Inc. (TIVC) reported a net loss of $7.5M for fiscal year 2024.

Dividend & Returns

Tivic Health Systems, Inc. (TIVC) has a return on equity (ROE) of -185.0%. Negative ROE indicates the company is unprofitable.

Tivic Health Systems, Inc. (TIVC) had negative free cash flow of $6.1M in fiscal year 2024, likely due to heavy capital investments.

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