Business
Sonendo Inc. Reports Fourth Quarter and Full Year 2023 Financial Results and Issues Full Year 2024 Revenue Guidance
Sonendo Inc. Reports Fourth Quarter and Full Year 2023 Financial Results and Issues Full Year 2024 Revenue Guidance.
About this update from Sonendo, Inc.
[{"type":"text","content":"\nSonendo, Inc. (OTCQX: SONX) (“Sonendo” or the “Company”), a leading dental technology company and developer of the GentleWave® System, today reported financial results for the quarter and year ended December 31, 2023.\n\n\nHighlights\n\n\n\nTotal revenue of $43.9 million for the full year 2023, representing growth of 5% over the full year 2022\n\n\n\nAs of December 31, 2023, the installed base was 1,134 units, representing growth of approximately 16% compared to December 31, 2022\n\n\n\nIn March 2024, finalized divestiture of our TDO practice management software segment, resulting in gross proceeds of approximately $16.0 million\n\n\n\nRestructured our Perceptive term loan including a one-time $15.0 million principal repayment and initiate monthly principal repayments beginning in March 2024 along with modifications to certain other terms including revenue covenants.\n\n\n\n“We are pleased to have closed the year with a strong installed base and improved operating leverage despite prevailing macroeconomic headwinds. In the fourth quarter we made significant strides in gross margin improvement and cash burn reduction,” said Bjarne Bergheim, President and Chief Executive Officer of Sonendo. “As we start 2024, we are refining our commercial strategy. Following the sale of TDO, our core business is supported by a healthier balance sheet that allows us to acutely focus on GentleWave procedure adoption.”\n\n\nFourth Quarter 2023 Financial Results\n\n\nTotal revenue was $11.7 million for the fourth quarter of 2023, an decrease from $12.2 million for the fourth quarter of 2022. GentleWave Console revenue was $2.9 million for the fourth quarter of 2023, a decrease from $3.9 million for the fourth quarter of 2022. Procedure instrument revenue was $5.1 million, an increase from $5.0 million for the fourth quarter of 2022. Software revenue was $2.7 million, an increase from $2.4 million for the fourth quarter of 2022. As of December 31, 2023, ending installed base was 1,134 units, representing growth of approximately 16% compared to December 31, 2022.\n\n\nGross margin for the fourth quarter of 2023 was 33%, compared to 27% for the fourth quarter of 2022. During the fourth quarter of 2023, we recorded a $0.2 million charge for impairment of long-lived assets in cost of sales. Excluding ...