Business
Sonendo Inc. Reports Fourth Quarter and Full Year 2024 Financial Results
Sonendo Inc. Reports Fourth Quarter and Full Year 2024 Financial Results.
About this update from Sonendo, Inc.
[{"type":"text","content":"\nSonendo, Inc. (OTC PINK: 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, 2024.\n\nQuarterly Highlights\n\n\nGenerated $8.3 million total revenue for the fourth quarter 2024;\n\n\nDrove substantial 1,570 and 1,260 basis points of GAAP and adjusted (non-GAAP) gross margin expansion for the fourth quarter 2024 to 41.1% and 41.3%, respectively, as compared to the prior year quarter;\n\n\nSignificantly reduced GAAP operating loss to $5.6 million and adjusted EBITDA (non-GAAP) loss to $4.7 million for the fourth quarter 2024, an improvement of 45.2% and 45.0%, respectively, from the prior year quarter; and\n\n\nSignificantly reduced free cash flow burn by 69.4% from the prior year period to $2.9 million for the fourth quarter 2024, the lowest since we started commercializing the GentleWave® System.\n\n\nAnnual Highlights\n\n\nGenerated $31.7 million total revenue for the full-year 2024;\n\n\nDrove substantial 2,390 and 1,260 basis points of GAAP and adjusted (non-GAAP) gross margin expansion for the full-year 2024 to 37.4% and 40.0%, respectively;\n\n\nSignificantly reduced GAAP operating loss to $29.4 million and adjusted EBITDA (non-GAAP) loss to $23.0 million for the full year 2024, an improvement of 50.4% and 48.2%, respectively, from the prior year; and\n\n\nSignificantly reduced free cash flow burn to $24.8 million for the full year 2024, a reduction of 47.2% from the prior year.\n\n\n“Throughout 2024, we have restructured the business and stabilized revenue while significantly reducing operating expenses and free cash flow burn. The latest operational results demonstrate that we are making great progress,” said Bjarne Bergheim, President and Chief Executive Officer of Sonendo. “We’ve stabilized top line revenue and exited 2024 with average monthly procedural instrument utilization from new customers more than doubling compared to earlier in the year, while also consistently delivering substantial gross margin expansion, a sharp reduction in operating loss, and a marked decrease in free cash flow burn. With each successive quarter of meaningfully improved financial performance that we achieved in 2024, these achievements underscor...