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Sonendo, Inc. Reports Second Quarter 2024 Financial Results and Raises Full Year Revenue Guidance
Sonendo, Inc. Reports Second Quarter 2024 Financial Results and Raises Full Year Revenue Guidance.
About this update from Sonendo, Inc.
[{"type":"text","content":"\nSonendo, Inc. (“Sonendo” or the “Company”) (OTCQX: SONX), a leading dental technology company and developer of the GentleWave® System, today reported financial results for the second quarter ended June 30, 2024.\n\n\nRecent Highlights\n\n\n\nGenerated $8.3 million total revenue for second quarter of 2024 and carried over a healthy console backlog for the second straight quarter;\n\n\n\nDrove substantial increases in GAAP gross margin and adjusted gross margins (non-GAAP) to 37.5% and 40.7%, respectively, based primarily on lower manufacturing and console warranty costs;\n\n\n\nSignificantly reduced GAAP operating loss to $6.7 million and adjusted EBITDA (non-GAAP) loss to $5.7 million, a 61% and 55% improvement, respectively, compared to the second quarter of 2023; and\n\n\n\nRaised 2024 full year revenue guidance range to $31 to $32 million, from prior guidance of $29 to $31 million\n\n\n\n“We are very encouraged by the early results of the strategic reset we embarked earlier this year,” said Bjarne Bergheim, President and Chief Executive Officer of Sonendo. “We are driving commercial discipline through a refined go-to-market strategy and we are exceeding our own timelines for delivering on gross margin expansion, all while dramatically reducing operating expenses and free cash flow burn through a leaner, more efficient organizational structure. Additionally, the increased reliability of the GentleWave® G4 System has improved the customer experience and enabled us to successfully re-engage our legacy customer base through upgrade programs while simultaneously expanding our new-customer base, both of which we expect to drive higher procedure instrument utilization and revenue in the long-term.”\n\n\nSecond Quarter 2024 Financial Results\n\n\nExcept as otherwise indicated, the GAAP and non-GAAP financial measures presented in this press release exclude discontinued operations associated with the Company’s divestiture of its TDO practice management software segment in March 2024.\n\n\nTotal revenue was $8.3 million for the second quarter of 2024, a 5% decrease compared to second quarter of 2023. GentleWave console revenue totaled $2.4 million, a 9% increase compared to the second quarter of 2023, which was comprised of 35 upgrades and a 13 unit increase to the insta...