Business
Sonendo, Inc. Reports Third Quarter 2023 Financial Results
Sonendo, Inc. Reports Third Quarter 2023 Financial Results.
About this update from Sonendo, Inc.
[{"type":"text","content":"\nSonendo, Inc. (“Sonendo”), a leading dental technology company and developer of the GentleWave® System, today reported financial results for the third quarter ended September 30, 2023.\n\n\nRecent Highlights\n\n\n\nTotal revenue of $10.4 million for the third quarter of 2023, representing growth of 6%, compared to prior year period\n\n\n\nReduced cash burn to approximately $10 million in the third quarter of 2023; additionally, implemented reduction in force in November 2023 to further conserve cash and improve operating efficiency\n\n\n\nProcedure instrument revenue of $5.1 million for the third quarter of 2023, representing growth of approximately 7% compared to prior year period\n\n\n\nEnding installed base as of September 30, 2023, was 1,076 units\n\n\n\nAnnounced launch of second generation CleanFlowTM Procedure Instrument for heightened efficacy and ease of use\n\n\n\n“We are pleased with third quarter performance as we continue to confront lingering macroeconomic challenges. Our sales pipeline remains robust and we have integrated several new commercial strategies to combat the impacts of lengthening sales cycles,” said Bjarne Bergheim, president and chief executive officer of Sonendo. “We remain confident in our business fundamentals and increased adoption of our technology and improvements to the gross margin profile.”\n\n\nThird Quarter 2023 Financial Results\n\n\nTotal Revenue was $10.4 million for the third quarter of 2023, an increase from $9.8 million for the third quarter of 2022. GentleWave console revenue was $2.1 million for the third quarter of 2023 compared to $2.1 million for the third quarter of 2022. Procedure instrument revenue was $5.1 million, an increase from $4.8 million for the third quarter of 2022. Other product related revenue was $0.9 million for the third quarter of 2023 and $0.8 million for the third quarter of 2022. Software revenue was $2.2 million, an increase from $2.1 million for the third quarter of 2022.\n\n\nGross margin for the third quarter of 2023 was 24%, compared to 24% for the third quarter of 2022. During the third quarter of 2023, we recorded $1.3 million impairment charges of long-lived assets in cost of sales. Excluding the charges, Non-GAAP gross margin for the third quarter of 2023 would have been 36%.\n\n\nTotal operating expenses ...