Q2 2024 Allurion Technologies Inc Earnings Call Transcript
Key Points
- Second quarter revenue increased by 25% sequentially to $11.8 million, indicating strong demand for the Allurion program.
- Procedure volumes grew by 12% year-over-year and 4% sequentially, setting a new record for the company.
- Operating expenses and loss from operations reduced significantly by 21% and 30% respectively, compared to the prior year period.
- Raised $22 million in gross proceeds through a public offering and private placement, strengthening financial footing.
- Significant strides in advancing the digital platform, including onboarding the first patients onto the Virtual Care Suite (VCS) in the United States.
- Year-over-year revenue decreased by $1.2 million due to macroeconomic headwinds and credit risk management.
- Sales of the Allurion balloon were suspended in France, representing approximately 15% of the company's business over the past two quarters.
- Facing macroeconomic headwinds in Latin America and Asia Pacific, leading to slower procedure growth and conservative inventory stocking.
- General and administrative expenses increased by $0.9 million due to $1.9 million in financing costs.
- Cash burn during the quarter was approximately $10.4 million, highlighting ongoing financial challenges.
Thank you for standing by. My name is Valerie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Allurion second-quarter earnings call.
(Operator Instructions)
I would now like to turn the call over to Mike Cavanaugh, Investor Relations
Good morning, and thank you all for joining us today. Earlier today Allurion Technologies Inc. issued a press release announcing financial results for the quarter ended June 30th, 2024, as well as a review of the company's recent business highlights. You can access a copy of the announcement on the company's website at www.investors.allurion.com.
With me on the call today are Shanthanu Gaur, Founder and Chief Executive Officer, and Chris Geberth, our Chief Financial Officer. Shantanu will begin the call by discussing the quarter's business and operational highlights and our 2024 financial outlook. Chris will then
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