Q1 2024 Sonendo Inc Earnings Call Transcript
Key Points
- Sonendo Inc reported a solid first quarter with revenue of $7 million, exceeding the $6 million guidance.
- The company has successfully reduced sales and marketing expenses by 37% compared to the first quarter of 2023, contributing to a more efficient cost structure.
- Non-GAAP gross margin improved significantly from 23% to 30%, a 700 basis points increase year-over-year.
- Non-GAAP operating loss decreased from $12.8 million to $7.5 million, reflecting a 41% reduction and improved operational efficiency.
- Sonendo Inc has increased its full-year 2024 revenue guidance to $29 million to $31 million, up from the previous range of $28 million to $30 million, indicating confidence in the company's reset strategy.
- Total revenue of $7 million for the first quarter of 2024 was down from $8.7 million in the first quarter of 2023, indicating a year-over-year decline.
- The company experienced lower PI sales volumes which negatively impacted revenue, despite an increase in PI average selling price.
- Sonendo Inc is still facing challenges in achieving profitability, with a GAAP operating loss of $10.2 million for the first quarter of 2024.
- The strategic shift away from targeting general practitioners (GPs) to focusing on endodontists may limit market expansion opportunities in the short term.
- Despite improvements, the company anticipates moderated growth throughout the remainder of 2024 as it continues to manage cash proactively and allow time for the effects of the strategic reset to materialize.
Good afternoon and welcome to Dice First Quarter Earnings Conference Call. At this time, all participants are in listen only mode. We will be facilitating a question and answer session at the end of today's call. As a reminder, this call is being recorded for replay purposes.
I would now like to turn the call over to Louise Smit from the Gilmartin Group for a few structuring comment.
Thanks, operator. Good afternoon and thank you for participating in today's call. Joining me from Fernando are Bjorn Burcon, President and CEO, and Chris Gault, Interim CFO. Earlier today, Synenco released financial results for the quarter ended March 31st, 2024. A copy of the press release is available on the company's website.
Before we begin, I'd like to remind you that management will make statements during this call and include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
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