Q2 2024 Sonendo Inc Earnings Call Transcript
Key Points
- Sonendo Inc (SONX) reported a strong second quarter with significant progress in their reset strategy.
- The company achieved a 7% year-over-year growth in console sales, with a healthy unit backlog for the second straight quarter.
- Gross margin improvements were notable, with GAAP gross margin increasing to 37.5% and adjusted gross margin to 40.7% for Q2 2024.
- Operating expenses were reduced by $7.1 million year-over-year, a 42% reduction, contributing to a 53% improvement in adjusted EBITDA loss.
- Revenue guidance for the full year 2024 has been raised to a range of $31 million to $32 million, reflecting confidence in their commercial strategy.
- Total revenue from continuing operations for Q2 2024 decreased to $8.3 million from $8.8 million in Q2 2023, driven by lower PI sales volumes.
- PI sales for the quarter decreased by 15% year-over-year, indicating challenges in volume-related sales.
- The company is still in the early stages of their strategic reset, indicating that there is more work to be done to achieve long-term goals.
- Despite improvements, the company reported a net loss from continuing operations of $7.4 million for Q2 2024.
- Sonendo Inc (SONX) has not yet provided a revenue target for achieving cash flow breakeven, indicating ongoing financial uncertainties.
Good afternoon and welcome to Sonendo's second-quarter earnings conference call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes.
And now I would now like to turn the call over to Louisa Smith from the Gilmartin Group for a few introductory comments.
Thanks, operator. Good afternoon, and thank you for participating in today's call. Joining me from Sonendo are Bjarne Bergheim, President and CEO; and John Bostjancic, CFO.
Earlier today, Sonendo released financial results for the quarter ended June 30, 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 that 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. Any statements made on this call that relate to expectations or predictions of
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