Sonendo, Inc. Announces Preliminary Revenue Results for the Third Quarter 2023
10 10월 2023 - 9:00PM
Business Wire
Sonendo, Inc. (“Sonendo” or the "Company") (NYSE: SONX), a
leading dental technology company and developer of the GentleWave®
System, today announced certain unaudited preliminary financial
results for the third quarter ended September 30, 2023.
Unaudited Preliminary Third Quarter 2023 Financial
Results
- Total revenue is expected to be approximately $10.4 million for
the third quarter 2023.
- Cash, cash equivalents and short-term investments as of
September 30, 2023 is expected to be approximately $55.9
million.
“We were pleased to close out a solid third quarter despite
anticipated seasonality and prevailing macroeconomic challenges,
indicating that our business fundamentals remain strong,” said
Bjarne Bergheim, president and chief executive officer of Sonendo.
“The sales pipeline is expanding, and we are encouraged by a stable
balance sheet while we simultaneously reduce quarterly cash burn.
We look forward to providing further details regarding meaningful
growth strategies, including new commercial initiatives to catalyze
the top line, in our quarterly earnings call.”
2023 Financial Guidance
The Company reiterates its full year 2023 guidance of expected
revenue between $44.0 million and $46.0 million.
About Sonendo
Sonendo is a commercial-stage medical technology company focused
on saving teeth from tooth decay, the most prevalent chronic
disease globally. Sonendo develops and manufactures the GentleWave®
System, an innovative technology platform designed to treat tooth
decay by cleaning and disinfecting the microscopic spaces within
teeth without the need to remove tooth structure. The system
utilizes a proprietary mechanism of action, which combines
procedure fluid optimization, broad-spectrum acoustic energy and
advanced fluid dynamics, to debride and disinfect deep regions of
the complex root canal system in a less invasive procedure that
preserves tooth structure. The clinical benefits of the GentleWave
System when compared to conventional methods of root canal therapy
include improved clinical outcomes, such as superior cleaning that
is independent of root canal complexity and tooth anatomy, high and
rapid rates of healing and minimal to no post-operative pain. In
addition, the GentleWave System can improve the workflow and
economics of dental practices. Sonendo is also the parent company
of TDO Software, the developer of widely used endodontic practice
management software solutions, designed to simplify practice
workflow. TDO Software integrates practice management, imaging,
referral reporting and CBCT imaging, and offers built-in
communication with the GentleWave System.
For more information on Sonendo, visit www.sonendo.com. For more
information on the GentleWave System, visit
www.gentlewave.com/doctor.
Forward-Looking Statements
This press release includes forward-looking statements
(statements which are not historical facts) within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to, express or implied
forward-looking statements relating to the Company’s ability to
maintain the listing of its Common Stock on the NYSE and the
Company’s anticipated business and financial performance. You are
cautioned that such statements are not guarantees of future
performance and that our actual results may differ materially from
those set forth in the forward-looking statements. All of these
forward-looking statements are subject to risks and uncertainties
that may change at any time. Factors that could cause the Company’s
actual expectations to differ materially from these forward-looking
statements include: the degree of market acceptance of our products
by dental practitioners and our ability to maintain strong working
relationships with our customers, risks associated with
manufacturing our products in large-scale commercial quantities,
our dependence on third party suppliers, our ability to raise
capital when needed, and our ability to comply with extensive
government regulation and oversight. Additional assumptions, risks
and uncertainties that could cause actual results to differ
materially from those contemplated in these forward-looking
statements are described in detail in our registration statements,
reports and other filings with the Securities and Exchange
Commission, including the “Risk Factors” set forth in our Annual
Report on Form 10-K, as supplemented by our quarterly reports on
Form 10-Q. Such filings are available on our website or at
www.sec.gov. Forward-looking statements contained in this
announcement are based on information available to the Company as
of the date hereof. We undertake no obligation to publicly update
or revise forward-looking statements to reflect subsequent
developments, events, or circumstances, except as may be required
under applicable securities laws. These forward-looking statements
should not be relied upon as representing the Company’s views as of
any date subsequent to the date of this press release and should
not be relied upon as prediction of future events. In light of the
foregoing, investors are urged not to rely on any forward-looking
statement in reaching any conclusion or making any investment
decision about any securities of the Company.
Preliminary Financial Information
The anticipated results discussed in this press release are
based on management’s preliminary, unaudited analysis of financial
results for the quarter ended September 30, 2023. As of the date of
this press release, the Company has not completed its quarter-end
procedures for such period, and the Company’s independent
registered accounting firm has not reviewed or audited the
preliminary financial data discussed in this press release. During
the course of the Company’s quarter-end closing procedures and
review process, the Company may identify items that would require
it to make adjustments, which may be material to the information
presented above. As a result, the estimates above constitute
forward-looking information and are subject to risks and
uncertainties, including possible adjustments to preliminary
operating results.
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version on businesswire.com: https://www.businesswire.com/news/home/20231010156828/en/
Investor Contact: Greg Chodaczek Gilmartin Group
ir@sonendo.com
Sonendo (NYSE:SONX)
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