ProSomnus Sleep Technologies announced record revenues for the quarter that ended June 30, 2024, as it formally emerged from reorganization on August 5, 2024.
- Revenues for the second quarter totaled a record $9.1 million reflecting increasing orders for the Company’s precision intraoral medical devices. These quarterly results reflect a 22% increase over the first quarter of 2024, a 31% increase over the same quarter in 2023 and the 9th record revenue quarter over the past 10 sequential quarters.
- Year-to-date 2024 revenues totaled $16.6M, a 30% increase over the first half of 2023.
- Operating expenses year-to-date decreased 25% to $12.5 million from $16.7 million.
- Effective August 5, 2024, the transactions contemplated by the Second Amended Plan of Reorganization of ProSomnus, Inc. closed. The culmination of the plan results in:
- Uninterrupted continuation of the Company’s business;
- Ongoing delivery and support of the Company’s products;
- ProSomnus Sleep Technologies, Inc. emerging from reorganization; and
- Recapitalization of the Company and new capital investment to drive future growth and stability.
“The past several months have clearly demonstrated the resilience of ProSomnus and the value of our non-CPAP therapy,” noted Len Liptak, Chief Executive Officer. “ProSomnus continued to serve its patients and sleep clinician customers through a harrowing time in our Company’s evolution. The continuous growth of our business as reflected in the financial results, ongoing and significant progress in key initiatives, including our ProSomnus RPMO2 Device, and our ability to attract new capital all while efficiently navigating the intricacies of our corporate reorganization is a reflection of the special nature of ProSomnus and our mission to be the leading provider of solutions to patients affected by OSA and the clinicians who care for them.”
Source: ProSomnus Sleep Technologies
