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  • 10 May 2022
    Sonendo, Inc. Reports First Quarter 2022 Financial Results

    Sonendo, Inc. (“Sonendo”), a leading dental technology company and developer of the GentleWave® System, today reported financial results for the quarter ended March 31, 2022.

    Recent Highlights

    Total revenue of $9.0 million for the first quarter of 2022, representing growth of 22%, compared to prior year period

    Announced full commercial launch of CleanFlow® Technology on April 20, 2022

    Amended credit agreement with Perceptive Credit Holdings, providing an additional $20 million in available credit on April 6, 2022

    “We are very proud of our quarterly results and start to the year, as we continue to see strong utilization among our install base, despite the spike in Omicron infection rates early in the quarter," said Bjarne Bergheim, Chief Executive Offer of Sonendo. "Additionally, we recently showcased our new CleanFlow procedure instrument at the American Association of Endodontists conference in Phoenix having just announced the start of our full market release. Simpler for doctors and better for patients, our CleanFlow procedure instrument provides an opportunity for us to improve utilization while also positively changing the margin profile of our business. Lastly, on April sixth we amended our credit agreement with Perceptive Credit Holdings which provided Sonendo an additional $20 million of available credit. This amendment enhances our liquidity position, giving us the optionality needed to further support the growth of our business.”

    First Quarter 2022 Financial Results

    Total Revenue was $9.0 million in the first quarter 2022, an increase from $7.4 million in the first quarter 2021. Growth in the quarter was primarily driven by increased GentleWave console sales and procedure instruments sales. GentleWave console revenue was $2.1 million in the first quarter 2022, an increase from $1.8 million in the first quarter 2021. Procedure instrument revenue was $4.3 million, an increase from $3.3 million in the first quarter 2021. Software revenue was $1.8 million, an increase from $1.6 million in the first quarter 2021.

    As of March 31, 2022, GentleWave ending install base was approximately 850 units.

    Gross margin for first quarter 2022 was 25%, compared to 23% in the first quarter 2021. The increase in gross margin was driven primarily by higher average selling price and improved overhead absorption, partially offset by increased costs relating to supply chain disruptions in the first quarter 2022.

    Total operating expenses in the first quarter 2022 were $16.8 million, compared to $11.6 million in the first quarter 2021. The increase was driven primarily by higher personnel related expenses, sales hiring, marketing and higher general and administrative costs, primarily legal and accounting associated with operating as a public company.

    Loss from operations was $14.6 million in the first quarter 2022, compared to $9.8 million in the first quarter 2021. Non-GAAP loss from operations was $12.8 million in the first quarter 2022 compared to $8.8 million in the first quarter 2021. Non-GAAP loss from operations excludes revaluation of contingent consideration, stock-based compensation expense, and depreciation and amortization expense.

    Net loss was $15.5 million for the first quarter 2022, compared to $10.9 million in the first quarter 2021.

    Cash and cash equivalents as of March 31, 2022 totaled $66.1 million, while long-term borrowings totaled $30.0 million.

    2022 Financial Guidance

    The Company expects full year 2022 total revenue to be in the range of $40 million to $43 million, consistent with guidance previously provided.

     

    Download the full press release