ProSomnus Inc (NASDAQ:OSA), a front-runner in the medical device industry for the treatment of Obstructive Sleep Apnea, issued its unaudited results for the quarter and full year ending Dec. 31, 2022.

What Happened: The company said Wednesday it is expecting 2022 revenue to increase by over 35% year-over-year from 2021, and also surpass 187,500 devices prescribed by healthcare providers.

ProSomnus noted in its statement that it commenced multiple growth initiatives including expanding its direct sales team in the US and Europe, commercializing its next-generation sensor device, relocating to a new manufacturing facility, and developing marketing and medical affairs programs.

Further, the company announced the enrollment of its first patient in the Severe Obstructive Sleep Apnea (SOS) study and full enrollment in the First Line Obstructive Sleep Apnea Treatment (FLOSAT) study.

"We are extremely pleased with the progress the ProSomnus team achieved in 2022 across all business segments, including commercialization, manufacturing, new product development, and clinical data generation" Len Liptak, Co-Founder and CEO of ProSomnus said in a Wednesday statement.

These results are subject to revision until the company releases its full financial results in late March. The company said it has made substantial progress in the treatment of OSA and is poised for continued growth in the future.

"As we enter the next phase of growth, we remain highly focused on executing our global growth strategy and making precision oral devices a mainstay in treating and managing obstructive sleep apnea for millions of patients globally," Liptak said in the statement.

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