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ProSomnus | 8-K: ProSomnus Reports Record Fourth Quarter and Fiscal Year 2023 Financial Results

SEC announcement · Mar 26 16:26

OSA +0.00%

Summary by Moomoo AI

On March 26, 2024, ProSomnus, Inc., a Delaware-based company specializing in non-CPAP therapy for Obstructive Sleep Apnea (OSA), reported its financial results for the fourth quarter and full year ended December 31, 2023. The company announced record revenues of $7.8 million for the fourth quarter, marking an 11% increase from the previous quarter and a 35% increase from the fourth quarter of 2022. Full-year revenues reached $27.7 million, a 43% increase from the previous year. ProSomnus attributed the revenue growth to increased adoption of its precision devices, sales and marketing efforts, and a shift to its EVO product line. Operating expenses, excluding cost of revenue, saw an 8% decrease from the second quarter of 2024 and a 19% decrease as a percentage of revenue over the same period. The company also initiated a comprehensive review of financing and strategic alternatives to strengthen its balance sheet and fund future growth. ProSomnus maintained high delivery and satisfaction rates and secured ISO 13485:2016 certification for its quality management system. The company's CEO, Len Liptak, expressed pride in the 2023 results and optimism for continued momentum in 2024. Despite the positive revenue growth, ProSomnus reported a net loss of $6.9 million for the fourth quarter and $24.1 million for the full year, attributed to operating expenses and other financial activities. Cash and restricted cash totaled $7.1 million as of December 31, 2023, a decrease from the previous quarter. The company's press release also included forward-looking statements regarding its strategic goals and financial outlook.

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