The following is a summary of the ProSomnus, Inc. (OSA) Q4 2023 Earnings Call Transcript:
Financial Performance:
ProSomnus reported a record revenue for Q4 2023 of $7.8 million and a full-year 2023 revenue of $27.7 million.
The company has seen eight consecutive quarters of sequential revenue growth, with Q4 2023 revenue growth at 35% and full-year 2023 at 43%.
Operating expenses for Q4 2023 were $12.8 million, showing an improvement on a percent revenue basis.
Business Progress:
ProSomnus positioned itself as the leading non-CPAP obstructive sleep apnea (OSA) therapy based on several factors such as device demand and access to care.
They demonstrated technical feasibility of their next-generation RPMO2 with positive data from a pilot study.
ProSomnus is currently working through the FDA process for the ProSomnus EVO device and plans to apply for FDA clearance later this year.
The company expects that ProSomnus RPMO2 device will impact sleep medicine by improving disease management and reducing care costs.
Continuous recalls of Philips Respironics' CPAP devices are expected to create more opportunities for non-CPAP therapies offered by ProSomnus.
More details: ProSomnus IR
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