Sonendo, Inc. Experiences Third Quarter 2021 Monetary Outcomes and Points Full Yr 2021 Income Steering
LAGUNA HILLS, CA – December 9, 2021 – Sonendo, Inc. (“Sonendo”), a number one dental expertise firm and developer of the GentleWave® System, immediately reported monetary outcomes for the quarter ended September 30, 2021.
Current Highlights
Whole income of $7.9 million for the third quarter of 2021, representing development of 29% in comparison with prior yr interval
GentleWave console income of $1.8 million for the third quarter 2021, representing development of 44% in comparison with prior yr interval
Process instrument income of $3.7 million for the third quarter 2021, representing development of 30% in comparison with prior yr interval
Software program income of $1.7 million for the third quarter 2021, representing development of 17% in comparison with prior yr interval
Accomplished preliminary public providing on November 2, elevating roughly $84 million in web proceeds
Added Carolyn Beaver, Karen McGinnis, Raj Pudipeddi, and Sadie Stern to the Board of Administrators
Issued 2021 full yr whole income steering vary of $32.0 million to $32.5 million
“We’re very happy with our quarterly outcomes and proceed to make nice progress on increasing our business group to make GentleWave the usual of look after root canal remedy,” stated Bjarne Bergheim, Chief Government Officer of Sonendo. “Moreover, we’re excited concerning the completion of our IPO and are grateful for the assist of the collaborating traders. Following the IPO, our focus is to speculate and develop our business infrastructure to penetrate the endodontist channel to make the GentleWave Process the usual of look after root canal remedy.”
Third Quarter 2021 Monetary Outcomes
Whole Income was $7.9 million within the third quarter 2021, a rise from $6.1 million within the third quarter 2020. Progress within the quarter was pushed primarily by elevated utilization amongst our present set up base and elevated GentleWave console gross sales. GentleWave console income was $1.8 million within the third quarter 2021, a rise from $1.2 million within the third quarter 2020. Process instrument income was $3.7 million, in comparison with $2.8 million within the prior yr interval. Software program income was $1.7 million, in comparison with $1.5 million within the third quarter 2020. As of September 30, GentleWave ending set up base was roughly 750 items.
Gross Margin for third quarter was 26.0% in comparison with 19.6% within the third quarter of 2020. The rise in gross margin was pushed primarily by a discount in stock expenses referring to extra stock in comparison with the third quarter 2020 and improved overhead absorption in 2021.
Whole working bills within the third quarter 2021 have been $13.1 million, in contrast with $10.8 million within the prior yr interval. The rise was primarily pushed by elevated gross sales crew hiring and better Normal and Administrative prices, primarily authorized and accounting. This was barely offset by decrease analysis and improvement prices.
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Internet loss was $12.7 million for the third quarter 2021 in comparison with $10.6 million within the prior yr interval.
Money and money equivalents as of September 30, 2021, totaled $13.7 million, whereas long-term borrowings totaled $30.0 million. The corporate acquired roughly $84 million of web proceeds from the preliminary public providing, which closed on November 2, 2021.
2021 Monetary Steering
The fourth quarter is often Sonendo’s strongest quarter as a lot of endodontists wait to buy capital gear to maximise calendar yr tax advantages. The Firm expects full yr 2021 whole income to be within the vary of $32.0 million to $32.5 million.
Webcast and Convention Name Info
Sonendo will host a convention name to debate the third quarter 2021 monetary outcomes after the market shut on Thursday, December ninth, 2021 at 1:30 p.m. Pacific Time / 4:30 p.m. Japanese Time. Traders concerned about listening to the convention name might achieve this by dialing (844) 200-6205 for home callers or (929) 526-1599 for worldwide callers, utilizing entry code: 320412. Reside audio of the webcast might be accessible on the “Traders” part of the corporate’s web site at: https://investor.sonendo.com. The webcast might be archived and accessible for replay for a minimum of 90 days after the occasion.
About Sonendo
Sonendo is a commercial-stage medical expertise firm centered on saving tooth from tooth decay, essentially the most prevalent power illness globally. Sonendo has developed the GentleWave® System, an progressive expertise platform designed to deal with tooth decay by cleansing and disinfecting the microscopic areas inside tooth with out the necessity to take away tooth construction. The system makes use of a proprietary mechanism of motion, which mixes process fluid optimization, broad-spectrum acoustic power and superior fluid dynamics, to debride and disinfect deep areas of the complicated root canal system in a much less invasive process that preserves tooth construction. The scientific advantages of the GentleWave System when in comparison with typical strategies of root canal remedy embody improved scientific outcomes, equivalent to superior cleansing that’s impartial of root canal complexity and tooth anatomy, excessive and fast charges of therapeutic and minimal to no post-operative ache. As well as, the GentleWave System can enhance the workflow and economics of dental practices. Sonendo can be the guardian firm of TDO® Software program, the developer of broadly used endodontic follow administration software program options, designed to simplify follow workflow. TDO Software program integrates follow administration, imaging, referral reporting and CBCT imaging, and affords built-in communication with the GentleWave System.
Ahead Wanting Statements
Along with background and historic info, this press launch incorporates “forward-looking statements” primarily based on Sonendo’s present expectations, forecasts and beliefs. These forward-looking statements are topic to inherent uncertainties, dangers, and assumptions which are tough to foretell. Precise outcomes and outcomes might differ materially attributable to a variety of elements, together with the continuing uncertainty of the affect of the COVID-19 pandemic, in addition to COVID restoration affect, on its enterprise. These and different dangers and uncertainties embody these described extra totally within the part titled “Threat Components” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operation” and elsewhere
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in its public filings with the U.S. Securities and Alternate Fee (SEC), together with our prospectus filed with the SEC pursuant to Rule 424(b)(4) on November 1, 2021, the Quarterly Report on Kind 10-Q for the interval ended September 30, 2021 to be filed with the SEC, in addition to any studies that we might file with the SEC sooner or later. Ahead-looking statements contained on this announcement are primarily based on info accessible to Sonendo as of the date hereof. Sonendo undertakes no obligation to replace such info besides as required below relevant legislation. These forward-looking statements shouldn’t be relied upon as representing Sonendo’s views as of any date subsequent to the date of this press launch and shouldn’t be relied upon as prediction of future occasions. In mild of the foregoing, traders are urged to not depend on any forward-looking assertion in reaching any conclusion or making any funding determination about any securities of Sonendo.
Investor Contact:
Gilmartin Group
Matt Bacso, CFA
IR@Sonendo.com
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SONENDO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in hundreds, besides share information)
|
September 30, |
December 31, |
|||
|
2021 |
2020 |
|||
|
ASSETS |
(Unaudited) |
|||
|
Present property: |
||||
|
Money and money equivalents |
$ |
13,748 |
$ |
51,722 |
|
Accounts receivable, web |
1,914 |
1,934 |
||
|
Stock |
7,236 |
4,338 |
||
|
Pay as you go bills and different present property |
3,357 |
901 |
||
|
Whole present property |
26,255 |
58,895 |
||
|
Property and gear, web |
2,527 |
3,153 |
||
|
Working lease right-of-use property |
2,943 |
3,308 |
||
|
Intangible property, web |
3,122 |
2,208 |
||
|
Goodwill |
8,454 |
8,454 |
||
|
Different property |
115 |
123 |
||
|
Whole property |
$ |
43,416 |
$ |
76,141 |
|
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT |
||||
|
Present liabilities: |
||||
|
Accounts payable |
$ |
1,987 |
$ |
1,930 |
|
Accrued bills |
4,476 |
3,247 |
||
|
Accrued compensation |
3,391 |
3,714 |
||
|
Working lease liabilities |
935 |
802 |
||
|
Time period mortgage |
– |
28,352 |
||
|
Different present liabilities |
2,009 |
2,756 |
||
|
Whole present liabilities |
12,798 |
40,801 |
||
|
Warrant liabilities |
4,225 |
1,914 |
||
|
Working lease liabilities, web of present |
1,964 |
2,449 |
||
|
Time period mortgage, web of present |
26,374 |
– |
||
|
Ahead obligation |
3,300 |
2,750 |
||
|
Different liabilities |
469 |
776 |
||
|
Whole liabilities |
49,130 |
48,690 |
||
|
Commitments and contingencies (Be aware 8) |
||||
|
Convertible most well-liked inventory |
281,342 |
281,342 |
||
|
Stockholders’ deficit: |
||||
|
Widespread inventory |
2 |
2 |
||
|
Further paid-in-capital |
11,326 |
9,703 |
||
|
Gathered deficit |
(298,333 |
) |
(263,545 |
) |
|
(287,005 |
) |
(253,840 |
) |
|
|
Much less: Treasury inventory |
(51 |
) |
(51 |
) |
|
Whole stockholders’ deficit |
(287,056 |
) |
(253,891 |
) |
|
Whole liabilities, convertible most well-liked inventory and stockholders’ deficit |
$ |
43,416 |
$ |
76,141 |
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SONENDO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
(In hundreds, besides share and per share information)
|
Three Months Ended |
9 Months Ended |
|||||||||||
|
September 30, |
September 30, |
|||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||
|
Product income |
$ |
6,186 |
$ |
4,675 |
$ |
18,166 |
$ |
10,690 |
||||
|
Software program income |
1,701 |
1,457 |
5,140 |
3,990 |
||||||||
|
Whole income |
7,887 |
6,132 |
23,306 |
14,680 |
||||||||
|
Price of gross sales |
5,838 |
4,931 |
17,422 |
12,550 |
||||||||
|
Gross revenue |
2,049 |
1,201 |
5,884 |
2,130 |
||||||||
|
Working bills: |
||||||||||||
|
Promoting, basic and administrative |
8,495 |
5,802 |
22,400 |
19,423 |
||||||||
|
Analysis and improvement |
4,633 |
4,920 |
14,310 |
14,551 |
||||||||
|
Change in truthful worth of contingent earnout |
19 |
30 |
12 |
(478 |
) |
|||||||
|
Whole working bills |
13,147 |
10,752 |
36,722 |
33,496 |
||||||||
|
Loss from operations |
(11,098 |
) |
(9,551 |
) |
(30,838 |
) |
(31,366 |
) |
||||
|
Different revenue (expense), web: |
||||||||||||
|
Curiosity and financing value, web |
(1,076 |
) |
(1,080 |
) |
(3,224 |
) |
(2,877 |
) |
||||
|
Change in truthful worth of warrant liabilities |
(159 |
) |
38 |
(176 |
) |
105 |
||||||
|
Change in truthful worth of ahead obligation |
(400 |
) |
– |
(550 |
) |
– |
||||||
|
Loss earlier than revenue tax profit |
(12,733 |
) |
(10,593 |
) |
(34,788 |
) |
(34,138 |
) |
||||
|
Internet loss and complete loss |
$ |
(12,733 |
) |
$ |
(10,593 |
) |
$ |
(34,788 |
) |
$ |
(34,138 |
) |
|
Internet loss per share attributable to frequent inventory – fundamental and diluted |
$ |
(10.33 |
) |
$ |
(8.84 |
) |
$ |
(28.54 |
) |
$ |
(28.58 |
) |
|
Weighted-average shares utilized in computing web loss per share |
1,232,921 |
1,197,919 |
1,218,815 |
1,194,562 |
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Disclaimer
Sonendo Inc. revealed this content material on 09 December 2021 and is solely accountable for the data contained therein. Distributed by Public, unedited and unaltered, on 09 December 2021 21:21:10 UTC.
Publicnow 2021
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Technical evaluation traits SONENDO, INC.
| Quick Time period | Mid-Time period | Lengthy Time period | |
| Traits | Bearish | Impartial | Bearish |
Revenue Assertion Evolution
|
Promote  Purchase |
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| Imply consensus | BUY |
| Variety of Analysts | 4 |
| Final Shut Value | 5,76 $ |
| Common goal value | 19,50 $ |
| Unfold / Common Goal | 239% |
