Summary by Futu 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...Show More