The following is a summary of the Sonendo, Inc. (SONX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Sonendo Inc reported Q1 revenue of $7 million, surpassing their prediction, but experienced a dip compared to the Q1 of 2023's $8.7 million.

• Gross GAAP margin increased to 28%, a rise compared to last year's Q1's 23%.

• The firm has seen a year-over-year improvement of 700 basis points, raising its non-operational GAAP gross margin to 30%.

• Against a backdrop of a 41% reduction, the company managed to reduce its non-GAAP operating loss from $12.8 million to $7.5 million.

• The 2024 full-year revenue guidance was increased to $29 million to $31 million based on early successes and confidence in the strategy.

Business Progress:

• The company treated 1.4 million patients, marking its progress.

• With only 20% of its endodontists performing the GentleWave procedure in the U.S. and Canada, there is considerable room for expansion.

• A strategic business reset is underway to focus on operations efficiency, strategic selling practices, and positive return on investment commercial programs.

• Having successfully received more console orders than shipped, the firm has a healthy backlog of sales orders.

• The company anticipates a gradual increase in gross margin over the year with strategic sourcing, material cost reductions, and value engineering.

• Commercial execution, cash conservation, and margin expansion are key future focuses, with the aim to return to double-digit revenue growth in 2025.

• While awaiting cavity approval, the firm is reducing its emphasis on general dentistry, focusing more on endodontics, and emphasizing cash conservation, commercial execution, and margin expansion.

More details: Sonendo IR

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