Summary: ProSomnus Sleep Technologies, a maker of oral appliance therapy for obstructive sleep apnea (OSA), reported record revenues of $9.1 million for Q2 2024, marking a 31% increase over the same period last year and a 22% increase from Q1 2024. The company emerged from Chapter 11 bankruptcy on Aug 5, with a reorganized structure and new capital investments to drive future growth.
Key Takeaways:
- Record Revenues: ProSomnus reported record revenues of $9.1 million for the second quarter of 2024, reflecting a 31% increase over the same quarter in 2023 and a 22% increase from Q1 2024.
- Successful Reorganization: ProSomnus emerged from Chapter 11 bankruptcy on Aug 5, with a restructured business and new capital investments to support future growth and stability.
- Operational Efficiency: Year-to-date operating expenses decreased by 25%.
ProSomnus Sleep Technologies, a maker of oral appliance therapy for the treatment of obstructive sleep apnea (OSA), announced record revenues for the quarter ended June 30, as it formally emerged from reorganization on Aug 5.
ProSomnus announced in May that it had filed Chapter 11 bankruptcy to restructure its debt.
For the second quarter, revenues totaled a record $9.1 million, reflecting increasing orders for the company’s oral appliances. These quarterly results reflect a 22% increase over the first quarter of 2024, a 31% increase over the same quarter in 2023, and the ninth record revenue quarter over the past 10 sequential quarters.
Year-to-date 2024 revenues totaled $16.6 million, a 30% increase over the first half of 2023, while operating expenses year-to-date decreased 25% to $12.5 million from $16.7 million.
Effective Aug 5, the transactions contemplated by the Second Amended Plan of Reorganization of ProSomnus Inc closed. The culmination of the plan results in:
- Uninterrupted continuation of the company’s business;
- Ongoing delivery and support of the company’s products;
- ProSomnus Sleep Technologies Inc emerging from reorganization; and
- Recapitalization of the company and new capital investment to drive future growth and stability.
“The past several months have clearly demonstrated the resilience of ProSomnus and the value of our non-CPAP therapy,” says Len Liptak, chief executive officer, in a release. “ProSomnus continued to serve its patients and sleep clinician customers through a harrowing time in our company’s evolution.”
Liptak continues in a release, “The continuous growth of our business as reflected in the financial results, ongoing and significant progress in key initiatives, including our ProSomnus RPMO2 device, and our ability to attract new capital all while efficiently navigating the intricacies of our corporate reorganization is a reflection of the special nature of ProSomnus and our mission to be the leading provider of solutions to patients affected by OSA and the clinicians who care for them.”
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