Allurion Reports Fourth Quarter and Full-Year 2024 Financial Results and Provides Business Update
Recent Company Highlights and Outlook
- Reported initial data on the combination of the Allurion Program with low-dose GLP-1s showing optimization of muscle mass and GLP-1 adherence and announced plans to perform additional prospective studies on the combination approach
-
Fourth quarter 2024 revenue of
and full year revenue of$5.6 million , consistent with preannouncement on January 14, 2025$32.1 million -
Fourth quarter 2024 operating expenses of
, a decrease of$19.6 million 39% compared to the same period in the prior year, and included one-time restructuring charges of$3.8 million -
Full-year 2024 procedure volume growth of
4% , above previously issued guidance, despite the reduction in operating expenses compared to prior year -
Cleared to resume sales in
France on February 12, 2025 - Positive topline readout for AUDACITY FDA clinical trial, setting stage for submission of pre-market approval (“PMA”) application
- Recent financings expected to fund business through potential FDA approval of the Allurion Balloon in 2026
- Advanced R&D pipeline with the launch of next-generation Allurion Balloon with smaller capsule size and increased radiopacity
-
2025 revenue guidance of approximately
with a reduction of approximately$30 million 50% in operating expenses compared to 2024
“In 2024, we restructured and refocused Allurion for the future and have been thrilled with the recent milestones we have achieved,” said Dr. Shantanu Gaur, Founder and Chief Executive Officer. “The initial results on the combination of the Allurion Program with low-dose GLP-1s, clearance to resume sales in
“As the first quarter comes to a close, we see further momentum building and a 2025 that is rich in potential catalysts,” continued Dr. Gaur. “With our recent financings complete, we believe we have a cash runway through becoming EBITDA positive and receiving FDA approval of the Allurion Balloon. And, as we initiate prospective studies on our combination approach, advance our PMA application through the FDA, and set the stage for profitability, I have no doubt we are building out an exciting future for Allurion.”
Fourth Quarter Financial Results
Total revenue for the quarter ended December 31, 2024 was
Gross profit for the fourth quarter ended December 31, 2024 was
For the full-year ended December 31, 2024, gross profit was
Sales and marketing expenses for the fourth quarter of 2024 were
R&D expenses for the fourth quarter of 2024 were
G&A expenses for the fourth quarter of 2024 were
Loss from operations for the fourth quarter was
Cash balance on December 31, 2024 was
Conference Call and Webcast Details
Company management will host a conference call to discuss financial results and provide a business update on March 26, 2025 at 8:30 AM ET.
To access the conference call by telephone, please dial (888) 330-3417 (domestic) or +1 646 960 0804 (international) and use Conference ID 1905455. To listen to the conference call via live audio webcast, please visit the Events section of Allurion’s Investor Relations website at Allurion - Events & Presentations.
About Allurion
Allurion is dedicated to ending obesity. The Allurion Program is a weight loss platform that features the Allurion Gastric Balloon, the world’s first and only swallowable, procedure-less™ intragastric balloon for weight loss, and offers access to the Allurion Virtual Care Suite, including the Allurion Mobile App for consumers, Allurion Insights for health care providers featuring the Coach Iris AI Platform, and the Allurion Connected Scale. The Allurion Virtual Care Suite is also available to providers separately from the Allurion Program to help customize, monitor and manage weight loss therapy for patients regardless of their treatment plan: gastric balloon, surgical, medical or nutritional. The Allurion Gastric Balloon is an investigational device in
For more information about Allurion and the Allurion Virtual Care Suite, please visit www.allurion.com.
Allurion is a trademark of Allurion Technologies, Inc. in
Forward-Looking Statements
This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although Allurion believes that it has a reasonable basis for each forward-looking statement contained in this press release, Allurion cautions you that these statements are based on a combination of facts and factors currently known by it and its projections of the future, about which it cannot be certain.
Forward-looking statements in this press release include, but are not limited to, statements regarding: the Company’s financial outlook for 2025 and future years, including the anticipated impact of the 2024 restructuring plan on the Company’s operating expenses and its ability to achieve profitability and be EBITDA positive in 2026; the expected impact of resumed sales in
Allurion cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward looking statements are subject to a number of risks and uncertainties, including, among others, general economic, political and business conditions; the ability of Allurion to obtain and maintain regulatory approval for, and successfully commercialize, the Allurion Program; the timing of, and results from, its clinical studies and trials, including with respect to the combination of GLP-1s with the Allurion Balloon; the evolution of the markets in which Allurion competes, including the impact of GLP-1 drugs; the ability of Allurion to maintain its listing on the New York Stock Exchange;, the
Consolidated Statements of Operations |
||||||||||||||||
(dollars in thousands, except per share amounts)(unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Year Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenue |
|
$ |
5,591 |
|
|
$ |
8,235 |
|
|
$ |
32,110 |
|
|
$ |
53,467 |
|
Cost of revenue |
|
|
3,058 |
|
|
|
1,805 |
|
|
|
10,607 |
|
|
|
11,970 |
|
Gross profit |
|
|
2,533 |
|
|
|
6,430 |
|
|
|
21,503 |
|
|
|
41,497 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales and marketing |
|
|
7,873 |
|
|
|
10,730 |
|
|
|
25,933 |
|
|
|
46,857 |
|
Research and development |
|
|
4,122 |
|
|
|
6,071 |
|
|
|
17,369 |
|
|
|
27,694 |
|
General and administrative |
|
|
7,653 |
|
|
|
15,367 |
|
|
|
28,399 |
|
|
|
46,024 |
|
Total operating expenses: |
|
|
19,648 |
|
|
|
32,168 |
|
|
|
71,701 |
|
|
|
120,575 |
|
Loss from operations |
|
|
(17,115 |
) |
|
|
(25,738 |
) |
|
|
(50,198 |
) |
|
|
(79,078 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
— |
|
|
|
(3,235 |
) |
|
|
(2,264 |
) |
|
|
(10,566 |
) |
Changes in fair value of warrants |
|
|
2,814 |
|
|
|
6,175 |
|
|
|
17,024 |
|
|
|
8,364 |
|
Changes in fair value of debt |
|
|
(1,330 |
) |
|
|
— |
|
|
|
8,690 |
|
|
|
(3,751 |
) |
Changes in fair value of Revenue Interest Financing and
|
|
|
(4,713 |
) |
|
|
(152 |
) |
|
|
(14,321 |
) |
|
|
(2,192 |
) |
Changes in fair value of earn-out liabilities |
|
|
760 |
|
|
|
4,720 |
|
|
|
22,900 |
|
|
|
29,050 |
|
Termination of convertible note side letters |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,598 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(8,713 |
) |
|
|
(3,929 |
) |
Other income (expense), net |
|
|
(477 |
) |
|
|
(776 |
) |
|
|
1,452 |
|
|
|
(643 |
) |
Total other income (expense): |
|
|
(2,946 |
) |
|
|
6,732 |
|
|
|
24,768 |
|
|
|
(1,265 |
) |
Loss before income taxes |
|
|
(20,061 |
) |
|
|
(19,006 |
) |
|
|
(25,430 |
) |
|
|
(80,343 |
) |
Provision for income taxes |
|
|
(508 |
) |
|
|
(174 |
) |
|
|
(718 |
) |
|
|
(264 |
) |
Net loss |
|
|
(20,569 |
) |
|
|
(19,180 |
) |
|
|
(26,148 |
) |
|
|
(80,607 |
) |
Cumulative undeclared preferred dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,697 |
) |
Net loss attributable to common shareholders |
|
$ |
(20,569 |
) |
|
$ |
(19,180 |
) |
|
$ |
(26,148 |
) |
|
$ |
(82,304 |
) |
Net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
$ |
(7.95 |
) |
|
$ |
(10.09 |
) |
|
$ |
(11.64 |
) |
|
$ |
(57.83 |
) |
Weighted-average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
|
2,588,912 |
|
|
|
1,900,816 |
|
|
|
2,247,164 |
|
|
|
1,423,275 |
|
Consolidated Balance Sheets |
||||||||
(dollars in thousands)(unaudited) |
||||||||
|
|
December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
15,379 |
|
|
$ |
38,037 |
|
Accounts receivable, net of allowance of doubtful accounts of |
|
|
7,134 |
|
|
|
18,194 |
|
Inventory, net |
|
|
3,400 |
|
|
|
6,171 |
|
Prepaid expenses and other current assets |
|
|
1,243 |
|
|
|
2,414 |
|
Total current assets |
|
|
27,156 |
|
|
|
64,816 |
|
Property and equipment, net |
|
|
2,469 |
|
|
|
3,381 |
|
Right-of-use asset |
|
|
2,079 |
|
|
|
3,010 |
|
Other long-term assets |
|
|
1,109 |
|
|
|
505 |
|
Total assets |
|
$ |
32,813 |
|
|
$ |
71,712 |
|
Liabilities and Stockholders’ Deficit |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
6,572 |
|
|
$ |
10,379 |
|
Current portion of term loan |
|
|
— |
|
|
|
38,643 |
|
Current portion of lease liabilities |
|
|
869 |
|
|
|
908 |
|
Accrued expenses and other current liabilities |
|
|
11,422 |
|
|
|
15,495 |
|
Total current liabilities |
|
|
18,863 |
|
|
|
65,425 |
|
Convertible notes payable |
|
|
35,710 |
|
|
|
— |
|
Warrant liabilities |
|
|
4,567 |
|
|
|
6,765 |
|
Revenue Interest Financing liability |
|
|
49,200 |
|
|
|
36,200 |
|
Earn-out liabilities |
|
|
1,090 |
|
|
|
23,990 |
|
Lease liabilities, net of current portion |
|
|
1,344 |
|
|
|
2,306 |
|
Other liabilities |
|
|
17 |
|
|
|
7,513 |
|
Total liabilities |
|
|
110,791 |
|
|
|
142,199 |
|
Commitments and Contingencies |
|
|
|
|
|
|
||
Stockholders’ deficit: |
|
|
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
3 |
|
|
|
2 |
|
|
Additional paid-in capital |
|
|
152,596 |
|
|
|
143,010 |
|
Accumulated other comprehensive income (loss) |
|
|
8,370 |
|
|
|
(700 |
) |
Accumulated deficit |
|
|
(238,947 |
) |
|
|
(212,799 |
) |
Total stockholders’ deficit |
|
|
(77,978 |
) |
|
|
(70,487 |
) |
Total liabilities and stockholders’ deficit |
|
$ |
32,813 |
|
|
$ |
71,712 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250326954901/en/
Investor / Media Contact
investors@allurion.com
Source: Allurion Technologies, Inc.