ProSomnus® Sleep Technologies Announces Record Revenues as it Emerges from Reorganization

Rhea-AI Summary

ProSomnus Sleep Technologies, the leading non-CPAP Obstructive Sleep Apnea (OSA) therapy provider, has announced record revenues for Q2 2024 as it emerges from reorganization. Key highlights include:

- Q2 revenues reached a record $9.1 million, up 22% from Q1 2024 and 31% year-over-year
- Year-to-date 2024 revenues totaled $16.6 million, a 30% increase over H1 2023
- Operating expenses decreased by 25% to $12.5 million year-to-date
- The company's Second Amended Plan of Reorganization closed on August 5, 2024, ensuring business continuity and recapitalization

CEO Len Liptak highlighted the company's resilience and growth during the reorganization process, emphasizing the value of their non-CPAP therapy and ongoing progress in key initiatives, including the ProSomnus RPMO2 Device.

Positive

• Record Q2 2024 revenues of $9.1 million, up 22% from Q1 2024 and 31% year-over-year
• Year-to-date 2024 revenues increased by 30% to $16.6 million compared to H1 2023
• Operating expenses decreased by 25% year-to-date
• Successful completion of reorganization, ensuring business continuity and recapitalization
• Ninth consecutive quarter of record revenue growth

Negative

• None.

PLEASANTON, Calif., Aug. 07, 2024 (GLOBE NEWSWIRE) -- ProSomnus Sleep Technologies (the “Company”), the leading non-CPAP Obstructive Sleep Apnea (OSA) therapy™, announced record revenues for the quarter ended June 30, 2024 as it formally emerges from reorganization on August 5, 2024.

• Revenues for the second quarter totaled a record $9.1 million reflecting increasing orders for the Company’s precision intraoral medical devices. These quarterly results reflect a 22% increase over the first quarter of 2024, a 31% increase over the same quarter in 2023 and the 9^th record revenue quarter over the past 10 sequential quarters.
• Year-to-date 2024 revenues totaled $16.6M, a 30% increase over the first half of 2023.
• Operating expenses year-to-date decreased 25% to $12.5 million from $16.7 million.
• Effective August 5, 2024, 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” noted Len Liptak, Chief Executive Officer. "ProSomnus continued to serve its patients and sleep clinician customers through a harrowing time in our Company’s evolution. 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."

About ProSomnus Sleep Technologies
ProSomnus Sleep Technologies is the leading non-CPAP therapy for the treatment of Obstructive Sleep Apnea, a serious medical disease affecting over 1 billion people worldwide, that is associated with comorbidities including heart failure, stroke, hypertension, morbid obesity, and type 2 diabetes. ProSomnus intraoral medical devices are engineered to precisely track the treatment plan and anatomy for each patient. Non-invasive, patient preferred and easy to use, ProSomnus devices have demonstrated excellent efficacy, safety, adherence, and overall outcomes in a growing body of clinical investigations. ProSomnus precision intraoral devices are FDA-cleared, patented, and covered by commercial medical insurance, Medicare, TRICARE and many Government-sponsored healthcare plans around the world, representing over 200 million covered lives. To learn more, visit www.ProSomnus.com.

Contact
Heather Whalen
ProSomnus Sleep Technologies
Phone: +1.925.360.2990
Email: HWhalen@ProSomnus.com

FAQ

What were ProSomnus Sleep Technologies' Q2 2024 revenues?

ProSomnus Sleep Technologies reported record revenues of $9.1 million for Q2 2024, representing a 22% increase over Q1 2024 and a 31% increase over Q2 2023.

How much did ProSomnus Sleep Technologies' operating expenses decrease in 2024?

ProSomnus Sleep Technologies' operating expenses decreased by 25% year-to-date in 2024, from $16.7 million to $12.5 million.

When did ProSomnus Sleep Technologies emerge from reorganization?

ProSomnus Sleep Technologies formally emerged from reorganization on August 5, 2024, with the closing of transactions contemplated by the Second Amended Plan of Reorganization.

What is ProSomnus Sleep Technologies' main product focus?

ProSomnus Sleep Technologies focuses on providing non-CPAP Obstructive Sleep Apnea (OSA) therapy, including precision intraoral medical devices.