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PROSOMNUS INC (OSAPQ) is a company focused on providing innovative solutions for obstructive sleep apnea (OSA) therapy. Led by Chief Executive Officer Len Liptak, the company has achieved a remarkable 28% year-over-year revenue growth, showcasing continued strong customer satisfaction. With a commitment to non-CPAP OSA therapy, ProSomnus is at the forefront of research and development in precision oral appliance therapy. The company's dedication to improving patient preferences, FDA recalls, treatment compliance, and treatment effectiveness rates underscores its commitment to enhancing the quality of life for individuals with OSA.
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.
ProSomnus has contributed two scientific abstracts for presentation at SLEEP 2024, a conference hosted by the American Academy of Sleep Medicine and the Sleep Research Society from June 1-5 in Houston, TX. The first abstract (ID 1262) examines the clinical performance of a novel oral appliance therapy (OAT) device made from USP Class VI material. Data from 91 patients showed that 98% of mild and moderate OSA cases were successfully treated to an AHI < 10 events per hour, with no material-related side effects. The second abstract (ID 0606) reviews post-market surveillance from 10,880 patients and 646 providers over 60 months, indicating high satisfaction rates: 99% of patients and 98% of providers reported satisfaction with the device. CEO Len Liptak highlighted the increasing need for non-CPAP OSA therapies and the importance of these scientific studies in establishing the clinical safety and performance of ProSomnus's precision OAT devices.
ProSomnus announced a 28% year-over-year revenue growth for Q1 2024, reaching $7.5 million compared to $5.8 million in Q1 2023. This growth is one of the highest in sleep medicine. The company maintained a 99% on-time delivery rate and plans to complete final clinical testing of its RPMO2 remote patient monitoring device before FDA submission in June 2024. Despite voluntary restructuring under Chapter 11 on May 7, 2024, ProSomnus will continue normal operations, aiming to secure $20 million in new capital and reduce debt by 60%. The restructuring is expected to transition the company back to private ownership.
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