Sonendo reported $9 million in revenue for the first quarter of 2022, the dental technology company said May 10.
11 notes on the company's first quarter financial report:
1. The company's total revenue was 22 percent higher compared to the prior year period.
2. Sonendo said its growth was driven by increased sales in its GentleWave System consoles and procedural instruments.
3. GentleWave console revenue was $2.1 million, up from $1.8 million during the first quarter of 2021.
4. Procedure instrument revenue brought the company $4.3 million, up from $3.3 million in the first quarter of 2021.
5. Sonendo earned $1.8 million in software revenue, up from $1.6 million in the first quarter of 2021.
6. Sonendo's gross margin was 25 percent, compared to 23 percent in the first quarter of 2021.
7. Total operating expenses were $16.8 million, compared to $11.6 million in the first quarter of 2021.
8. The company's operating losses amounted to $14.6 million, compared to $9.8 million in the first quarter of 2021.
9. Sonendo's net loss was $15.5 million, compared to $10.9 million in the first quarter of 2021.
10. Cash and cash equivalents as of March 31 totaled $66.1 million, while long-term borrowings totaled $30 million.
11. Sonendo expects to bring in $40 million to $43 million in total revenue for 2022.