Sonendo reports 32% revenue growth in Q2

Dental technology company Sonendo reported a 32 percent year-over-year increase in revenue during the second quarter of 2022. 

Ten notes from the company's second quarter financial report: 

1. Sonendo reported total revenue of $10.5 million, an increase from $8 million during the second quarter of 2021.

2. Sales from its GentleWave system resulted in $2.7 million, compared to $1.7 million in the second quarter of 2021.

3. The company's procedure instrument revenue was $4.8 million, compared to $3.7 million during last year's second quarter. 

4. Software revenue brought Sonendo $2.1 million, an increase from $1.8 million in the second quarter of 2021.

5. The company reported a 24 percent gross margin, compared to 26 percent in the second quarter of 2021.

6. Sonendo reported total operating expenses of $16.8 million, compared to $12.0 million in 2021.

7. Sonendo's net loss was $15.1 million, compared to $11.1 million in 2021.

8. Sonendo installed approximately 900 units of its GentleWave root canal therapy system, compared to approximately 730 in the prior year period. 

9. The company's cash, cash equivalents and short-term investments totaled $51.8 million, and long-term borrowings totaled $30 million as of June 30.

10. Sonendo expects its full-year total revenue to be between $40.5 million to $42.5 million, representing a 22 to 28 percent growth.

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