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Allurion Technologies(ALUR) - 2024 Q3 - Quarterly Results
ALURAllurion Technologies(ALUR)2024-11-13 13:10

Revenue Performance - Revenue for Q3 2024 was 5.4million,downfrom5.4 million, down from 18.2 million in Q3 2023, reflecting a year-over-year decrease of approximately 70% due to destocking and sales suspension in France[4]. - Revenue for the three months ended September 30, 2024, was 5,367,000,adecreaseof70.55,367,000, a decrease of 70.5% compared to 18,200,000 for the same period in 2023[18]. - The company updated its full-year 2024 revenue guidance to between 30millionand30 million and 35 million[3]. Profitability and Loss - Gross profit margin for Q3 2024 was 58%, a decrease from 77% in Q3 2023, impacted by product recalls and lower production volumes[5]. - Loss from operations for Q3 2024 was 12.3million,adecreaseof12.3 million, a decrease of 13.8 million compared to a loss of 26.2millioninQ32023[8].−NetlossattributabletocommonshareholdersforthethreemonthsendedSeptember30,2024,was26.2 million in Q3 2023[8]. - Net loss attributable to common shareholders for the three months ended September 30, 2024, was (9,004,000), compared to (21,885,000)forthesameperiodin2023[18].−Thecompanyreportedalossfromoperationsof(21,885,000) for the same period in 2023[18]. - The company reported a loss from operations of (12,341,000) for the three months ended September 30, 2024, compared to (26,154,000)forthesameperiodin2023[18].ExpensesandCostManagement−Salesandmarketingexpensesdecreasedbyapproximately(26,154,000) for the same period in 2023[18]. Expenses and Cost Management - Sales and marketing expenses decreased by approximately 8.8 million to 5.2millioninQ32024,comparedto5.2 million in Q3 2024, compared to 14.0 million in Q3 2023, due to increased operational efficiency[6]. - Total operating expenses for the three months ended September 30, 2024, were 15,452,000,areductionof61.515,452,000, a reduction of 61.5% from 40,122,000 in the prior year[18]. - Research and development expenses for the three months ended September 30, 2024, were 3,212,000,adecreaseof55.43,212,000, a decrease of 55.4% from 7,191,000 in the same period of 2023[18]. - The 2024 Restructuring Plan aims to reduce operating expenses by approximately 50% and achieve profitability by the end of 2025[3]. Cash and Assets - Cash balance as of September 30, 2024, was 28.7million[9].−Cashandcashequivalentsdecreasedto28.7 million[9]. - Cash and cash equivalents decreased to 28,654,000 as of September 30, 2024, from 38,037,000attheendof2023[19].−Totalassetsdecreasedto38,037,000 at the end of 2023[19]. - Total assets decreased to 50,699,000 as of September 30, 2024, down from 71,712,000attheendof2023[19].−Totalliabilitiesdecreasedto71,712,000 at the end of 2023[19]. - Total liabilities decreased to 114,510,000 as of September 30, 2024, compared to $142,199,000 at the end of 2023[19]. Clinical Trials and Product Development - AI product revenue from the Virtual Care Suite (VCS) grew by 82% year-over-year, driven by the onboarding of patients treated with GLP-1s in the U.S.[2]. - The last patient in the AUDACITY FDA clinical trial successfully exited, with top-line readout expected by the end of 2024[2]. Shareholder Information - Weighted-average shares outstanding increased to 64,086,265 for the three months ended September 30, 2024, from 40,335,457 in the same period of 2023[18].