ProSomnus Sleep Technologies announces record revenues, emerging successfully from reorganization.

From GlobeNewswire: 2024-08-07 17:30:00

ProSomnus Sleep Technologies has announced record revenues of $9.1 million for the second quarter of 2024, reflecting a 22% increase from the first quarter and a 31% increase from the same quarter in 2023. Year-to-date revenues total $16.6 million, a 30% increase over the first half of 2023. Operating expenses decreased by 25% to $12.5 million.

The company has formally emerged from reorganization as of August 5, 2024, with the successful closing of the transactions outlined in the Second Amended Plan of Reorganization. This includes uninterrupted business operations, ongoing delivery and support of products, recapitalization, and new capital investment for future growth and stability.

Len Liptak, the CEO of ProSomnus, highlighted the resilience and value of the company’s non-CPAP therapy in serving patients and clinicians. They have shown continuous growth, progress in key initiatives like the ProSomnus RPMO2 Device, and attracted new capital while navigating corporate reorganization efficiently.

ProSomnus Sleep Technologies is a leading provider of non-CPAP therapy for obstructive sleep apnea, a serious medical condition affecting over 1 billion people worldwide. Their precision intraoral medical devices are FDA-cleared, patented, and covered by commercial medical insurance and government-sponsored healthcare plans, representing over 200 million covered lives.



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