牙科技术公司Sonendo, Inc.(纽约证券交易所代码:SONX)公布了其2024年第一季度财务业绩，收入超过预期，达到700万美元，高于预期的600万美元。尽管与去年同期的870万美元相比有所下降，但该公司的毛利率和营业亏损有所改善。
Sonendo正在进行战略转变，以专注于牙髓医生，加强商业执行，保留现金，扩大利润。Sonendo计划探索加强资产负债表的融资选择，目标是在2025年实现两位数的收入增长，并预测2024年全年收入在2900万美元至3100万美元之间，不包括TDO软件销售。
所以nendo报告称，2024年第一季度收入为700万美元，超过了600万美元的预期。
该公司正专注于endodonist胜过一般做法作为其战略重新聚焦的一部分。
所以nendo的目标是到年底将非公认会计准则毛利率提高到30%以上，到2025年提高到40%以上。
2024年的净收入指导定为2900万至3100万美元，不包括TDO软件收入。
该公司正在积极探索融资方案，以加强其财务状况。
所以Nendo预计到2025年将恢复两位数的收入增长。
该公司正在优先升级G4绅士波控制台，旨在降低服务成本并提高利润率。
与去年同期的870万美元相比，2024年第一季度的收入有所下降。
所以与去年相比，Nendo的毛利率有所提高，经营亏损也有所减少。
平均销售价格(asp)有所上升，该公司打算限制折扣以维持需求。
没有提到具体的失误内德在电话里。
公司致力于通过战略性采购、材料成本降低和价值工程来降低成本。
所以Nendo正在等待机构批准龋齿治疗，但仍然专注于牙髓学。
该公司的战略重点包括商业执行、现金节约和利润率扩张。
综上所述，尽管Sonendo面临着与去年同期相比收入下降的挑战，但该公司的战略调整和运营改进表明，该公司正朝着盈利和增长的方向发展。Sonendo的管理团队对战略重置和公司的未来前景充满信心。
Sonendo, Inc.(纽约证券交易所代码:SONX)最近向投资者提供了其2024年第一季度财务业绩，显示出面对充满挑战的市场的弹性。该公司的战略举措旨在加强其财务状况，为未来的增长奠定基础。以下是基于InvestingPro数据的一些关键见解和提示，可以进一步帮助投资者了解Sonendo的现状和前景。
InvestingPro哒助教:
市值(调整后):636万美元
过去十二个月的市盈率(调整后)截至2024年第一季度:-0.12
价格，前收盘价:0.09美元
InvestingPro小贴士:
1. Sonendo在资产负债表上持有的现金多于债务，这可能为该公司目前正在经历的现金消耗提供一些缓冲。
2. 分析师预计今年的销售额将下降，与2024年第一季度报告的收入下降一致。
虽然该公司2024年第一季度的收入超出了预期，但考虑到更广泛的财务状况很重要。负的市盈率表明，Sonendo目前没有盈利，这一事实似乎得到了分析师们的证实，他们预计Sonendo今年将出现销售下滑，并预计该公司今年将无法盈利。此外，去年股价的大幅下跌凸显了该公司面临的挑战。
尽管面临这些挑战，Sonendo的战略重点是牙髓医生和运营改进，如提高毛利率和减少运营损失，这预示着未来的增长潜力。有兴趣深入了解Sonendo财务状况的投资者可以在http://k1.fpubli.cc/file/upload/202405/12/qtzionx422o上探索更多的InvestingPro提示。InvestingPro上还列出了另外12条建议，提供了对公司财务和市场地位的全面分析。
对于那些考虑投资Sonendo或希望更好地了解其财务轨迹的人，使用优惠券代码PRONEWS24，可以在InvestingPro上获得每年或两年一次的Pro和Pro+订阅额外10%的折扣。此促销码为投资者提供了一个宝贵的机会，可以获得指导投资决策的专业见解和数据。
接线员:下午好，欢迎参加Sonendo第一季度收益电话会议。此时，所有参与者都处于仅听模式。在今天的电话会议结束时，我们将安排一个问答环节。提醒一下，本次通话录音是为了重播。现在我想把电话交给Gilmartin集团的Louisa Smith来做一些介绍性的评论。
路易莎·史密斯:谢谢，接线员。下午好，感谢您参加今天的电话会议。来自Sonendo的Bjarne Bergheim是公司总裁兼首席执行官;Chris Guo担任临时首席财务官。今天早些时候，Sonendo公布了截至2024年3月31日的季度财务业绩。该新闻稿的副本可在该公司的网站上找到。在我们开始之前，我想提醒大家管理层将在本次电话会议上发表声明，包括联邦证券法意义上的前瞻性声明，这些声明是根据1995年私人证券诉讼改革法案的安全港条款做出的。在本次电话会议上所作的任何与对未来事件、结果或业绩的预期或预测有关的陈述均为前瞻性陈述。所有前瞻性陈述，包括与我们的经营趋势和未来财务业绩、费用管理、招聘预期、组织增长、市场机会、收入指导、商业扩张和产品管道开发有关的陈述，都是基于我们当前的估计和各种假设。这些陈述涉及重大风险和不确定性，可能导致实际结果或事件与这些前瞻性陈述所暗示的内容产生重大差异。因此，您不应过分依赖这些陈述。有关与我们业务相关的风险和不确定性的列表和描述，请参阅我们最近的季度报告10-Q表格中的风险因素部分，该报告于今天(2024年5月8日)向美国证券交易委员会提交，并可在EDGAR和其他定期向美国证券交易委员会提交的公开报告中获得。本次电话会议包含时间敏感信息，仅在2024年5月8日直播时准确。Sonendo不承担任何意图或义务，除非法律要求更新或修改任何财务预测或前瞻性陈述，无论是由于新的信息，未来的事件或其他原因。说到这里，我现在把电话交给Bjarne。
Bjarne Bergheim: Thanks, Louisa. Good afternoon, everyone and thank you for joining us today. Today's call will be structured slightly differently than in the past. While we will review the first quarter results, I plan to spend most of my time providing information about a strategic business reset that Sonendo's management and Board have undertaken together to drive fundamental change in the organization. Sonendo is truly revolutionizing how tooth decay, the most prevalent chronic disease in the world is treated. We have an incredible technology and recently crossed the milestone of 1.4 million patients treated. only 20% of endodontists in the United States and Canada performed the GentleWave procedure, so the company has significant growth potential going forward. We understand the value of what we have, but the change in strategy is needed. Following several years of outsized initial growth from 2017 to 2021, we decided to initiate a more ambitious and complex commercial plan to try to capitalize on what we believed to be valuable growth opportunities. We made significant investments in programs such as sales force bifurcation and consumer marketing. We changed the incentive structure for our sales team focusing primarily on capital sales and procedure instruments by losing focus on helping doctors with utilization and building their practices. We also shifted the attention of much of our sales team to general practitioners and lost focus on our core endodontic customers and KOLs. As these changes took effect during 2022 and 2023, we did not realize revenue growth commensurate with the level of investment made in our commercial strategy. For example, excluding our software business, sales and marketing expenses increased 61% from 2021 to 2023, while console revenues only increased 10% over the same period. We could not support the associated cash burn with the number of programs we pursued. We needed to make a strong pivot in our approach to return the company to growth and we have subsequently reset our focus on our core strategy and opportunities. We are adjusting the organization to the current realities of the market and are moderating commercial investments in the near term to achieve financial strength in the long term. As part of the reset, we are providing more transparency around financial milestones, like operating expense management, gross margin targets and timing. Management and the Board have set the 2024 plan with reduced commercial spending and increased focus guided by our learnings over the past two years. We decided to capitalize in areas in which we have previously been successful and the early results have supported the shift in our approach. We had a solid first quarter with revenue of $7 million, exceeding our $6 million guide, and we're encouraged by several proof points in the quarter regarding our unfolding strategy. We reduced sales and marketing expenses by 37% over the first quarter of 2023, yet still had a productive quarter. We received orders for more consoles than we shipped and built a healthy backlog of capital sales orders. GAAP gross margin for the first quarter of 2024 was 28% compared to 23% for the first quarter of 2023. Non-GAAP gross margin increased from 23% to 30% and more than 700 basis point improvement year-over-year and non-GAAP operating loss decreased from $12.8 million to $7.5 million, a 41% reduction. As a result of these early successes and our confidence in the reset strategy, we're increasing our 2024 full year revenue guidance to $29 million to $31 million from the prior range of $28 million to $30 million. While we are happy with our first quarter results, we know there is far more to do. We see this quarter's performance as early indications of a step in the right direction. I would now like to spend time outlining the three initiatives of our plan, which are commercial execution, cash conservation and margin expansion. I'll provide some details on how and why we're focusing on each of these key targets and some commitments related to improving each going forward. The first focus of our 2024 strategic reset is commercial execution. As I mentioned earlier, having experienced rapid growth between 2017 and 2021, we invested heavily in several commercial programs starting in the second half of 2021. While these investments did convert into sales, the effectiveness of our ability to place consoles and our ability to drive utilization in 2022 and 2023 was significantly less than we had observed earlier. Sonendo was trying to do too many things at once, scaling initiatives before we were ready and straying from the selling practices we had been very successful with in earlier years. Given what we have learned, we have analyzed every commercial program to ensure we focus efforts on those that will generate a positive return on investment. One of the critical areas we have reevaluated is the targeting of GPs. In 2022, a herd pivot into the GP channel took focus away from our core customers, the endodontist. While GPs perform many root canal procedures, we have not found an effective way to target high-volume practitioners on a consistent basis. Additionally, a GP that is only an occasional user of GentleWave significantly dilutes our overall consumable utilization and it's less likely to build out their practices around the procedure. However, endodontists that primarily performs root canals is much more likely to be a consistent user of Sonendo's technology. We're now 20% penetrated in the end market in North America, and we believe we can meaningfully increase our presence in those practices going forward. As a result, we are purposefully shifting away from the GP strategy in the near term, and refocusing exclusively on endodontists to reestablish touch points with both existing and potential customers. We believe this shift will help drive growth for procedure volumes and subsequent PI sales. To support our commercial efforts, we have modified our sales compensation plan. In the past, most compensation dollars were spent incentivizing console placements, which affected doctor relationships and cost utilization to decline. We've remedied this by creating an incentive structure that rewards reps for not only selling consoles but also for building partnerships with doctors and driving utilization. In addition, I have spent a lot of time working with the entire commercial team amidst this reset. And I have a good grasp on which programs are vital to driving commercial execution and success going forward. Our senior leadership team has been working very closely with the Board to analyze and review these programs. As a result, we're focusing the organization on a few commercial programs that we think will be critical for us going forward. One example of such a program is clinical education events. These events resonate well with customers as we help them understand the benefits from incorporating GentleWave into their practice, providing a multistep plan to increase the referral base and demonstrate how they can improve workflow within their practice. These events have shown a good ROI for us and will be prioritized going forward. Driving focus in the commercial team and throughout the entire organization is a key tenet of our strategic reset. This was part of the rationale behind divesting TDO, our software business. For one, the sale of TDO helps strengthen our balance sheet and pay down a portion of our debt. But from an organizational perspective, the sale of TDO now allows us to focus solely on growing awareness of adoption of the GentleWave procedure. Selling consoles and PIs is very different than selling practice management software. From now on, we will focus on doing a few things very well. We are flattening the organization and simplifying the way we operate and we are intent on returning to double-digit revenue growth in 2025. Make no mistake, though, I have full confidence in this commercial team and that they will be successful as we work together to build the position of leadership in the market. The second focus area of our 2024 strategic reset is cash conversation. Company-wide, we're finding ways to do more with less by creating clarity and priorities and processes across teams. We have discontinued programs that do not show a clear return on our investments. And as a result, we reduced non-GAAP operating loss by approximately 40% in the first quarter. Most of our expense reductions are in sales and marketing. We've also eliminated expenses associated with completed projects such as the design and development of G4, design and development of CleanFlow procedure instrument and the transition to one procedure instrument in the field. We're focusing our R&D dollars on improving margins within our existing product portfolio. Additionally, we have eliminated many of the higher fixed and back office costs. We anticipate the current level of operating expenses to become our new normal as we diligently work to find additional efficiencies in the existing business without compromising growth opportunities. As a result, we will likely experience moderated growth throughout the remainder of 2024 as we manage our cash proactively and allow sufficient time for the effects of the strategic reset to take hold. We expect our non-GAAP operating loss for 2024 to be approximately $28 million, a 40% decrease or improvement over the prior year. I want to note that we are not just cutting expenses to save cash. Instead, we have analyzed our strategic needs and reallocated resources to areas that will drive growth while trimming unnecessary spending and thereby extending our cash runway. I also want to reiterate that management and the Board are exploring multiple viable financing options, including in combination of debt, equity and non-dilutive sources to secure our balance sheet. We will provide more details as those discussions progress. The third focus area of our 2024 strategic reset is margin expansion. As discussed earlier, we increased our non-GAAP gross margin by more than 700 basis points to about 30% this quarter, but we have more work to do. In prior years, we have always been working in the background to drive incremental margin improvement, but the primary focus of our engineering teams was to develop and manufacture a reliable console capable of being the new standard of care in root canal therapy. Our previous G3 GentleWave consoles had some reliability issues that required necessary service calls by our service team. This created frustrations among the installed base and hindered peer-to-peer referrals. In addition, the cost of making these service calls within 24 to 48 hours of a request proved to be a significant burden on our overall gross margin profile. As a result, our team undertook a significant redesign of the console, creating the next-generation G4 GentleWave console launched at the end of 2022. Since then, the team has invested a lot of time to drive reliability through both the sign and manufacturing optimization, and I'm pleased to say that the G4 console is now exceptionally reliable. For previous generation G3 consoles, we had seen an average of two unplanned field service calls per year. In contrast, the service calls for our G4 installed base averages less than 0.5 per year. This is an outstanding reliability profile. In addition to a significant improvement in reliability, our G4 consoles are also helping our GentleWave providers drive better workflow in their offices. Many offices report saving more than 1 hour of doctor and staff time daily with the G4 console. Given the significant improvements in reliability, we have also decided to eliminate third-party service support in the field, which will further reduce our service costs and improve margins. Instead, a dedicated Sonendo field service team allows us to better assist our customers and ensure that their needs are being met as quickly and efficiently as possible. Moving forward, our commercial team will prioritize upgrading existing customers from a G3 to a G4 so that customers can experience the significant improvements we have made. Upgrading customers to G4 consoles will result in fewer service calls, improved customer satisfaction and help drive peer-to-peer influence as we move forward. These are all critical elements of our reset. In addition to the improvements to the console, we were also committing a lot of resources to consumable-related projects like the development and subsequent conversion of customers through a single CleanFlow procedure instrument. These projects prove to be expensive, but were necessary to position Sonendo for future margin gains while establishing the satisfaction of our customers. Now that we have ensured the performance and reliability of our product portfolio, we can focus the team on margin improvement projects. We have cost reduction road map that includes strategic sourcing, material cost reductions and value-based engineering projects that put us on a clear pathway to significant margin improvements. These projects are fully staffed and resourced. From a commercial perspective, we are now incentivizing our sales team to drive utilization as opposed to selling procedure instruments. Coinciding with this change, we're limiting our prior discount programs in favor of building closer relationships with our doctors, helping them drive clinical efficiencies, efficacy and better practice economics with the GentleWave procedure. This decision resulted in procedure instrument ASP increasing from $71.60 in Q4 of 2023 to $75 in Q1 of 2024. Implementing these changes resulted in fewer procedure instruments sold in Q1 of this year. In the future quarters, we expect procedure instruments shipments to align with customer utilization. Current CleanFlow procedure instruments have a contribution margin in the mid-60% range. By the end of 2025, we expect CleanFlow contribution margins to be in the low to mid-70% range. As a result of our margin focus, we expect the overall company non-GAAP gross margin to be in the high 30% range as we exit 2024. And we expect this number to move towards the mid- to upper 40% range as we exit 2025. Beyond this forecast horizon, we see clear opportunities to move company gross margins well into the 60% range. The Board shares my conviction about the opportunities ahead, and we believe the strategic reset I have outlined today is an important first step for moving Sonendo towards meaningful growth in the future. We're confident in the technology, our team's ability to execute and Sonendo's opportunity to revolutionize root canal therapy and the treatment of tooth decay. We are just getting started. I would now like to introduce to you, Chris Guo, Sonendo's Interim CFO to review the first quarter's results in more detail. Before stepping into this role in March, Chris had been Sonendo's Vice President of Finance and Corporate Controller since July 2021. He is a certified public accountant with extensive experience in both public and corporate accounting and has brought valuable financial and governance discipline to Sonendo since before our IPO in 2021.
Chris Guo:谢谢，Bjarne，感谢大家今天的到来。请参阅今天下午的新闻稿和10-Q文件，了解具体财务结果的更多细节，包括GAAP和非GAAP财务结果之间的对账。如前所述，2024年第一季度持续经营业务总收入为700万美元，而2023年第一季度为870万美元。下降的原因是PI销量下降，部分被PI平均销售价格上升所抵消。第一季度PI收入为420万美元，而2023年第一季度为570万美元。今年第一季度，《绅士波浪》的主机收益为180万美元。这一期间的平均售价约为5万美元。我们在2024年第一季度售出了37台主机，其中有29台是第三代游戏机，我们的安装基数增加了8个。截至2024年3月31日，我们的安装基础为1,142美元。该季度其他与产品相关的总收入为100万美元。在2024年第一季度，软件收入为140万美元，并在已终止的业务中报告。2024年第一季度的GAAP毛利率为28%，而去年同期为23%，主要原因是PI平均销售价格较高，单位成本较低。2024年第一季度的非gaap毛利率为30%。2024年第一季度的总运营费用为1230万美元，而去年同期为1700万美元。减少的主要原因是员工人数的减少和营销支出的减少。2024年第一季度GAAP营业亏损为1020万美元，而2023年第一季度为1510万美元。2024年第一季度非gaap经营亏损为750万美元，而2023年第一季度为1280万美元。在此期间，持续和已终止业务的净亏损为680万美元，其中包括出售软件业务带来的570万美元收益，而2023年第一季度净亏损为1540万美元。截至2024年3月31日，我们的现金、现金等价物和短期投资约为3360万美元。我现在把电话转回给比雅恩。
Bjarne Bergheim:谢谢，Chris。Sonendo的管理层和董事会对Sonendo的未来前景持乐观态度，并对我们的重置战略取得成功的早期迹象感到鼓舞。我们将2024年全年净营收预期上调至2900万至3100万美元。请注意，这不包括来自TDO软件的收入，该收入将作为已终止业务报告。在重组过程中，我们将继续专注于提高效率，并将整个组织的重点放在商业执行、现金节约和利润率扩张等支柱上。因此，我们在2024年的增长前景温和，这反映在我们的收入指南中。我们预计到2025年将恢复两位数的增长。我们对我们面前的机会感到兴奋，并对绅士波浪程序和绅士波浪系统在改变牙髓学和蛀牙治疗方面的良好定位充满信心。说到这里，请大家提问。
接线员:谢谢。我们的第一个问题来自Stifel公司的Jon Block。乔恩，请继续。
Jonathan Block:很好，谢谢大家，下午好。Bjarne，我认为我的数字是对的，但似乎净8个新盒子，我认为本季度还有29个升级。我知道这个想法是一种更专注于精简的方法，正如你提到的，有点像从全科医生那里撤退，但也许你能谈谈分裂吗?当我们想到主机时，我们是否应该看到这种分裂，或者说，在2024年的平衡中，重度升级百分比持续存在?如果是这样的话，考虑到升级的组合，我对近5万的平均售价感到惊喜，但也许你也可以对此发表评论?
Bjarne Bergheim:是的。谢谢你,乔恩。好问题。我认为你所假设的正是那些重要的事情。就像我们在脚本中讨论的那样，G4要可靠得多。他们的服务成本更低。它们大大提高了医生和工作人员的效率。因此，我们非常非常有意地在这个时间点上优先考虑g4。世界还不知道四国集团的好处。所以对我们来说，重要的是去掉旧的g3，代之以下一代的g4。我们在早期做的一件事是，我们从来没有回到我们早期的采用者和kol，并给他们一个升级的机会，直到现在。所以在这个时间点上，我们真的在推动G4s，以确保我们能够推动点对点的发展。所以这是一个非常有计划的重点。我们在第一季度特别启动了一些活动来推动这些升级。但正如你所说的，我们希望随着时间的推移，升级百分比会降低。关于asp，这里是[Audio Gap] Jon，我在这里道歉。我认为现在对我们来说关键是——我们对平均销售价格的上升感到非常高兴。我们最初有意限制折扣，以推动2024年第一季度的额外需求。在未来，我们预计程序仪器的出货量将更多地与客户利用率保持一致。
乔纳森·布洛克:好的，很好。颜色很好，谢谢。然后我想我明白你的意思了——我听你说今年的GMs在30多岁，我已经看到了进展，但我很好奇这种构建是如何发生的，比如第二季度，第三季度，第四季度，显然，起点是30%左右。我们是否可以认为它是线性的，每季度200到300个基点，让我们达到30个基点的高点?我们应该考虑季度与季度之间的变化吗?
Bjarne Bergheim:我认为当我们考虑毛利率时，我们——就像我们在电话会议上所说的，我们确实预计毛利率在今年会增加。我们预计会在30%的范围内退出。所以随着我们在这里的移动，这个数字会逐渐上升。对于我们来说，Jon，我认为我们的关键是，在这个时间点上，我们有一个PI，我们有一个主机。我们显然已经转向了CleanFlow。我们有两位强有力的高级主管在这里推动这些项目。我们将继续专注于降低成本。对我们来说，这一切都是关于战略采购，通过谈判降低材料成本，价值工程，随着我们的发展，我们将继续优化和降低成本。所以，简短的回答是肯定的，随着我们的前进，你会期望逐步的循序渐进的改善。
乔纳森·布洛克:好的。这是我的最后一个，然后剩下的我就可以下线了。但这更像是在战略方面。我相信你在局里的人面前，有个洞。我认为这就是现状。但根据你的评论，似乎对普通牙医的重视程度有所降低，那么我们如何把这两件事放在一起呢?我的意思是，当我们考虑到你们要优先考虑某些举措时，空洞还会是其中之一吗?如果是这样，那当你接受它的时候意味着什么，希望将来能获得批准，并把它推向市场。谢谢大家的宝贵时间。
Bjarne Bergheim:是的。谢谢你,乔恩。显然，我们对蛀牙仍然非常兴奋。但是在这个时候，我们不想在这里走得太远。我不想操之过急。我们将继续关注牙髓学。所以你们现在不会听到太多关于蛀牙的事。它是在该机构，我们显然会继续关注批准，因为它出来了。对我们来说，目前的关键是专注于我们围绕商业执行、现金节约和利润率扩张的战略重置的关键支柱。
Jonathan Block:谢谢，Bjarne。
Bjarne Bergheim:谢谢，Jon。
接线员:我们没有其他问题了。现在我把讲台交给Bjarne Bergheim做总结发言。
Bjarne Bergheim:谢谢，接线员。感谢大家今天的宝贵时间。显然，我们很高兴继续推进这一重置战略。祝你今天愉快。
接线员:今天的电话到此结束。谢谢大家的参与。您现在可以断开线路了。
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