- The stock price of Sonendo Inc (NYSE: SONX) increased by 21.18% today. This is why it happened.
The stock price of Sonendo Inc (NYSE: SONX) – a leading dental technology company and developer of the GentleWave System – increased by 21.18% today. Investors responded positively to Sonendo announcing certain unaudited preliminary revenue results for the fourth quarter and full-year ended December 31, 2021.
The company expects to report revenue in the range of $9.7 million to $9.9 million for the fourth quarter of 2021:
— Product revenue is expected to be in the range of $7.5 million to $7.7 million for the fourth quarter of 2021 which includes:
— GentleWave console revenue is expected to be in the range of $3.0 million to $3.1 million for the fourth quarter of 2021; and
— Procedure instrument revenue is expected to be approximately $3.8 million for the fourth quarter of 2021
— Software revenue is expected to be approximately $2.2 million for the fourth quarter of 2021
The company is expecting to report total revenue in the range of $33 million to $33.2 million for the full year 2021, reflecting growth of 41% to 42% when compared to $23.4 million in 2020.
“We are very proud of our quarterly results, especially the number of GentleWave consoles placed by our sales team in what is typically our strongest quarter. We’re excited to welcome more providers to the GentleWave network. We believe our progress in expanding our commercial field team since the IPO has put us in a great position to execute our growth strategy in 2022 and make the GentleWave Procedure the standard of care for root canal therapy.”
“I also want to express my appreciation to our customers in the United States and Canada who continue to treat patients in need during the COVID-19 pandemic. We are proud to contribute to the protection of both patients and staff by providing a single use, sterile procedure instrument, allowing doctors to clean and disinfect a root canal while producing substantially no aerosol.”
— Bjarne Bergheim, Chief Executive Officer of Sonendo
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.