Allurion Technologies(ALUR) - 2024 Q2 - Quarterly Results

Financial Performance - Second quarter revenue reached $11.8 million, a sequential increase of $2.4 million or 25% from Q1 2024[2] - Revenue for Q2 2024 was $11,766,000, a decrease of 9.2% compared to $12,960,000 in Q2 2023[20] - Gross profit for Q2 was 76%, slightly down from 77% in the same period last year[8] - Gross profit for Q2 2024 was $8,993,000, down from $9,968,000 in Q2 2023, representing a decline of 9.8%[20] - Net loss for Q2 2024 was $2,162,000, compared to a net loss of $21,996,000 in Q2 2023, showing significant improvement[20] - The company reported a basic net income (loss) per share of $(0.05) for Q2 2024, compared to $(0.84) for Q2 2023[20] Expenses and Cost Management - Loss from operations decreased by 30% year-over-year, amounting to $9.3 million compared to $13.3 million in Q2 2023[11] - Sales and marketing expenses decreased by approximately $3.6 million to $6.7 million compared to $10.3 million in Q2 2023[8] - Research and development expenses decreased by $2.3 million to $4.3 million, driven by reduced costs related to the AUDACITY clinical trial[9] - Total operating expenses for Q2 2024 were $18,339,000, a decrease of 21.3% from $23,262,000 in Q2 2023[20] - Research and development expenses for Q2 2024 were $4,310,000, down from $6,581,000 in Q2 2023, a reduction of 34.5%[20] Cash and Assets - Cash balance as of June 30, 2024, was $19.3 million, prior to the closing of a public offering generating approximately $22 million in gross proceeds[12] - Cash and cash equivalents decreased to $19,258,000 as of June 30, 2024, down from $38,037,000 at the end of 2023[21] - Total assets decreased to $46,550,000 as of June 30, 2024, from $71,712,000 at the end of 2023[21] - Total liabilities decreased to $117,132,000 as of June 30, 2024, down from $142,199,000 at the end of 2023[21] Operational Highlights - Procedure volume grew by 12% year-over-year, resulting in over 10,000 Allurion balloon placements for the second consecutive quarter[2] - Full-year 2024 revenue guidance updated to between $40 million and $45 million, with expected growth in procedure volume between 10% and 15%[5] - The Company is implementing a remediation plan in response to the suspension of sales of the Allurion Balloon in France[4] - The launch of GLP-1 drug support for Coach Iris aims to enhance patient outcomes in weight loss management[3]