Allurion Technologies(US:ALUR)2024-11-13 13:10Revenue Performance - Revenue for Q3 2024 was $5.4 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, 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 $30 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 $12.3 million, a decrease of $13.8 million compared to a loss of $26.2 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) 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) for the same period in 2023[18]. Expenses and Cost Management - Sales and marketing expenses decreased by approximately $8.8 million to $5.2 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, 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, 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 $28.7 million[9]. - Cash and cash equivalents decreased to $28,654,000 as of September 30, 2024, from $38,037,000 at the end of 2023[19]. - Total assets decreased to $50,699,000 as of September 30, 2024, down from $71,712,000 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].