Announcement • Aug 21
Sonendo, Inc. Announces Promotion of John Mcgaugh to Chief Operating Officer Sonendo, Inc. announced the promotion of John McGaugh to Chief Operating Officer. Mr. McGaugh previously held the position of Senior Vice President of Operations. In addition to his previous responsibilities overseeing quality, manufacturing, supply chain, and technical services operations, Mr. McGaugh now has oversight of Sonendo’s capital and consumables sales teams and commercial operations. Mr. McGaugh has over 20 years of experience overseeing global manufacturing operations. He joined Sonendo in May 2023 and has been instrumental in leading significant operational efficiencies with console assembly and procedure instrument margin contributions. Prior to his time at Sonendo, Mr. McGaugh served as a multi-site operational leader for Abbott Vascular. In addition to his experience at Abbott, Mr. McGaugh has held leadership roles at Boston Scientific and American Medical Systems. Announcement • Aug 14
Sonendo, Inc. Reaffirms Earnings Guidance for the Year 2025 Sonendo, Inc. reaffirmed earnings guidance for the year 2025. For the year, the company expects revenue in the range of $31 million - $32 million. Announcement • May 01
Sonendo, Inc. announced that it expects to receive $5 million in funding Sonendo, Inc announced a private placement and entered into a purchase agreement to issue 4,000,000 Common Shares having a par value of $0.001 at a price of $1.25 per share for aggregate gross proceeds of $5,000,000 on May 1, 2025. New and existing investors, including certain directors and officers of the Company, participated in the financing. Announcement • Feb 28
Sonendo Files Form 15 Sonendo, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Stock under the Securities Exchange Act of 1934, as amended. The par value of the company's Common Stock was $0.001 per share. Announcement • Oct 25
Sonendo, Inc. Launches ProControl for the G4 System Sonendo, Inc. announced the launch of ProControl as the Company's latest advancement in endodontic care. The ProControl software update enables optimized cleaning of complex anatomy and increased procedure efficiency. ProControl allows endodontists to adjust procedure fluid concentration levels when using the CleanFlow procedure instrument, tailoring treatments to each patient's unique needs. This advancement expands the clinical flexibility for the GentleWave G4 System enabling optimal clinical outcomes and an improved patient experience through personalized treatment. Sonendo, Inc. Announcement • Oct 11
Sonendo, Inc. Revises Guidance for the Fiscal Year 2024 Sonendo, Inc. revised earnings guidance for the fiscal year 2024. For the year, the company expects increasing its full-year 2024 revenue guidance range to be between $31.5 million and $32.5 million. This compares to the previous revenue guidance range of $31.0 million to $32.0 million. Announcement • Jul 25
Sonendo, Inc. to Report Q2, 2024 Results on Aug 07, 2024 Sonendo, Inc. announced that they will report Q2, 2024 results at 4:00 PM, US Eastern Standard Time on Aug 07, 2024 Announcement • May 10
Sonendo, Inc. Raises Revenue Guidance for the Full Year of 2024 Sonendo, Inc. raised revenue guidance for the full year of 2024. The company expects revenue guidance range to $29 million to $31 million, from prior guidance of $28 million to $30 million, which excludes revenue from the discontinued operations. Announcement • May 01
Sonendo, Inc., Annual General Meeting, Jun 10, 2024 Sonendo, Inc., Annual General Meeting, Jun 10, 2024, at 13:30 Pacific Standard Time. Agenda: To consider and elect two Class III directors; to consider and ratify the appointment of Ernst & Young LLP, as independent registered public accounting firm for the fiscal year ending December 31, 2024; to consider and adopt and approve an amendment to amended and restated certificate of incorporation to effect a reverse stock split of issued shares of common stock, at a specific ratio, ranging from 1:10 to 1:200, at the discretion of board of directors at any time prior to our next year's annual meeting of stockholders, with the exact ratio to be determined by board of directors without further approval or authorization of stockholders; and to transact such other business matters. Announcement • Apr 26
Sonendo, Inc. to Report Q1, 2024 Results on May 08, 2024 Sonendo, Inc. announced that they will report Q1, 2024 results After-Market on May 08, 2024 Announcement • Apr 16
NYSE Intends to Apply to SEC for Delisting of the Sonendo's Common Stock As previously disclosed by Sonendo, Inc. (the Company), on Form 8-K filed with the Securities and Exchange Commission on November 21, 2023, the New York Stock Exchange (the “NYSE”) suspended trading in the Company’s common stock and announced its intention to commence proceedings to delist the Company’s common stock from the NYSE. The Company subsequently appealed the NYSE’s delisting determination. On April 11, 2024, the Company withdrew its request for an appeal. As a result, the NYSE notified the Company of its intention to apply to the Securities and Exchange Commission for delisting of the Company’s common stock, which will remove the common stock from listing and registration on the NYSE. The Company’s common stock currently trades under the symbol “SONX” on the on the OTCQX, which is operated by OTC Markets Group Inc. Announcement • Mar 14
Sonendo, Inc. Announces Impairment of Long-Lived Assets for the Three Months Ended December 31, 2023 Sonendo, Inc. announced Impairment of long-lived assets for the three months ended December 31, 2023. For the quarter, the company reported Impairment of long-lived assets of $243,000 in terms of cost of sales and $37,000 in terms of operating expenses. Announcement • Mar 13
Sonendo, Inc. Provides Revenue Guidance for the First Quarter and Full Year of 2024 Sonendo, Inc. provided revenue guidance for the first quarter and full year of 2024. First quarter revenue is expected to be approximately $6 million. The Company expects the full year 2024 total revenue to be in the range of $28.0 million to $30.0 million, which excludes all revenues from the TDO software segment. Announcement • Mar 10
Sonendo, Inc. Announces CFO Changes Sonendo, Inc. announced that Michael P. Watts is stepping down from the position of Chief Financial Officer, effective March 15, 2024, to pursue new opportunities. Chris Guo, Sonendo’s Vice President Finance and Corporate Controller, has been appointed as Interim Chief Financial Officer. Mr. Guo brings extensive experience leading corporate accounting and finance functions. Sonendo’s Board of Directors will conduct a search for a permanent Chief Financial Officer. It is anticipated that following his resignation, Mr. Watts may work with Sonendo from time to time on a consulting basis to ensure a smooth transition. Announcement • Mar 06
Valsoft Corporation Inc. acquired Dog Breath Software, Inc. from Sonendo, Inc. (OTCPK:SONX) for approximately $16 million. Valsoft Corporation Inc. acquired Dog Breath Software, Inc. from Sonendo, Inc. (OTCPK:SONX) for approximately $16 million on March 1, 2024. Stifel, Nicolaus & Company, Incorporated acted as financial advisor to Sonendo. Reed Smith LLP acted as legal advisor to Sonendo.
Valsoft Corporation Inc. completed the acquisition of Dog Breath Software, Inc. from Sonendo, Inc. (OTCPK:SONX) on March 1, 2024. Announcement • Mar 02
Sonendo, Inc. to Report Fiscal Year 2023 Results on Mar 11, 2024 Sonendo, Inc. announced that they will report fiscal year 2023 results After-Market on Mar 11, 2024 Announcement • Feb 16
Sonendo, Inc. Announces Resignation of Karen Mcginnis as Director and Member of the Audit Committee and Compensation Committee, Effective March 31, 2024 Sonendo, Inc. announced that on February 9, 2024, Ms. Karen McGinnis notified the Board of Directors of the company of her intention to resign as a director of the Company and as a member of the Audit Committee and Compensation Committee, effective as of March 31, 2024. Ms. McGinnis’ resignation was not the result of any dispute or disagreement with the Company or the Company’s Board of Directors on any matter relating to the operations, policies or practices of the Company. Announcement • Nov 23
Sonendo Announces Suspension of NYSE Trading, to Commence Trading on the OTCQX Effective November 22, 2023 Sonendo, Inc. (‘Sonendo’ or the ‘Company’) announced that, on November 15, 2023, it received a notice from the New York Stock Exchange (the ‘NYSE’) that the Company was no longer in compliance with the NYSE continued listing standards set forth in Section 802.01B of the NYSE’s Listed Company Manual (‘Section 802.01B’) due to the Company’s average global market capitalization over a consecutive 30 trading-day period being less than $50 million and its stockholders’ equity being less than $50 million. As set forth in the notice, as of November 14, 2023, the 30 trading-day average global market capitalization of the Company was approximately $15.5 million and the Company’s last reported stockholders’ equity as of September 30, 2023 was approximately $37.8 million. The Company has notified the NYSE that it intends to submit a plan to regain compliance within 45 days of the notice received on November 15, 2023 advising the NYSE of definitive action it has or will take to regain compliance. If the NYSE accepts the Company’s plan, the Company’s common stock, par value $0.001 per share (the ‘Common Stock’), may continue to be listed and traded on the NYSE during the 18-month cure period, subject to the Company’s pending NYSE appeal and hearing determination. On November 21, 2023, the Company received an additional notice from the NYSE that the NYSE suspended trading of, and commenced proceedings to delist, the Common Stock, effective at the opening of business Eastern Standard Time on November 22, 2023. This suspension is being made because the Company has not complied with Section 802.01B, which requires listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15 million. The Board of Directors and management of the Company intends to take all advisable actions in order to maintain its listing on the NYSE and will appeal the NYSE’s decision. In anticipation of the suspension of trading of the Common Stock on NYSE, the Company applied to trade its Common Stock on the OTCQX® Best Market (the ‘OTCQX’), the highest market tier operated by the OTC Markets Group Inc. and will commence trading on the OTCQX on November 22, 2023 under the symbol ‘SONX.’ The transition to the OTCQX will not affect the Company’s business operations. The Company intends to continue to operate in strict compliance with SEC rules and regulations, including filing quarterly financial statements, having independently audited financials, and maintaining an independent Board of Directors, and follow best corporate governance practices of a public company. ‘We firmly believe that our current stock price and market capitalization do not reflect the intrinsic value of Sonendo’s underlying business. ‘We remain steadfast in our commitment to the Company’s fundamentals, the value of our GentleWave technology, and the prospect of leveraging meaningful growth opportunities,’ said Bjarne Bergheim, President and Chief Executive Officer of Sonendo. ‘The change in our listing status on the New York Stock Exchange does not deter our unwavering focus on Sonendo’s core mission, Saving Teeth. Improving Lives’. Announcement • Nov 22
Sonendo, Inc. Announces Resignation of Michael Smith as Chief Commercial Officer Effective December 1, 2023 Sonendo, Inc. announced that on November 17, 2023, Michael Smith, Chief Commercial Officer of the Company, provided notice of his resignation from the Company, effective December 1, 2023, to pursue new opportunities. Mr. Smith’s resignation is not a result of any disagreement with the Company on any matter relating to the Company’s financial reporting, operations, policies or practices. Due to the nature of his employment termination (not a Qualifying Termination as defined in the Company’s Executive Severance Plan), Mr. Smith will not be entitled to receive any severance payments under the Company’s Executive Severance Plan. Since joining the Company in June 2021, Michael has been a valuable member of the executive team, and helped create a commercial foundation which will propel the company in the future, said Sonendo President and CEO Bjarne Bergheim. Price Target Changed • Nov 12
Price target decreased by 14% to US$1.67 Down from US$1.95, the current price target is an average from 5 analysts. New target price is 496% above last closing price of US$0.28. Stock is down 85% over the past year. The company is forecast to post a net loss per share of US$0.63 next year compared to a net loss per share of US$1.27 last year. Reported Earnings • Nov 10
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: US$0.18 loss per share. Revenue: US$10.4m (up 5.7% from 3Q 2022). Net loss: US$17.0m (loss widened 9.3% from 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 29%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Medical Equipment industry in the US. Announcement • Oct 26
Sonendo, Inc. to Report Q3, 2023 Results on Nov 08, 2023 Sonendo, Inc. announced that they will report Q3, 2023 results After-Market on Nov 08, 2023 Announcement • Oct 11
Sonendo, Inc. Provides Revenue Guidance for the Third Quarter and Full Year 2023 Sonendo, Inc. provided revenue guidance for the third quarter and full year 2023. For the third quarter, the company expects revenue to be approximately $10.4 million .For the year, the company expects revenue between $44.0 million and $46.0 million. Announcement • Oct 05
Sonendo, Inc. Announces Receipt of Notice of Non-Compliance with NYSE Trading Share Price Listing Rule Sonendo, Inc. (“Sonendo” or the “Company”) announced that on September 28, 2023, it received notice (the “Notice”) from the New York Stock Exchange (the “NYSE”) that the Company is not in compliance with applicable price criteria in the NYSE’s continued listing standard set in the NYSE Listed Company Manual because the average closing price of the Company’s common stock, par value $0.001 per share (the “Common Stock”), was less than $1.00 per share over a consecutive 30 trading-day period. The Notice does not result in the immediate delisting of the Company’s common stock from the NYSE. The Company intends to respond to the NYSE within 10 business days of receipt of the Notice of its intent to cure the deficiency. In accordance with NYSE rules, the Company has a period of six months following the receipt of the Notice to regain compliance with the minimum share price requirement. The Company may regain compliance at any time within the six-month cure period if on the last trading day of any calendar month during the cure period the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Under the NYSE’s rules, if the Company determines that it will cure the stock price deficiency by taking an action that will require stockholder approval at its next annual meeting of stockholders, the price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above that level for at least the following 30 trading days. The Company’s Common Stock will continue to be listed and trade on the NYSE during this period, subject to the Company’s compliance with other NYSE continued listing standards. The receipt of the Notice does not affect the Company’s business, operations or reporting requirements with the Securities and Exchange Commission. Announcement • Sep 29
Sonendo, Inc. Announces Launch of Second Generation CleanFlow Procedure Instrument for Heightened Efficacy and Ease of Use Sonendo, Inc. announced the launch of its second generation CleanFlow™ Procedure Instrument. The updated procedure instrument now includes an optimized design and enhanced matrix system to improve the effectiveness and ease of use of the GentleWave Procedure. This redesigned matrix facilitates a more congruent, secure and lasting seal which provides a heightened level of consistency, further simplifying the root canal treatment process for clinicians and improving the overall patient experience. Combined with its optimized design, these changes now allow doctors to use one procedure instrument for all teeth. The GentleWave System is the only FDA-cleared system for root canal procedures that employs a sterilized, single-use procedure instrument to automate the cleaning and disinfection of microscopic spaces within root canal. Now, the CleanFlow Procedure Instrument is the only procedure instrument needed for the GentleWave System to treat all teeth. The gentleWave System with CleanFlow Technology is designed for both clinicians and patients, enabling one-handed procedures and a more effective and efficient root canal treatment and offering little to no post-treatment pain and rapid healing rates. Price Target Changed • Aug 13
Price target decreased by 15% to US$2.65 Down from US$3.10, the current price target is an average from 5 analysts. New target price is 135% above last closing price of US$1.13. Stock is down 31% over the past year. The company is forecast to post a net loss per share of US$0.60 next year compared to a net loss per share of US$1.27 last year. Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: US$0.19 loss per share. Revenue: US$11.0m (up 4.7% from 2Q 2022). Net loss: US$17.7m (loss widened 17% from 2Q 2022). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Medical Equipment industry in the US. Announcement • Aug 10
Sonendo, Inc. Provides Revenue Guidance for the Third Quarter and Full Year of 2023 Sonendo, Inc. provided revenue guidance for the third quarter and full year of 2023. The Company expects total revenue for the third quarter of 2023 to be in the range of $10.2 million to $10.6 million.Full year of 2023, company anticipates revenue to be in the range of $44.0 million to $46.0 million. Announcement • Aug 03
Sonendo, Inc.'s Enhanced CleanFlow Procedure Instrument Now Indicated for Use on Anterior Teeth Sonendo, Inc. announced enhancements to its CleanFlow™ Procedure Instrument, which are designed to improve its applicability and effectiveness. The CleanFlow Procedure Instrument can now be used on anterior teeth (the teeth located at the front of the mouth), replacing the Company's legacy APM (Anterior Pre-Molar) Procedure Instrument. Through continuous optimization of the manufacturing process, the CleanFlow Procedure Instrument was also refined to direct more of the fluid energy into the tooth. According to an ongoing clinical study from Sonendo, the GentleWave Procedure with CleanFlow Technology demonstrated three- and six-month healing rates up to three times faster than conventional root canal methods. Additionally, according to a recent study published in The Cureus Journal of Medical Science, the GentleWave System with CleanFlow Technology was found to be significantly more effective than conventional methods at dissolution tissue in an in-vitro model system. The rate of tissue dissolution using the GentleWave System was 7 to 11 times higher than that of laser irrigation and even higher for conventional methods, including syringe needle irrigation and passive ultrasonic irrigation. The CleanFlow Procedure Instrument is designed for one-handed use, reinforcing why more than one million patients have benefited from the GentleWave Procedure across more than 1,000 GentleWave Systems. Price Target Changed • Jul 12
Price target decreased by 7.5% to US$3.10 Down from US$3.35, the current price target is an average from 5 analysts. New target price is 125% above last closing price of US$1.38. Stock is down 25% over the past year. The company is forecast to post a net loss per share of US$0.59 next year compared to a net loss per share of US$1.27 last year. Announcement • Jun 28
Sonendo, Inc. Announces the Publication of New Study That Found the GentleWave System to Be Significantly More Effective Than Conventional Irrigation Methods at Dissolving TissueDissolution During Root Canal Procedures Sonendo, Inc. announced the publication of a new study that found the GentleWave System to be significantly more effective than conventional irrigation methods at dissolving tissue during root canal procedures. An essential, yet challenging step in the root canal procedure process, tissue removal is a key indicator of efficacy and how quickly the root canal system can be cleaned. According to the recently published data, the rate of tissue dissolution using the novel GentleWave System was 7 to 11 times higher than that of conventional methods, including syringe needle irrigation, passive ultrasound irrigation and laser irrigation. Conventional methods of root canal treatment depend primarily on files to manually scrape and remove tooth structure and enlarge the canal space to facilitate irrigation. Studies have shown that files alone do not successfully remove all bacteria and infected tissue, with approximately 74% of all root canal procedures showing signs of residual tissue and bacteria post-procedure. Traditional irrigation techniques such as syringes, needles, ultrasound irrigation and laser irrigation also have limitations that could lead to ineffective cleaning. In contrast, the GentleWave System employs a sterilized, single-use procedure instrument to automate the cleaning and disinfection of microscopic spaces within root canals without the need to remove tooth structure. Its proprietary mechanism of action, which combines procedure fluid optimization, broad-spectrum acoustic energy, tissue dissolution and advanced fluid dynamics, enables more consistent and complete cleaning and disinfection. Recently published in The Cureus Journal of Medical Science, this latest study assessed the efficacy of different technologies, including the GentleWave System with the CleanFlow(TM) procedure instrument compared to conventional irrigation technologies. New Risk • Jun 25
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$91k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (94% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$52m net loss in 2 years). Significant insider selling over the past 3 months (US$91k sold). Market cap is less than US$100m (US$64.1m market cap). Reported Earnings • May 10
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: US$0.17 loss per share (improved from US$0.59 loss in 1Q 2022). Revenue: US$10.7m (up 19% from 1Q 2022). Net loss: US$15.4m (loss narrowed 1.0% from 1Q 2022). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 6.7%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Medical Equipment industry in the US. Announcement • May 10
Sonendo, Inc. Provides Revenue Guidance for the Second Quarter and Full Year of 2023 Sonendo, Inc. provided revenue guidance for the second quarter and full year of 2023. The Company expects total revenue for the second quarter of 2023 to be in the range of $11.0 million to $11.4 million. The Company expects total revenue for the full year 2023 to be in the range of $48.0 million to $51.0 million, consistent with guidance previously provided. Recent Insider Transactions • Mar 22
Insider recently bought US$80k worth of stock On the 14th of March, Vamsi Pudipeddi bought around 50k shares on-market at roughly US$1.60 per share. This transaction amounted to 44% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$889k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 09
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: US$1.27 loss per share. Revenue: US$41.7m (up 26% from FY 2021). Net loss: US$57.1m (loss widened 18% from FY 2021). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 6.6%. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Medical Equipment industry in the US. Announcement • Feb 16
Sonendo, Inc. to Report Q4, 2022 Results on Mar 08, 2023 Sonendo, Inc. announced that they will report Q4, 2022 results on Mar 08, 2023 Recent Insider Transactions • Dec 13
Insider recently bought US$56k worth of stock On the 9th of December, Vamsi Pudipeddi bought around 20k shares on-market at roughly US$2.85 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$845k more in shares than they have sold in the last 12 months. Price Target Changed • Nov 16
Price target decreased to US$3.67 Down from US$4.38, the current price target is an average from 5 analysts. New target price is 93% above last closing price of US$1.90. Stock is down 81% over the past year. The company is forecast to post a net loss per share of US$1.36 next year compared to a net loss per share of US$8.52 last year. Reported Earnings • Nov 12
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: US$0.47 loss per share. Revenue: US$9.85m (up 25% from 3Q 2021). Net loss: US$15.5m (loss widened 22% from 3Q 2021). Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) missed analyst estimates by 38%. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Medical Equipment industry in the US. Announcement • Nov 10
Sonendo, Inc. Provides Revenue Guidance for the Year 2022 Sonendo, Inc. provided revenue guidance for the year 2022. The company expects full year 2022 total revenue to be in the range of $40.5 million to $42.5 million, representing annual growth between 22% and 28%. Announcement • Nov 02
Sonendo Announces Health Canada Regulatory Approval for Next Generation GentleWave G4 System Sonendo, Inc. announced that it has received Health Canada regulatory approval for commercial sales of its recently announced GentleWave G4 System, the next generation of its innovative technology platform designed to treat tooth decay. With Sonendo's patented technology at its core, the GentleWave G4 System is designed for an optimized doctor and patient experience with a refined, simplified workflow – all while delivering the enhanced level of clean that is only available with GentleWave Technology. Health Canada regulatory clearance expands Sonendo’s suite of products available in Canada, allowing Sonendo to bring the GentleWave G4 System’s modern design to the market, including an intuitive, user-friendly interface, battery backup and high-capacity fluid reservoirs, and multi-operatory connectivity. The approval for sale of the GentleWave G4 System follows the recent launch of the CleanFlow™ procedure instrument in Canada. According to a recent clinical trial, 99.5% of patients experienced no pain during the GentleWave Procedure with the addition of CleanFlow Technology. Announcement • Oct 20
Sonendo, Inc. to Report Q3, 2022 Results on Nov 09, 2022 Sonendo, Inc. announced that they will report Q3, 2022 results After-Market on Nov 09, 2022 Announcement • Oct 19
Sonendo® Announces Release of GentleWave® G4 System Sonendo, Inc. announced the release of the GentleWave G4 System, the next generation of its innovative technology platform designed to treat tooth decay. With Sonendo's patented technology at its core, the GentleWave G4 System is designed for an optimized doctor and patient experience with a refined, simplified workflow – all while delivering the enhanced level of clean that is only available with GentleWave Technology. Broad-spectrum acoustic energy and advanced fluid dynamics deliver advanced disinfection to penetrate even the most complex anatomies, resulting in a predictable and superior level of cleaning and improved healing time. Since its inception, the GentleWave Procedure has redefined the standard of root canal treatment with a minimally invasive process that preserves tooth structure and promotes early healing. According to a recent clinical trial, 99.5% of patients experienced minimal to no pain during the GentleWave Procedure with the addition of CleanFlow™ Technology. Closely following the launch of CleanFlow Technology in April of this year, the GentleWave G4 System marks the latest innovation from Sonendo and is a testament to the Company's continued investment in dental technology and the specialty of endodontics. The GentleWave G4 System was created with future software adaptations and evolving features in mind. An intuitive, user-friendly interface provides step-by-step guidance for practitioners and auditory cues that improve procedure awareness reducing the need to look away from the patient during treatment. Battery backup and high-capacity fluid reservoirs decrease downtime between treatments and allow up to six procedures before refilling fluids. The system also allows multi-operatory connectivity, which means doctors can monitor multiple systems across their office, leading to improved workflow efficiency. Major Estimate Revision • Oct 05
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses forecast to reduce from -US$2.27 to -US$1.20 per share. Revenue forecast steady at US$41.6m. Medical Equipment industry in the US expected to see average net income growth of 9.6% next year. Consensus price target down from US$5.35 to US$4.38. Share price rose 16% to US$1.38 over the past week. Announcement • Sep 29
Sonendo, Inc. announced that it has received $62.999997 million in funding from ArrowMark Colorado Holdings, LLC On September 27, 2022, Sonendo, Inc. closed the transaction. Announcement • Sep 24
Sonendo, Inc. announced that it expects to receive $62.999997 million in funding from ArrowMark Colorado Holdings, LLC Sonendo, Inc. announced a private placement of 23,045,536 common shares at a price of $0.95 per common shares for gross proceeds of $21,893,259 and 43,315,846 pre funded warrants at a price of $0.949 per pre-funded warrant for gross proceeds of $41,106,737 for total gross proceeds of $62,999,997 on September 23, 2022. The transaction will include participation from new investors Pura Vida Investments, LLC, First Light Asset Management, LLC, returning investor ArrowMark Colorado Holdings, LLC, Blue Water Life Science Advisors, Driehaus Capital Management, and JMR Capital. The Pre-Funded Warrants will have an exercise price of $0.001 per share of common stock, be immediately exercisable and remain exercisable until exercised in full. The transaction is expected to close on or about September 27, 2022, subject to the satisfaction of customary closing conditions. The securities to be sold in the transaction have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and accordingly may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Reported Earnings • Aug 11
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: US$0.57 loss per share. Revenue: US$10.5m (up 32% from 2Q 2021). Net loss: US$15.1m (loss widened 36% from 2Q 2021). Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) missed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 34%, compared to a 6.3% growth forecast for the industry in the US. Announcement • Aug 11
Sonendo, Inc. Expects Revenue Guidance for Full Year 2022 Sonendo, Inc. expected full year 2022 total revenue to be in the range of $40.5 million to $42.5 million, representing annual growth between 22% and 28%. Announcement • Jul 20
Sonendo, Inc. to Report Q2, 2022 Results on Aug 10, 2022 Sonendo, Inc. announced that they will report Q2, 2022 results After-Market on Aug 10, 2022 Recent Insider Transactions • Jun 19
President recently bought US$64k worth of stock On the 16th of June, Bjarne Bergheim bought around 29k shares on-market at roughly US$2.25 per share. In the last 3 months, there was an even bigger purchase from another insider worth US$133k. Bjarne has been a buyer over the last 12 months, purchasing a net total of US$388k worth in shares. Announcement • Jun 18
Sonendo, Inc. Announces Executive Management Team Changes Sonendo, Inc. announced two upcoming departures from its executive management team. Jacqueline Collins, vice president, general counsel, and Merhzad Khakpour, chief technology officer, will each leave the company in July for other opportunities. In 2018 Ms. Collins became Sonendo’s first general counsel, bringing extensive expertise in medical device and intellectual property to the company. During her tenure she focused on building a legal and contracting foundation to support future growth and was a critical team member in preparing for Sonendo’s 2021 initial public offering and transition to operating as a public company. Mr. Khakpour joined Sonendo in 2008 as one of its first employees and played an integral role in Sonendo’s early days of intense research and technology exploration. He leaves an experienced R&D organization that is expanding Sonendo’s technology platform and that has the expertise and passion to continue the company’s history of innovation in endodontics. A search is underway for a new general counsel and a new chief technology officer with extensive experience in product development to lead and scale the R&D organization for the company’s next stage of growth. Recent Insider Transactions • May 17
Insider recently bought US$133k worth of stock On the 13th of May, Vamsi Pudipeddi bought around 50k shares on-market at roughly US$2.65 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • May 12
Sonendo, Inc. Provides Revenue Guidance for the Year 2022 Sonendo, Inc. expects full year 2022 total revenue to be in the range of $40 million to $43 million, consistent with guidance previously provided. Reported Earnings • May 11
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: US$0.59 loss per share. Revenue: US$9.03m (up 17% from 1Q 2021). Net loss: US$15.5m (loss widened 41% from 1Q 2021). Revenue exceeded analyst estimates by 9.9%. Earnings per share (EPS) missed analyst estimates by 5.4%. Over the next year, revenue is forecast to grow 31%, compared to a 9.0% growth forecast for the industry in the US. Announcement • Apr 21
Sonendo Announces Launch of Cleanflow™ Technology to Improve Doctor and Patient Experience Sonendo, Inc. announced the launch of its CleanFlow™ procedure instrument, which is designed to work with Sonendo’s GentleWave System to provide a less invasive and less painful alternative to traditional root canal therapy. With the addition of CleanFlow Technology, the GentleWave procedure now enables a simpler workflow as compared to earlier GentleWave procedures and helps create a better patient experience. The GentleWave procedure is redefining traditional root canal treatment through a minimally invasive process that preserves more of the tooth structure and promotes faster healing. The new CleanFlow procedure instrument is the next big innovation in endodontics and is already proving to deliver an exceptional patient experience. In an ongoing multicenter clinical study sponsored by Sonendo, 99.5% of patients had no pain during the GentleWave procedure with CleanFlow Technology and 95.6% of patients had zero to mild pain one day after the GentleWave procedure with CleanFlow Technology. In addition, the procedure does not require sealing caps or depth gauges, minimizing the number of steps for doctors and making the entire GentleWave procedure simpler and more intuitive than before. The GentleWave System’s SoundBAR is housed inside the procedure instrument, enabling the inside of the tooth to be cleaned from the outside – a big step forward in root canal therapy. Additionally, CleanFlow Technology incorporates an advanced fluid management mechanism to ensure an uninterrupted workflow and a predictable and efficient procedure. It also includes the SoundCue™ for real-time audible indication of a good seal and the FlowView™ window for improved visibility and monitoring. Designed for an enhanced patient experience, the new instrument allows for one-hand operation and less activity in the patient’s mouth, improving efficiency for doctors and overall experience for patients. Announcement • Apr 20
Sonendo, Inc. to Report Q1, 2022 Results on May 10, 2022 Sonendo, Inc. announced that they will report Q1, 2022 results After-Market on May 10, 2022 Announcement • Apr 14
Cory A. Eaves and Paul S. Madera Not to Stand for Re-Election as Directors of Sonendo, Inc Sonendo, Inc. announced that Mr. Cory A. Eaves and Mr. Paul S. Madera will not stand for re-election at the Annual Meeting to be held on May 25, 2022. Announcement • Mar 04
Sonendo, Inc. to Report Q4, 2021 Results on Mar 23, 2022 Sonendo, Inc. announced that they will report Q4, 2021 results After-Market on Mar 23, 2022 Announcement • Jan 12
Sonendo, Inc. Provides Earnings Guidance for the Fourth Quarter and Full Year 2021 Sonendo, Inc. provided earnings guidance for the fourth quarter and full year 2021. For the quarter, the company expects to report revenue in the range of $9.7 million to $9.9 million.For the full year, the company expects to report total revenue in the range of $33.0 million to $33.2 million, reflecting growth of 41% to 42% when compared to $23.4 million in 2020. Reported Earnings • Dec 12
Third quarter 2021 earnings: EPS and revenues exceed analyst expectations Third quarter 2021 results: US$10.33 loss per share. Revenue: US$7.89m (flat on 3Q 2020). Net loss: US$12.7m (flat on 3Q 2020). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 2,098%. Earnings per share (EPS) surpassed analyst estimates by 2,098%. Over the next year, revenue is forecast to grow 23%, compared to a 13% growth forecast for the industry in the US. Board Change • Nov 01
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Cory Eaves was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.