SONENDO Reports 4.6% Increase in Total Revenue for Second Quarter of Fiscal Year 2023
August 11, 2023
☀️Earnings Overview
SONENDO ($NYSE:SONX) announced a total revenue of USD 11 million for the second quarter of their fiscal year ending June 30 2023, which was an increase of 4.6% compared to the same period in 2023. However, their net income for the quarter was reported as USD -17.7 million, lower than the previous year’s -15.1 million. The results were revealed on August 9 2023.
Analysis
GoodWhale conducted an analysis of SONENDO‘s wellbeing and based on the Star Chart, SONENDO is strong in terms of asset, medium in growth and weak in dividend and profitability. Given such results, SONENDO is classified as a ‘cheetah’, a type of company that has achieved high revenue or earnings growth but is considered to be less stable due to lower profitability. Investors who are interested in such a type of company may be those who are looking for fast-paced growth and are willing to take on more risks in exchange for potential higher returns. Despite the fact that SONENDO has a weak dividend and profitability, it still has an intermediate health score of 4/10 when considering its cashflows and debt, which indicates that it is likely to sustain future operations in times of crisis. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Sonendo. More…
| Total Revenues | Net Income | Net Margin |
| 43.84 | -59.45 | -141.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Sonendo. More…
| Operations | Investing | Financing |
| -55.91 | -18.24 | 69.12 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Sonendo. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 104.14 | 51.09 | 1.03 |
Key Ratios Snapshot
Some of the financial key ratios for Sonendo are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 6.2% | – | -129.4% |
| FCF Margin | ROE | ROA |
| -130.2% | -58.3% | -34.1% |
Peers
It is a leader in the field of endodontics, which is a branch of dentistry that deals with diseases of the inner part of the tooth. While Sonendo Inc is the leading provider of solutions for endodontic care, there are several other companies in the space such as RxSight Inc, CVRx Inc, and Motus GI Holdings Inc, that offer similar solutions.
– RxSight Inc ($NASDAQ:RXST)
RxSight Inc is a healthcare technology company specializing in medical devices and treatments for vision disorders. The company has a market capitalization of 490.42M as of 2023, representing the total value of the company’s shares. RxSight has a negative return on equity of -41.56%, which suggests that the company is not generating profits from its shareholders’ investments. This indicates that the company may be struggling to generate returns to meet investor expectations.
– CVRx Inc ($NASDAQ:CVRX)
CVRx Inc is a medical device company that is focused on developing advanced implantable technologies to improve the lives of people with hypertension, heart failure and other cardiovascular conditions. The company’s market cap as of 2023 was 191.39M. The return on equity was -22.62%, which is relatively lower than the industry average. This indicates that the company has not been generating profits at the same level as its peers. However, it is still in a strong financial position and is continuing to develop its innovative technology.
– Motus GI Holdings Inc ($NASDAQ:MOTS)
Motus GI Holdings Inc is a medical device company that has been developing and commercializing products for gastroenterology patients since 2012. As of 2023, the company has a market cap of 4.1M, which is relatively low compared to its peers in the medical device industry. Despite this, Motus GI Holdings Inc has demonstrated a very high return on equity of -487.56%. This indicates that the company is not very efficient at utilizing its assets to generate a profit and suggests that more capital should be invested in order to improve the company’s performance.
Summary
SONENDO, a company listed on the public markets, released its financial results for the second quarter of its fiscal year ending June 30 2023 on August 9 2023. Total revenue was reported as USD 11.0 million, representing an increase of 4.6% over the same period in 2023.
However, net income for the quarter was reported to be USD -17.7 million, lower than the -15.1 million reported in the previous year’s quarter. Investors reacted positively to the results, as the stock price moved up on the news. Overall, SONENDO’s financial performance in the second quarter of 2023 has been lower than expected, indicating that investors may wish to take a more cautious approach when making further investments in the company.
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