Sonendo (SONX) Q2 2024 Earnings Report

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Previous Report: Q1 2024

Next Report: Q3 2024

SONX Q2 2024 EPS Results

Actual EPS-$16.00

Consensus EPS-$24.00

Beat/MissBeat by +$8.00

One Year Ago EPS-$38.00

SONX Q2 2024 Revenue Results

Actual Revenue$8.31M

Expected Revenue$7.60M

Beat/MissBeat by +$714.00K

YoY Revenue Growth-24.71%

Earnings Announcement Details

QuarterQ2 2024

Date08/07/2024

TimeAfter Close

Conference CallWednesday, August 7, 2024

SONX Upcoming Earnings

Sonendo's next earnings date is estimated for March 23, 2027, based on past reporting schedules.

Q2 2024 Earnings Call Audio

SONX Q2 2024 Earnings Call

0:00 / 0:00

Q2 2024 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2024 Earnings Call Summary

Q2 2024

Earnings Call Date:Aug 07, 2024|

% Change Since:

Earnings Call Sentiment|Positive

The earnings call for Sonendo reflects a positive sentiment overall, with significant improvements in gross margins, operating expenses, and adjusted EBITDA loss, despite challenges in PI sales and total revenue decline. The company is optimistic about its strategic reset and future growth prospects.

Company Guidance

During the Sonendo Q2 2024 earnings call, the company provided updated guidance and highlighted several key metrics illustrating their progress. Sonendo raised their full-year 2024 revenue guidance to a range of $31 million to $32 million, up from the previous $29 million to $31 million. They reported a significant improvement in gross margins, with adjusted gross margin increasing to 40.7% in Q2 2024 from 28.7% in the prior year quarter. The company also achieved a 53% reduction in year-over-year adjusted EBITDA loss, reporting a loss of $5.7 million for the quarter. Sonendo's strategic reset focused on commercial execution, gross margin expansion, and cash conservation, with a notable 42% reduction in operating expenses compared to the prior year. Despite a decrease in PI sales by 15% year-over-year, the company emphasized stabilizing utilization rates and anticipates low single-digit growth in PI sales for the second half of the year. Additionally, Sonendo aims to achieve adjusted gross margins in the 40% to 41% range for the latter half of 2024, with long-term aspirations of reaching 60% as they continue to enhance their operational and financial performance.

Strong Growth in Console Sales

Sonendo experienced a 7% year-over-year growth in console sales, selling more consoles compared to the second quarter of 2023, and maintaining a healthy unit backlog.

Gross Margin Improvement

GAAP gross margin for Q2 2024 increased to 37.5%, up from 28.4% in Q1 2024 and negative 5.5% in Q2 2023. Adjusted gross margin also rose to 40.7% from 34.8% in Q1 2024 and 28.7% in Q2 2023.

Reduction in Operating Expenses

Operating expenses decreased by $7.1 million to $9.8 million, marking a 42% reduction compared to the prior year, with significant cuts in sales, marketing, R&D, and G&A costs.

Improved Revenue Guidance

Revenue guidance for the full year 2024 was raised to $31 million to $32 million, up from the prior guidance of $29 million to $31 million.

Adjusted EBITDA Loss Reduction

Adjusted EBITDA loss improved by 53% year-over-year, decreasing by $6.4 million to $5.7 million for Q2 2024, with expectations to further reduce the loss in the second half of 2024.

SONX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Mar 23, 2027	2026 (Q4)	- / -	―	―
Aug 12, 2026	2026 (Q2)	- / -	―	―
May 12, 2026	2026 (Q1)	- / -	―	―
Mar 16, 2026	2025 (Q4)	- / -	-13.35	―
Nov 05, 2025	2025 (Q3)	- / -	-15.77	―
Aug 13, 2025	2025 (Q2)	- / -	-16	―
Jun 04, 2025	2025 (Q1)	- / -	-14	―
Mar 26, 2025	2024 (Q4)	-13.04 / -13.35	-24	44.38% (+10.65)
Nov 12, 2024	2024 (Q3)	-20.00 / -15.77	-36	56.19% (+20.23)
Aug 07, 2024	2024 (Q2)	-24.00 / -16.00	-38	57.89% (+22.00)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed