By Daniella Parra
ProSomnus, Inc. (NASDAQ: OSA), said second quarter revenue rose 43% to a record $6.9 million, and $12.7 million in the first half of 2023.
Gross margins remained at 54% for the quarter, the company said in a statement. The maker of an alternative to CPAP machines said it completed development a product that has embedded remote patient monitoring capabilities, with first commercial use expected in the fourth quarter of 2023.
Operating expenses increased to $9.5 million in the second quarter, an increase of $5.5 million from a year earlier, it said.
“ProSomnus delivered record revenues, significant revenue growth and strong organizational execution in the second quarter of 2023,” said CEO Len Liptak. “The rapidly increasing demand for our precision devices, buttressed by new clinical data supporting the effectiveness of our precision therapy, represents meaningful progress towards achieving our vision of making ProSomnus devices the leading treatment for OSA.”
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