ProSomnus Inc, a developer of precision medical devices for the treatment of obstructive sleep apnea (OSA), reported recent business highlights and strategic achievements during its first-quarter earnings call.
The company says in a release it has continued to drive strategic growth initiatives, including the expansion of its direct sales team in the United States and Europe, advancing its next-generation device with remote patient monitoring capability toward commercial introduction during late 2023, and the continued generation of clinical data.
Late last year, ProSomnus commenced enrollment in the Severe Obstructive Sleep Apnea (SOS) labeling expansion study, with five centers activated and on track to complete enrollment in 2023, and also moved to its new headquarters and manufacturing center of excellence. The move quintupled the company’s potential manufacturing capacity, positioning it to be able to meet the rapidly growing demand for the company’s precision intraoral medical devices.
For the quarter, ProSomnus generated year-over-year revenue growth of 55%, reflecting record revenues of $5.8 million for the first quarter, primarily driven by increased unit volume due to increased sales and marketing investments and mix shift to the new EVO products.
“ProSomnus delivered strong operational results and made healthy strategic progress during our first full quarter as a public company,” says Len Liptak, ProSomnus CEO, in a release. “ProSomnus generated record revenues for the quarter, underscored by year-over-year revenue growth that exceeded 50%. These results reflect the growing acceptance of our precision medical devices as a solution for the millions suffering from OSA, driven by investments in our direct sales and scientific marketing capabilities, the robust data supporting precision oral appliance therapy, and the expansion of our digital manufacturing operations.”