ProSomnus Announces Strong First Quarter 2024 Revenue Growth

ProSomnus Records 28% Year-Over-Year Revenue Growth Accompanied by Continued Strong Customer Satisfaction

PLEASANTON, Calif., May 16, 2024 (GLOBE NEWSWIRE) -- ProSomnus, Inc. (the “Company”), the leading non-CPAP Obstructive Sleep Apnea (OSA) therapy, today announced results for the first quarter ended March 31, 2024.

• Revenue for the first quarter of 2024 totaled $7.5 million, an increase of $1.7 million or 28% compared to $5.8 million for the first quarter of 2023 representing one of the highest growth rates in sleep medicine.
• Industry leading six-day turnaround with on-time customer deliveries continuing above 99%.
• RPMO₂ Next Generation Remote Patient Monitoring device scheduled for expected final clinical testing before FDA submission during June 2024.
  

"These exceptional results demonstrate ProSomnus's value proposition, differentiation, and the quality of our people, providers, and processes," said Len Liptak, Chief Executive Officer. "To generate top tier revenue growth and make significant progress on our strategic initiatives, all while going through a restructuring, is truly an outstanding achievement."

On May 7, 2024, ProSomnus entered into a voluntary restructuring under Chapter 11 of the U.S. Bankruptcy Code, the terms of which were designed to enable the Company to maintain normal business operations for customers and suppliers during and after this restructuring process. The restructuring plan is expected to provide an aggregate of $20 million of new capital, reduce the outstanding senior and subordinate secured debt by approximately 60%, and result in the Company returning to operating as a private company. The Company expects customers to continue experiencing predictable turn-around times and on-time order fulfillment, continued exceptional device quality and performance, and prompt and responsive levels of customer service.

About ProSomnus
ProSomnus is the leading non-CPAP therapy for the treatment of Obstructive Sleep Apnea, a serious medical disease affecting over 1 billion people worldwide, that is associated with comorbidities including heart failure, stroke, hypertension, morbid obesity, and type 2 diabetes. ProSomnus intraoral medical devices are engineered to precisely track the treatment plan and anatomy for each patient. Non-invasive, patient preferred and easy to use, ProSomnus devices have demonstrated excellent efficacy, safety, adherence, and overall outcomes in a growing body of clinical investigations. ProSomnus precision intraoral devices are FDA-cleared, patented, and covered by commercial medical insurance, Medicare, TRICARE and many Government-sponsored healthcare plans around the world, representing over 200 million covered lives. To learn more, visit www.ProSomnus.com.