After launching on NYSE, Allurion generated $18M in revenue for third quarter
PHOTO | Courtesy of Allurion
Allurion CEO Shantanu Gaur
Natick weight loss company Allurion Technologies reported a 40% sequential revenue growth in the third quarter, the first quarter in which the company has been publicly traded on the New York Stock Exchange, despite stock price declining in the three months since.
Allurion debuted on the NYSE in August following a merger with Delaware-based Compute Health Acquisition Corp.
Allurion’s revenue in the third quarter came in at $18.2 million, up from $13 million in the second quarter, a 40% increase, according to a Monday press release from Allurion. In third quarter of 2022, the company’s revenue was $16.1 million.
Despite the revenue increase, the company lost money overall in the third quarter, $26.2 million vs. the $12.0 million it lost in the third quarter 2022. Part of that loss this year included $10 million in cost related to the merger with Compute Health.
“The third quarter of 2023 was transformative for Allurion, as we made our debut as a public company on the New York Stock Exchange. With the capital we have raised, we are investing in the business, and I’m excited to see the results from that in 2024,” Allurion Founder and CEO Shantanu Gaur said in the press release. “In the past year, we have launched several initiatives to expand the distribution of the Allurion Program globally, advance our artificial intelligence platform, and improve patient outcomes. With unprecedented interest in weight loss globally, this is an ideal time to be pursuing these initiatives at Allurion.”
During the third quarter, Allurion launched an AI-powered health coach as part of its mobile app. The company is in progress on a clinical trial with the U.S. Food and Drug Administration for additional approvals for its gastric balloon, which is the company’s signature product.
Allurion’s stock price on the NYSE on Monday morning was $4.06 per share, down 42% from its debut at $7.25.
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