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Allurion Technologies Inc. (ALUR-4.93%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, highlighting a decrease in revenue to $32.1 million from $53.5 million in the previous year. This decline is attributed to lower re-order rates and macroeconomic headwinds in certain markets, including a suspension of sales in France.
Cost of revenue decreased to $10.6 million from $12.0 million, reflecting lower production volumes. Gross profit was $21.5 million, down from $41.5 million, due to increased manufacturing expenses and reduced sales volumes.
Operating expenses were reduced to $71.7 million from $120.6 million, with significant decreases in sales and marketing, research and development, and general and administrative expenses due to cost reduction initiatives.
The company reported a net loss of $26.1 million, an improvement from a net loss of $80.6 million in the previous year. This was influenced by changes in fair value of warrants and earn-out liabilities, and a loss on extinguishment of debt.
Allurion continues to focus on obtaining regulatory approvals for its products in new markets and enhancing its existing products. The company expects to incur net losses for the foreseeable future as it invests in these areas.
Recent developments include the completion of the AUDACITY pivotal trial, which demonstrated significant weight loss results with the Allurion Balloon. The company plans to submit the final module of the premarket approval application to the FDA.
The company has also resumed sales of the Allurion Balloon in France following the lifting of a temporary suspension by the French regulatory authority.
Allurion has raised additional capital through various financing activities, including public offerings and private placements, to support its operations and strategic initiatives.
The company identified material weaknesses in its internal control over financial reporting and is implementing measures to remediate these issues.
Allurion operates in a highly competitive market and faces risks related to regulatory approvals, market acceptance, and competition from other weight loss solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Allurion Technologies Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.