Sonendo has received a non-compliance notice from the New York Stock Exchange (NYSE), after the dental technology company’s common stock fell below the required average closing price.
The NYSE sent a notice to California, US-based Sonendo, after its stock fell to a value of less than $1.00 per share over a consecutive 30 trading-day period.
Sonendo said it will respond to the notice and stated its intent to financially re-comply. As per NYSE rules, the company now has six months to rectify its position.
The non-compliance warning comes two years after Sonendo began trading on the exchange. The company raised $93.6m in its initial public offering.
However, the company has battled with poor financial performance since then, and reported a net loss of $17.7m in Q2 2023, compared to $15.1m from the same period in 2022. It said it expects total revenue for the full year of 2023 to be in the range of $44m to $46m, slightly up from $41.7m recorded in 2022.
Sonendo also had to contend with US Food and Drug Administration (FDA) recalls of its lead product – the GentleWave system – in addition to navigating issues with its status on the NYSE. The agency issued two Class 2 recalls for the company’s root canal procedure system in May 2020 and November 2022 respectively.
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By GlobalData
In September 2023, in a bid to boost its financial outlook, Sonendo launched a second-generation version of its CleanFlow instrument, used to increase the effectiveness and ease of use of the GentleWave device.
The dental device market was worth $14.5bn in 2022, with global revenue expected to reach $20.2bn by 2030.