Laguna Hills, CA-based Sonendo, Inc. (OTC Markets:SONX), a company specializing in dental equipment and supplies, disclosed in a recent SEC filing that Roy T. Chen, the Chief Talent Officer, will resign effective September 6, 2024. According to the Form 8-K filed on Friday, August 30, 2024, Mr. Chen is leaving the company to pursue another opportunity.
Sonendo has stated that it does not plan to seek a replacement for Mr. Chen's position. Following his departure, the Human Resources organization will come under the purview of John Bostjancic, Sonendo’s Chief Financial Officer.
This organizational change comes as Sonendo continues to position itself within the dental equipment industry under the SIC code 3843. The company, formerly known as Dentatek Corp, operates under Delaware's jurisdiction with its fiscal year ending on December 31.
The company's common stock is traded on the OTC Markets under the ticker symbol SONX. As an emerging growth company, Sonendo has the option to delay adopting new or revised accounting standards that have different effective dates for public and private companies.
Sonendo's business address is at 26061 Merit Circle, Suite 102, Laguna Hills, California, and the company can be contacted via its business phone number (949) 766-3636. The information in this article is derived from Sonendo's SEC filing and does not include any subjective assessment or speculative commentary.
In other recent news, Sonendo, Inc. has reported its Q2 2024 financial results and increased its full-year revenue guidance for 2024. Despite a year-over-year decrease, the dental technology firm's total revenue for the quarter was $8.3 million, with console sales seeing a 7% increase. The company has adjusted its full-year revenue guidance to a range of $31 million to $32 million.
Additionally, Sonendo reported a GAAP gross margin of 37.5% for the quarter and anticipates adjusted gross margins to reach 40% to 41% in the second half of 2024.
In other recent developments, Sonendo has also changed its independent accounting firm. The company has engaged BDO USA, P.C. as its new auditor, replacing Ernst & Young LLP (EY). This decision came after EY highlighted concerns about Sonendo's recurring losses and raised substantial doubt about the company's ability to continue as a going concern.
Looking ahead, Sonendo is actively exploring financing options to strengthen its balance sheet. The company also anticipates a reduction in adjusted EBITDA loss in the second half of 2024 and aims to return to double-digit revenue growth in 2025.
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