Allurion Technologies, Inc 8-K, filed Jan 8, 2024
Allurion Technologies, Inc. (ALUR)
About this 8-K
Allurion Technologies, Inc filed this 8-K on January 8, 2024.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
|
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|
|
Trading |
|
|
|
|
|||
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On January 8, 2024, Allurion Technologies, Inc. issued a press release announcing selected preliminary financial results for the quarter and year ended December 31, 2023. The full text of that press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
|
|
|
Exhibit |
|
Description |
99.1 |
|
Press Release issued by the registrant on January 8, 2024 furnished herewith. |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
Allurion Technologies, Inc. |
|
|
|
|
Date: |
January 8, 2024 |
By: |
/s/ Shantanu Gaur |
|
|
|
Shantanu Gaur |
Allurion Announces Preliminary Fourth Quarter and Full Year 2023 Results and Provides 2024 Outlook
Generated substantial procedure growth in 2023 driven by best-in-class efficacy of balloon program; prioritizing key investments in strategic markets and digital innovations ahead of FDA milestones
NATICK, Mass. – Jan. 8 – Allurion Technologies, Inc. (“Allurion” or the “Company”) (NYSE: ALUR), a company dedicated to ending obesity, today announced preliminary unaudited results for the fourth quarter and full year 2023. The Company also issued its preliminary 2024 outlook, reflecting an increased focus on driving sustained procedural volume growth ahead of key FDA milestones while reducing cost structure, optimizing capital structure, and accelerating the path to profitability.
“We believe procedure volume growth of 30% in 2023 substantiates the significant underlying demand for the Allurion Program, particularly as the efficacy of our offerings continues to be validated by patient results,” said Dr. Shantanu Gaur, CEO of Allurion. “Simultaneously, we swiftly adapted our spending to the evolving macro environment, channeling investments into the most promising aspects of our strategy and preserving cash as we advance towards FDA milestones for the Allurion Balloon. I am enthusiastic about our growth catalysts in 2024 and beyond, as we continue to enhance outcomes for patients and create value for our shareholders."
Preliminary Unaudited 2023 Financial Highlights
2024 Outlook
Key 2024 Growth Catalysts
About Allurion
Allurion is dedicated to ending obesity. The Allurion Program is a weight-loss platform that combines the Allurion Gastric Balloon, the world’s first and only swallowable, procedure-less gastric balloon for weight loss, the Allurion Virtual Care Suite, including the Allurion Mobile App for consumers and Allurion Insights for healthcare providers featuring the Iris AI Platform, and the Allurion Connected Scale. The Allurion Virtual Care Suite is also available to providers separately from the Allurion Program to help customize, monitor, and manage weight-loss therapy for patients regardless of their treatment plan. The Allurion Gastric Balloon is an investigational device in the United States.
For more information about Allurion and the Allurion Virtual Care Suite, please visit www.allurion.com.
Estimated Preliminary Results for the Fourth Quarter and Fiscal Year Ended December 31, 2023 (Unaudited)
Set forth above are certain estimated preliminary financial results and other key business metrics for the fourth quarter and fiscal year ended December 31, 2023. These estimates are based on the information available to us at this time. Our actual results may vary from the estimated preliminary results presented here due to the completion of our financial closing procedures, final adjustments and other developments that may arise between now and the time the financial results for the fiscal year ended December 31, 2023 are finalized. The estimated preliminary financial results and other key business metrics have not been audited or reviewed by our independent registered public accounting firm. These estimates should not be viewed as a substitute for our full interim or annual financial statements. Accordingly, you should not place undue reliance on this preliminary data.
Forward-Looking Statements
This press release may contain certain forward-looking statements within the meaning of the U.S. federal and state securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “target,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions and include statements regarding: Allurion’s expectations for demand of, and growth catalysts for, the Allurion Program; the preliminary unaudited 2023 fourth quarter and full year results and financial outlook for 2024, including driving sustained procedural volume growth, reducing cost structure, and accelerating the path to profitability; the impact of the reduction in force and cash burn for 2024; the timing of the read out of the AUDACITY FDA pivotal trial; tailwinds from the rise of GLP-1 drugs and the macroeconomic environment; the ability to scale Allurion’s digital capabilities and obtain reimbursement for the Allurion Program. Forward-looking statements are predictions, projections and other statements about future events that reflect the current beliefs and assumptions of Allurion’s management based on information currently available to them and, as a result, are subject to risks and uncertainties. Many factors could cause actual future results or developments to differ materially from the forward-looking statements in this press release, including but not limited to (i) the ability of Allurion to obtain regulatory approval for and successfully commercialize the Allurion Program, (ii) the timing of and results from its clinical studies and trials, (iii) the evolution of the markets in which Allurion competes and the rise of GLP-1 drugs, (iv) the ability of Allurion to defend its intellectual property and satisfy regulatory requirements, (v) the impact of the COVID-19 pandemic, Russia-Ukraine war and Israel-Hamas war on Allurion’s business, (vi) Allurion’s expectations regarding its market
opportunities and (vii) the risk of economic downturns and a changing regulatory landscape in the highly competitive industry in which Allurion operates. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q on November 14, 2023, and other documents filed by Allurion from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Allurion assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Allurion does not give any assurance that it will achieve its expectations.
US Media
Brian Ruby
ICR
(203) 682-8268
brian.ruby@icrinc.com
Global Media
Cedric Damour
PR Manager
+33 7 84 21 02 20
cdamour@allurion.com
Investor Contact
Mike Cavanaugh, Investor Relations
ICR Westwicke
(617) 877-9641
mike.cavanaugh@westwicke.com