PLEASANTON, Calif., May 16, 2024 (GLOBE NEWSWIRE) -- ProSomnus, Inc. (the "Company"), the leading non-CPAP Obstructive Sleep Apnea (OSA) therapy, today announced results for the first quarter ended March 31, 2024. Revenue for the first quarter of 2024 totaled $7.5 million, an increase of $1.7 million or 28% compared to $5.8 million for the first quarter of 2023 representing one of the highest growth rates in sleep medicine. Industry leading six-day turnaround with on-time customer deliveries continuing above 99%. RPMO2 Next Generation Remote Patient Monitoring device scheduled for expected final clinical testing before FDA submission during June 2024. "These exceptional results demonstrate ProSomnus's value proposition, differentiation, and the quality of our people, providers, and processes," said Len Liptak, Chief Executive Officer. "To generate top tier revenue growth and make significant progress on our strategic initiatives, all while going through a restructuring, is truly an outstanding achievement." On May 7, 2024, ProSomnus entered into a voluntary restructuring under Chapter 11 of the U.S. Bankruptcy Code, the terms of which were designed to enable the Company to maintain normal business operations for customers and suppliers during and after this restructuring process. The restructuring plan is expected to provide an aggregate of $20 million of new capital, reduce the outstanding senior and subordinate secured debt by approximately 60%, and result in the Company returning to operating as a private company. The Company expects customers to continue experiencing predictable turn-around times and on-time order fulfillment, continued exceptional device quality and performance, and prompt and responsive levels of customer service. About ProSomnusProSomnus is the leading non-CPAP therapy™ for the treatment of Obstructive Sleep Apnea, a serious medical disease affecting over 1 billion people worldwide, that is associated ...