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Second Quarter 2024 Financial Results
Second quarter total revenue increased 6.1% to $88.8 million from $83.6 million in the second quarter of 2023, primarily driven by higher demand and new customers in international and domestic business-to business sales, partially offset by lower direct-to-consumer sales and rental revenue.
Total gross margin was 48.1% in the second quarter of 2024 versus 40.7% in the comparative period in 2023. The increase was driven primarily by lower premiums paid for components and favorable adjustments to reserves, partially offset by sales channel mix.
Total operating expense for the quarter was $49.8 million compared to $45.8 million in the second quarter of 2023, representing an increase of 8.7%. The increase was primarily due to higher personnel-related expenses.
GAAP net loss for the second quarter of 2024 was $5.6 million compared to GAAP net loss of $9.8 million in the second quarter of 2023. Adjusted net loss was $1.6 million compared to adjusted net loss of $5.8 million in the second quarter of 2023.
Adjusted EBITDA was a positive $1.3 million in the second quarter of 2024 compared to a negative $3.2 million in the second quarter of 2023.
Cash, cash equivalents, marketable securities and restricted cash were $121.2 million as of June 30, 2024, and no debt outstanding.
Second Quarter 2024 Financial Results
Second quarter total revenue increased 6.1% to $88.8 million from $83.6 million in the second quarter of 2023, primarily driven by higher demand and new customers in international and domestic business-to business sales, partially offset by lower direct-to-consumer sales and rental revenue.
Total gross margin was 48.1% in the second quarter of 2024 versus 40.7% in the comparative period in 2023. The increase was driven primarily by lower premiums paid for components and favorable adjustments to reserves, partially offset by sales channel mix.
Total operating expense for the quarter was $49.8 million compared to $45.8 million in the second quarter of 2023, representing an increase of 8.7%. The increase was primarily due to higher personnel-related expenses.
GAAP net loss for the second quarter of 2024 was $5.6 million compared to GAAP net loss of $9.8 million in the second quarter of 2023. Adjusted net loss was $1.6 million compared to adjusted net loss of $5.8 million in the second quarter of 2023.
Adjusted EBITDA was a positive $1.3 million in the second quarter of 2024 compared to a negative $3.2 million in the second quarter of 2023.
Cash, cash equivalents, marketable securities and restricted cash were $121.2 million as of June 30, 2024, and no debt outstanding.
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