The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Joshua Jennings - TD Cowen - Analyst
: Chris, sorry to hear about your departure, but I'm sure your next chapter will be exciting. Thanks for the thorough download as well. And I wanted
to just start on the PMA filing, three out of four modules submitted. Shantanu, can you just talk, just remind us, I mean, have those three modules
been signed off on, just waiting for the clinical data module to be submitted once that data is in hand and packaged up? And interactions with the
FDA? Any details you can share would be appreciated.
Question: Joshua Jennings - TD Cowen - Analyst
: And it sounds like your team is in the process of unleashing the Virtual Care Suite. I was hoping to just better understand the revenue generation
model where it stands today? I know you called out first GLP-1 patients onboarded in the US.
And so I guess it's just a high-level question about more details on revenue generation. And then just the path in the US prior to the Allurion Balloon
approval and with this Medtronic collaboration as well in terms of onboarding their patients. Sorry, it's a general question on Virtual Care Suite,
but looking just for a little bit more detail would be great.
Question: Joshua Jennings - TD Cowen - Analyst
: Excellent. Maybe just one more. Know you're not giving 2025 guidance, but a multilayered question. Just thinking about the recovery in France,
probably impossible to forecast at this point, but that the France business was a $5.5-plus million franchise in 2023. Maybe just help us think about
the recovery trajectory in 2025 as we're updating our models?
And then also, anything you can just share on the virtual care suite revenue contributions in 2025 and maybe a high level or even detailed color
on how we should be thinking about revenue contributions from the AI platform?
Question: Matthew Taylor - Jefferies - Analyst
: So first one I wanted to ask was, do you think you may be able to produce any revenue in the US in 2025? And if you could help us with a little bit
more specificity on gross margins in Q4 and whether that is a jumping off point for how to think about them in 2025, that would be very helpful
for the model.
Question: Matthew Taylor - Jefferies - Analyst
: Okay. Great. And then I did want to ask one about the restructuring. When you're talking about the 50% reduction in expenses, can you help us
with a little bit more specificity of where that's coming out of between sales and marketing, R&D and G&A? And I guess the follow-up to that is that
you have historically relied a lot on DTC to drive demand.
I know you grew volumes 2% with a 77% DTC reduction this quarter. But as you look at next year, I guess I'd love for you to comment on whether
you think you can grow overall from the revised guidance midpoint of $32.5 million.
Question: Jason Wittes - ROTH Capital - Analyst
: Just if you could maybe, you said this in the beginning, can you quantitate the impact from France and destocking in the quarter?
Question: Jason Wittes - ROTH Capital - Analyst
: Okay. Great. Got it. And then in terms of the cost reduction plan, did I hear that correctly that, that will be implemented over the next few quarters?
Or is that something that kind of completes by the end of the year? What is the staging on that reduction?
Question: Jason Wittes - ROTH Capital - Analyst
: Okay. Got it. And then again, another sort of follow-up question here. Did I hear correctly that you're still kind of committed to reaching breakeven
sort of by the end of 2025, especially with this new cost structure? Is that the right way to think about it?
Question: Jason Wittes - ROTH Capital - Analyst
: Okay. Great. And then I don't know if you can give any kind of regional discussion in terms of how revenues look. Were there certain regions that
were stronger than others and maybe some commentary around what the drivers might be?
Question: Jason Wittes - ROTH Capital - Analyst
: Okay. That's very helpful. And then maybe just one last one. In terms of those patients that are going on GLP-1s plus your product, what kind of
profile is that patient?
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