Allurion Announces Preliminary Fourth Quarter and Full Year 2023 Results and Provides 2024 Outlook

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

• 2023 full year revenue is expected to be in the range of $53 - $54 million with gross profit sustained at 77% - 78% of revenue
• Fourth quarter revenue is expected to be in the range of $8.1 - $8.3 million, reflecting macroeconomic headwinds in certain markets leading to temporarily lower re-order rates during the period as distributors and accounts in certain markets adjusted their inventory levels
• Procedural volume grew by 30% compared to 2022, reflecting strong and growing demand for the Allurion Program, particularly in Europe where procedural volume grew by 41% in 2023 compared to 2022 and 44% in the fourth quarter compared to the same period in 2022
• Cash balance as of December 31, 2023 of $38 million reflects cash burn of $22 million in the fourth quarter and paydown of the term loan by $20 million, reducing outstanding principal to $40 million
• Expense reductions initiated in the fourth quarter of 2023 and continued in 2024 include a reduction in force of approximately 30% of headcount since December 2023, which is expected to reduce 2024 cash burn to approximately $7 - $8 million per quarter

2024 Outlook