Allurion Technologies, Inc. (NYSE:ALUR), a company specializing in surgical and medical instruments, has announced the scheduling of its 2024 Annual Meeting of Stockholders for December 11, 2024. This update was provided in a recent filing with the Securities and Exchange Commission.
The board of directors confirmed on Saturday that the record date for stockholders eligible to receive notice and vote at the meeting will be November 6, 2024. Detailed information about the meeting's time and location will be available in the company's proxy statement, which will be filed with the SEC prior to the Annual Meeting.
As this will be Allurion's inaugural annual meeting, stockholders interested in submitting proposals for inclusion in the proxy materials must send their proposals to the company's Secretary by November 7, 2024. These proposals must comply with SEC rules and regulations to be considered for inclusion.
Additionally, in accordance with Allurion's amended and restated bylaws, any stockholder proposals and nominations not submitted under Rule 14a-8 must be received in writing by the close of business on the same date of November 7, 2024. To adhere to universal proxy rules, stockholders aiming to solicit proxies for alternative director nominees must provide notice that includes the information required by Rule 14a-19 under the Exchange Act by November 7, 2024.
In other recent news, Allurion Technologies has been making significant strides in the medical technology sector. The company reported a 25% increase in Q2 revenue, reaching $11.8 million, despite revising its 2024 revenue guidance to $40 to $45 million due to regulatory and macroeconomic challenges. On the research front, studies have shown positive outcomes for Allurion's Gastric Balloon, indicating an average weight reduction of 12.5% and a decrease in body mass index (BMI) among 2,107 patients.
Analysts have taken note of these developments. TD Cowen and Roth/MKM both initiated coverage on Allurion's shares with a Buy rating, highlighting the potential of the company's intragastric balloon technology in the global obesity market. Chardan Capital Markets also maintained a Buy rating but reduced the price target to $2.50.
In terms of personnel, Allurion has appointed Keith Johns, who has extensive experience in the metabolic drug industry, to its Board of Directors. These are recent developments in Allurion Technologies' ongoing efforts to provide innovative solutions in the fight against obesity.
InvestingPro Insights
As Allurion Technologies prepares for its inaugural annual meeting, investors may benefit from a closer look at the company's financial health. According to InvestingPro data, Allurion's market capitalization stands at $47.3 million, reflecting its current position in the surgical and medical instruments sector.
InvestingPro Tips highlight some critical aspects of Allurion's financial situation. The company is operating with a significant debt burden and may have trouble making interest payments on this debt. This financial strain is particularly relevant as shareholders consider proposals for the upcoming annual meeting, as it may influence the company's strategic decisions and future direction.
On a positive note, Allurion boasts impressive gross profit margins, with the latest data showing a gross profit margin of 76.19% for the last twelve months as of Q2 2024. This indicates strong pricing power or efficient cost management in its core operations, which could be a point of interest for stockholders evaluating the company's performance.
However, it's important to note that Allurion is not currently profitable, with a negative P/E ratio of -1.51 for the same period. This aligns with another InvestingPro Tip suggesting that analysts do not anticipate the company will be profitable this year. Shareholders may want to consider these factors when preparing proposals or evaluating the company's future prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 16 additional tips for Allurion Technologies, providing a deeper understanding of the company's financial position and market performance.
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