Allurion Technologies Inc.

Revenue for the third quarter of 2025 was $2.7 million, compared with $5.4 million in the same period of 2024. Gross profit was $1.3 million, or 49% of revenue, versus $3.1 million, or 58% of revenue, a year ago. Operating loss was $9.6 million, compared with $12.3 million in Q3 2024; adjusted operating loss was $6.9 million, versus $11.4 million last year. Operating expenses were $10.9 million, down 29% year over year, and adjusted operating expenses were $8.4 million, down 42%. As of September 30, 2025, cash and cash equivalents were $6.1 million, excluding the $5 million private placement financing. Management did not provide formal numeric revenue or earnings guidance, but said Q4 revenue should grow sequentially versus Q3 and that the business should continue to grow top line sequentially into 2026.

Shantanu Gaur framed the quarter as a transition period for both FDA readiness and commercial repositioning. He said the company’s inspections and Day-100 meeting were encouraging, especially because FDA did not ask for additional human clinical data, and he described those steps as evidence Allurion is entering the final stages of review. Strategically, he emphasized a shift toward clinics that combine GLP-1s with obesity care, arguing that GLP-1 discontinuation creates a steady pool of patients for Allurion and supports the company’s U.S. launch strategy.

Tara Brady focused on the year-over-year improvement in the income statement despite lower revenue. She cited Q3 revenue of $2.7 million, gross profit of $1.3 million at 49% gross margin, operating loss of $9.6 million, and adjusted operating loss of $6.9 million, all reflecting prior restructuring efforts. She also detailed lower sales and marketing expense of $3.1 million, R&D of $2.0 million, and G&A of $5.8 million, and noted cash and cash equivalents of $6.1 million at quarter-end, before the $5 million private placement.

Analysts focused on how Allurion will translate international learnings into a U.S. launch and how quickly revenue could recover. Management said it is mapping U.S. clinics that already use GLP-1s and comprehensive obesity care, and it expects to add distributor partnerships in regions where combination therapy is already gaining traction. On timing, management said Q4 should grow sequentially from Q3 and that the GLP-1 churn dynamic could continue to support growth into 2026; it also said the Smart Capsule is evolving toward a platform for controlled drug delivery and longer-duration use.