Allurion Technologies Inc. (ALUR) – 2025 Third‑Quarter Update

Allurion Technologies Inc. reported its third‑quarter financial results on November 12, 2025, amid a series of FDA milestones that are expected to accelerate the company’s path to market. The company’s market‑cap at the close of the day was $13.5 million, with a share price of $1.49, trading at a 52‑week low of $1.35.

Revenue and Operating Performance

  • Quarterly revenue: $2.658 million, a 58 % decline from $5.367 million in the prior year’s same period.
  • Cost of revenue: $1.354 million, representing 51 % of revenue versus 42 % a year earlier.
  • GAAP earnings per share: –$1.53, a loss that aligns with analyst expectations of a –$1.97 EPS.

The company’s operating loss narrowed, reflecting a reduction in the operational deficit reported for the third quarter. Allurion continues to focus on cost control while scaling its sales and marketing initiatives in anticipation of FDA approval.

FDA Progress and Financing

Allurion’s medical device, the Allurion Smart Capsule, has reached critical FDA milestones:

  1. Day‑100 meeting completion and audit reports with no findings, a key checkpoint in the pre‑market approval (PMA) pathway.
  2. Final stages of FDA review are underway, with the company anticipating a decision in the coming months.
  3. Debt‑free strategy: Allurion has entered into a transaction to exchange all outstanding debt for shares of convertible preferred stock, positioning the company as debt‑free upon completion.

In parallel, the company secured a $5 million private placement financing, providing additional liquidity to support clinical trials, regulatory submissions, and commercial launch activities.

Forward Outlook

Allurion signals sequential revenue growth into 2026, contingent upon FDA approval and successful commercialization of the Smart Capsule. Management highlighted that the upcoming regulatory decision will be a decisive factor in the company’s financial trajectory. Investors should monitor:

  • FDA decision timing and scope: Approval will unlock reimbursement pathways and broaden market access.
  • Post‑approval sales momentum: Early adopter data and partnership agreements will dictate revenue acceleration.
  • Capital structure: The debt‑exchange transaction and private placement are expected to strengthen the balance sheet and reduce interest expense.

With the company’s current market capitalization and a price‑to‑earnings ratio of –0.23, Allurion remains a high‑risk, high‑potential play within the consumer‑discretionary medical device sector. The impending FDA decision and the company’s strategic financing moves position it for a potential turnaround if regulatory hurdles are cleared.