Meridian Funds, managed by ArrowMark Partners, released its “Meridian Small Cap Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the final months of the year, optimism prevailed due to news of reducing inflation and the potential for lower interest rates in 2024. The fund returned 13.64% (net) in the fourth quarter compared to the Russell 2000 Growth Index’s12.75% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Meridian Small Cap Growth Fund featured stocks like Sonendo, Inc. (OTC:SONX) in the Q4 2023 investor letter. Headquartered in Laguna Hills, California, Sonendo, Inc. (OTC:SONX) is a commercial-stage medical technology company. On March 27, 2024, Sonendo, Inc. (OTC:SONX) stock closed at $0.1060 per share. One-month return of Sonendo, Inc. (OTC:SONX) was -41.11%, and its shares lost 93.76% of their value over the last 52 weeks. Sonendo, Inc. (OTC:SONX) has a market capitalization of $7.079 million.
Meridian Small Cap Growth Fund stated the following regarding Sonendo, Inc. (OTC:SONX) in its fourth quarter 2023 investor letter:
“Sonendo, Inc. (OTC:SONX) is a medical technology company focused on the commercialization of its GentleWave System, an innovative technology platform designed to replace traditional and more invasive root canal therapies. The company has garnered a 20% market share among endodontists, a specialty practice that focuses on performing root canal therapies. During the quarter, Sonendo experienced an overall slowdown as new customers paused capital spending decisions in a generally challenging macro purchasing environment. While its endodontist segment has performed well, the company’s product, brand, and awareness have not been strong enough to take advantage of the sales opportunity in the larger general practitioner segment. We view this as a missed opportunity to offset the macro challenges. Overall, we believe the company offers a great product and technology but have concerns about business execution and as a result, trimmed the position during the quarter.”
A patient’s smile enhanced by a dental technology device.
Sonendo, Inc. (OTC:SONX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Sonendo, Inc. (OTC:SONX) was held by 2 hedge fund portfolios, compared to 6 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.