Vivos Therapeutics (NASDAQ: VVOS), a leading medical-device and technology company specializing in the development and commercialization of highly effective proprietary treatments for sleep-related breathing disorders, is reporting financial results and operating highlights for the first quarter 2024, the period ended March 31, 2024. Highlights of the report include Q1 2024 revenue reaching $3.4 million; gross profit totaling $1.9 million; gross margin of 57%; a 22% decrease in operating expenses; and cash and cash equivalents totaling $2.6 million at the end of the quarter. The report noted that cost-cutting initiatives led to a significant year-over-year reduction in operating loss and an outstanding common stock purchase warrant held by an institutional investor was exercised for gross proceeds of approximately $4.0 million. In addition, last month the company received all required regulatory approvals to enable Medicare reimbursement for its CARE oral devices. “We are proud of the prudent way we have managed our costs and our cash resources as well as our successful efforts to expand our product offerings, gain unprecedented regulatory approvals and obtain Medicare reimbursement for our CARE oral devices,” said Vivos chair and CEO Kirk Huntsman in the press release. “That said, we recognize that our revenues have not grown as we would have liked. To that end, we are announcing today the anticipated launch of a new strategic revenue initiative based on collaborations to better align our interests with referring medical professionals, which we expect to materially broaden the number of OSA patients who have access to our products, make our revenue less reliant on VIP enrollments and build on the initiatives we’ve been implementing over the past year. We look forward to providing some additional details . . . in the coming weeks. All of these initiatives are intended to increase our ability to take advantage of what we see as steadily improving market conditions in OSA and open Vivos up for greater revenue opportunities. By doing this, we expect to position Vivos for long-term, sustainable revenue growth and ultimate profitability.”
To view the full press release, visit https://ibn.fm/D8VT6
About Vivos Therapeutics Inc.
Vivos Therapeutics is a medical technology company focused on developing and commercializing innovative diagnostic and treatment methods for patients suffering from breathing and sleep issues arising from certain dentofacial abnormalities such as obstructive sleep apnea (“OSA”) and snoring in adults. The Vivos Method represents the first clinically effective, nonsurgical, noninvasive, nonpharmaceutical and cost-effective solution for treating mild to severe OSA. It has proven effective in the treatment of an estimated 42,600 patients worldwide by more than 1,950 trained dentists. The Vivos Method includes treatment regimens that employ the proprietary Vivos Complete Airway Repositioning and/or Expansion (CARE) appliance therapy and other modalities that alter the size, shape and position of the soft tissues that comprise a patient’s upper airway and/or palate. The three Vivos CARE devices open airway space and may significantly reduce symptoms and conditions associated with mild-to-severe OSA, such as lowering Apnea Hypopnea Index scores. Vivos also markets and distributes SleepImage diagnostic technology under its VivoScore program for home sleep testing in adults and children. The Vivos Integrated Practice (“VIP”) program offers dentists training and other value-added services in connection with using the Vivos Method. For more information about this company, visit www.VivosLife.com.
NOTE TO INVESTORS: The latest news and updates relating to VVOS are available in the company’s newsroom at http://ibn.fm/VVOS
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