Vivos Therapeutics (NASDAQ: VVOS), a medical technology company focused on developing innovative treatments for patients suffering from dentofacial abnormalities and/or mild-to-moderate obstructive sleep apnea (“OSA”) and snoring in adults, is reporting financial results and operating highlights for the third-quarter and nine-month period ending Sept. 30, 2023. Highlights of the report include revenue of $3.3 million for the quarter and $10.6 million for the nine-month period, compared to $4.2 million and $12.1 million for the three and nine months ended September 30, 2022, respectively; gross profit of $1.9 million for Q3 2023 and $6.3 million for the nine-month period; and gross margin came in at 57% for the third quarter of 2023, compared to 59% during the prior year period, and 60% for the 2023 nine-month period compared to 63% for the same period in 2022. The company reported decreased operating expenses and cost-cutting initiatives that contributed to significant year-over-year reductions of net loss. Operationally, the company reported that an estimated 40,000 patients have been treated with the Vivos Method with more than 1,850 dentists being trained in the use of the method; two key strategic agreements had been made, one with Ormco, a division of Envista Holdings Corporation, and one with On Demand Orthodontist (“ODO”); and an amended national distribution agreement with Lincare, which gives the leading supplier of in-home respiratory therapy products and services a six-month exclusivity period to distribute certain designated Vivos devices.
“During the third quarter and throughout the past year, we have expanded our strategic relationships in order to improve our distribution channels, patient referral sources and opportunities to increase our revenues,” said Vivos chair and CEO Kirk Huntsman in the press release. “Simultaneously, we have worked to substantially reduce our cash burn, bolster our liquidity position and enhance our capital structure. We have made great progress on all these fronts, demonstrated in our quarterly results by achieving a 32% year-over-year reduction in operating expenses. With our progress to date, we continue to plan for becoming cash flow positive from operations by the end of 2024. . . . Looking ahead, our mission remains the same; our goal is to rid the world of the debilitating condition of sleep apnea. We continue to believe that our expanding portfolio of proprietary products are the best market solution for treating sleep apnea and related breathing conditions for which we have several FDA approvals. We will continue to look at and execute on opportunities to expand our product offerings and business collaborations with the goal of driving increased revenues. We intend to make further progress with our strategic revenue initiatives during the rest of this year as well as in 2024.”
To view the full press release, visit https://ibn.fm/xGjFz
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 mild-to-moderate 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 moderate OSA. It has proven effective (within the scope of the FDA cleared uses) in the treatment of approximately 40,000 patients worldwide by more than 1,850 trained dentists. The Vivos Method includes the Vivos Complete Airway Repositioning and/or Expansion (“CARE”) appliance therapy and associated protocols that alter the size, shape and position of the soft tissues that comprise a patient’s upper airway and palate. The Vivos Method opens airway space and may significantly reduce symptoms and conditions associated with mild to moderate 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 dentist training and other value-added services in connection with using the Vivos Method. For more information about this company, visit www.Vivos.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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