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, has reported a delay in releasing its Q2 2022 financial earnings. The company reported that its independent registered public accountants noted a possible need to reevaluate how and when Vivos recognized enrollment fees charged to its new Vivos Integrated Providers (“VIPs”) as well as the related performance obligations that are included in VIP enrollments as revenue. An audit committee has been working diligently, but a final determination has not been reached; the company reported that further analysis is required, which could take several weeks. “We are disappointed it is taking longer than usual to report our financial and operating results for the second quarter,” said Vivos Therapeutics chair and CEO Kirk Huntsman in the press release. “Importantly, we want to provide assurances that the delay is unrelated to the overall health of our business or the progress we believe Vivos has been making during 2022, but rather is due to a required technical reevaluation of our revenue recognition policy. . . . In the meantime, we want to assure our investors that we do not believe this delay is in any way a reflection on the overall health of our business. Since our last update, Vivos has been making solid progress on our initiatives. We believe we are past the worst impact of the COVID-19 pandemic and are optimistic about our growth prospects moving forward. In June, we saw a record month for appliance sales with a record number of new providers starting cases. Our primary VIP recruitment event has also sold out for September. At the same time, we have been actively implementing measures to reduce expenses, preserve cash resources and operate more efficiently. Further, we have launched a new program called Treatment Navigator, which connects new patient leads generated by a direct-to-consumer marketing initiative to a select number of VIP practices in their area. We fully expect these proactive steps will materially reduce our cash burn and increase revenue in future quarters. With these measures in place, we believe we have positioned Vivos to potentially achieve positive cash flow in early 2024. We thank our investors for their patience and continued support and look forward to sharing further details as soon as we can do so.”
To view the full press release, visit https://ibn.fm/3nNXB
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”) as well as snoring in adults. The Vivos Method represents the first clinically effective, nonsurgical, noninvasive, nonpharmaceutical and cost-effective solution and has proven effective in the treatment of an estimated 28,000 patients worldwide by more than 1,600 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 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.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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