Vivos Therapeutics (NASDAQ: VVOS), a medical technology company focused on developing and commercializing innovative diagnostic and treatment methods for patients suffering from a variety of health conditions, many of which are associated with breathing related sleep conditions arising from certain dentofacial abnormalities, is reporting its financial and operating results for the second quarter and six-month period ended June 30, 2023. Highlights of the report include a 31% decrease in operating expenses quarter over quarter and 25% year to date, a reflection of the company’s cost-cutting initiatives; revenue of $3.4 million for the Q2 2023 and $7.3 million for the six-month period, compared to $4.2 million and $7.8 million for the three and six months ended June 30, 2022, respectively; and gross profit of $2.1 million for the quarter and $4.4 million for the six-month period, compared to $2.6 million and $5.1 million for the comparable periods in 2022, respectively. The company reported cash and cash equivalents totaled $3.9 million on June 30, 2023. Operational highlights include an estimated 40,000 patients being treated with the Vivos Method and more than 1,800 dentists trained in the use of the Vivos Method and related value-added services as well as the announcement of the results of a clinical observational study on the application of the POD(R) (now being rebranded as the Vida) in the treatment and prevention of migraine headaches.
“Throughout this year, we significantly reduced our cash burn, which led to a 31% second quarter over quarter, and 25% year over year reduction in operating expenses,” said Vivos chair and CEO Kirk Huntsman in the press release. “At the same time, we expanded our product offerings to address a broader spectrum of patient needs and price points to drive revenue growth. This included our acquisition of certain key patents, trademarks, product rights and trade secrets earlier in 2023, which filled a gap in our product offerings to providers and patients. We continue to believe that these developments will allow us to begin to see revenue improvement here in the second half of 2023. . . . Through the combination of our strategic revenue initiatives, internal operating cost reductions and new capital raising initiatives, we believe we have positioned Vivos to achieve revenue growth and, ultimately, cash-flow positive operations and profitability in the foreseeable future. In summary, while the larger economic and market environment is creating challenges for both the medical and dental communities, Vivos has taken steps to address those challenges, and our long-term growth drivers remain in place.
To view the full press release, visit https://ibn.fm/7DdAx
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 in the treatment of more than 40,000 patients worldwide by more than 1,800 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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