Business
Vivos Therapeutics Announces Additional Strategic Initiatives Aimed at Accelerating Anticipated Timeline for Cash Flow Positive Operations
Moss Adams LLP also appointed as new independent registered public accounting firm LITTLETON, Colo., May 09, 2023 (GLOBE NEWSWIRE) -- Vivos Therapeutics, Inc.
About this update from Vivos Therapeutics, Inc.
[{"type":"text","content":"Moss Adams LLP also appointed as new independent registered public accounting firm\nLITTLETON, Colo., May 09, 2023 (GLOBE NEWSWIRE) -- Vivos Therapeutics, Inc. (“Vivos”, “the Company”) (NASDAQ:VVOS) today announced it has implemented a broad set of initiatives aimed at improving operational efficiencies, reducing expenses, and positioning Vivos to take advantage of current growth opportunities. These initiatives touch most aspects of Vivos’ operations and include expense reductions, product suite expansion, and organizational changes that included an approximate 17% reduction of its workforce. These initiatives are in addition to cost saving measures previously announced by Vivos. As a result, Vivos is accelerating its target times for achieving positive cash flow by a full quarter. Vivos Chairman and Chief Executive Officer, Kirk Huntsman, commented, “Vivos has made major strides in recovering from challenges imposed by the COVID-19 pandemic on the dental industry which lost tens of thousands of qualified dental practice personnel, including many who were trained in the Vivos Method. I am pleased to say that after several quarters of rebuilding, our field support infrastructure for our Vivos Integrated Providers (VIPs) has now reached what we believe is sufficient critical mass, and we are in a position now to throttle back our rebuild efforts and associated higher rate of spending. We have implemented several internal initiatives to focus on the most impactful programs for near-term revenue generation (including our recently acquired POD® devices), improve efficiencies and manage operating expenses (including a tactical reduction in our workforce to streamline our operations). These changes are expected to result in relatively flat revenues sequentially for the transitional first half of 2023, and we anticipate top line revenue growth to accelerate beginning in the third quarter of this year.” “During our March 2023 earnings call, we shared our goal to achieve positive cash flow by mid-2024. I am pleased to say that with these initiatives implemented, we now anticipate reaching that goal in the first quarter of 2024, a full quarter earlier than originally anticipated. Our goal is to achieve these targets without having to raise any further equity capital, if possible,” Mr. Huntsman concluded. In addition, Vivos announced that ...