Business
Vivos Therapeutics Reports First Quarter 2022 Financial Results and Operational Update
First Quarter Appliance Revenue Increased 19% Year-Over-Year Management to Host Conference Call Today at 5:00 pm ET HIGHLANDS RANCH, Colo., May 16, 2022
About this update from Vivos Therapeutics, Inc.
[{"type":"text","content":"First Quarter Appliance Revenue Increased 19% Year-Over-Year Management to Host Conference Call Today at 5:00 pm ET HIGHLANDS RANCH, Colo., May 16, 2022 (GLOBE NEWSWIRE) -- Vivos Therapeutics, Inc. (“Vivos” or the “Company'') (NASDAQ: VVOS), a medical technology company focused on developing and commercializing a suite of innovative diagnostic and treatment modalities for patients with dentofacial abnormalities and/or mild to moderate obstructive sleep apnea (OSA) and snoring in adults, today reported financial results and operating highlights for the first quarter ended March 31, 2022. Financial and Operating Highlights Revenue was $3.5 million for the first quarter of 2022, compared to $3.4 million for the first quarter of 2021;Appliance revenue increased 19% as Vivos sold 2,965 total oral appliance arches, compared to 2,570 for the first quarter of 2021;Gross profit was $2.4 million for the first quarter of 2022, compared to gross profit of $2.7 million for the first quarter of 2021, attributable to higher costs associated with increased sales volume of our appliances and VIP enrollments;Gross margin was 68% for the first quarter of 2022, compared to 78% for the first quarter of 2021, reflecting higher costs associated with appliances and VIP enrollments;Cash and cash equivalents were $17.8 million at March 31, 2022;Operational highlights during the first quarter of 2022 and subsequent to quarter end included: Patients treated with The Vivos Method totaled approximately 27,000, compared to just over 17,000 as of the first quarter of 2021. Vivos has also trained over 1,500 dentists in the use of The Vivos Method and Vivos’ related value-added services, compared to just over 1,200 as of the first quarter of 2021.In January 2022, Vivos announced an 18X increase in home sleep tests performed by Vivos-trained dentists in the fourth quarter of 2021 versus the fourth quarter of 2020.Also in January 2022, Vivos filed a U.S. patent application related to certain new and enhanced clinical methods and protocols developed within Vivos’ proprietary Vivos Method treatment for OSA. Subsequent to quarter end, in April Vivos announced the May opening of a third Pneusomnia Sleep Center, representing joint medical / dental ownership and collaboration featuring Vivos products and technology in the greater Los Angeles area. The new facility will ...