Business
Vivos Therapeutics Reports First Quarter 2023 Financial Results and Provides Operational Update
Revenue increased 6% Year-Over-Year; Operating Expenses Decreased 20% as Cost Cutting Initiatives Take Hold Management to Host Conference Call Today at 5:00
About this update from Vivos Therapeutics, Inc.
[{"type":"text","content":"Revenue increased 6% Year-Over-Year; Operating Expenses Decreased 20% as Cost Cutting Initiatives Take Hold Management to Host Conference Call Today at 5:00 pm ET LITTLETON, Colo., June 08, 2023 (GLOBE NEWSWIRE) -- Vivos Therapeutics, Inc. (“Vivos” or the “Company'') (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 issues arising from certain dentofacial abnormalities, today reported financial results and operating highlights for the first quarter ended March 31, 2023. First Quarter 2023 Financial Highlights Revenue was $3.9 million for the first quarter of 2023, compared to $3.6 million for the first quarter of 2022, mainly due to higher Vivos Integrated Provider (“VIP”) enrollments as well as increased revenue from seminars conducted at the Vivos Institute (readers should note that Vivos’ reported financial results for the three months ended March 31, 2023 and 2022 reflect the application of Vivos’ previously announced updated ASC 606 revenue recognition policies, including deferral of a portion of revenue into future periods);During the first quarter of 2023, Vivos enrolled 38 VIPs and recognized VIP revenue of approximately $1.3 million, an increase of 42% in enrollment revenue, compared to 32 VIPs and approximately $0.9 million for the first quarter of 2022;Gross profit was $2.3 million for the first quarter of 2023, compared to gross profit of $2.6 million for the first quarter of 2022, attributable to higher costs associated with increased VIP training as well as the sale and leasing of SleepImage® home sleep test rings;Gross margin was 61% for the first quarter of 2023, compared to 70% for the first quarter of 2022, reflecting higher costs associated with VIP training and new incentives deployed to increase VIP enrollments; Operating expenses decreased by a significant amount ($1.8 million, or 20%) versus the first quarter of 2022, reflecting Vivos’ previously announced cost-cutting initiatives. These initiatives, when combined with a $3.2 million non-cash derivative gain associated with Vivos’ outstanding warrants, led to a significant year-over-year reduction of net loss for the quarter;In January 2023, Vivos completed a p...