Business
Vivos Therapeutics Reports Fourth Quarter and Full Year 2020 Financial Results and Operational Update
Full Year Revenue Increase of 15% Management to Host Conference Call Today at 5:00 pm ET HIGHLANDS RANCH, Colo., March 25, 2021 (GLOBE NEWSWIRE) -- Vivos
About this update from Vivos Therapeutics, Inc.
[{"type":"text","content":"Full Year Revenue Increase of 15% Management to Host Conference Call Today at 5:00 pm ET HIGHLANDS RANCH, Colo., March 25, 2021 (GLOBE NEWSWIRE) -- Vivos Therapeutics, Inc. (“Vivos” or “the Company”) (NASDAQ: VVOS), a medical technology company focused on developing and commercializing innovative treatments for patients suffering from sleep-disordered breathing, including mild-to-moderate obstructive sleep apnea (OSA), today reported financial results for the fourth quarter and full year ended December 31, 2020. Financial and Operating Highlights: Revenue was $3.3 million for the fourth quarter of 2020 and increased 15% to $13.1 million for the full year 2020, compared to $3.1 million and $11.4 million for the fourth quarter and full year 2019, respectively;Gross profit was $2.7 million for the fourth quarter of 2020 and $10.4 million for the full year 2020, compared to gross profit of $2.2 million for the fourth quarter of 2019 and gross profit of $8.7 million for the full year 2019;Gross margin was 81% for the fourth quarter of 2020 and 80% for the full year 2020, compared to 72% and 76% for the fourth quarter and full year 2019, respectively;General and administrative expenses were $4.6 million for the fourth quarter of 2020 and $16.1 million for the full year 2020, compared to $4.1 million and $16.2 million for the fourth quarter and full year 2019, respectively;Net loss was $6.2 million for the fourth quarter of 2020 and $12.1 million for the full year 2020, compared to $2.6 million for the fourth quarter of 2019 and $10.8 million for the full year 2019; The $1.3 million additional loss in 2020 was primarily due to a non-cash settlement expense of $3.3 million offset by $1.8 million higher gross profit in 2020 Cash and cash equivalents were $18.2 million at December 31, 2020;During 2020, Vivos surpassed 15,000 total cases treated with the Vivos System;In December 2020, Vivos completed its initial public offering for net proceeds of approximately $21.6 million, after deducting underwriter discounts and commissions and offering expenses payable by Vivos;Subsequent to year end: Announced the commercial launch of AireO2, a new patient management software technology;In February, submitted FDA 510(k) application for the Vivos mmRNA oral appliance® with indications to treat mild-to-moderate OSA;Also in February, launched VivoScore...