Business
Vivos Therapeutics Reports Fourth Quarter and Full Year 2021 Financial Results and Operational Update
Fourth Quarter Revenue Increased 33% Year-Over-Year While Full Year Revenue Increased 29% Management to Host Conference Call Today at 5:00 pm ET HIGHLANDS
About this update from Vivos Therapeutics, Inc.
[{"type":"text","content":"Fourth Quarter Revenue Increased 33% Year-Over-Year While Full Year Revenue Increased 29% Management to Host Conference Call Today at 5:00 pm ET HIGHLANDS RANCH, Colo., March 31, 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 fourth quarter and full year ended December 31, 2021. Financial and Operating Highlights Revenue increased 33% to $4.4 million for the fourth quarter of 2021 and was $16.9 million for the full year ended December 31, 2021, compared to $3.3 million and $13.1 million for the fourth quarter and full year 2020, respectively, as Vivos continued to benefit from increased appliance sales, VIP enrollments and additional sources of revenue including Billing Intelligence Services and MyoCorrect oral myofunctional therapy;Appliance sales increased to 2,707 total oral appliance arches, a 7% increase for the fourth quarter of 2021 compared to 2,525 the same period in 2020, and rose to 11,355 total oral appliance arches, a 40% increase for the full year ended December 31, 2021 versus 8,135 for the full year 2020;Vivos enrolled 35 dentists in the Vivos Integrated Practice (VIP) program (net of cancellations) during the fourth quarter of 2021, and 197 for the full year 2021, compared to 54 and 248 VIP enrollments for the fourth quarter and full year 2020, respectively. The fourth quarter 2021 decrease was due in part to COVID-19 Delta and Omicron variant resurgences, while VIP enrollment revenue for the full year 2021 increased overall due to higher enrollments that took place in June, August, and September, and enrollment revenue recognition from prior periods;Gross profit was $3.1 million for the fourth quarter of 2021 and $12.6 million for the full year ended December 31, 2021, compared to gross profit of $2.7 million and $10.4 million for the comparable periods in 2020, respectively;Gross margin was 71% for the fourth quarter of 2021, compared to 81% for the fourth quarter of 2020, and was 75% for the full year 2021, compared to 80% for the full year 2020, reflec...