Business
Vivos Therapeutics Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Operational Update
2022 and Early 2023 Accomplishments, Including Capital Raise, Cost Reductions and New Technology Acquisition, Set the Stage for Potential 2023 Revenue Growth
About this update from Vivos Therapeutics, Inc.
[{"type":"text","content":"2022 and Early 2023 Accomplishments, Including Capital Raise, Cost Reductions and New Technology Acquisition, Set the Stage for Potential 2023 Revenue Growth Management to Host Conference Call Today at 5:00 pm ET LITTLETON, Colo., March 30, 2023 (GLOBE NEWSWIRE) -- Vivos Therapeutics, Inc. (“Vivos” or the “Company’’) (NASDAQ: VVOS), a medical device and technology company that delivers training and a full line of highly effective proprietary oral appliances for the treatment of breathing related sleep disorders in adults, including mild-to-moderate obstructive sleep apnea (“OSA”) and snoring, today reported financial results and operating highlights for the fourth quarter and full year ended December 31, 2022. Vivos believes that its 2022 and early 2023 accomplishments, including the completion of a capital raise for net proceeds of approximately $7.4 million, cost reductions and a new technology acquisition, has set the stage for potential 2023 revenue growth. Fourth Quarter and Full Year 2022 Financial Highlights As previously disclosed, in November 2022, Vivos completed a detailed analysis of its revenue recognition policies which concluded that although Vivos’ previous technical application of ASC Topic 606, Revenue From Contracts with Customers (“ASC 606”), relating to the classification and recognition of aspects of Vivos’ revenue required certain corrections, the net effect on the Vivos’ results of operations prior to 2022 was minimal. Readers should note that Vivos’ reported financial results for the three months and full year ended December 31, 2022 reflect the application of Vivos’ ASC 606 revenue recognition policies, including deferral of a portion of revenue into future periods, resulting in an uneven 2022 versus 2021 period over period comparisons which will not be repeated in future periods due to the consistent application of Vivos’ ASC 606 policies. Revenue was $4.0 million for the fourth quarter of 2022 and $16.0 million for the full year ended December 31, 2022, compared to $4.4 million and $16.9 million for the fourth quarter and full year ended December 31, 2021, respectively, which in part reflects a deferral as of December 31, 2022 of approximately $2.5 million of Vivos Integrated Provider (“VIP”) enrollment revenue into future periods under Vivos’ ASC 606 revenue recognition policies. Vivos expects this r...