Business
Vivos Therapeutics Reports Second and Third Quarter 2022 Financial Results and Provides Operational Update
Second and Third Quarter 10-Q Filings Bring Vivos Currenton SEC Filings for Nasdaq Stock Market Purposes Management to Host Conference Call Today at 5:00 pm
About this update from Vivos Therapeutics, Inc.
[{"type":"text","content":"Second and Third Quarter 10-Q Filings Bring Vivos Currenton SEC Filings for Nasdaq Stock Market Purposes Management to Host Conference Call Today at 5:00 pm ET LITTLETON, Colo., Dec. 20, 2022 (GLOBE NEWSWIRE) -- Vivos Therapeutics, Inc. (“Vivos” or the “Company'') (NASDAQ: VVOS), a medical technology company focused on developing innovative treatments for patients suffering from dentofacial abnormalities and/or mild to moderate obstructive sleep apnea (OSA) and snoring in adults, today reported financial results and operating highlights for the second and third quarters of 2022. As previously disclosed, the delay in filing Vivos’ Form 10-Qs for the second and third quarters of 2022 was the result of management’s review and analysis regarding the technical application of ASC Topic 606, Revenue From Contracts with Customers (“ASC 606”) to the classification and recognition of aspects of Vivos’ revenue. That review and analysis has been completed, and the net effect on the Company’s results of operations was relatively minimal. With the filing of the Company’s Form 10-Qs for the June and September 2022 quarters, the Company is now current in its periodic reporting requirements for purposes of compliance with applicable Nasdaq Stock Market rules. It is important to note there have been no restatements of the June and September 2021 quarter results as a result of the Company’s conclusions. Due to this, the Company is unable to make direct results comparisons between the second and third quarters of 2021 and the second and third quarters of 2022, because of the changes in application of the Company’s revenue recognition policies between these periods. This inability will not continue in 2023, as direct comparisons between 2023 and 2022 will be possible through consistent application of the Company’s new revenue recognition policies during the applicable periods. Second Quarter 2022 Financial Highlights Revenue was $4.2 million for the second quarter of 2022 and $7.8 million for the six months ended June 30, 2022, compared to $4.5 million and $7.9 million for the three and six months ended June 30, 2021, respectively, which in part reflects a deferral of a portion of revenue into future periods under Vivos’ new revenue recognition policies;Second quarter appliance revenue increased 28% as Vivos sold 3,321 total oral appliance arches, c...