Business
Vivos Therapeutics Reports Second Quarter 2021 Financial Results and Operational Update
Second Quarter Revenue Increased Over 37% Year-Over-Year and 30% Over Q1 2021 Management to Host Conference Call Today at 5:00 pm ET HIGHLANDS RANCH, Colo.,
About this update from Vivos Therapeutics, Inc.
[{"type":"text","content":"Second Quarter Revenue Increased Over 37% Year-Over-Year and 30% Over Q1 2021 Management to Host Conference Call Today at 5:00 pm ET HIGHLANDS RANCH, Colo., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Vivos Therapeutics, Inc. (“the Company”) (NASDAQ: VVOS), a medical technology company focused on developing and commercializing innovative diagnostic and treatment modalities for patients suffering from sleep-disordered breathing, including mild-to-moderate obstructive sleep apnea (OSA), today reported financial results and operating highlights for the second quarter and six months ended June 30, 2021. Financial and Operating Highlights: Revenue increased 37.5% to $4.5 million for the second quarter of 2021 and was $7.9 million for the six months ended June 30, 2021, compared to $3.3 million and $6.5 million for the three and six months ended June 30, 2020, respectively;Revenue increased 30% in the second quarter of 2021 over revenue from the first quarter of 2021;Gross profit was $3.6 million for the second quarter of 2021 and $6.3 million for the six months ended June 30, 2021, compared to gross profit of $2.7 million and $5.1 million for the comparable periods in 2020, respectively;Gross margin was 81% for the second quarter of 2021, compared to 83% for the second quarter of 2020, and remained consistent at 79% for the first six months of both 2021 and 2020, reflecting high margin service revenues;General and administrative expenses were $6.1 million for the second quarter of 2021 and $11.2 million for the six months ended June 30, 2021, compared to $3.5 million and $7.7 million for the three and six months ended June 30, 2020, respectively, reflecting Vivos’ investment in new personnel as well as public company costs and other general and administrative expenses; Net loss was $4.0 million and $7.4 million for the three and six months ended June 30, 2021, compared to $1.4 million and $4.0 million for the comparable periods in 2020, respectively;Cash and cash equivalents were $34.2 million at June 30, 2021;During the second quarter of 2021, Vivos surpassed 19,000 total patients treated with the Vivos System;In April 2021, Vivos appointed Mimi Guarneri, MD, FACC as an independent consultant serving in the role of Medical Director of Clinical Education. The Company also retained the services of Amy Osmond Cook, PhD and her team at Osmond Mar...