Business
Vivos Therapeutics Reports Third Quarter 2023 Financial Results and Provides Operational Update
Operating Expenses Decreased 32% Year Over Year and 19% Sequentially as Cost Cutting Measures Take Hold New Strategic Relationships, Including U.S. Nationwide
About this update from Vivos Therapeutics, Inc.
[{"type":"text","content":"Operating Expenses Decreased 32% Year Over Year and 19% Sequentially as Cost Cutting Measures Take Hold New Strategic Relationships, Including U.S. Nationwide Distribution Agreement with Lincare, Expected to Add Potentially Significant New Revenue Opportunities Management to Host Conference Call Today at 5:00 pm ET LITTLETON, Colo., Nov. 14, 2023 (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 third quarter and nine months ended September 30, 2023. Third Quarter 2023 Financial and Operating Summary ●Revenue was $3.3 million for the third quarter of 2023 and $10.6 million for the nine months ended September 30, 2023, compared to $4.2 million and $12.1 million for the three and nine months ended September 30, 2022, respectively, mainly due to lower product revenue and Vivos Integrated Provider (“VIP”) enrollments offset by increased revenue from home sleep testing services and seminars conducted at the Vivos Institute in Denver. Importantly, Vivos believes that governmental investigations of third parties with non-FDA approved products in the sleep apnea treatment space has adversely impacted new Vivos case starts and VIP enrollments during 2023. ●Gross profit was $1.9 million for the third quarter of 2023 and $6.3 million for the nine months ended September 30, 2023, compared to $2.5 million and $7.6 million for the comparable periods in 2022, respectively, attributable primarily to the decrease in revenue; ●Gross margin was 57% for the third quarter of 2023, compared to 59% during the prior year period. For the nine months ended September 30, 2023 gross margin was 60%, compared 63% for the same period in 2022; ●Operating expenses for the third quarter of 2023 decreased by a significant amount ($2.5 million, or 32%) versus the third quarter of 2022, reflecting Vivos’ previously announced cost-cutting initiatives including personnel and related expenses. For the nine months ended September 30, 2023 operating expenses decreased by $7.3 million or 27%, compared to the same period in 2022; ●Vivos’ cost-cutting initiatives also l...