InvestorNewsBreaks – Vivos Therapeutics Inc. (NASDAQ: VVOS) Releases Q4, FY Financial and Operational Report
March 31, 2023 at 11:14 AM EDT
Vivos Therapeutics (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, is reporting its financial results and operating highlights for the fourth quarter and full year ended Dec. 31, 2022. According to the company, its 2022 and early-2023 accomplishments have set the stage for potential 2023 revenue growth. In the report, Vivos observed that the company’s reported financial results reflect the application of its ASC 606 revenue recognition policies, including deferral of a portion of revenue into future periods; the result is an uneven 2022 versus 2021 period-over-period comparisons. The report noted that fourth-quarter revenue was $4 million with full-year revenue reaching $16 million; gross profit was $2.4 million for the fourth quarter and $10 million for the full year. “2022 was a year of both significant challenges and achievements for Vivos where we took actions to increase efficiencies throughout our operations and improve our cost structure to work more effectively with dentists and medical professionals in a post-COVID-19 world,” said Vivos Therapeutics chair and CEO Kirk Huntsman in the press release.
“During this same time, we also completed an extensive revenue recognition review process with relatively minimal net effect for us. Now that these challenges are behind us, we have become a much stronger, leaner and more efficient organization than we were prior to the pandemic. As we move forward in 2023, we are focused on leveraging our core strengths and proprietary technology, while also creating new and diverse revenue streams to strengthen our market position and accelerate our growth. Our recent acquisition of product rights and patents from AFD is a key part of this, as we can now reach a broader consumer base with an expanded product portfolio for OSA patients seeking relief from the pain and other symptoms associated with TMD and Bruxism. These new, higher margin products complement our existing product portfolio and provide dentists with additional treatment methods that require less training and offer patients lower cost points of entry.”
To view the full press release, visit https://ibn.fm/5KZlQ
About Vivos Therapeutics Inc.
Vivos Therapeutics is a medical technology company focused on developing and commercializing innovative diagnostic and treatment methods for patients suffering from breathing-related sleep issues arising from certain dentofacial abnormalities such as mild-to-moderate obstructive sleep apnea (“OSA”) and snoring in adults. The Vivos Method represents the first clinically effective, nonsurgical, noninvasive, nonpharmaceutical and cost-effective solution for treating mild to moderate OSA. It has proven effective in the treatment of more than 33,000 patients worldwide by more than 1,700 trained dentists. The Vivos Method includes the Vivos Complete Airway Repositioning and/or Expansion (“CARE”) appliance therapy and associated protocols that alter the size, shape and position of the soft tissues that comprise a patient’s upper airway and palate. The Vivos Method opens airway space and may significantly reduce symptoms and conditions associated with mild to moderate OSA, such as lowering Apnea Hypopnea Index scores. Vivos also markets and distributes SleepImage diagnostic technology under its VivoScore program for home sleep testing in adults and children. The Vivos Integrated Practice (“VIP”) program offers dentist training and other value-added services in connection with using the Vivos Method. For more information about this company, visit www.VivosLife.com.
NOTE TO INVESTORS: The latest news and updates relating to VVOS are available in the company’s newsroom at http://ibn.fm/VVOS
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