Vivos Therapeutics (NASDAQ: VVOS), a leading medical-device and technology company specializing in the development and commercialization of highly effective proprietary treatments for sleep-related breathing disorders, is reporting the financial results and operating highlights for its second quarter 2024 and six-month period, which ended June 30, 2024. Highlights of the report include a 19% increase in revenue both sequentially and year-over-year; a 31% decrease in operating expenses, marking eight consecutive quarters of improvement based on successful cost-cutting initiatives; and $6.9 million in cash and cash equivalents with stockholder equity totaling $6.3 million.
“Importantly, during the second quarter we announced a new marketing and distribution model based on contractual alliances with medical sleep specialists,” said Vivos chair and CEO Kirk Huntsman in the press release. “This model is designed to better align our interests with referring medical professionals, dentists and sleep-treatment providers. We expect this model will substantially expand the number of OSA patients who have access to our full scope of evidence-based products and methods, make our revenue less reliant on VIP enrollments and build on the other revenue initiatives we’ve been implementing over the past several quarters. As we continue to move more directly and vertically into affiliations and collaborations with medical specialists, functional medicine doctors and other sleep-related healthcare practitioners, we expect this to positively impact our new case starts, revenue growth and gross profit, while reducing our customer acquisition and related overhead costs.”
To view the full press release, visit https://ibn.fm/Ud00c
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 and sleep issues arising from certain dentofacial abnormalities such as 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 severe OSA. It has proven effective in the treatment of an estimated 45,000 patients worldwide by more than 2,000 trained dentists. The Vivos Method includes treatment regimens that employ the proprietary Vivos Complete Airway Repositioning and/or Expansion (CARE) appliance therapy and other modalities that alter the size, shape and position of the jaw and soft tissues that comprise a patient’s upper airway and/or palate. The Vivos Method opens airway space and may significantly reduce symptoms and conditions associated with mild-to-severe OSA in adults, 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 dentists training and other value-added services in connection with using the Vivos Method. Vivos also employes a marketing and distribution model where it collaborates with sleep-treatment providers to offer patients OSA treatment options and help promote sales of its appliances. 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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