Vivos Also Announces Improved Pricing Agreement With SleepImage
Dentists and Patients Report Exceptional User Experience with SleepImage Home Sleep Test
Colorado, January 19, 2022
Vivos Therapeutics, Inc. (“Vivos” or “the Company”) (NASDAQ: VVOS), a medical technology company focused on developing and commercializing innovative diagnostic and treatment modalities for patients suffering from mild to moderate obstructive sleep apnea (OSA) and snoring, today announced significant increases across several key metrics for its SleepImage Home Sleep Apnea Tests (HST).
In particular, for the three-months ended December 31, 2021, versus the three-months ended December 31, 2020, Vivos reported:
- an 18 times increase in the total number of HSTs given across the network of Vivos trained dentists (known as Vivos Integrated Practices or VIPs);
- a 5.7 times increase in the number of VIPs administering HSTs; and
- a 3 times increase in the average number of HSTs being administered per VIP.
This dramatic performance gain in home sleep testing allowed Vivos to renegotiate its commercial agreement with SleepImage to dramatically lower costs and convert the entire diagnostic program from a loss leader aimed primarily at stimulating new case starts with the Vivos System sleep apnea treatment to a potential recurring revenue center. Under the new revenue model with SleepImage, Vivos will lease out the SleepImage ring recorders to Vivos trained dentists at a fixed price that includes a full month’s worth of diagnostic sleep test reports.
“We have always believed that the pathway to getting more patients into treatment for OSA begins with an easy, inexpensive and highly accurate diagnostic process, which is precisely what the proprietary SleepImage test delivers,” said Kirk Huntsman, Chairman and CEO of Vivos. “When coupled with the telemedicine model we have through our collaboration with Empower Sleep, which allows for the required medical diagnosis of OSA remotely, we believe that a historical barrier to patients obtaining a clear and medically valid sleep test report has now been eliminated. The number of positive OSA tests we are seeing is staggering, demonstrating the potential that is available for our Vivos System treatment for OSA. Having now familiarized our VIPs with the prevalence of OSA and giving them a way to test for OSA, our goal will be to use this data to continue to encourage VIPs to get their patients who test positive for OSA into treatment with the Vivos System. Converting positive OSA tests using our HSTs into Vivos System case starts is a major focus of our Practice Advisors and support personnel at Vivos as we roll into 2022. We also expect that our new pricing arrangement with SleepImage will yield positive financial results for Vivos.”
More than one billion people globally and 54 million Americans suffer from sleep apnea, 80 percent of whom remain undiagnosed. A serious chronic illness, sleep apnea increases the risk of comorbidities, including high blood pressure, heart failure, stroke, diabetes, dementia, chronic pain, fibromyalgia and other life-threatening diseases. The Vivos System treatment protocol non-surgically addresses the dental tissue anomalies and malformations known to be associated with OSA. Unlike current standard-of-care interventions, such as lifetime-use of CPAP machines or surgical procedures, patients treated with the Vivos System typically complete their therapy in 12 to 24 months, and in many cases, do not require further intervention.
Cautionary Note Regarding Forward-Looking Statements
This press release and statements of the Company’s management made in connection therewith contain “forward-looking statements” (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, particularly with respect to the public offering described herein. Words such as “aim,” “may,” “could,” “expects,” “projects,” “intends,” “plans,” “believes,” “predicts,” “anticipates,” “hopes,” “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon several assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond Vivos’ control. Actual results (including, without limitation, the anticipated benefits of Australian regulatory approval described here on the Company’s sales and ability to obtain regulatory approvals in other countries) may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors described in Vivos’ filings with the Securities and Exchange Commission (“SEC”). Vivos’ filings can be obtained free of charge on the SEC’s website at sec.gov. Except to the extent required by law, Vivos expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Vivos’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.