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Vivos Therapeutics Reports Third Quarter 2021 Financial Results and Operational Update

Third Quarter Revenue Increased Over 38% Year-Over-Year

Expects to Benefit from Increased OSA Testing, Opening of Live Training Facility, Expansion of Marketing Programs, Additional FDA Approval and Positive Study Results

Management to Host Conference Call Today at 5:00 pm ET


Colorado, November 15, 2021

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 in adults, today reported financial results and operating highlights for the third quarter and nine months ended September 30, 2021.

Financial and Operating Highlights:

  • Revenue increased over 38% to $4.5 million for the third quarter of 2021 and was $12.5 million for the nine months ended September 30, 2021, compared to $3.3 million and $9.8 million for the three and nine months ended September 30, 2020, respectively, as Vivos benefited from increased appliance sales and additional sources of revenue including Billing Intelligence Services and MyoCorrect myofunctional therapy;
  • Appliance sales increased to 2,996 total oral appliance arches, a 33% increase for the third quarter of 2021 compared to 2,245 the same period in 2020, and rose to 8,648 total oral appliance arches, a 54% increase for the nine months ended September 30, 2021 versus 5,610 for the same period in 2020;
  • Dentist enrollments in the Vivos Integrated Practice (VIP) program decreased somewhat in 2021 due in part to the COVID-19 Delta variant resurgence (56 and 162 enrollments, respectively and net of cancellations, for the three and nine months ended September 30, 2021, versus 64 and 194 respectively for the same periods in 2020), while VIP enrollment revenue overall increased due to enrollment revenue recognition from prior periods;
  • Gross profit was $3.2 million for the third quarter of 2021 and $9.5 million for the nine months ended September 30, 2021, compared to gross profit of $2.6 million and $7.7 million for the comparable periods in 2020, respectively;
  • Gross margin was 70% for the third quarter of 2021, compared to 78% for the third quarter of 2020, and was 76% for the first nine months of 2021, compared to 79% for the first nine months of 2020, reflecting higher costs associated with VIP enrollments;
  • Cash and cash equivalents were $28.5 million at September 30, 2021;
  • Operational highlights during the third quarter and October of 2021 included:
    • Vivos surpassed 22,000 total patients treated with the Vivos System, compared to just over 13,000 as of the third quarter of 2020.  Vivos has also trained over 1,350 dentists in the use of the Vivos System and other related value-added services, compared to just over 1,000 as of the third quarter of 2020.
    • Vivos announced the U.S. Food and Drug Administration granted 510(k) market clearance to Vivos’ mmRNA device for treating mild to moderate OSA, sleep-disordered breathing and snoring in adults.
    • Vivos announced the positive results from an independent patient survey and separate clinical study related to its proprietary Vivos treatment.
    • Vivos announced the opening of The Vivos Institute, an international training center in Denver, Colorado.
    • Vivos announced a new cooperative relationship with Empower Sleep to provide critical diagnostic and medical consultation services to people across North America who suffer from OSA.
    • Vivos announced the formation of the Vivos Medical Consortium, a group of renowned physicians from prominent academic institutions in the U.S. and Canada, who will collaborate to advance Vivos’ OSA technology capabilities.
    • Vivos and Candid Care Co., a digital platform for oral healthcare, announced a new collaboration that will seek to provide patients with a comprehensive, whole-mouth solution to diagnose and treat OSA in adult patients and provide orthodontic treatment from the same provider network.


Unaudited Condensed Consolidated Balance Sheets

  September 30, 2021

December 31, 2020


Current assets        
Cash and cash equivalents $ 28,534,535 $ 18,205,668
Accounts receivable, net   3,833,095   1,430,890
Current portion of note receivable – related party   61,864   84,696
Prepaid expenses and other current assets   1,601,974   673,061
Total current assets   34,031,468   20,394,315
Property and equipment, net   2,601,042   871,597
Intangible assets, net   350,585   270,121
Note receivable, net – related party   842,290   810,635
Goodwill   2,843,123   2,671,434
Deposits   355,698   309,367
Total assets $ 41,024,206 $ 25,327,469
Current liabilities        
Accounts payable $ 700,197 $ 781,364
Accounts payable – related party     1,500,000
Accrued expenses   2,533,286   1,736,721
Contract liability   3,696,467   2,937,992
Current portion of long-term debt   1,265,067   866,972
Total current liabilities   8,195,017   7,823,049
Long-term debt, net of current portion     423,095
Deferred rent   360,000   163,966
Total liabilities   8,555,017   8,410,110
Commitments and contingencies (Note 12)        
Convertible Redeemable Series A Preferred Stock – $0.0001 par value, 50,000,000 shares authorized, none issued and outstanding at September 30, 2021 and December 31, 2020, respectively    
Stockholders’ equity        
Preferred Stock Series B, nonvoting – $0.0001 par value, 1,200,000 authorized, none issued and outstanding at September 30, 2021 and December 31, 2020, respectively    
Common Stock $0.0001 par value, 200,000,000 shares authorized, 23,012,119 and 18,209,452 issued and outstanding at September 30, 2021 and December 31, 2020, respectively   2,302   1,821
Additional paid-in capital   80,696,658   52,250,266
Accumulated deficit   (48,229,771)   (35,334,728)
Total stockholders’ equity   32,469,189   (16,917,359)
Total liabilities and stockholders’ equity $ 41,024,206 $ 25,327,469


Unaudited Condensed Consolidated Statements of Operations


Three months ended

September 30,

Nine months ended 

September 30,

  2021 2020 2021 2020
Product revenue $ 1,718,269 $ 1,373,784 $ 4,841,966 $ 3,513,216
Service revenue   2,827,674   1,917,818   7,648,614   6,246,081
Total revenue   4,545,943   3,291,602   12,490,580   9,759,297
Cost of sales (exclusive of depreciation and amortization shown separately below)   1,363,170   709,184   2,993,817   2,034,486
Gross profit   3,182,773   2,582,418   9,496,763   7,724,811
Operating expenses                
General and administrative   6,516,631   3,788,996   17,668,299   11,482,808
Sales and marketing   1,976,247   431,704   4,234,457   1,493,730
Depreciation and amortization   192,504   178,933   564,770   540,540
Total operating expenses   8,685,382   4,399,633   22,467,526   13,517,078
Operating loss   (5,502,609)   (1,817,215)   (12,970,763)   (5,792,267)
Interest expense   (9,488)   (16,992)   (9,821)   (78,782)
Interest income   58,824   21,039   85,540   63,642
Net loss   (5,453,273)   (1,813,168)   (12,895,044)   (5,807,407)
Preferred stock accretion     (250,000)     (750,000)
Net loss attributable to Common Stockholders $ (5,453,273) $ (2,063,168) $ (12,895,044) $ (6,557,407)
Net loss per share attributable to Common Stockholders (basic and diluted) $ (0.26) $ (0.17) $ (0.62) $ (0.52)
Weighted average number of shares of Common Stock outstanding (basic and diluted)   20,826,499   12,488,952   20,634,092   12,557,943

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 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.

Vivos Investor Relations Contact:

Julie Gannon
Investor Relations Officer

Vivos Media Relations Contact:

Amy Cook
Public Relations Officer


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