Revenue Increased 17% Quarter over Quarter
Operating Loss Decreased 27%
Management to Host Conference Call Today at 5:00 pm ET
LITTLETON, Colo., Nov. 14, 2024 (GLOBE NEWSWIRE) — Vivos Therapeutics, Inc. (“Vivos” or the “Company”) (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 (including all severities of obstructive sleep apnea (OSA) and snoring in adults and moderate to severe OSA in children ages 6 – 17), today reported financial results and operating highlights for the third quarter and nine months ended September 30, 2024.
Third Quarter 2024 Financial and Operating Summary
-
Revenue was $3.9 million for the third quarter of 2024 and $11.3 million for the nine months ended September 30, 2024, compared to $3.3 million and $10.6 million for the three and nine months ended September 30, 2023, respectively, mainly due to increased revenue from higher product sales and lower discounts of Vivos appliances coupled with higher service revenue primarily from early recognition of deferred enrollment revenue, sponsorships and seminars, offset by lower myofunctional therapy revenues.
-
Gross profit was $2.3 million for the third quarter of 2024 and $6.9 million for the nine months ended September 30, 2024, compared to $1.7 million and $6.2 million for the comparable periods in 2023, primarily attributable to the increase in revenue.
-
Gross margin increased to 60% for the third quarter of 2024, compared to 53% for the third quarter of 2023 due primarily to the revenue increase. Gross margin for the nine months ended September 30, 2024 was 61%, compared with 59% during the same period in 2023.
-
Operating expenses for the third quarter of 2024 decreased by $0.4 million, or 8% versus the third quarter of 2023, reflecting the success of Vivos’ continuing cost-cutting initiatives, resulting in the ninth consecutive quarter of year over year reductions in operating expenditures. For the nine months ended September 30, 2024 operating expenses decreased by $4.1 million or 21%, compared to the same period in 2023.
-
Vivos’ cost-cutting initiatives also led to a $1 million or 27% year-over-year reduction in operating loss, versus the third quarter of 2023. For the nine months ended September 30, 2024 operating loss decreased by $4.8 million or 36%, compared to the same period in 2023. Vivos anticipates attaining positive cash flow from operations by mid-2025.
-
In September, Vivos announced the closing of a $4.3 million registered direct equity offering, improving cash on hand, working capital and stockholders’ equity. As of September 30, 2024, cash and cash equivalents were $6.3 million while stockholders’ equity was $7.7 million.
