Vivos Therapeutics (NASDAQ: VVOS), a medical technology company focused on developing and commercializing a suite of innovative diagnostic and treatment modalities for patients with dentofacial abnormalities and/or mild to moderate obstructive sleep apnea (“OSA”) and snoring in adults, is reporting its financial results and operating highlights for the first quarter ended March 31, 2022. Highlights of the report include revenue of $3.5 million, an increase over the $3.4 million reported last year for the same period, and a 19% increase in appliance revenue, with 2,965 total oral appliance arches being sold, compared to 2,570 for the first quarter 2021. In addition, the company reported gross profits of $2.4 million for the quarter with a gross margin of 68% for the quarter of 2022, and cash and cash equivalents of $17.8 million on March 31, 2022. In addition, the company reported that 27,000 patients were treated with the Vivos Method, and 1,500 dentists have been trained in the use of the Vivos Method and Vivos’ related value-added services. “While first-quarter results were flat compared to the prior year, we do not believe they reflect improvements that started in March and are continuing here into the second quarter,” said Vivos Therapeutics CEO R. Kirk Huntsman in the press release. “Despite some January and February headwinds, as the effects of the pandemic started to wane, March saw a strong turnaround in key metrics across the board, including a 28% increase in appliance sales, a 47% increase in home sleep tests performed by Vivos-trained dentists and exponential growth across all digital channels from our social media initiatives. In addition, the DSO sales and pilot test initiatives that we launched in the fourth quarter of 2021 are exceeding our expectations and creating significant growth opportunities. Our deep DSO industry relationships and early success have put us in active discussions for additional pilots with a number of DSO groups representing well over 5,000 dental offices in the U.S. and Canada. We consider this a major positive development that will allow us to scale up the company much faster and cost effectively.”
To view the full press release, visit https://ibn.fm/GAEVt
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 dentofacial abnormalities or mild-to-moderate obstructive sleep apnea (“OSA”) as well as snoring in adults. The Vivos Method represents the first clinically effective, nonsurgical, noninvasive, nonpharmaceutical and cost-effective solution and has proven effective in the treatment of more than 27,000 patients worldwide by more than 1,500 trained dentists. Combining proprietary technologies and protocols that alter the size, shape and position of the tissues of a patient’s upper airway, 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 VivosScore 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 System. 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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