Vivos Therapeutics (NASDAQ:VVOS), Inc has announced its fiscal 2022 financial results and provided an operational update, saying it believes its 2022 and early 2023 accomplishments, including the completion of a capital raise for net proceeds of about $7.4 million, cost reductions and a new technology acquisition, have set the stage for potential 2023 revenue growth.
The medical device and technology company recorded revenue of $16 million for the full year ended December 31, 2022, which excludes about $2.5 million of Vivos Integrated Provider (VIP) enrollment revenue that is expected to be recognized during the next 17 months.
“2022 was a year of both significant challenges and achievements for Vivos where we took actions to increase efficiencies throughout our operations and improve our cost structure to work more effectively with dentists and medical professionals in a post-COVID-19 world,” Vivos Therapeutics (NASDAQ:VVOS) CEO Kirk Huntsman said in a statement.
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“Now that these challenges are behind us, we have become a much stronger, leaner and more efficient organization than we were prior to the pandemic,” he added.
Huntsman also noted that in 2023, the company is focused on leveraging its core strengths and proprietary technology, while also creating new and diverse revenue streams to strengthen its market position and accelerate its growth.
“These new, higher margin products (for obstructive sleep apnea patients) complement our existing product portfolio and provide dentists with additional treatment methods that require less training and offer patients lower cost points of entry,” Huntsman stated.
As well, Vivos said its fourth quarter appliance revenue increased 21%, while up 8% on the year, as the company sold 2,938 total oral appliance arches during 4Q.
Vivos Therapeutics is a medical technology company focused on developing and commercializing innovative diagnostic and treatment methods for patients suffering from breathing-related sleep issues arising from certain dentofacial abnormalities such as mild-to-moderate 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 moderate OSA, having been proven effective in over 33,000 patients treated worldwide by more than 1,700 trained dentists.
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