Vivos Therapeutics (NASDAQ:VVOS) Inc announced what it calls “a broad set of initiatives” designed to improve operational efficiencies, reduce expenses, and position the company to take advantage of growth opportunities.
“Vivos has made major strides in recovering from challenges imposed by the COVID-19 pandemic on the dental industry which lost tens of thousands of qualified dental practice personnel, including many who were trained in the Vivos Method,” CEO Kirk Huntsman said in a statement.
“I am pleased to say that after several quarters of rebuilding, our field support infrastructure for our Vivos Integrated Providers (VIPs) has now reached what we believe is sufficient critical mass, and we are in a position now to throttle back our rebuild efforts and associated higher rate of spending.’
The new initiatives include expense reductions, product suite expansion and organizational changes that impact roughly 17% reduction of the company’s workforce.
As a result, Vivos is accelerating its target times for achieving positive cash flow by a full quarter, up to the first quarter of 2024.
“We have implemented several internal initiatives to focus on the most impactful programs for near-term revenue generation (including our recently acquired POD devices), improve efficiencies and manage operating expenses (including a tactical reduction in our workforce to streamline our operations),” Huntsman said.
“These changes are expected to result in relatively flat revenues sequentially for the transitional first half of 2023, and we anticipate top line revenue growth to accelerate beginning in the third quarter of this year.”
Vivos is a medical technology company focused on developing and commercializing innovative diagnostic and treatment methods for patients suffering from a variety of health conditions, many of which are associated with breathing-related sleep issues arising from certain dentofacial abnormalities such as mild-to-moderate obstructive sleep apnea (OSA), Temporomandibular Joint Dysfunction (TMD), headaches, and snoring in adults.
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