Vivos Therapeutics Inc (NASDAQ:VVOS) has reported a rise in revenue to $3.9 million for its first quarter ended March 31, 2023, up from $3.6 million in the same period last year.
The company said the increase in revenue was attributed to higher Vivos Integrated Provider (VIP) enrollments and increased revenue from seminars conducted at the Vivos Institute.
During the first quarter of 2023, Vivos enrolled 38 VIPs, recognizing VIP revenue of approximately $1.3 million, a 42% increase compared to the first quarter of 2022. However, the gross profit for the quarter was $2.3 million, down from $2.6 million in the previous year, due to higher costs associated with increased VIP training and the sale and leasing of SleepImage home sleep test rings.
Operating expenses decreased by $1.8 million, or 20%, compared to the first quarter of 2022, reflecting cost-cutting initiatives undertaken by Vivos. The company also completed a private placement in January 2023, raising net proceeds of approximately $7.4 million to strengthen its liquidity position. Cash and cash equivalents stood at $7.0 million at the end of the quarter.
Vivos highlighted its achievements in terms of patient treatments and dentist training. As of March 31, 2023, over 35,000 patients had been treated with The Vivos Method, compared to approximately 28,000 in the same period last year. The company had also trained over 1,750 dentists in the use of The Vivos Method and its related value-added services.
Commenting on the results, Kirk Huntsman, Vivos' chairman and CEO, said: "Vivos is evolving into a more scalable and sustainable growth company with a clear path to cash flow positive operations. By broadening and diversifying our core product offerings ...]we believe we are positioning ourselves to become the comprehensive go-to source for dental treatments for OSA and other debilitating conditions like TMD and Bruxism."
Huntsman further stated that the company's cost-cutting initiatives, along with a focus on creating new revenue streams, would enable Vivos to achieve positive cash flow in the first quarter of 2024.
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