Vivos Therapeutics (NASDAQ:VVOS) said its cost-cutting initiatives drove a significant reduction in its net loss during the second quarter when compared to the same period in 2022.
For the three months ended June 30, 2023, the company reduced its net loss by 21% or $1.5 million when compared to the year-ago quarter to $5.5 million.
Its operating expenses were down by 31% or $2.9 million from the same period in 2022 to $6.6 million.
Revenue for 2Q was $3.4 million, compared to $4.2 million in the year-ago quarter.
The company said lower product revenue and Vivos Integrated Provider enrollments offset increased revenue from home sleep testing services and seminars conducted at the Vivos Institute.
The company believes that governmental investigations of third parties with non-Food and Drug Administration (FDA) approved products in the sleep apnea treatment space adversely impacted new Vivos case starts and VIP enrollments during the first half of 2023.
“Vivos products are FDA-approved for their indicated uses, and we believe this creates an opportunity for us to distinguish our products from lesser competition,” Vivos CEO Kirk Huntsman said in a statement.
“So, while we’ve faced some headwinds in the market on the revenue side, we also see new opportunities emerging as we seek to achieve revenue momentum across our entire suite of products.”
The company exited 2Q with cash and cash equivalents of $3.9 million.
Vivos Therapeutics (NASDAQ:VVOS) is 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 conditions arising from certain dentofacial abnormalities.
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