Vivos Therapeutics (NASDAQ:VVOS) reported third-quarter results after the bell Tuesday, highlighting cost-cutting initiatives that CEO Kirk Huntsman says have positioned the company well moving forward.
The medical technology company slashed operating expenses by 32% year-over-year and its net loss by 61%.
“We have worked to substantially reduce our cash burn, bolster our liquidity position and enhance our capital structure,” Huntsman said in a statement. “... With our progress to date, we continue to plan for becoming cash flow positive from operations by the end of 2024.”
For the third quarter, Vivos reported revenue of $3.3 million and gross profit of $1.9 million, compared to $4.2 million and $2.5 million a year earlier, respectively.
“During the third quarter and throughout the past year, we have expanded our strategic relationships in order to improve our distribution channels, patient referral sources and opportunities to increase our revenues,” Huntsman said.
As of September 30, Vivos said that 40,000 patients have been treated with The Vivos Method, compared to 31,000 as of a year ago. The company has trained more than 1,850 in its method and related value-added services, compared to 1,650 as of a year earlier.
“In addition to our improved cost structure and reduced operating expenses, we have established key, strategic relationships to expand our product line and open up new distribution channels and patient referral networks for us,” Huntsman added
“Over time, we believe these relationships will generate a substantial number of patient referrals for our extensive network of Vivos-trained dentists, bring significant new growth and revenue opportunities to Vivos as well as augment and accelerate our existing VIP and DSO enrollment efforts.”
Vivos is a medical technology company focused on developing and commercializing innovative diagnostic and treatment methods for patients suffering from breathing and sleep issues arising from certain dentofacial abnormalities such as mild-to-moderate obstructive sleep apnea and snoring in adults.
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