Full Press Release Details
Therapeutics Reports First Quarter 2022
Results and Operational Update
Quarter Appliance Revenue Increased 19% Year-Over-Year
to Host Conference Call Today at 5:00 pm ET
RANCH, Colo., May 16, 2022 - Vivos Therapeutics, Inc. ("Vivos"
or the "Company'') (NASDAQ: VVOS), a medical technology company focused on developing and commercializing a suite of
innovative diagnostic and treatment modalities for patients with dentofacial abnormalities and/or mild to moderate obstructive sleep
apnea (OSA) and snoring in adults, today reported financial results and operating highlights for the first quarter ended March 31, 2022.
and Operating Highlights
| Revenue was $3.5 million for the first quarter of 2022, compared to $3.4 million for the first quarter of 2021; | ||
| Appliance revenue increased 19% as Vivos sold 2,965 total oral appliance arches, compared to 2,570 for the first quarter of 2021; | ||
| Gross profit was $2.4 million for the first quarter of 2022, compared to gross profit of $2.7 million for the first quarter of 2021, attributable to higher costs associated with increased sales volume of our appliances and VIP enrollments; | ||
| Gross margin was 68% for the first quarter of 2022, compared to 78% for the first quarter of 2021, reflecting higher costs associated with appliances and VIP enrollments; | ||
| Cash and cash equivalents were $17.8 million at March 31, 2022; | ||
| Operational highlights during the first quarter of 2022 and subsequent to quarter end included: |
| In January 2022, Vivos announced an 18X increase in home sleep tests performed by Vivos-trained dentists in the fourth quarter of 2021 versus the fourth quarter of 2020. | ||
| Also in January 2022, Vivos filed a U.S. patent application related to certain new and enhanced clinical methods and protocols developed within Vivos' proprietary Vivos Method treatment for OSA. | ||
| Subsequent to quarter end, in April Vivos announced the May opening of a third Pneusomnia Sleep Center, representing joint medical / dental ownership and collaboration featuring Vivos products and technology in the greater Los Angeles area. The new facility will join existing Pneusomnia Centers in Del Mar and Modesto, Calif. The Company expects to open at least four additional Pneusomnia facilities in 2022. |
first quarter results were flat compared to the prior year, we do not believe they reflect improvements that started in March and are
continuing here into the second quarter," said R. Kirk Huntsman, CEO. "Despite some January and February headwinds, as the
effects of the pandemic started to wane, March saw a strong turnaround in key metrics across the board, including a 28% increase in appliance
sales, a 47% increase in home sleep tests performed by Vivos-trained dentists and exponential growth across all digital channels from
our social media initiatives."
addition, the DSO sales and pilot test initiatives that we launched in the fourth quarter of 2021 are exceeding our expectations and
creating significant growth opportunities. Our deep DSO industry relationships and early success have put us in active discussions for
additional pilots with a number of DSO groups representing well over 5,000 dental offices in the U.S. and Canada. We consider this a
major positive development that will allow us to scale up the Company much faster and cost-effectively."
order to position ourselves to fully take advantage of the significant growth opportunities before us and to extend our available capital
resources, we have proactively made certain strategic budget and personnel realignments that have reduced our expenses and allowed us
to extend our available resources, all while bringing on several new seasoned key executives with deep industry experience and great
success scaling up and operating medical device companies.
closing, Vivos continues to make progress throughout all aspects of our business. As our key initiatives progress, we expect our recent
momentum to be reflected in our operating results in future quarters, but particularly in the latter half of this year."
encourages investors and other interested parties to join its quarterly conference call today at 5:00 p.m. Eastern time (details
below), where management will discuss further details on important topics including: (i) Vivos' current cash position and efforts
to manage cash flow (ii) the potential significant impact of Vivos' DSO sales and marketing campaign efforts on near-term growth;
(iii) recent and anticipated additions to senior management; (iv) recent Vivos clinical research data and its implications and (v) and
update on Vivos' marketing strategy and recent success.
addition, further information on Vivos' financial results is included on the attached condensed consolidated balance sheets and
statements of operations, and additional explanations of Vivos' financial performance are provided in the Vivos' Quarterly
Report on Form 10-Q for the three months ended March 31, 2022, which will be filed with the Securities and Exchange Commission ("SEC").
The full 10-Q report will be available on the SEC Filings section of the Investor Relations section of Vivos' website at https://vivos.com/investor-relations.
January 2022, Vivos announced significant increases across several key metrics for its SleepImage Home Sleep Test ring (or HST), including
in particular, for the three-months ended December 31, 2021, versus the three-months ended December 31, 2020: (i) an 18 times increase
in the total number of HSTs given across the VIP network, (ii) a 5.7 times increase in the number of VIPs administering HSTs and (iii)
a 3 times increase in the average number of HSTs being administered per VIP. Vivos believes this performance gain in home sleep testing
allowed it to renegotiate its commercial agreement with SleepImage to lower costs and convert the entire diagnostic program from a loss
leader aimed primarily at stimulating new case starts with sleep apnea treatment using the Vivos Method to a potential recurring revenue
in January, Vivos filed a U.S. patent application related to certain new and enhanced clinical methods and protocols developed within
Vivos' proprietary Vivos Method treatment for OSA. The Vivos Method, inclusive of the Vivos System, seeks to treat dentofacial
abnormalities and/or OSA through a combination of Vivos' proprietary oral appliances and devices as well as proprietary clinical
methods and protocols. This new patent application was based on early field data which revealed an additional 58% average improvement
in Apnea Hypopnea Index (AHI) score reductions in OSA patients who had received treatment with the Vivos Method where the revised clinical
protocols were implemented.
March, Vivos announced a rebranding of its proprietary offering of clinical treatment devices, modalities and protocols, now called The
Vivos Method, to better capture the multiple ways in which Vivos can help independent dentists treat their patients. To learn more about
The Vivos Method, patients can visit Vivos' updated website www.vivos.com to find:
| Information about OSA and its corresponding symptoms; | ||
| Testimonials from Vivos-trained dentists and their patient's success stories; and | ||
| Opportunities for Vivos partnerships, FAQs and more. |
addition to simplifying information for patients visiting the new Vivos website, Vivos now provides dentists looking to tackle OSA and
sleep therapies guidance in becoming a Vivos Integrated Provider. This turnkey program enables dentists to elevate patient services and
care, while also increasing the growth potential for practice revenue and income.
in March, Vivos' Medical Advisory Board presented new clinical results from retrospective data in patients using The Vivos Method
at the 2022 World Sleep Congress in Rome, Italy. The World Sleep Congress is one of the largest global conferences dedicated to sleep
medicine research. Dr. Seth Heckman, MD, gave the presentation to an audience of physicians, dentists, researchers, and other professionals
who gathered to learn about emerging technologies and therapies within sleep medicine.
to quarter end, in April Vivos announced its medical integration division will open its third U.S. multidisciplinary sleep apnea clinic
(known as a Pneusomnia Sleep Center) in May 2022 in the greater Los Angeles area. Toluca Lake, Calif. The new facility will join existing
Pneusomnia Centers in Del Mar and Modesto, Calif. The Center will be a clinician-owned, Medicare-approved clinic, and will provide a
comprehensive array of services that include The Vivos Method and other treatments for both adults and children, mandibular advancement
devices, laser treatment, oral myofunctional therapy, home sleep testing and positive airway pressure (PAP) services.
senior management will conduct a conference call today, May 16, 2022 at 5:00 p.m. (Eastern Time) to review the first quarter results
as well as provide an overview of the Company's recent milestones and growth strategy.
access the conference call, please dial (888) 256-1007, or for international callers, (720) 543-0214. A replay will be available shortly
after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the live
call and the replay is 5800759. The replay will be available until May 30, 2022.
live webcast of the conference call can be accessed on Vivos' website at https://vivos.com/investor-relations. An online
archive of the webcast will be available on the Company's website for 30 days following the call.
Vivos Therapeutics, Inc.
Therapeutics Inc. (NASDAQ: VVOS) is a medical technology company focused on developing and commercializing innovative diagnostic and
treatment methods for patients suffering from dentofacial abnormalities and/or mild to moderate sleep apnea (OSA) and snoring in adults.
The Vivos Method represents the first clinically effective non-surgical, non-invasive, non-pharmaceutical and cost-effective solution
and has proven effective in approximately 27,000 patients treated worldwide by more than 1,500 trained dentists.
proprietary technologies and treatments that alter the size, shape and position of the tissues that comprise a patient's upper
airway, The Vivos Method opens airway space and may significantly reduce symptoms and conditions associated with mild to moderate OSA,
such as lowering Apnea Hypopnea Index scores. Vivos also markets and distributes SleepImage diagnostic technology under its VivoScore
program for Home Sleep Testing in adults and children. The Vivos Integrated Practice (VIP) program offers dentists training and other
value-added services in connection with using The Vivos Method.
more information, visit www.vivos.com.
Note Regarding Forward-Looking Statements
press release, the conference call referred to herein, and statements of the Company's management made in connection therewith
contain "forward-looking statements" (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended) concerning future events, particularly with respect to the public offering described
herein. Words such as "aim", "may", "could", "should", "expects", "projects,"
"intends", "plans", "believes", "predicts", "anticipates", "hopes",
"estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These
statements involve known and unknown risks and are based upon several assumptions and estimates, which are inherently subject to significant
uncertainties and contingencies, many of which are beyond Vivos' control. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited
to, the risk factors described in Vivos' filings with the Securities and Exchange Commission ("SEC"). Vivos'
filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, Vivos expressly
disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein
to reflect any change in Vivos' expectations with respect thereto or any change in events, conditions, or circumstances on which
any statement is based.
Investor Relations Contact:
Media Relations Contact:
DeMauro / Jenny Robles