Full Press Release Details
Therapeutics Reports Second Quarter 2021 Financial Results
and Operational Update
Quarter Revenue Increased Over 37% Year-Over-Year and 30% Over Q1 2021
to Host Conference Call Today at 5:00 pm ET
RANCH, Colo., August 12, 2021 - Vivos Therapeutics, Inc. ("the Company") (NASDAQ: VVOS), a medical technology company
focused on developing and commercializing innovative diagnostic and treatment modalities for patients suffering from sleep-disordered
breathing, including mild-to-moderate obstructive sleep apnea (OSA), today reported financial results and operating highlights for the
second quarter and six months ended June 30, 2021.
and Operating Highlights:
are a number of key positive takeaways from our second quarter results," said R. Kirk Huntsman, Vivos' Chairman and
CEO. "First, we achieved strong revenue results ahead of our internal forecasts and analysts' estimates, although the year
over year comparisons are somewhat augmented due to the impact of COVID last year."
we have continued to focus on strategic sales and marketing initiatives, designed to introduce more healthcare and dental professionals
to the benefits of the Vivos System. Chief among these initiatives was the launch of our VivoScore sleep apnea test, which our VIPs have
utilized nearly 2,000 times with patients since launch. In a sample survey of nearly 60 VIP practices that converted over to VivoScore
as their primary home sleep apnea test, the total number of VivoScore sleep tests performed was up over 300% versus prior period testing
with alternative sleep apnea test technologies. This remarkable surge in sleep apnea testing means more dentists and sleep physicians
are having dialogues with more candidates for Vivos System. It remains to be seen just how many of these patients will eventually start
treatment with the Vivos System, but we are closely monitoring this process and working with dentists to help close cases where appropriate.
Our business model is centered on treating sleep apnea via the dental community, and we believe more dentists talking with their patients
about sleep apnea, and testing patients for sleep apnea, will lead to more dentists signing up as VIPs and more case starts with the
Vivos System. Our second quarter results reflect the impact of these measures when compared to first quarter, with growing enrollments
by new VIP dentists and sequential increases of 25% and 34% for products and services revenue, respectively. These strong results demonstrate
the continuing recognition and adoption of the Vivos System by the dental community with growing awareness and support from medical doctors
and other healthcare providers."
in addition to our core business of enrolling new VIPs and increasing sales of appliances, we have begun to see revenue from other sources
we have implemented, including from our recently launched MyoCorrect orofacial myofunctional therapy service and the beginnings of management
fee revenue from our Medical Integration Division as well as some revenue from VivoScore (which we view principally as a marketing tool).
While we just introduced these new revenue lines, demand has already surpassed our original expectations. Based on this, we believe these
areas represent meaningful upside to our revenue potential as they build further momentum throughout the second half of this year and
beyond. What's more, we are constantly looking to develop new potential revenue sources as the good word spreads about Vivos and
the Vivos System (as evidenced by our recently released patient data)."
we have recently begun an active outreach to the DSO industry. DSOs, or Dental Support Organizations, own and operate thousands of dental
practices throughout the U.S. and Canada. Very few DSOs have successfully implemented a dental sleep management program, although several
have tried. Our management team's extensive DSO experience gives us a huge advantage in penetrating this market. Not only do we
personally know the key players, but we have also specifically designed our model to seamlessly integrate and thrive within the corporate
DSO environment. The initial response from the DSO community has been extremely positive, and we are working very closely with a number
of these companies to initiate pilot tests within certain target markets."
sum, we believe that the continuing formulation and implementation of our growth plans, supported by our augmented balance sheet after
our follow-on public offering during the second quarter, leave us well placed to continue our growth during the balance of 2021 and into
the following year. One cautionary note to our realization of these objectives would be the impact and disruption in dental patient access
or uncertainty caused by a resurgence of COVID, which we are monitoring daily."
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 Company's Quarterly Report on Form 10-Q for
the six months ended June 30, 2021, 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://vivoslife.com/investor-relations/.
April 2021, Vivos appointed Mimi Guarneri, MD, FACC as an independent consultant serving in the role of Medical Director of Clinical
Education. Dr. Guarneri is widely acclaimed as a leading Integrative Cardiologist in America. She is Board-certified in Cardiovascular
Disease, Internal Medicine, Nuclear Cardiology, and Integrative Holistic Medicine. Dr. Guarneri is a Founder and President of The Academy
of Integrative Health and Medicine. She serves on the Founding Board of the American Board Physician Specialties in Integrative Medicine
and is a Clinical Associate Professor at the University of California, San Diego. In addition to her responsibilities related to Vivos'
first Pneusomnia Center, Dr. Guarneri duties for the Company include the promotion and expansion of the Company's Medical Integration
May 11, 2021, Vivos closed an underwritten follow-on public offering of 4,600,000 shares of its common stock. The offering consisted
of 4,000,000 shares of its common stock, as well as an additional 600,000 shares pursuant to the exercise in full of the underwriters'
option to purchase additional shares of common stock, at a public offering price of $6.00 per share. The aggregate gross proceeds to
Vivos from the public offering was $27.6 million prior to deducting underwriting discounts, commissions and other estimated offering
July, the Company unveiled new data from an independent patient survey related to its proprietary Vivos treatment, showing nearly 97%
of patients surveyed said that they had achieved their desired outcome from Vivos System treatment for their OSA. Other key findings
in July, Vivos announced results from a national study commissioned by Vivos to assess patients' airway function and OSA symptoms
after undergoing the Vivos treatment. In the study, 28% of 74 adult patients treated with the Company's FDA Class 1 DNA appliance
for certain orofacial anomalies reported no remaining OSA symptoms, which is defined as patients having an Apnea Hypopnea Index (AHI)
score of less than five post-treatment. This real world patient data was gathered from multiple sites and has been submitted to the U.S.
Food and Drug Administration to be used as part of the Company's process for obtaining 510k clearance for the DNA appliance to
treat mild-to-moderate OSA.
July 29, 2021, the Company announced the opening of The Vivos Institute training center in Denver, Colorado. The 15,000-square-foot facility
was established to provide advanced post-graduate education and training to dentists, dental teams and other healthcare providers from
around the world in a live and hands-on setting. The Institute's emphasis will be on educating healthcare providers about OSA and
Vivos' treatments for OSA within their practice areas, along with training on Vivos' related practice management tools for
Company will conduct a conference call today, August 12, 2021 at 5:00 p.m. (Eastern Time) to review the second quarter results as well
as provide an overview of the Company's recent milestones and growth strategy.
access the conference call, please dial (888) 204-4368, 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 3460553. The replay will be available until August 26, 2021.
live webcast of the conference call can be accessed on Vivos' website at https://vivoslife.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 modalities for adult patients suffering from sleep-disordered breathing, including obstructive sleep apnea (OSA). The Vivos
treatment for mild-to-moderate OSA involves a customized oral appliance and protocols called the Vivos System. Vivos believes that its
Vivos System oral appliance technology represents the first clinically effective non-surgical, non-invasive, non-pharmaceutical and cost-effective
solution for people with mild-to-moderate OSA. Vivos also sells orthodontic appliances for adults and children. Vivos' oral appliances
have proven effective in over 19,000 patients worldwide by more than 1,250 dentists. Combining technologies and protocols that alter
the size, shape, and position of the tissues of a patient's upper airway, the Vivos System 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 VivosScore, powered by the SleepImage diagnostic technology 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 System.
more information, visit www.vivoslife.com.
Note Regarding Forward-Looking Statements
press release, the earnings 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 "may", "should", "expects", "projects," "intends", "plans",
"believes", "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 (including the Company's future results of operations) 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