The following is a summary of the Vivos Therapeutics, Inc. (VVOS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Vivos Therapeutics reported Q1 2024 total revenue of $3.4 million, a decrease compared to $3.8 million for Q1 2023.
Gross profit decreased to $1.9 million from $2.3 million in Q1 2023, with a resultant drop in gross margin from 61% to 57% year over year.
Total operating expenses for Q1 2024 decreased by $1.6 million compared to Q1 2023.
The operating loss for Q1 2024 was approximately $3.8 million, an improvement compared to a $5 million loss for Q1 2023.
Net loss for Q1 2024 was $3.8 million, higher than the loss of $1.7 million for Q1 2023.
Business Progress:
Vivos Therapeutics aims to broaden access to its OSA products via a new strategic revenue initiative.
The company was successful in reducing general and administrative expenses and plans to continue its cost-cutting initiatives.
Plans for expanding the clinical services scope for the pediatric patient market are in progress.
Vivos' new operating model focuses on collaborations with medical and sleep testing communities.
The company asserts that its oral medical devices and Vivos method will become the new standard for treating breathing and sleep disorders.
The company aims to be cash flow positive by the end of 2024 or the first quarter of 2025.
The company is evaluating and analyzing their new business model with the help of third-party legal and financial experts.
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