Q1 2024 Vivos Therapeutics Inc Earnings Call Transcript
Key Points
- Vivos Therapeutics Inc (VVOS) has expanded its product offerings, including pediatric and lifeline products, which have started to contribute positively to revenue.
- The company has successfully reduced its general and administrative expenses by $1.6 million, or approximately 25%, compared to the same period last year, reflecting effective cost-cutting measures.
- Vivos Therapeutics Inc (VVOS) reported a significant decrease in total operating expenses by $1.6 million or 22% compared to the first quarter of 2023, marking the seventh consecutive quarter of year-over-year decreases.
- The company has achieved FDA clearance for its appliances to treat severe obstructive sleep apnea (OSA), enhancing its credibility and treatment scope.
- Vivos Therapeutics Inc (VVOS) is actively engaging in new strategic revenue initiatives and collaborations aimed at broadening patient access to its products and reducing dependency on VIP enrollments.
- Vivos Therapeutics Inc (VVOS) experienced a decrease in total revenue from $3.8 million in Q1 2023 to $3.4 million in Q1 2024, primarily due to lower VIP enrollments and appliance sales.
- Despite an increase in the number of VIP enrollments, revenue was negatively impacted by changes in revenue recognition methodology and the introduction of new entry levels at lower price points.
- The company reported a net loss of $3.8 million in Q1 2024, compared to a net loss of $1.7 million in Q1 2023, although the previous period included a one-time non-cash benefit.
- Gross margin decreased to 57% in Q1 2024 from 61% in the comparable period in 2023, primarily due to lower revenue and partially offset by a decrease in cost of sales.
- Vivos Therapeutics Inc (VVOS) is still working towards becoming cash flow positive, with a target set for the end of 2024 or the first quarter of 2025, indicating ongoing financial pressures.
Good day, everyone, and welcome to the Vivos Therapeutics first-quarter 2024 earnings conference call. (Operator Instructions) This conference call is being recorded and a replay of today's call will be available on the Investor Relations section of Vivos' website and will remain posted there for the next 30 days. I will now hand the call over to Julie Gannon, Vivos' Investor Relations Officer, for introductions and reading of the Safe Harbor statement. Please go ahead.
Thank you, operator. Hello, everyone, and welcome to our conference call. A copy of our earnings press release is available on the Investor Relations section of our website at www.vivos.com. With us on today's call are Kirk Huntsman, Vivos' Chairman and Chief Executive Officer; and Brad Amman, Chief Financial Officer. Today, we'll review the highlights and financial results for the first quarter 2024, as well as more recent developments and Vivos' plans for the rest of
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