Q2 2024 Vivos Therapeutics Inc Earnings Call Transcript
Key Points
- Second-quarter 2024 total revenue increased by 19% year-over-year to $4.1 million.
- Gross profit for the second quarter of 2024 was $2.7 million, up from $2.1 million in the same period in 2023.
- Sales and marketing expenses decreased by 46% year-over-year, reflecting cost-cutting efforts.
- Net loss for the second quarter of 2024 decreased by 65% to $1.9 million compared to the same period in 2023.
- Cash and cash equivalents increased to $6.9 million as of June 30, 2024, from $1.6 million as of December 31, 2023.
- VIP enrollment revenue decreased by 6% for the six months ended June 30, 2024, compared to the same period last year.
- Revenue from myofunctional therapy services decreased by $100,000 year-over-year.
- Operating expenses, although reduced, still amounted to $4.1 million for the second quarter of 2024.
- Net cash burn from operations for the six months ended June 30, 2024, was $5.6 million.
- The company is still not cash flow positive, although it anticipates achieving this in the foreseeable future.
Good day, everyone, and welcome to the Vivos Therapeutics second-quarter 2024 earnings conference call. (Operator Instructions) This conference is being recorded, and a replay of today's call will be available in Investor Relations section of Vivos' website and will be remaining posted there for the next 30 days.
I will now hand the call over to John Lee, Vivos' Executive Vice President of Marketing, for the instructions and the 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 the call today 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 second-quarter 2024 as well as more recent
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