Vivos Therapeutics(VVOS) - 2024 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2024 was $3.9 million, a 17% increase compared to$ 3.3 million in Q3 2023[2] - Gross profit for Q3 2024 was $2.3 million, up from$ 1.7 million in Q3 2023, reflecting the revenue increase[3] - Gross margin improved to 60% in Q3 2024, compared to 53% in Q3 2023[4] - Product revenue for September 2024 reached $1,958,000, an increase of 33.6% compared to$ 1,466,000 in September 2023[21] - Total revenue for the quarter was $3,860,000, up 17% from$ 3,301,000 in the same quarter last year[21] - Gross profit for September 2024 was $2,334,000, representing a 33.5% increase from$ 1,747,000 in September 2023[21] - Net loss for September 2024 was $(2,616,000), compared to$ (2,093,000) in September 2023[21] - Net loss per share (basic and diluted) improved to $(0.40) from$ (1.75) year-over-year[21] Operating Expenses - Operating expenses decreased by $0.4 million, or 8%, year-over-year in Q3 2024, marking the ninth consecutive quarter of reductions[5] - Total operating expenses decreased to$ 4,979,000 from $5,387,000 year-over-year, a reduction of 7.6%[21] - The company reported a decrease in general and administrative expenses to$ 4,487,000 from $4,596,000 year-over-year[21] Operating Loss - Operating loss decreased by$ 1 million, or 27%, year-over-year in Q3 2024, with a 36% reduction for the nine months ended September 30, 2024[6] - The operating loss for the quarter was $(2,645,000), an improvement from$ (3,640,000) in the prior year[21] Market Expansion - As of September 30, 2024, over 47,000 patients have been treated with Vivos' oral appliances, up from over 40,000 a year earlier[8] - Vivos received FDA 510(k) clearance for its oral medical device to treat moderate to severe OSA in children aged 6 to 17, potentially expanding its market[9] - New CPT medical codes applicable to Vivos CARE devices will take effect on January 1, 2025, which may lead to wider adoption and increased revenue[10] Cash and Equity - Cash and cash equivalents as of September 30, 2024, were $6.3 million, significantly up from$ 1.6 million at the end of 2023[7] - Stockholders' equity increased to $7.7 million as of September 30, 2024, compared to$ 0.4 million at the end of 2023[20] Share Information - The weighted average number of shares outstanding increased to 6,615,320 from 1,197,258 in the same quarter last year[21] Service Revenue - Service revenue for September 2024 was $1,902,000, slightly up from$ 1,835,000 in September 2023[21]