Revenue Performance - Product revenue increased by 26% year over year, contributing to a total revenue of approximately 13.8 million in 2023[2] - Total revenue increased to 13,801 million in 2023, representing a growth of 8.9%[18] - Product revenue rose to 6,270 million in 2023, reflecting an increase of 25.6%[18] - Service revenue decreased to 7,531 million in 2023, indicating a decline of 5%[18] Operating Performance - Operating expenses decreased by 20.2 million for the full year ended December 31, 2024, reflecting ongoing cost-cutting initiatives[2] - Total operating expenses decreased to 25,567 million in 2023, a reduction of 21%[18] - Operating loss reduced by 11.2 million in 2024 from (11,171) million in 2024, compared to (11,136) million, an improvement from (2.22) in 2024 from 6.3 million as of December 31, 2024, following approximately 7.5 million from New Seneca Partners as part of its efforts to strengthen capital structure and improve liquidity[4] - Vivos aims to achieve cash flow positive operations and profitability in the foreseeable future, supported by its new strategic initiatives[4] Patient Treatment and Market Strategy - The number of patients treated with Vivos' patented oral appliances rose to approximately 58,000 worldwide, up from over 42,000 at the end of 2023[2] - Vivos received FDA clearance for the DNA appliance in September 2024, allowing treatment of moderate to severe OSA in children ages 6 to 17, complementing the 2023 clearance for adults[2] - The new marketing and distribution strategy focuses on contractual, profit-sharing alliances with sleep healthcare providers, initiated with Rebis Health Holdings in June 2024[3] - Vivos expects to present treatments to more patients and increase revenue per case, projecting contribution margins of approximately 50% per patient[5] Shareholder Information - Weighted average number of shares outstanding increased significantly to 5,019,886 in 2024 from 1,219,381 in 2023[18] - The company reported a change in fair value of warrant liability, net of issuance costs, which contributed positively in 2023 but was not present in 2024[18]
Vivos Therapeutics(VVOS) - 2024 Q4 - Annual Results