Revenue Performance - Product revenue increased by 26% year over year, contributing to a total revenue of approximately $15.0 million for the full year ended December 31, 2024, compared to $13.8 million in 2023[2] - Total revenue increased to $15,031 million in 2024, up from $13,801 million in 2023, representing a growth of 8.9%[18] - Product revenue rose to $7,874 million in 2024, compared to $6,270 million in 2023, reflecting an increase of 25.6%[18] - Service revenue decreased to $7,157 million in 2024, down from $7,531 million in 2023, indicating a decline of 5%[18] Operating Performance - Operating expenses decreased by $5.4 million, or 21%, to $20.2 million for the full year ended December 31, 2024, reflecting ongoing cost-cutting initiatives[2] - Total operating expenses decreased to $20,190 million in 2024, down from $25,567 million in 2023, a reduction of 21%[18] - Operating loss reduced by $6.1 million, or 35%, to $11.2 million in 2024 from $17.3 million in 2023[2] - Operating loss narrowed to $(11,171) million in 2024, compared to $(17,296) million in 2023, showing an improvement of 35%[18] Profitability and Loss - Net loss for 2024 was $(11,136) million, an improvement from $(13,583) million in 2023, reflecting a reduction of 18%[18] - Net loss per share (basic and diluted) improved to $(2.22) in 2024 from $(11.14) in 2023[18] Cash and Liquidity - Cash and cash equivalents increased to $6.3 million as of December 31, 2024, following approximately $17.9 million raised through four equity transactions during the year[2] - The company raised $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