Vivos Therapeutics(VVOS) - 2025 Q1 - Quarterly Results

Financial & Operational Highlights Vivos Therapeutics reported decreased total revenue but increased product revenue in Q1 2025, with reduced operating expenses Q1 2025 Key Financial Metrics (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $3.0 million | $3.4 million | -11.8% | | Product Revenue | $1.8 million | $1.7 million | +8% | | Service Revenue | $1.2 million | $1.7 million | -29.5% | | Gross Profit | $1.5 million | $1.9 million | -21.1% | | Gross Margin | 50% | 57% | -7 p.p. | | Operating Expenses | $5.4 million | $5.7 million | -5% | | Net Loss | $3.9 million | $3.8 million | +3% | - The decline in total revenue was expected and is attributed to the company's strategic pivot away from Vivos Integrated Provider (VIP) service revenue towards a new marketing and sales strategy[3][4] Q1 2025 Operational & Balance Sheet Highlights | Metric | As of/For Q1 2025 | As of/For Q1 2024 | | :--- | :--- | :--- | | Oral Appliance Arches Sold | 3,736 | 1,996 | | Revenue from Arches | ~$1.8 million | $1.7 million | | Cash and Cash Equivalents | $2.3 million | N/A | | Stockholders' Equity | $4.4 million | N/A | Management Commentary Management emphasizes operational streamlining, the SCN acquisition, and new CPT codes as key drivers for future growth - The acquisition and integration of SCN are expected to showcase Vivos' transformation and provide access to thousands of OSA patients[5] - The implementation of CPT medical codes in January 2025 is a significant achievement that simplifies reimbursement and billing for providers and patients[5] - Vivos is actively engaging with potential partners for profit-sharing alliances and acquisitions of sleep medical practices to expand patient access and diversify revenue streams[5] Strategic Initiatives Vivos pivots from its legacy VIP model to direct sales and acquisitions, with the SCN acquisition central to expanding patient access - The company is shifting from its legacy VIP fee revenue model to a new marketing and distribution model focused on direct sales and provider partnerships[3] - On April 15, 2025, Vivos entered a definitive agreement to acquire the operating assets of The Sleep Center of Nevada (SCN) for up to $9 million in cash and stock[8] - The SCN acquisition is a key part of the new strategy, as SCN sees thousands of potential OSA patients monthly who could be candidates for Vivos' treatments, with the transaction expected to close within two months of the announcement[8] Financial Statements The financial statements detail the company's balance sheet and operational performance for the first quarter of 2025 Unaudited Condensed Consolidated Balance Sheets The balance sheet reflects decreased total assets and stockholders' equity as of March 31, 2025, primarily from reduced cash Condensed Consolidated Balance Sheets (In Thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | ASSETS | | | | Cash and cash equivalents | $2,342 | $6,260 | | Total current assets | $3,607 | $7,473 | | Total assets | $11,282 | $15,284 | | LIABILITIES & EQUITY | | | | Total current liabilities | $4,701 | $4,978 | | Total liabilities | $6,875 | $7,330 | | Total stockholders' equity | $4,407 | $7,954 | | Total liabilities and stockholders' equity | $11,282 | $15,284 | Unaudited Condensed Consolidated Statements of Operations The statement of operations shows decreased total revenue, a shifted revenue mix, reduced operating expenses, and a slight net loss increase Condensed Consolidated Statements of Operations (In Thousands, Except Per Share Amounts) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Product revenue | $1,813 | $1,674 | | Service revenue | $1,203 | $1,745 | | Total revenue | $3,016 | $3,419 | | Gross profit | $1,509 | $1,937 | | Total operating expenses | $5,427 | $5,722 | | Operating loss | $(3,918) | $(3,785) | | Net loss | $(3,864) | $(3,763) | | Net loss per share (basic and diluted) | $(0.45) | $(1.63) | About Vivos Therapeutics, Inc. Vivos Therapeutics is a medical technology company specializing in non-surgical, FDA-cleared treatments for obstructive sleep apnea - Vivos is a medical technology company specializing in diagnostics and treatments for sleep issues like obstructive sleep apnea (OSA)[10] - The company's CARE devices are the only FDA 510(k) cleared technology for treating severe OSA in adults and the first oral device cleared for moderate to severe OSA in children[10] - The Vivos Method provides a nonsurgical, noninvasive, and nonpharmaceutical solution for patients[13] Conference Call Information Details for the investor conference call held on May 15, 2025, including replay and webcast archive availability - An investor conference call was held at 5:00 p.m. Eastern time on the day of the release[9] - A telephone replay is available until May 29, 2025, and a webcast is archived on the company's website[9]