Vivos Therapeutics Inc. (NASDAQ: VVOS) stock surged by 1.51% at last close whereas the VVOS stock price tends to decline by 9.24% in the pre-market trading. Vivos Therapeutics Inc. is a medical technology company specializing in the development and commercialization of novel therapies for adult adults with sleep-disordered breathing, such as obstructive sleep apnea (OSA).
Financial Highlights
Vivos Therapeutics today announced the financial results and operating highlights for the first quarter ended March 31, 2021.
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- The first quarter of 2021 brought in $3.4 million in revenue, rose 8% from the first quarter of 2020 when the revenue was $3.2 million.
- The first quarter of 2021 saw a gross profit of $2.7 million, an improvement of 11% from the first quarter of 2020’s gross profit of $2.4 million.
- In the first quarter of 2021, gross margin rose to 78 percent, up from 76 percent in the first quarter of 2020.
- In the first quarter of 2021, general and administrative costs were $5.1 million, compared to $4.2 million in the first quarter of 2020.
- The first quarter of 2021 saw a net loss of $3.4 million, compared to $2.6 million in the first quarter of 2020.
- Cash and cash equivalents totaled $14.1 million as of March 31, 2021, and cash was increased as a result of a $27.6 million underwritten follow-on sale in May 2021.
Business Outlook
- Vivos reached 17,000 total patients who are being treated with the Vivos System in the first quarter of 2021.
- AireO2, a new patient and sleep practice management automation application, was commercially launched in January 2021, according to VVOS.
- VVOS submitted a 510(k) application to the FDA in February 2021 for the Vivos mmRNA oral appliance, which is supposed to cure mild-to-moderate OSA.
- VivoScore, operated by SleepImage, a robust home sleep test product and service, was also launched in February 2021.
- VVOS opened the first Pneusomnia Center in March 2021, which is a clinician-owned, combined medical-dental sleep center that uses the Vivos System and is run by Vivos Therapeutics.
- VVOS has announced the launch of a new service called MyoCorrect in March, in which qualified professionals will offer orofacial myofunctional therapy through telemedicine to dentists participating in the Vivos Integrated Practice