Vivos Therapeutics Announces Additional Strategic Initiatives Aimed at Accelerating Anticipated Timeline for Cash Flow Positive Operations
09 Mayo 2023 - 6:30AM
Vivos Therapeutics, Inc. (“Vivos”, “the Company”)
(NASDAQ:VVOS) today announced it has implemented a broad
set of initiatives aimed at improving operational efficiencies,
reducing expenses, and positioning Vivos to take advantage of
current growth opportunities.
These initiatives touch most aspects of Vivos’
operations and include expense reductions, product suite expansion,
and organizational changes that included an approximate 17%
reduction of its workforce. These initiatives are in addition to
cost saving measures previously announced by Vivos. As a result,
Vivos is accelerating its target times for achieving positive cash
flow by a full quarter.
Vivos Chairman and Chief Executive Officer, Kirk
Huntsman, commented, “Vivos has made major strides in recovering
from challenges imposed by the COVID-19 pandemic on the dental
industry which lost tens of thousands of qualified dental practice
personnel, including many who were trained in the Vivos Method. I
am pleased to say that after several quarters of rebuilding, our
field support infrastructure for our Vivos Integrated Providers
(VIPs) has now reached what we believe is sufficient critical mass,
and we are in a position now to throttle back our rebuild efforts
and associated higher rate of spending. We have implemented several
internal initiatives to focus on the most impactful programs for
near-term revenue generation (including our recently acquired POD®
devices), improve efficiencies and manage operating expenses
(including a tactical reduction in our workforce to streamline our
operations). These changes are expected to result in relatively
flat revenues sequentially for the transitional first half of 2023,
and we anticipate top line revenue growth to accelerate beginning
in the third quarter of this year.”
“During our March 2023 earnings call, we shared
our goal to achieve positive cash flow by mid-2024. I am pleased to
say that with these initiatives implemented, we now anticipate
reaching that goal in the first quarter of 2024, a full quarter
earlier than originally anticipated. Our goal is to achieve these
targets without having to raise any further equity capital, if
possible,” Mr. Huntsman concluded.
In addition, Vivos announced that the audit
committee of its board of directors has dismissed Plante &
Moran, PLLC as Vivos’ independent registered public accounting firm
and engaged Moss Adams LLP in that capacity, effective May 3, 2023.
Moss Adams will review the Company’s first quarter 2023 financial
statements. Due to the timing of this change in independent
registered public accounting firm, the Company expects to file for
an extension for the timing to file its upcoming Quarterly Report
on Form 10-Q for the period ended March 31, 2023.
About Vivos Therapeutics,
Inc.
Vivos Therapeutics, Inc. (NASDAQ: VVOS) is a
medical technology company focused on developing and
commercializing innovative diagnostic and treatment methods for
patients suffering from breathing and sleep issues arising from
certain dentofacial abnormalities such as mild-to-moderate
obstructive sleep apnea (OSA) and snoring in adults. The Vivos
Method represents the first clinically effective nonsurgical,
noninvasive, nonpharmaceutical and cost-effective solution for
treating mild to moderate OSA. It has proven effective in over
33,000 patients treated worldwide by more than 1,750 trained
dentists.
The Vivos Method includes the Vivos Complete
Airway Repositioning and/or Expansion (CARE) appliance therapy and
associated protocols that alter the size, shape and position of the
soft tissues that comprise a patient’s upper airway and/or palate.
The Vivos Method opens airway space and may significantly reduce
symptoms and conditions associated with mild-to-moderate OSA, such
as lowering Apnea Hypopnea Index scores. Vivos also markets and
distributes SleepImage diagnostic technology under its VivoScore
program for home sleep testing in adults and children. The Vivos
Integrated Practice (VIP) program offers dentists training and
other value-added services in connection with using The Vivos
Method. For more information, visit www.vivos.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release and statements of the
Company’s management made in connection therewith contain
“forward-looking statements” (as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) concerning future
events, particularly with respect to the public offering described
herein. Words such as “may”, “should”, “expects”, “projects,”
“intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates”
and variations of such words and similar expressions are intended
to identify forward-looking statements. These statements involve
known and unknown risks and are based upon several assumptions and
estimates, which are inherently subject to significant
uncertainties and contingencies, many of which are beyond Vivos’
control. Actual results (including, without limitation, the results
of the Company’s cost cutting initiatives and the potential impact
on the Company’s cash flows and results of operations as described
herein) may differ materially from those expressed or implied by
such forward-looking statements. Factors that could cause actual
results to differ materially include, but are not limited to (i)
whether the Company’s cost cutting initiatives will have their
desired effect, (ii) whether the Company will be able to increase
its revenues as anticipated and (iii) the other risk factors
described in Vivos’ filings with the Securities and Exchange
Commission (“SEC”). Vivos’ filings can be obtained free of charge
on the SEC's website at www.sec.gov. Except to the extent required
by law, Vivos expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Vivos'
expectations with respect thereto or any change in events,
conditions, or circumstances on which any statement is based.
Vivos Investor Relations Contact:Julie
GannonInvestor Relations
Officer720-442-8113jgannon@vivoslife.com
Vivos Therapeutics (NASDAQ:VVOS)
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