LITTLETON, Colo., Aug. 22, 2022 (GLOBE NEWSWIRE) — Vivos Therapeutics, Inc. (VVOS) (“Vivos”) provides an update on the delay in reporting its second quarter 2022 financial results.
“We are disappointed that it is taking longer than usual to release our second quarter financial and operating results,” said Kirk Huntsman, Vivos Chairman and Chief Executive Officer. “Most importantly, we want to provide assurances that the delay is not related to the overall health of our business or the progress we believe Vivos has made in 2022, but rather is due to a required technical reassessment of our recognition policy. revenues.
“We have recently been advised by our independent accountants of the potential need to reassess how and when we account for enrollment fees charged to new Vivos Integrated Providers (VIPs) and related performance obligations that are included in VIP enrollments. as revenue under ASC Topic 606 Our management and independent audit committee have worked diligently on the highly technical aspects of this accounting standard with our independent auditors and consultants retained by us. We hope this will be a matter of timing of VIP royalty revenue recognition and that any impact on our current or past operating results will not be material. That said, a final decision on these issues has not been made, and while we expect to be able to report our results by today, we have concluded that further analysis is required, a process that could take several weeks. Accordingly, we will not be filing our Form 10-Q for the second quarter and releasing our operating results today as planned. As a business, we are fully committed to maintaining compliance with applicable accounting standards and will do what is necessary to complete our work on this matter and announce our findings and second quarter operating results as soon as possible.
“In the meantime, we want to assure our investors that we do not believe this delay is in any way a reflection of the overall health of our business. Since our last update, Vivos has made solid progress on our initiatives. We believe we have overcome the worst impact of the COVID-19 pandemic and are optimistic about our growth prospects going forward. June saw a record month for home appliance sales with a record number of new suppliers starting cases. Our main VIP recruiting event is also sold out for September. At the same time, we have actively implemented measures to reduce expenses, preserve cash and operate more efficiently. Additionally, we launched a new program called Treatment Navigator that connects new patient leads generated by a direct-to-consumer marketing initiative to a number of VIP practices in their area. We expect these proactive measures to significantly reduce our cash burn and increase our revenues in the coming quarters. With these measures in place, we believe we have positioned Vivos to potentially achieve cash flow positive in early 2024. We thank our investors for their patience and continued support and look forward to sharing more details as soon as we can.” , concluded Mr. Chasseur.
About Vivos Therapeutics, Inc.
Vivos Therapeutics, Inc. (VVOS) is a medical technology company focused on the development and commercialization of innovative diagnostic and treatment methods for patients suffering from breathing and sleep problems resulting from certain dentofacial abnormalities such as Mild to moderate obstructive sleep apnea (OSA) and snoring in adults. The Vivos method represents the first non-surgical, non-invasive, non-pharmaceutical and clinically cost-effective solution. It has been shown to be effective in approximately 28,000 patients treated worldwide by over 1,600 trained dentists.
The Vivos Method includes the Vivos Complete Airway Repositioning and/or Expansion (CARE) device therapy and associated protocols that alter the size, shape, and position of the tissues that make up a patient’s upper airway and palate. . The Vivos Method opens the airway space and can significantly reduce symptoms and conditions associated with mild to moderate OSA, such as lower apnea-hypopnea index scores. Vivos also markets and distributes SleepImage diagnostic technology through its VivoScore program for home sleep testing in adults and children. The Vivos Integrated Practice (VIP) program provides dentists with training and other value-added services related to the use of the Vivos method.
For more information, visit www.vivos.com.
Caution Regarding Forward-Looking Statements
This press release and the 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) regarding future events, including with respect to the public offering described herein. Words such as “aim”, “expect”, “may”, “could”, “should”, “expect”, “project”, “intend”, “plan”, “believe”, “predict”, “anticipate”, “”hope”, “estimate” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based on several assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. Actual results (including, without limitation (i) the final conclusion reached on the accounting policies for Company’s revenues, (ii) any impact of this conclusion on the current or prior reporting period, (iii) the timing of the Company’s second quarter 2022 operating results release and (iv) the results of the reducing company costs summer and revenue-enhancing initiatives) may differ materially and adversely from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially and include, but are not limited to, uncertainties associated with the application of ASC 606 to the Company’s business, the nature and timing of Company with its independent auditors and consultants and other risk factors relating to the Company and its business described in the Company’s filings with the Securities and Exchange Commission (“SEC”). Company filings may be obtained free of charge from the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligation or undertaking to release any update or revision to any forward-looking statement contained herein to reflect any change in the Company’s expectations with respect thereto or any change of events, conditions or circumstances on which any statement is based.
Vivo Investor Relations Contact:
Investor Relations Officer
Contact person for media relations
Public Relations Manager