Vivos Therapeutics, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For Q3 2024, total revenue increased to $3,860,000, up 17% from $3,301,000 in Q3 2023. Product revenue rose to $1,958,000 from $1,466,000, while service revenue saw a slight increase to $1,902,000 from $1,835,000. For the nine months ended September 30, 2024, total revenue reached $11,333,000, a $780,000 increase from $10,553,000 in the same period of 2023. Product revenue for the nine months was $5,608,000, up from $4,783,000, reflecting a growing demand for the company's oral appliances.

Despite the revenue growth, Vivos reported a net loss of $(2,616,000) for Q3 2024, compared to $(2,093,000) in Q3 2023. For the nine months, the net loss was $(8,309,000), an improvement from $(9,324,000) in the prior year. The operating loss for Q3 2024 was $(2,645,000), a significant reduction from $(3,640,000) in Q3 2023, indicating improved operational efficiency.

The company’s cash and cash equivalents increased to $6,311,000 as of September 30, 2024, from $1,643,000 at the end of 2023. Total assets rose to $15,347,000, while total liabilities decreased to $7,682,000, down from $10,319,000. This shift contributed to a substantial increase in stockholders’ equity, which reached $7,665,000 compared to $411,000 at the end of 2023.

Strategically, Vivos has made significant moves, including a reverse stock split effective October 25, 2023, and a strategic marketing and distribution alliance with a sleep testing and treatment center operator in June 2024. This alliance aims to enhance revenue through a new provider-based model for obstructive sleep apnea (OSA) treatments. The company also expanded its product offerings through the acquisition of patents and product rights from Advanced Facialdontics, LLC in early 2023.

Despite these advancements, Vivos faces challenges, including a material weakness in internal controls over financial reporting, which the company is actively working to remediate. Additionally, the company is exploring options for further financing to sustain operations and achieve profitability, as there is substantial doubt regarding its ability to continue as a going concern without additional funding.