Vivos Therapeutics, Inc. reported a total revenue of approximately $15.0 million for the fiscal year ending December 31, 2024, marking a 9% increase from $13.8 million in the previous year. This growth was primarily driven by a $1.6 million rise in product revenue, which reached $7.9 million, largely due to increased sales of oral appliance guides. However, service revenue declined by $0.4 million to $7.2 million, attributed to a decrease in VIP enrollment revenue and changes in revenue recognition methodology. The company also reported a net loss of $11.1 million for 2024, an improvement from the $13.6 million loss in 2023, indicating a reduction in operating losses.
In terms of strategic developments, Vivos has shifted its business model to focus on alliances with sleep treatment centers, moving away from its previous reliance on VIP dentist enrollments. This pivot was exemplified by a strategic alliance with Rebis Health Holdings, which began in June 2024. The partnership aims to enhance patient access to Vivos products and services, with early results showing a preference for Vivos treatments over traditional CPAP options. The company is also exploring further alliances and acquisitions to expand its market reach.
Operationally, Vivos has seen a decrease in the number of VIP enrollments, with 112 new enrollments in 2024 compared to 150 in 2023. This decline has been linked to staffing challenges within dental practices post-COVID-19. Despite this, the company has reported a significant increase in the average treatment time for its Vivos Method, reducing from 18-24 months to 9-12 months, which may enhance patient appeal. As of December 31, 2024, Vivos had approximately 109 employees, reflecting a streamlined workforce aimed at improving operational efficiency.
The company has also made significant changes to its financial structure, raising $17.9 million in financing activities during 2024, primarily through private placements. This capital is intended to support ongoing operations and compliance with Nasdaq listing requirements, as Vivos has faced challenges in maintaining its stockholder equity. As of the end of 2024, Vivos had approximately $6.3 million in cash and cash equivalents, which management indicates may not be sufficient to fund operations over the next twelve months without additional financing.
Looking ahead, Vivos Therapeutics is optimistic about its new marketing and distribution strategy, which it believes will drive revenue growth and improve its financial position. However, the company acknowledges the risks associated with its reliance on the commercial viability of The Vivos Method and the need for continued capital to support its operations. The management's outlook emphasizes the importance of successfully executing its strategic alliances and enhancing product adoption rates to achieve cash flow positivity and profitability in the future.
About Vivos Therapeutics, Inc.
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