financial highlights for the first quarter of 2024. Vivos reported total revenue of $3.4 million for the quarter, which represented a decrease from the same period in the previous year. The company saw a decline in VIP enrollments and appliance sales, but there was an increase in sales in other product lines and new lease programs.
Despite the revenue dip, Vivos achieved a gross profit of $1.9 million with a gross margin of 57%. Operating expenses were reduced by 22%, leading to a lower operating loss of $3.8 million for the quarter. The company’s cash and cash equivalents totaled $2.6 million as of March 31, 2024.
Looking ahead, Vivos aims to be cash flow positive by the end of 2024 or early 2025. The company is launching new strategic revenue initiatives to broaden product access and is pursuing new channel relationships to drive revenue growth and reduce burn. Vivos also secured $4 million through a common stock purchase warrant exercise.
Overall, Vivos Therapeutics is actively working towards becoming a key player in the treatment of obstructive sleep apnea. With a strong focus on new revenue streams, cost management, and strategic partnerships, the company is positioning itself for future growth and improved financial health despite current challenges.