Vivos Therapeutics Inc Stock Price, News & Analysis

Vivos Therapeutics, Inc. (NASDAQ: VVOS) announced on January 20, 2023, that it has regained compliance with Nasdaq's minimum bid price requirement as per Listing Rule 5550(a)(2). The company previously received a notice on November 3, 2022, for failing to maintain a closing bid price of $1.00 for 30 consecutive business days. By meeting the requirement for a minimum closing bid price of $1.00 for at least 10 consecutive trading days, Vivos is now compliant with all Nasdaq listing standards. The Nasdaq has confirmed that this matter is now closed, marking a significant improvement in Vivos' stock status.

Vivos Therapeutics (NASDAQ: VVOS) has successfully completed a private placement offering, raising $8 million in gross proceeds. After expenses, the company expects net proceeds of approximately $7.4 million to be used for general working capital as it aims to drive revenue growth and control expenses in 2023. The offering included 2 million shares of common stock and warrants for 6.67 million shares at an effective price of $1.20 per share. Vivos promises to file a resale registration statement to allow subsequent trading of these securities.

Vivos Therapeutics (NASDAQ: VVOS) has announced a definitive agreement with an institutional investor to raise approximately $8 million through a private placement at $1.20 per unit. Each unit includes one share of common stock and a warrant exercisable at the same price for five and a half years. After fees and expenses, net proceeds are expected to be $7.5 million. The offering is set to close on January 9, 2023. The securities will not be registered under the Securities Act, and a resale registration statement will be filed within 30 days of closing.

Vivos Therapeutics (NASDAQ: VVOS) announced a significant milestone with the FDA granting clearance for its DNA appliance, marking the first formal recognition of Vivos' proprietary technology for treating mild-to-moderate obstructive sleep apnea (OSA). This 510(k) clearance is Vivos' third FDA approval for its oral devices, enhancing the company's position in the sleep treatment market. Clinical data revealed 28% of patients saw resolution of OSA. The device aims to expand palates and improve airway function, providing a non-invasive alternative to traditional OSA therapies.

Vivos Therapeutics reported its financial results for the second and third quarters of 2022, indicating revenue of $4.2 million in both quarters. The company addressed delays in filing 10-Q reports due to revenue recognition policy reviews, concluding that the impact was minimal. Notably, appliance revenue increased by 28% and 20% in Q2 and Q3 respectively, bolstered by higher sales volumes. However, gross profit decreased, with gross margins at 62% and 59% for Q2 and Q3. Vivos is now current with SEC filings and plans to achieve positive cash flow in the next 12-18 months.

Vivos Therapeutics (NASDAQ: VVOS) will release its second and third quarter 2022 financial results on December 20, 2022, after market close. The company will hold a conference call at 5:00 pm ET to discuss these results and recent company developments. Vivos has faced delays in filing its Form 10-Q due to technical discussions with accountants. With the filing of these results, Vivos aims to become current in its financial filings for Nasdaq compliance. The company specializes in treatments for dentofacial abnormalities and obstructive sleep apnea.

Vivos Therapeutics announces a strategic collaboration with Nexus Dental Systems expected to boost revenues immediately. This partnership combines Vivos’ out-of-network Billing Intelligence Service with Nexus’ in-network platform, enhancing medical billing access for sleep and breathing disorder treatments. The collaboration aims to improve reimbursement rates and reduce out-of-pocket expenses for patients, potentially increasing case acceptance for Vivos-trained dentists. Vivos currently boasts a 98% success rate for reimbursement claims.

Vivos Therapeutics (NASDAQ: VVOS) announced it expects to become current on its SEC filings soon after receiving a notice from Nasdaq for not timely filing its 10-Q report for Q3 2022. The issue arose from complexities in the company’s revenue recognition policies, specifically ASC Topic 606. Vivos has resolved these matters and restated its 10-Q for Q1 2022. The company intends to file its delayed Q2 and Q3 reports shortly, which will address Nasdaq's concerns. Importantly, this notice does not immediately affect the trading of VVOS stock.

Vivos Therapeutics (NASDAQ: VVOS) announced a review of its revenue recognition policies, concluding that minimal adjustments are needed for prior financial results. The first quarter 2022 revenue is set to increase by about $200,000, with no revenue lost. The company will restate its financials without needing to amend previous audited annual statements. Vivos will file restated Q1 2022 results and anticipates submitting Q2 and Q3 2022 reports by year-end. The adjustments will not impact cash flows or liquidity, ensuring Nasdaq compliance for financial filings.