The company released its first quarter financial report June 8.
Here are five notes on the company’s first-quarter financial performance:
1. Vivos’ earned more in the first quarter of this year compared to the $3.6 million it made during the first quarter of 2022. The company attributed this to higher provider enrollments and increased revenue from its seminars.
2. The company enrolled 38 providers and saw approximately $1.3 million in provider revenue, compared to 32 providers and approximately $0.9 million for the first quarter of 2022.
3. The company saw $2.3 million in gross profit, compared to $2.6 million for the first quarter of 2022. The company attributed the decrease to higher costs associated with increased provider training as well as the sale and leasing of its home sleep test rings.
4. Vivos’ gross margin was 61 percent during the first quarter of 2023, compared to 70 percent for the first quarter of 2022
5. The company’s cost-cutting initiatives resulted in a 20 percent drop in operating expenses compared to the first quarter of 2022.
