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Vivos Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a total revenue increase to $3.86 million for the quarter, up from $3.3 million in the same quarter of the previous year, primarily driven by higher product sales.
Product revenue increased to $1.96 million from $1.47 million, while service revenue rose slightly to $1.9 million from $1.84 million.
Cost of sales remained stable at $1.53 million, resulting in a gross profit of $2.33 million, up from $1.75 million in the previous year.
General and administrative expenses decreased to $4.49 million from $4.6 million, attributed to reductions in employee-related expenses.
Sales and marketing expenses were reduced to $0.35 million from $0.64 million, reflecting lower commissions and marketing costs.
The company reported an operating loss of $2.65 million, an improvement from the $3.64 million loss in the previous year.
Net loss for the quarter was $2.62 million, compared to a net loss of $2.09 million in the previous year.
Cash and cash equivalents increased to $6.31 million, supported by financing activities that provided $14.82 million during the nine months ended September 30, 2024.
The company acknowledges the need for additional financing to sustain operations and meet strategic objectives over the next twelve months.
Vivos continues to focus on expanding its new strategic alliance model and increasing product sales, despite challenges in the dental market and economic conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vivos Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.