Vivos Therapeutics Inc, which makes oral appliances for treating breathing-related sleep disorders, has implemented initiatives to improve operational efficiencies, reduce expenses, and take advantage of growth opportunities.
These initiatives touch most aspects of the company’s operations and include expense reductions, product suite expansion, and organizational changes that included an approximate 17% reduction of its workforce. These initiatives are in addition to cost-saving measures previously announced by Vivos. As a result, Vivos is accelerating its target times for achieving positive cash flow by a full quarter.
“Vivos has made major strides in recovering from challenges imposed by the COVID-19 pandemic on the dental industry which lost tens of thousands of qualified dental practice personnel, including many who were trained in the Vivos Method,” says Vivos chairman and CEO Kirk Huntsman in a release. “I am pleased to say that after several quarters of rebuilding, our field support infrastructure for our Vivos Integrated Providers has now reached what we believe is sufficient critical mass, and we are in a position now to throttle back our rebuild efforts and associated higher rate of spending.”
Huntsman notes in the release that the company has implemented several internal initiatives to focus on the most impactful programs for near-term revenue generation. The changes are expected to result in relatively flat revenues sequentially for the transitional first half of 2023, with top-line revenue growth expected to accelerate beginning in the third quarter of this year.
“During our March 2023 earnings call, we shared our goal to achieve positive cash flow by mid-2024. I am pleased to say that with these initiatives implemented, we now anticipate reaching that goal in the first quarter of 2024, a full quarter earlier than originally anticipated. Our goal is to achieve these targets without having to raise any further equity capital, if possible,” says Huntsman in the release.