Vivos Therapeutics (NASDAQ: VVOS) is a medical technology company focused on developing innovative treatments for patients suffering from dentofacial abnormalities and/or mild-to-moderate obstructive sleep apnea (“OSA”) and snoring in adults. The company today provided an update on its review of its revenue recognition policies and the expected timing for the release of its second and third quarter 2022 financial results. According to the update, the company expects it will restate its first quarter 2022 revenue to reflect an increase of approximately $200,000. In addition, management’s analysis has concluded no previously reported revenue will be lost; rather the timing for recognizing revenue and the classification between product and service revenue requires modification in order to be compliant with ASC 606. Importantly, Vivos’ management has concluded that no restatement of any kind is required to any of the company’s prior audited annual financial statements. “We are pleased to have this analysis behind us, and even more pleased the net effect on our previously reported financial results was minimal,” said Kirk Huntsman, chairman and CEO of Vivos. “While this matter was pending, we were unfortunately unable to report on any of the rather significant and important progress being made at Vivos. Our team is working expeditiously to complete our restated first quarter as well as our second and third quarter 2022 10-Q filings. We do not expect any further delays and plan to complete this process quickly with respect to the first quarter and by no later than year-end for the second and third quarter reports.”
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About Vivos Therapeutics Inc.
Vivos Therapeutics is a medical technology company focused on developing and commercializing innovative diagnostic and treatment methods for patients suffering from breathing and sleep issues arising from certain dentofacial abnormalities such as mild-to-moderate obstructive sleep apnea (“OSA”) and snoring in adults. The Vivos Method represents the first clinically effective nonsurgical, noninvasive, nonpharmaceutical and cost-effective solution. It has proven effective in approximately 28,000 patients treated worldwide by more than 1,600 trained dentists. The Vivos Method includes the Vivos Complete Airway Repositioning and/or Expansion (“CARE”) appliance therapy and associated protocols that alter the size, shape and position of the tissues that comprise a patient’s upper airway and/or palate. The Vivos Method opens airway space and may significantly reduce symptoms and conditions associated with mild-to-moderate OSA, such as lowering Apnea Hypopnea Index scores. Vivos also markets and distributes SleepImage diagnostic technology under its VivoScore program for home sleep testing in adults and children. The Vivos Integrated Practice (“VIP”) program offers dentists training and other value-added services in connection with using the Vivos Method. For more information, visit www.Vivos.com.
NOTE TO INVESTORS: The latest news and updates relating to VVOS are available in the company’s newsroom at http://ibn.fm/VVOS
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