Summary by Futu AI
Vivos Therapeutics, a medical technology company, reported its annual financial performance for the fiscal year ended December 31, 2023. The company experienced a net loss of $13.6 million, a decrease from the previous year's net loss of $23.8 million. Total revenue for the year was $13.8 million, down from $16 million in the prior year. Product revenue, primarily from appliance sales to VIPs, contributed $6.3 million, while service revenue accounted for $7.5 million. The company's operating loss was $17.3 million, an improvement from the $25 million operating loss reported in the previous year. Vivos Therapeutics also highlighted its business developments, including the acquisition of patents and intellectual property from Advanced Facialdontics, LLC, and the issuance of common stock and warrants in private placements. Looking ahead, the company plans to continue its strategic initiatives and investment plans to drive growth and achieve profitability.