Summary by Futu AI
Vivos Therapeutics, a medical technology company, reported financial results for the quarter ended June 30, 2024. Total revenue increased by $659,000 to $4.054 million compared to the same period last year, driven by a $429,000 rise in product revenue and a $230,000 increase in service revenue. The company's gross profit improved to $2.651 million, with a gross margin of 65%, up from 62% in the previous year. Operating expenses decreased by $2.029 million, primarily due to a $1.755 million reduction in general and administrative expenses. The company's net loss narrowed to $1.930 million from $5.528 million in the prior-year quarter. Vivos Therapeutics also highlighted its strategic alliance with Rebis Health Holdings and a management services agreement with V-CO Investors LLC, aimed at expanding its marketing and distribution model. The company's cash and cash equivalents stood at $6.903 million, with management actively exploring additional financing options to support operations and strategic objectives. Despite progress in remediation efforts, the company acknowledged an existing material weakness in internal control over financial reporting and is working towards full remediation.