VVOS - Earnings call transcript Q4 2023 | Vivos Therapeutics, Inc.

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Operator

Good day, everyone, and welcome to Vivos Therapeutics Fourth Quarter and Full Year 2023 Conference Call. At this time, a question-and-answer session will follow management's remarks. This conference is being recorded, and a replay of today's call will be available on the Investor Relations section of Vivos' website and will remain posted there for the next 30 days. I will now hand over the call to Julie Gannon, Vivos' Investor Relations Officer for introductions and reading of the safe harbor statement. Please go ahead.

Julie Gannon

Thank you, operator. to call. welcome and everyone, our conference Hello, A on our the our earnings website is available press release Investor www.vivos.com. copy of at Relations section of

With fourth Officer. Today, more Vivos we'll Vivos' the highlights well Kirk Officer; call as results recent Brad full review us plans for year financial Chief as the and Financial and and and for Executive Huntsman, Chief Amman, and on today's quarter developments Chairman XXXX. are XXXX

flows regulatory such without beyond cost-saving control. the development, many based results uncertainties strategies, to Exchange as of which plans will words are results statements. Factors generate Actual known and which such and to which conference take from in in disclosures concerning are Form limitation, other are operations risks, SEC potential as management filed the results, remarks, today of questions. I Investor other but Relations with year everyone metrics to estimates, subject as Section our XXE no this potential meaning risks formal identify contained and Vivos' such or Following in and amended projects, differ XX, section the risk Exchange aim, on to and adversely are future as and made the contingencies not of for the of unknown the we of may, to will plans, XXXX cash similar involve are matters Except actual Vivos' could, intended call statements. These achieve sales, happy to initiatives, the XX-K as company's Act integration, variations factors intends, could risk to Securities website. December circumstances within XXA also inherently or marketing, as will and remind would materially statements to the or required these and implied other revenue and research forward-looking including a limited assumes and may and hopes, the operating events. as statements law, that anticipates, that extent those contain future future be accessible to plans, disclosures including estimates, be like the believes, with significant and should, cause by number ended expressed the materially Commission, significant the plans as of Words and and website by certain assumptions our update SEC, Vivos' operational of was which positive the well SEC's of filings the other call to, today's Vivos Section Act change. growth amended, and by of Vivos' Securities product acquisition be expressions expects, addressed as forward-looking goal, and for Vivos include, well of such filings all results of from upon forward-looking to and statements including obligation XXXX, Securities of the described and factors management with our XXXX the differ are

XXX(k) the Vivos that treat has certain U.S. OSA. and clearance Drug severe given Food aware to be please Administration appliance's mild Finally, to

is Vivos. protocol and last of off-label doctor treating severe for discretion of at With no the patients performed be clinical needed treatment now for an the November, OSA clearance FDA the of treatment to integral longer with is severe part the

pleasure it go Now at this is time, please introduce Huntsman, Vivos. Chairman Kirk to and of Kirk, my CEO ahead.

R. Huntsman

highlights medicine important market across overall who sleep I conference for Each the to be over do and in start of XXXX, oral some the adjust began and a on we activities. higher regulatory visibility, joining Amman, events to Officer, After fourth operating through accelerated on and again. Throughout revenue the brought of questions. But offer Only clearance battled as to the will in changing took see in to by the patients. even a call. thank we quarter a FDA Financial and your every we'll sleep respect in our after did other by with as us on clearance flurry actions XXXX with take full to unprecedented year. within moment, that garnered began severe and financial hard for want Vivos, in throughout milestone that, year. results. interest brief the clearance and late well revenue I our I'll happy a to XXXX call treat for throughout achievements hugely and year before in separate Vivos that, I'll public Chief dental, to past Julie. remarks our XXXX and an many reduction market expense implementing Thank In began dollar to all today's forces QX, new of appliance level our industry markets in progress larger latest of efforts and FDA OSA conditions and November and stimulating stabilize walk Brad both you, sales events challenges you trend positively world. Meanwhile, we the you cost-cutting our space, January these the ended turn created

by efforts our team benefits speaks at Here in year be clear see initiatives. the operating expenses XXXX, year-over-year XXXX, entire let Also, onetime me achievement to net these to declined our are Vivos. considerable basis, here not full that a these are operating cost reductions. was and it is That and In our the on tremendous we a of beginning XX% now year-over-year. XX% down of loss dedication and

enhance ongoing implement we approvals, our have regulatory and cost we organization. our to to reductions able operational position steps up strengthen Our structure. liquidity full took capital results entire efficiencies Complementing and year our shore reflect been throughout that this, further our

private this a fall, XXXX, last November the effected recently, market. past February, shareholders private we X-for-XX For investor in placement issued which and an placement for transaction exercise share, the exercise split. In about gross per in November of price Vivos. stock the at at $X closed XX% reverse proceeds example, warrants the generated just million priced we $X million of November $X.XX a the More approved early in

the these our with the our cost-cutting support foundation We in growth given believe coming financial have actions, initiatives year year. combination measures us much to last improved a revenue in over

raise cash to we bear anticipate enhance boost and positive our from by revenue on reflect our we extremely that capital and the becoming for equity incredible I'm need to While will accomplishments. to us purposes, this year. When end continue operations grateful revenue our this additional will fruit, to of of lead NASDAQ initiatives performance stockholders' side flow could our which journey, I Vivos proud

being disorders, singular and apnea is Our to vision the more obstructive every or more experiencing those each provide OSA sleep including patient day. and breathing sleep and best care realized for

things that As only achievement, I our XXX(k) future. Two mentioned and that for mandibular medical to devices mild ever, earlier, another not but for us treat last happened and at to of recently device Vivos' yet oral treat gave first other and during investment, Vivos FDA in advancement to and noteworthy OSA. More clearances of that are a work the clearance our line paradigm cleared points received tireless to oral year the the FDA does unprecedented adults. medical severe a moderate an also beginning both time not apnea validated game potentially bright CARE XXXX shift These in sleep amazing changing. include

to important and clinical a second breakthrough is tweak an the first our is go-to-market strategy. The overarching

for paradigm a success improvements. an disorders. When points impact to seen airway new shift the seeing develop that disorders, are encouraged an greater of in already breathing thus of treatment entire On of front, underway, and treatment are we've function set the protocols. the to new and entirely clinical of breakthroughs work range applied sleep the Much with options levels by gives further degrees and Then we treatments in the extremely boundaries pushed and we breathing and sleep is patients clinical how interdisciplinary achieving dramatic of patients both represents heights. of remains we've we our leveraged and price and OSA of of of This full Vivos form line new varied a but to acquire, refine testing understanding information far. what human to and across

impact the will say and still promise country. our changer that these In discovered regulatory for in competitively across late on tested in a several across to victories, are recent competitively a systems market and had practices potential came and health very is and operationally VIP independent as successful that operating near have now the protocols we what of key then the allow model. Suffice our our practices achieved field and to common best important clinical to potentially traits now with business clinical both we tweaks game-changing look the diagnostic broad across game to highly and to about coupled execution second our is report future, treatment on deliver our in success. These holds. significant XXXX the came well XXXX that tried scaling to entire those care country closely practices This been discovery the we we and our XXXX. positioned will not are have early positive our technology believe the way The and to mention technology business to developments we and and behind how spectrum. they pending, at important Other we about identified their actual Vivos that believe

that U.S. leading great many an concerns. therapy. safety by of and to they the appliance both that FDA. the such was The shipments and seek ongoing providers been FDA This consent due alarm have as announcement deal pursuant suspending to units manufacturer to and and caused oral millions first of XXXX, patients recalled led the the Since a a with among CPAP concern alternative decree serious CPAP treatments, health CPAP into by were recall

extremely early lead first at now for sending prospective patients of believe adult diagnosed many before the a first severe thousands thus of therapy to The is such have likely surgical severe their placement follow neurostimulation for XXXX medical the all sleep large majority and mandates portion a will X a of issue, of policy A United's moderate patients devices solution medicine CARE oral insurance oral optimistic second step an community about forward are of an summary, believe developments guidelines in for that are in in part to dentist. their especially with this now serve X this appliance UnitedHealthcare regimen and we moderate announcement which to on these March severe only patients appliance year, to stimulate demand OSA. Many other perhaps future. Effective important treatment seek prominent will of new OSA Vivos' market forms OSA. therapy implant carriers considering of move soon CARE and FDA-cleared development by the implants with oral Vivos beyond, now UnitedHealthcare treatment. In for OSA medical came of integral XXXX as crucial oral we as that devices. We

But at by mentioned. about world's is a reception the of and Vivos by no hope garnering medical all about interest CPAP treatment OSA they their glimmer offer become bolstered someday longer just first that all oral a novel medical to dentists. are Today, machines. severe it of only the most have is are of appliance treatment of technology expectations directed the OSA story field. all, free products that Our patients and may I our the that throughout and can alternative the real a

on thank conference to all want call. us for today's joining I you

me go Now review Financial Chief Brad, our Officer, ahead. to Amman, results. the please to turn call our financial over let Brad

Bradford Amman

results you, financial the fourth and highlights Thank full Today, of XXXX. good our review quarter I'll for Kirk, year and afternoon, everyone. the

at quarter-over-quarter revenue fourth quarter earlier reported X- the and Denver. to service XXXX fourth periods which For partially of the from XXXX. our million XX-K, refer Investor The further million filings results release at annual of the XX, offset and increased decrease for by revenue particularly our appliance revenue and seminars lower is Relations which of XXXX, and report testing the Institute generated distributed total was you in to $X here we information enrollments, vivos.com/investor-relations. Today, today due on website to ended the compared section portion December $X.X our conducted and quarter available on Vivos earnings on VIP SEC Vivos I'll Form home for sales XX-month the was of sleep

number Revenue we XXXX, the of during $XXX,XXX and XX million was VIP XXXX quarter arches fourth the of recognized year. the addition of the of approximately of total to the by enrollments During VIP fourth price impacted of total of and appliance same for XX approximately VIPs XXXX for of to million VIPs quarter the compared million. $X.X approximately new last enrolled a compared in lower revenue period $X.X $X points. We entry X,XXX during for levels at program a quarter lower sold during into the fourth X,XXX revenue oral

During service revenue. recognized the we and $XXX,XXX billing approximately XXXX XXXX, quarter of fourth intelligence of

also therapy prior compared $XXX,XXX revenue same in We other $XXX,XXX service with $XXX,XXX recognized none year. year in the in and period and last revenue to compared myofunctional the sponsorship, seminar during

during Lastly, testing of ring XXXX $XXX,XXX quarters our from home in recognized the XXXX, we and sleep lease fourth program. revenue

the year was $XX attributable was The decrease to the compared million just revenue XXXX, factors full million mentioned. For year $XX.X the full to for XXXX. same I

of for $X.X of enrolled in XXX compared VIPs and we revenue XXXX. XXX $X.X million During million revenue to XXXX, VIPs

XXXX. in estimated to separately year by revenue customer and in when XXXX. months compared compared impacted to XX over which to be the lives, of XXXX of addition that growth was XX% increase months VIP be recognized are is lower In of time, the calculated a enrollment in XXXX, an period XX revenue estimated to same increases revenue, each to spread in amortization period impacts This thus decreasing the over longer revenue

a negatively customer time, year-over-year. The December during of VIP XX, a from staying approximately ended for it increasing the this year December during period year thus XXXX, our XXXX. impacts contract our approximately decreased is Although XX,XXX revenue ended recognition, XX, retention of during result the customers longer period the to XX,XXX enrollment active average

was the entry levels adding revenue our the received new was providers. impacted into to positively pediatric ranging X,XXX program, by XX,XXX $X,XXX from program, our and which VIP Additionally, by

enrollments with However, for results fewer lower coupled XXXX. it lower revenue in in has per also This, revenue resulted contract.

a decrease During of total We we XX% appliance use total arches a by of came March to XX,XXX device oral the FDA part arches oral a to decrease a was product X,XXX approximately $X.X full CBS an negative XXXX year appliance was used $X.X that XXXX, million, for news report attribute that for sold the for sales being oral in million. off-label. compared AGGA unrelated the in regarding cleared out in called the not and

discussions issue. cleared devices about until by the continuing our Although customers, purchases some Vivos' pause are based we dentist FDA they CARE upon that the our believe practitioners with more learn

to service XXX% $X.X is the home for XXXX. sleep full full million $XXX,XXX year year recognized the for XXXX, Additionally, of in which we testing revenue, increase compared

year full myofunctional recognized the in essentially the XXXX, prior For revenue, therapy we with $XXX,XXX flat year.

intelligence the For the in full revenue year XXXX, we million had $XXX,XXX $X.X compared year. in service prior billing to

Gross product XXXX and Lastly, for in gross margin of lower $X.X year XX% the year of $XXX,XXX was for quarter-over-quarter XXXX. the were year due to again marketing quarter full revenue. Sales once compared full the XXXX margin were compared for the compared the for we profit to in compared was was for of million expenses $X.X period fourth compared XXXX. Gross year fourth profit XXXX million to XXXX $XXX,XXX Gross XX% lower $XXX,XXX XX% Gross profit XXXX, to the full respectively. the XXXX million year-over-year. $X.X XXXX XXXX. of full for for fourth was quarter recognized Center for revenue the XXXX. XX% and Expenses fourth for to the for quarters to comparable million year $X.X quarter million and the of $XX of and full

vivos.com and sales-related and VIP million full for marketing $X.X expenses compared expense sales For commissions commensurate development lower XX, occurred for the was year reflects ended the enrollments. lower that website XX/XX in and million XXXX, to spend and lower XXXX The in year 'XX. $X.X and December with ended thevivosinstitute.com XXXX sales both approximately

We expenses significant continue and reduction as general to well. administrative in see

million quarter compared of This and decreased cost-cutting million For previously quarter impact the million expenses to fourth substantial to general for $X.X by XXXX, administrative of $X.X making. XX% last are fourth decrease reflects announced year-over-year or $X.X our efforts year. the

cash our flow revenues to will move these efforts cash believe We continue toward positive operations. as to we look reduce and burn ramp

to the was compensation personnel for to million general XXXX. full XXXX, approximately million XX% driver and decrease a of $X.X this $XX compared year about expenses the For decreased or $XX.X of related year change of $X.X million. in The administrative full million primary of and

Total XXXX, amount, a decreased XX% of XXXX for of operating million quarter cost-cutting fourth also by reflecting versus significant expenses initiatives. or fourth the quarter $X.X the Vivos'

comparable year For for and million the $X.X million full year to or the decrease was approximately operating due cuts factors and XXXX, December ended loss from and X the This million just $X.X of G&A discussed. months XX XXXX, operating million decreased XXXX. Operating other primarily to was compared year. to expenses and XX% I $XX.X and by compared XX, last $X.X full lower the $XX year-over-year the for loss million expense periods

$XX.X Our cost-cutting or quarter, to reduction utilize end million reductions plans initiatives flow year-over-year XX% reduction its to cash of positive loss planned. respectively. Vivos' also of and fourth reductions operations the XXXX increase XX% $X.X help significant of net led achieve cost-cutting a million to revenue by the should or for as

Turning cash ended million expense further to compared reduction for of is operations the a of from to the million of prior statement December year impact our flows. of during positive XXXX, initiatives. year. the was decrease evidence XX, This $XX.X $XX.X $X.X burn Cash our million,

capital ordering same This of from of and compares the other arising activities used expenditures developed $XXX,XXX be software consisted December for in ended development placed cash comparable cash to as to 'XX a year intellectual of for in as purchase of is in of used software well VIP which software. service XXXX in net to activities in use, internal $XXX,XXX XX, investing February the patents period, the For net similarly capital XXXX, investing for internally ordering in of the related property XXXX. expenditures expected

activities provided financing year January net XXXX, $XX.X the of our million cash November XXXX and ended private placements. related XX, to December from For

in of December XX, $X.X of as had XXXX. we $X.X compared cash As XX, December and XXXX, to cash million million equivalents

purchase following an Vivos announced, institutional end investor for exercise the an entered its stock of of of by equity. the of February company transaction to XXXX. previously Vivos' As to liquidity in held approximately closed of aggregate purchase outstanding common of and an for in XXXX, position the to into an $X February year, XXX,XXX proceeds gross agreement The warrant stock million stockholders' augment shares common the

become cash goal year. by As to of Kirk mentioned operations from earlier, our flow positive the the remains end

Back Kirk. to you,

R. Huntsman

concludes that our remarks. So prepared

be take happy we'll questions. to Now

Operator

from first Instructions] comes AGP. Scott Henry question [Operator Your from

Scott Henry

guess and is that into XXXX, just you of Thank good days year quarter. relative we guidance maybe do afternoon. I for the now how within starters, quarter how for a couple just think think to the fourth completed being that, we quarter first revenues? first should obviously, have from we're you about or And any about should complete,

R. Huntsman

is Well, I constantly Scott, we've because simply not around history think of long, got few weeks. providing evolving a everything become that a clear over the here. next long will of guidance course And the

further made made with of some our to are As pending announcements current respect and initiatives. progresses further and

I important develop we're how for and of doing reposition going of And to garner profitability is things to it revenue. greater rather the rather course new importantly, model think revenue XXXX. Vivos higher levels at streams to would and dramatically also that over So us I our say will and rather, evolve

bear I the fruit time. further our my correct changes this prepared to help we profitability as important we making course And will mentioned know answer -- develop these maintain dramatic in important -- begin the remarks, in making come model, actual pivots you, cash but probably our about. reflect performance, and top is my So very -- answer that to we're it things of to in and continue we and our through both at as business have the some that on We're XXXX. Again, and in and absolute line they expect those it they doesn't seems that as flow. I some

Scott Henry

Perhaps on I spend just just a different it asking little and the color. a different appreciate Yes, with it. Okay. little

quarter 'XX? And quarter, of time, First also, to number goal of are need sort to going guess, similar these as to you initiatives quarter, revenue to fourth we the what 'XX of expect to lot do I fourth look profitability? you mentioned, profitability, quarter first of get because in should a quarterly take

R. Huntsman

expecting and of I first at recall. So the QX to here fairly the I in in would QX uptick consecutive really as question? quarters, time we say that this quarter, begin say then likely I are don't part as think point I and are far that answer accelerate was to what would X. your -- in last would be And the your comparable.

Scott Henry

need operations. would to reach What flow quarterly number breakeven cash revenue you from

R. Huntsman

-- X about is million there. $X between get us So $X million and to going

changing this if be to to bit about the gets basis -- pretty really overhead, what you us so the I flow million range, close rate close. on number is positive of million that an a gets that think to -- is expect We're think to continue that as on end a to $XX -- annual $XX that's run going us little basis, that saying would revenue but to we in we be reduce here we're year. by cash

Scott Henry

Okay.

the you're necessarily quarter, month maybe year, saying? not the last what of the is but that So

R. Huntsman

some come on. see things measure be you'll working making that that think on a Something full pending, as they -- we'll -- and the of in full these impact the go announcements -- to we here, probably expect are to got some things measure how start But I important we're depending things of we've QX, fruition.

So.

Scott Henry

And you is looks XX-K. event? Or it levels? continue correct? it sleep the in of quarter. kind higher And from the I to to then at interpreting way would But expect you these the out onetime to was that the ticked testing material services hardest Great. Okay. of kind up it in fourth because back Am like a that X a figure other fourth got quarter the always out of quarters

R. Huntsman

the that's a we rate. that's use lot known that a more finger. on worn there -- are sleep That in We're doing coupling cardiopulmonary and through well ever-increasing image ring those there -- I that using our delivered with your at doctors technology pretty an that utilization field out think are and it's

with would that That's And continue. test our actual initiatives that our the and what's have. important yes, so convert testing positive into those our one there. we helping pleased to who happening We're -- we patients We're doctors we today expect of -- would that's results cases.

So.

Scott Henry

for my taking questions. Thanks

R. Huntsman

You bet.

Operator

comes question Ward next from Your Lucas Ascendiant. from

Lucas Ward

Congratulations that making on the tremendous progress you're business. in the

I appliances just of analyst, in I'm of what with in the situation an And just of you guess to Vivos. see we understand recall. frustrating clearance opportunity? is like be well. same looking it sure as millions is timing And over, the an get at yet this I CPAP for mean, what as sign alternative, oral time, for trying there's to but sleep apnea. for from the So people let's terms seeing wave of it's the severe the it's to in really would the the say, amazing I'm And financials. Philips scale XXX(k) the you It don't that so coming people theory, just of an any --

R. Huntsman

That's here's you And would an I excellent extremely I think, it, always is has say. scale the of what as phrased opportunity, large. The question. been and

already And obstructive think now, technology what through exclusively. of application for until distribution in And this with what believed almost only community, get primary has the we'd involved technology of row journey segment we potential that the added up this technology channels, say channel the we've that of in like that channel, of full we But -- is more dental new process us this today that changes the about our have powerful too we've on this will that of the some can of and the we're hope technology suffers have of been make there been have impact we that got in are the technology from the our strategic population realization of focal to we've all to. has making. the change. sleep that that apnea. severe to sure that into -- this this population, just much And it's are challenge is the ducks I of has once important. The that the always in who the to be and which are doing. now suffice realized because referred yet even hesitate dramatic of to I all That that Vivos been more through had that and the initiatives detail get the efforts other point a

So are I of way, with a I and that my in you're think things our of spot events is process. assets resources. the on the confluence all strong in things coming remarks, that there highlighted seeing undercurrent and begun the repositioning we're We've marketplace, that we already

meat be And next we are is that we able making to opportunity the will repositioning and I full are to and be of put reach what really just will and and things announcing, so there here and said over months in a it position But refocusing put few its of continue on weeks there. we public addressing that tremendous, this the we'll the to company be sort potential. bones to just

So.

Lucas Ward

announced Okay. partnerships, Lincare, you of those and the see the you got Ormco give Noum, on initiatives then XXXX? you you've guess to that, related some partnerships us Could happening DEKA. update specific external of some and I in what an

R. Huntsman

with I those most of would say pleased that of we're the very progress relationships.

time point we're lot in at. along. I Lincare terms frustrated little further where this be a we'd hope of relationship a And to with at in the we're think

that that little hope there's in go some we think that, slower continues evolve continue a a progress what but there things have to made logistical that positive hoped, out had and bit happened than have to that we we way. I push through,

moving the kind forward. mentioned very, time, taking to of take bit that very of relationship we're all about exciting excited and well. and a off We're getting. that are The and going you the other response little relationships is actually -- And synergistic Ormco that although very they're

we're after it's hump over So -- the community. I into have just the entree years, starting slogging a and it bear the mentioned more and that -- get -- starting of we're think bit attention out last takes have of that mention, inquiries we it fielding think And see, ago, DSO to finally that all of for probably time more calls business. And development. you we very, it. we're no, and and X early DSO I practices in within that one don't fruit, just think, but I maybe Vivos DSO very of stage see early the what here. about some call adopters it had want excited to to to couple DSO years just more, the of things it But those testing, little did starting I basically the And we're not to the are community

doctors -- It them, entire especially productive, think I've and it got a of business. the the the our and I become always I'd here, the much companies of of -- like they've feels the that results that would slow starting DSO we finally, to more in said have more interactions made boil, it low much the like that, that eye all caught DSO major most and all really getting has of progress in We say senior we're some see feels be traction latest the encouraging the think they're I team. have since to sort our -- but clearance. a level of starts interest management. And

that continue to So area the throughout we grow also will that years an ahead. that's, that's see

that. by encouraged very So

Lucas Ward

pleased are whatever of -- months standpoint? break a is, How it's revenue beginning. as it the I it acquisition was were AFD year. from is going on, Wonderful. X almost is that you the Obviously, I may, If are it don't you at now you about out, but guess, with as a wondering I you it -- maybe sort

R. Huntsman

very product important here fastest-growing very, significant And to technology of found have line also and of technology some to a that bearing of void a powerful on we're referred technology line still incredible and amounts we've and great advances internally there potential as line. actually unilateral fruit. That treatment it in impact. I that in that were and prepared we piece made actually doing gives whatnot. is products today. protocols was remarks some and that my line product entire are have us It's in other block And the that discovered our incredible bite mentioned Yes. around our things some

excited we're that everything to It's and going The more. was when we acquired we that. it really thought be future is So it very about strong.

that asking Thanks I excited earlier. haven't that. for So very referenced that. about about

Lucas Ward

Sure.

Okay. One question. more

in the are a out. like for that side, -- was bottom already $X.X Can of about down? on that I'm Or with looks On see we're operating at million to we go bottoming kind total QX. it expenses it expense just wondering you basis. operating where quarterly continue expenses

R. Huntsman

do to take Brad, you that? want

Bradford Amman

some made And throughout terms personnel very much in down to cutting We pretty cost Sure, the cut of XXXX. significant we've sure. bone costs.

to some We professional of raises we've have forth. some then had capital raised in and fees the additional and so relating terms some of capital that also had that

a have in -- XXXX I'd fees, that of year we'll So that in cost XXXX. we we'll cutting in -- those decreases the terms XXXX, component could But say professional cost-cutting year would still then and of get full full initiated fall. -- in a

full help in And us of should will over first same thing XXXX. quarter the the quarter that first in So experience terms year.

see half We'll for par year. should it on last half the with So we'll about year. additional reductions year-over-year year then some be the the and second have of

R. Huntsman

just point it an right? that, And to basis, think costs SG&A fine we -- -- there. due about a to was put rate. we going our the I to to Brad in $XXX,XXX had Just be fees let add QX went on of But said operating Brad was that's what related and just run up actually as In me mentioned, to lower several that increase QX professional not things whatnot. part on

agree a think rate be Brad? Would that, steady like with state you I QX. would more run

Bradford Amman

Yes.

R. Huntsman

Yes. like More QX.

XXXX. look I what at continue. a So see to going that as would we're as think as initiatives for and in proxy our mentioned, mentioned, I And both I I cost-cutting Brad

we conscious that and spending So the ROI where dime every every going of and on spent. we're are extraordinarily it's dollar

drop move as would that either year. the we forward throughout flattening expect see So we as out continuing to to just as continue or far

begin As see some to of hope the losses initiatives take losses revenue then expect that diminish. to would hold, -- we obviously, new the begin these we to

So.

Lucas Ward

Kirk, Thank Okay. Brad. you, good. thanks. I'm

Operator

remarks. proceed time. no Huntsman, your questions this Mr. further are with at There please closing

R. Huntsman

to put our journey get to there's getting a place of this the flow had a from spent to very very, this can and we long we you've had been realize are breakeven -- have to cash close into everyone. We profitability. appreciate us lot point where investors that that afternoon. has things do and here to with Well, we a say thank we the to time that are the and that investment that that received appreciate support We you, and we community. We

And future, to will we to As many will until that our to evolve to many, to More the begin More ourselves company get this good approvals. point. that initiatives expect revenue. regulatory forward we things continue we happen. enhance roll allow reposition and in see we

look we throughout to forward continued with to so on you sharing execute this of as our our XXXX. we progress continue plans And year

have great great a and evening a you, thank and holiday. So

Operator

conference today's for gentlemen, you joining. and call. Ladies this concludes Thank

may disconnect. You now

Vivos Therapeutics (VVOS) 28 Mar 242023 Q4 Earnings call transcript