Medical technology company Vivos Therapeutics brought in $16 million in full-year 2022 revenue.
The company released the financial results for the fourth quarter and full year of 2022 on March 30.
Vivos noted in the news release that it previously made corrections to its application of Accounting Standards Code Topic 606, and that financial results for the fourth quarter and full year of 2022 reflect the application of this code, resulting in uneven comparisons between 2021 and 2022.
Here are five notes on the company's financial performance for the fourth quarter and full year of 2022:
1. Full-year revenue for 2022 was $16 million, compared to $16.9 million in 2021.
2. Fourth-quarter revenue was $4 million, compared to $4.4 million during the fourth quarter of 2021.
3. Vivos sold 2,938 total oral appliance arches in the fourth quarter of 2022, resulting in a 21 percent increase in appliance revenue compared to the same period a year prior.
4. The company saw a gross profit of $2.4 million for the fourth quarter of 2022 and $10 million for the full year, compared to $3.1 million and $12.6 million in gross profit for the same periods in 2021, respectively.
5. Vivos had a gross margin of 60 percent for the fourth quarter of 2022 and 63 percent for the full year, compared to 71 percent and 75 percent for the comparable periods in 2021, respectively.