Vivos Therapeutics Inc. (VVOS), a medical technology company, saw an increase in its share price in premarket, after VVOS stock gained some 5.79%, and closed the day at $3.56. In the last trading session, Vivos has experienced an increase of 16.84% in share price, and it currently stands at $3.36.
Why did VVOS stock rose?
VVOS stock soared on Tuesday after the company announced the detailed summary of national study results. These results were announced in mid of July. The summary revealed some positive developments for the company. As announced in the earlier results, 1 out of 4 patients having orofacial anomalies didn’t report any sort of Obstructive Sleep Apnea (OSA) symptoms. According to this more detailed summary, 20 patients had OSA. None of them reported worsening their OSA. Kirk Huntsman, Vivos’ Chairman, and CEO, said on the occasion that the investment community and other parties look for more real-world data about Vivos devices, so, the release of this detailed summary would be beneficial for the company.
Announcement of quarterly and six month results
On the 12th of August, Vivos Therapeutics Inc. (VVOS) announced the quarterly results for the second quarter of the fiscal year 2021, as well as the results for six month period, which ended June 30th. According to results, the company’s revenue increased to $4.5 million during the quarter, an increase of 37.5% when compared with the equivalent period of 2020. For the six-month period of 2021, it stood at $7.9 million, as compared to revenue of $6.5 million for the equivalent period of 2020. The gross profit during the quarter stood at $3.6 million, as compared to a gross profit of $2.7 million during the equivalent period of 2020. The gross profit for six month period stood at $6.3 million, as compared to the gross profit of $5.1 million during the first six-month period of 2020. The net loss for the quarter stood at $4 million, while for six month period, it stood at $7.4 million. Also, the company announced that during the second quarter of 2021, the number of patients treated by the Vivos system surpassed 19,000.
Opening of the training center
On July 29th, VVOS announced it has opened a training center in Denver, namely The Vivos Institute. The facility was initiated with the aim to provide dentists and healthcare professionals from around the world with postgraduate education and training. The healthcare teams would be guided about the treatment of OSA by Vivos and practicing tools related to Vivos. Kirk Huntsman said on the occasion that Institute’s opening represents a critical milestone for Vivos and Vivos is proud to have opened the institute as promised.
Patients trust over company
In early July, Vivos Therapeutics Inc. (VVOS) revealed that according to data from a patient study about Vivos treatment for dental anomalies, 97% of the patients said that they had obtained the desired result from the treatment of Vivos. The company said that the results are a powerful testimony about the efficacy of its treatment.
Future for VVOS stock
Estimates reveal that during next year, Vivos is expected to generate revenue of $27.8 million. The company is estimated to grow by 14.5% during next year. These results show that the financial performance of Vivos seems to be on a positive trend in near future. These developments in turn could have a substantive impact on VVOS stock. So, potential investors should keenly watch VVOS performance in the next few months.
