Vivos Therapeutics, Inc.

Good day, everyone, and welcome to the Vivos Therapeutics Third Quarter 2023 Earnings Conference Call. At this time, participants are in a listen-only mode. A question-and-answer session will follow management's remarks. This conference call 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 the call over to Julie Gannon, Vivos Investor Relations Officer for introductions and reading of the Safe Harbor Statement. Please go ahead.

Thank you, Operator. Hello, everyone, and welcome to our conference call. A copy of our earnings press release is available on the Investor Relations section of our website at www.vivos.com. With us on today's call are Kirk Huntsman, Vivos Chairman and Chief Executive Officer, and Brad Ammon, Chief Financial Officer. Today, we'll review the highlights and financial results for the third quarter of 2023, as well as more recent developments and vivos plans for the remainder of the year. Following these formal remarks, we will be happy to take questions. I would also like to remind everyone that today's call will contain certain forward-looking statements from our management made within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934 as amended concerning future events. Words such as aim, may, could, should, projects, expects, intends, plans, believes, anticipates, hopes, estimates, goal, and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve significant known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant risk, uncertainties, and contingencies, and many of which are beyond Vivos control. Actual results, including without limitation, the results of Vivos growth strategies, operational plans, including sales, marketing, product acquisition and integration, research and development, regulatory initiatives, cost-saving plans, and plans to generate revenue, as well as future potential results of operations or operating metrics, such as potential for VIVOS to achieve future positive cash flows and other matters to be addressed by VIVOS management in this conference call, may differ materially and adversely from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors described and other disclosures contained in VEVO's filings with the Security and Exchange Commission, including the risk factors and other disclosures in our Form 10-K for the year ended December 31, 2022, and our other filings with the SEC, including our 10-Q filed with the SEC today. all of which are accessible on the investor relations section of the vivos website as well as the sec's website except to the extent required by law vivos assumes no obligation to update statements as circumstances change finally please be aware that the u.s food and drug administration have already given vivos appliances 510k clearance to treat mild to moderate osa Any reference herein regarding vivos treatment or the vivos method should be viewed in that context. Treatment of patients with severe OSA is performed off-label at the sole clinical discretion of the treating doctor and are not part of the vivos treatment protocol. Now, at this time, it is my pleasure to introduce Kirk Huntsman, Chairman and CEO of vivos. Kirk, please go ahead.

Thank you, Julie. I want to thank you all for joining us on today's conference call. In just a moment, I'll turn the call over to our Chief Financial Officer, Brad Ammon, who will walk you through the highlights of our third quarter 2023 financial and operating results. Once Brad is finished, I'll come back and speak with you about the highlights of what we accomplished at Vivos during the third quarter and more recently after the quarter end. This includes some key strategic relationships that we formed with a number of new commercial partners, including our recently announced distribution agreement with Lindcare, who is a recognized durable medical equipment company, or DME. We are especially excited about this relationship because Lindcare serves close to 2 million patients nationwide, many of whom are unsatisfied with using CPAP machines and are seeking alternative methods of treatment, something we can certainly oblige them with. In addition to Lindcare, I'll also talk a bit about Some other agreements we've signed with partners such as with Ormco, a division of publicly traded Invista Holdings Corporation, On Demand Orthodontist, which represents an exciting new service we can now offer our Vivos providers, and Nome in the Middle East region, who has developed and maintains a number of strategic relationships and accounts for diagnostic testing with sleep physicians, sleep centers, hospitals, and other healthcare providers across the MENA region. Together, these relationships have expanded our product line and distribution channels and created new revenue opportunities for our company. We believe these new strategic relationships will generate a substantial number of patient referrals for our existing and extensive network of vivos-trained dentists, which should bring significant new growth and revenue opportunities to vivos. We also believe these initiatives will help to augment and accelerate our VIP enrollment efforts. Along with these positive developments, I'll talk about some of our progress in reducing staff and trimming costs, where we achieved a 32 percent year-over-year reduction in operating expenses. Unfortunately, those cost-cutting measures came with some near-term tradeoffs, as top-line revenue declined on both a quarter-over-quarter and year-over-year basis. We've worked hard throughout this process to avoid staffing and other reductions that would impact revenue, but we now believe the new vivos integrated providers or VIP enrollments and appliance sales have been negatively impacted because of those measures. Fortunately, since the quarter closed, we have seen strong positive trends in appliance sales as other revenue growth measures have kicked in. So the key takeaway here is that we believe our responsible cost-cutting measures over the past year helps set a financial foundation that will support our revenue growth initiatives as we seek to improve our operating results going forward. I also want to highlight the steps we've been taking to improve our liquidity as well as our capital structure. This includes the recent closing of a $4 million private placement, our reverse stock split, and the actions we've taken throughout the past year to increase operational efficiencies, reduce expenses, and to position Vivos to capitalize on the growth opportunities available to us. With all the progress that we've made and what we expect to accomplish as we move forward, we continue to plan for becoming cash flow positive from operations by the end of 2024. After talking a bit more about our plans for the rest of this year and what we are planning for 2024, We'll be happy to take your questions. Now, let me turn it over to Brad for review of our financials. Brad, please go ahead.