Vivos Therapeutics Inc. (NASDAQ:VVOS), a medical device company, held its annual meeting of stockholders on Monday, where shareholders voted on several key proposals including the election of directors and the approval of a new equity incentive plan.
The company, which specializes in surgical and medical instruments and apparatus, announced that all six director nominees were elected to the board for a one-year term expiring at the 2025 annual meeting. The elected directors are R. Kirk Huntsman (NYSE:HUN), Dr. Ralph Green, Anja Krammer, Mark Lindsay (NYSE:LNN), Leonard Sokolow, and Dr. Matthew Thompson.
In addition to the election of directors, Vivos Therapeutics' stockholders approved the 2024 Omnibus Equity Incentive Plan. The plan, which entails issuing contingent awards to certain officers, employees, and consultants, received affirmative votes from a majority of the shares represented and voting.
Furthermore, the appointment of Moss Adams LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with a substantial number of affirmative votes.
The meeting saw a quorum with approximately 2,695,565 shares represented, out of a total of 4,765,300 shares entitled to vote as of the October 4, 2024, record date.
The detailed voting results for the director elections showed that R. Kirk Huntsman received 1,123,786 votes for, Dr. Ralph Green received 1,086,059, Anja Krammer garnered 1,092,052, Mark Lindsay had 1,124,404, Leonard Sokolow received 1,092,216, and Dr. Matthew Thompson obtained 1,104,743 votes in favor. The number of withheld votes and broker non-votes were also reported for each nominee.
For the approval of the 2024 Plan, 957,268 votes were cast in favor, 313,560 against, with 17,747 abstentions and 1,415,480 broker non-votes.
The ratification of Moss Adams LLP as the company's independent auditor saw 2,496,723 votes for, 162,219 against, and 35,623 abstentions.
This news is based on a press release statement and reflects the events of the annual meeting held by Vivos Therapeutics, Inc.
In other recent news, Vivos Therapeutics reported a 17% increase in total revenue for the third quarter of 2024, reaching $3.9 million. The growth was primarily driven by higher sales of Vivos appliances and services, despite a decrease in myofunctional therapy revenues.
The company's operating expenses decreased for the ninth consecutive quarter, and cash on hand significantly increased, according to CFO Brad Amman and CEO Kirk Huntsman.
Despite these positive developments, the net loss for Q3 2024 rose to $2.6 million, primarily due to changes in warrant liability. However, the company has secured $14.8 million in financing activities, including a $7.5 million equity investment in June 2024. The company is also shifting its focus from VIP enrollments to collaborations with sleep treatment providers.
In an effort to improve its cost structure and revenue growth, Vivos is making strategic changes in its sales and marketing model. This includes an alliance model with Rivas Health, which is expected to generate approximately $8 million in annual revenue for every 100 patients treated. Furthermore, Vivos plans to open two additional locations in Denver by the end of 2024.
InvestingPro Insights
As Vivos Therapeutics Inc. (NASDAQ:VVOS) moves forward with its newly elected board and approved equity incentive plan, investors may benefit from additional financial insights. According to InvestingPro data, the company's market capitalization stands at $16.1 million, reflecting its current position in the medical device sector.
InvestingPro Tips highlight that VVOS holds more cash than debt on its balance sheet, which could provide some financial flexibility as the company implements its strategies. However, it's also noted that the company is quickly burning through cash, a factor that may be relevant to the newly approved equity incentive plan as a means to attract and retain talent.
The stock has shown significant volatility, with a strong return of 32.83% over the last month and 67.62% over the last six months. This performance aligns with the company's recent corporate actions and may reflect investor optimism about the new board and incentive plan.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips for VVOS, providing a more comprehensive view of the company's financial health and market position.
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