Obstructive sleep apnea (OSA) device developer Vivos Therapeutics has taken several cost-saving measures, including reducing its workforce by about 17%.
Vivos announced that it has reduced expenses, halted product expansion, and made organizational changes that included an approximate 17% reduction of its workforce. The initiatives are in addition to cost-saving measures previously announced by Vivos. The changes are expected to result in relatively flat revenues sequentially for the transitional first half of 2023, with top revenue growth accelerating at the beginning of the third quarter of 2023.
Additionally, Vivos’ audit committee of its board of directors replaced Plante & Moran as its independent registered public accounting firm with Moss Adams, which was effective May 3. Due to the timing of this change, the company said it expects to file for a time extension for the filing of its Form 10-Q quarterly report for the period ending March 31, 2023.