Vivos Therapeutics, Inc. (VVOS), a medical technology company, has surged 42.33% in the current market trading session. Consequently, the stock is trading at $2.32 at the time of the writing. The surge could be attributed to the announcement of an increase in Sleep Apnea Diagnostic Testing. On Tuesday, VVOS stock closed the day at $1.63 after sliding 12.83% during regular trading hours.
Why VVOS Surging?
VVOS has announced significant increases across several key metrics for its SleepImage Home Sleep Apnea Tests (HST). The company has observed an 18-time increase in the total number of HSTs given across the network of Vivos trained dentists for the three months ended December 31, 2021, against the three-months ended December 31, 2020. Also, there was a 5.7 times increase in the number of VIPs administering HSTs as well as a 3 times increase in the average number of HSTs being administered per VIP.
Acceptance for mmRNA Device
On 14th December, VVOS announced that it had received acceptance for its mmRNA (modified mandibular Repositioning Nighttime Appliance) device from a Centers for Medicare & Medicaid Services Pricing, Data Analysis, and Coding (“PDAC”) contractor. The device is meant to treat mild to moderate OSA and snoring in adults. The acceptance was to place the mmRNA device on the PDAC list of oral appliances covered by and billable to Medicare.
Registration with Health Canada
In early December, VVOS announced its official registration with Health Canada. Health Canada is a Minister of Health department responsible for helping Canadians maintain and improve their health through services and resources. The official registration would aim to provide patients with a comprehensive and end-to-end solution for OSA patients.
Future Outlook for VVOS
During the last three months, VVOS stock has declined by more than 50%, owing to both companies specific and market-related reasons. Looking at the future, the stock appears to be in a good shape to attract investors.