Vivos Therapeutics (NASDAQ:VVOS) stock is taking off on Monday morning after revealing clearance from the U.S. Food and Drug Administration (FDA) for its sleep apnea device.
The sleep apnea device news sending VVOS stock higher includes 510(k) market clearance for modified mandibular Repositioning Nighttime Appliance (mmRNA). This allows its use in treating mild to moderate obstructive sleep apnea (OSA) in sleep-disordered breathing and snoring in adults.
This news is a boon to VVOS stock as it allows for expanded insurance reimbursement coverage. That includes coverage through Medicare, as well as normal insurance that follows Medicare guidelines.
Kirk Huntsman, chairman and CEO of Vivos Therapeutics, said this about the news boosting VVOS stock higher today.
“Next-generation products like the mmRNA are vital for allowing medical doctors and dentists to continue pushing forward in their joint mission to give patients a better alternative for effectively treating their OSA. Further, this FDA clearance for the mmRNA enables us to expand commercial insurance reimbursement, soon to include Medicare, making this a more cost-effective solution for patients suffering from OSA.”
Vivos Therapeutics notes that there’s a large group of people that could benefit from its sleep apnea device. It estimates that there are 1 billion people around the world, as well as 54 million in the U.S., that suffering from sleep apnea. The company also mentions that up to 80% of these people are undiagnosed.
VVOS stock is experiencing heavy trading on today’s news. As of this writing, more than 66 million shares of the stock have changed hands. That’s a massive jump compared to its daily average trading volume of about 388,000 shares.
VVOS stock was up 60.1% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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