Vivos Therapeutics, Inc.

What they do

Vivos markets The Vivos Method, a protocol combining proprietary C.A.R.E. oral appliances and other appliances with clinical treatments prescribed by trained dentists. Its appliances have been used in roughly 60,000 patients worldwide by more than 2,000 trained dentists, with other appliance lines treating an additional 15,000 or more. Since 2024 the company has pivoted toward a medical provider-focused model, acquiring and managing sleep medical practices and forming Vivos-supported DSOs and MSOs under the SAMC branding. In June 2025 it acquired the sleep testing, diagnostics and treatment center assets of SCN.

Revenue drivers

• Product sales (oral appliances) — Appliance orders follow provider 'case starts'; the C.A.R.E. appliances are the flagship line, with mid-priced Lifeline mandibular advancement devices such as Versa and Vida, and pediatric Vivos Guide and PE x appliances. Management states it has a low concentration of active VIPs regularly starting new cases.
• VIP enrollment and related services — Dental practices pay enrollment fees for training plus add-on services including Billing Intelligence Services and MyoSync orofacial myofunctional therapy. Because of the 2024 model pivot, management expects VIP enrollment revenue to become immaterial after 2026.
• Sleep testing and diagnostic services (SCN) — The June 2025 SCN acquisition added sleep testing, diagnostics and treatment centers, giving Vivos diagnostic and diagnostic consulting revenue that management describes as new higher-margin streams, plus a funnel for appliance sales.

Recent performance

Annual revenue was $17.4M in 2025, up from $15.0M in 2024 and $13.8M in 2023, but net loss widened to $21.2M in 2025 from $11.1M in 2024. Operating cash flow was negative $15.3M in 2025 versus negative $12.7M in 2024. Quarterly revenue was $6.8M for 2025-09-30, $3.8M for 2025-12-31, $5.1M for 2026-03-31 and $5.2M for 2026-06-30. At 2026-06-30 the company reported total assets of $24.1M, total liabilities of $28.1M, shareholder equity of negative $3.8M, cash and equivalents of $1.8M, and long-term debt of $366,000. Management states that since the SCN acquisition it has been unable to generate sufficient revenues to pay for all expenses, including debt service.

Strategy

The company is shifting its business model from selling mainly to independent dentists toward a medical provider-focused sales, marketing and distribution model. Under this approach it acquires or manages sleep medical practices and establishes Vivos-supported DSOs and MSOs, branded as Sleep and Airway Medicine Centers, to capture diagnostic and consulting revenue and generate appliance demand. As of April 2026 it stopped offering the Guided Growth and Development course to unaffiliated independent dentists not employed by or contracted with a Vivos-supported DSO group. It also plans to broaden its provider base beyond dentistry to chiropractors, primary care physicians, cardiologists and others. Management says its primary goal is to increase revenues through SCN and to consider other acquisitions or alliances to do so.

Risks

• Going-concern liquidity — At 2026-06-30 cash was $1.8M against total liabilities of $28.1M and negative shareholder equity of $3.8M, and management states SCN-since revenues have not covered all expenses including debt service.
• Persistent losses and cash burn — The company reported net losses in each year from 2021 through 2025, including $21.2M in 2025, with operating cash outflow of $15.3M that year.
• Dependence on case starts and VIP engagement — Appliance revenue depends on trained providers starting treatment cases, and management acknowledges a low concentration of active VIPs who regularly start new cases and slow historical adoption by VIPs.
• SCN integration and reimbursement — Management identifies hiring, equipping and training personnel at SCN locations in the Vivos Method, and insurance reimbursement, as its biggest challenges to date in the new model.

Outlook

Management's stated primary goal is to increase revenue through SCN, which it acquired in June 2025, and to consider additional acquisitions or alliances to grow revenue. It expects VIP enrollment revenue to continue through 2026 but to become immaterial as the medical provider-focused model takes over. The company frames its future as a technology platform and services resource for diagnosing and treating OSA across a broader set of providers. It also reports that it has been unable to generate sufficient revenues to cover all expenses, including debt service, since the SCN acquisition.