VVOS · Vivos Therapeutics, Inc.

Vivos Therapeutics’ FY2025 results reflect a deliberate strategic pivot: away from its legacy Vivos Integrated Practice (VIP) dentist-enrollment model toward direct clinical service delivery via acquisitions and partnerships. The 16% revenue growth to $17.5 million was driven by increased sleep testing services and contributions from The Sleep Center of Nevada (SCN), whose operating assets were acquired in June 2025 — offsetting the expected wind-down of VIP enrollment revenue. Gross margin held steady at 60%, signaling disciplined cost management despite scaling new service lines. However, operating expenses jumped 50% year-over-year to $30.4 million, largely due to SCN integration costs and investments in OSA treatment centers, resulting in an operating loss of $19.9 million — up from $11.2 million in 2024. Management explicitly attributes the loss to upfront investments in the new model, while highlighting recent cost-savings initiatives and a strengthened capital structure (including $6.8 million in post-year-end financings) as enablers of near-term progress. CEO Kirk Huntsman emphasized that these actions position Vivos to achieve cash flow positive operations by year-end 2026 — a material forward commitment grounded in the disclosed operational shift and balance sheet augmentation. The filing confirms no guidance on specific 2026 financial targets beyond this qualitative milestone, and no reconciliation of GAAP vs. non-GAAP metrics is provided, rendering all reported figures strictly GAAP-conforming.