10-K: Vivos Therapeutics Reports FY2025 Results, Revenue Up 16%

Vivos Therapeutics, Inc. announced its fiscal year 2025 results, showing a 16% increase in total revenue to $17.4 million, driven by growth in sleep testing services and treatment revenue, despite a decline in product sales.

Summary

• Vivos Therapeutics, Inc. reported total revenue of $17.4 million for the fiscal year ended December 31, 2025, a 16% increase from $15.0 million in the prior year.
• This revenue growth was primarily driven by a $4.8 million increase in sleep testing services and a $2.2 million increase in revenue from Vivos treatments at two SCN locations.
• However, product revenue from appliance sales decreased by $1.4 million, offset by a $1.0 million increase in tooth positioner sales.
• Service revenue saw a decrease of $2.0 million in VIP enrollments and $0.7 million in sponsorship/seminar/other revenue.
• The company incurred a net loss of $21.2 million for fiscal year 2025, compared to a net loss of $11.1 million in fiscal year 2024.
• General and administrative expenses increased significantly by $9.8 million to $27.7 million, largely due to costs associated with running SCN operations and related Vivos treatment centers.
• The company ended the year with $2.0 million in cash and cash equivalents, raising substantial doubt about its ability to continue as a going concern without additional financing.
• The company is actively seeking additional financing to fund operations and meet Nasdaq compliance requirements.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing as negative due to the widening net loss, increased operating expenses, and significant concerns regarding the company's going concern status and Nasdaq compliance, despite a reported increase in revenue.

Positives

• Total revenue increased by 16% to $17.4 million for the fiscal year ended December 31, 2025.
• Sleep testing services revenue increased by $4.8 million.
• Revenue from Vivos treatments at SCN locations increased by $2.2 million.
• Gross profit increased by 17% to $10.5 million, with gross margin remaining stable at 60%.

Negatives

• Net loss widened to $21.2 million for fiscal year 2025 from $11.1 million in fiscal year 2024.
• Product revenue from appliance sales decreased by $1.4 million.
• VIP enrollment revenue decreased by approximately 80% to $0.5 million.
• General and administrative expenses increased by $9.8 million to $27.7 million.
• Cash and cash equivalents were $2.0 million at year-end, raising substantial doubt about the company's ability to continue as a going concern.
• The company is not in compliance with Nasdaq's minimum stockholders equity requirement.

Risks

• The company has a history of operating losses and may never achieve profitability.
• The company will need to raise additional capital to fund its business, which could result in substantial dilution or significant debt service obligations.
• The company has limited experience operating its new medical-provider focused business model, which may not produce anticipated benefits.
• Integrating SCN's operations may be more difficult, costly, or time-consuming than expected.
• The company's contractual arrangements with physicians at SCN could be found to violate corporate practice of medicine laws.
• Changes in insurance reimbursement rates or policies could materially affect the business.
• The company's failure to meet Nasdaq's continuing listing requirements could result in delisting.
• The market price of the company's common stock has been and may continue to be highly volatile.

Future Outlook

The company anticipates continued revenue growth through its new medical-provider focused sales, marketing, and distribution model, including further acquisitions and strategic alliances. However, significant additional financing will be required to fund operations and meet Nasdaq compliance requirements, as the company continues to work towards achieving profitability and positive cash flow.

Management Comments

• "Our business has a limited operating history, and we continue to refine our business model, which makes it difficult to evaluate and compare our past performance with both current performance and future prospects."
• "We have a history of operating losses and may never achieve cash flow positive or profitable results of operations."
• "We will need to raise additional capital to fund and grow our business. Such funding, even if obtained, could result in substantial dilution or significant debt service obligations."
• "We expect to derive a substantial portion of our prospective future revenue from sales of our appliances and treatment pursuant to our new strategic alliance and acquisition models, which leaves us reliant on the commercial viability of The Vivos Method and other associated products and services."
• "Our inability to implement and scale this marketing and distribution model would materially harm our business and operating results and likely cause our stock price to suffer."

Industry Context

StockSavvy.ai notes that Vivos Therapeutics is operating in the growing sleep apnea market, which is projected to expand significantly in the coming years. The company's pivot to a medical-provider focused model, including acquisitions like SCN, aligns with industry trends towards integrated healthcare services. However, the company faces intense competition and the challenge of gaining widespread adoption for its proprietary Vivos Method.

Corporate Governance

Legal Proceedings

• The company entered into a confidential settlement agreement with Ortho-Tain on March 13, 2026, resolving ongoing litigation concerning defamatory statements and unfair business practices. The settlement involves a confidential payment and specific restrictions on product naming and marketing practices.

Related Party Transactions

• The company has office space leases where the lessor is controlled or owned by an employee of the Company. Specific details of these leases are provided in Note 15, including monthly rent amounts and remaining lease terms.

Stakeholder Impact

• Shareholders may experience dilution due to ongoing capital raises and potential stock price volatility.
• Employees may face uncertainty due to the company's financial position and Nasdaq compliance challenges.
• Creditors and debt holders face increased risk given the company's substantial liabilities and cash burn rate.
• Patients may experience service disruptions if the company's financial or operational challenges persist.

Next Steps

• Continue to refine and execute the new medical-provider focused sales, marketing, and distribution model.
• Seek additional financing to fund operations and bolster stockholders equity for Nasdaq compliance.
• Integrate SCN operations and explore further acquisitions or collaborations with medical sleep practices.
• Address challenges in recruiting qualified talent and obtaining insurance reimbursement.
• Continue efforts to regain compliance with Nasdaq listing requirements.

Key Dates

Recommendation

The company's significant net loss, deteriorating cash position, and failure to meet Nasdaq's minimum equity requirement, coupled with the ongoing need for substantial financing, present considerable financial risk. While revenue has increased, it has not offset the escalating operational costs and the company's ability to continue as a going concern is in doubt without further capital infusion, making it a high-risk investment.

Keywords

Vivos Therapeutics, Form 10-K, Annual Report, Obstructive Sleep Apnea, OSA, The Vivos Method, Oral Appliances, Sleep Testing, SCN Acquisition, Financial Results, Revenue Growth, Net Loss, Going Concern, Nasdaq Compliance