Vivos Therapeutics (VVOS) Q4 2025 earnings summary

Executive summary

• Full year 2025 revenue rose 16% year-over-year to $17.5 million, driven by the acquisition and integration of the Sleep Center of Nevada (SCN) and a strategic pivot to a medical provider-focused model, with increased sleep testing and OSA patient treatments at two Nevada locations.

• Transitioned away from legacy dental VIP model, resulting in expected declines in legacy product and service revenue, offset by strong gains in sleep testing and treatment revenue.

• Maintained gross margin at 60% despite significant investments in new operations and integration costs.

• Operating loss widened to $19.9 million from $11.2 million in 2024, reflecting higher expenses from SCN integration and business model shift.

• Positioned for further growth with new affiliations, expanded insurance coverage, and scalable SO team deployment.

Financial highlights

• Product revenue was $6.5 million and service revenue $11.0 million for 2025, both up from prior year.

• Gross profit rose 17% to $10.5 million, with gross margin steady at 60%.

• Operating expenses increased to $30.4 million (from $20.2 million in 2024), mainly due to SCN integration, higher G&A, and one-time professional fees.

• Net loss for 2025 was $21.2 million, compared to $11.1 million in 2024.

• Cash and cash equivalents declined to $2.0 million from $6.3 million year-over-year.

Outlook and guidance

• Management expects recent cost-saving initiatives and strengthened capital structure to support a path to cash flow positive operations by year-end 2026.

• Expecting higher revenue from advanced, higher-margin products in 2026 as insurance coverage and SO team deployment expand.

• Targeting cash flow positive operations by end of 2026, requiring a near doubling of revenue run rate by 2027.

• Q1 2026 expected to show improvement over Q4 2025, with most impact from new providers and insurance access in Q2 and beyond.

• Growth initiatives include pediatric OSA program, expanded diagnostic/treatment services, and national affiliation rollouts.