Vivos Therapeutics Reports 16% Revenue Growth but Increases Net Loss to $21.23 Million

Vivos Therapeutics, Inc. reported a revenue increase of 16% for the year ended December 31, 2025, reaching $17.44 million compared to $15.03 million in 2024. This growth was primarily driven by a $4.8 million increase in sleep testing services revenue and a $2.2 million increase in revenue from Vivos treatments at two Sleep Center of Nevada (SCN) locations. However, this was partially offset by a $1.4 million decline in appliance sales to Vivos Integrated Providers (VIPs) and a $2.0 million decrease in VIP enrollment revenue. The company's gross profit increased by 17% to $10.54 million, with a consistent gross margin of 60% in both 2025 and 2024.

Despite the revenue growth, Vivos Therapeutics experienced a net loss of $21.23 million in 2025, a significant increase from the $11.14 million loss in 2024. This was largely due to a substantial rise in general and administrative expenses, which increased by $9.85 million to $27.73 million, primarily due to $6.7 million in costs associated with running SCN's operations and related treatment centers. Sales and marketing expenses decreased slightly by $0.3 million to $1.4 million, while depreciation and amortization expenses increased by $0.73 million to $1.31 million. The company's net loss per share was $2.07 based on 10,273,881 weighted average shares outstanding.

Operationally, Vivos Therapeutics continued its strategic shift towards a medical provider-focused model, acquiring SCN in June 2025. This acquisition is expected to provide direct access to more OSA patients and increase revenue per case. The company is also exploring additional acquisitions and collaborations with medical sleep practices. As part of this shift, Vivos has scaled back its VIP enrollment program, resulting in a decrease in VIP enrollment revenue. The company is also focused on securing insurance reimbursement for its Vivos Method treatments and expanding its market penetration through sleep center integration and DME distribution agreements.

Looking ahead, Vivos Therapeutics faces challenges related to its limited operating history, ongoing operating losses, and the need for additional capital. The company's ability to achieve profitability depends on the successful implementation of its new business model, the acceptance of its products by the medical community, and the ability to secure adequate insurance reimbursement. Vivos is also subject to extensive government regulations, including FDA requirements, and faces the risk of product liability claims and intellectual property disputes. The company's management believes that its new medical provider-focused strategic business model has numerous advantages over its legacy dentist-focused model, including direct access to more OSA patients, higher case closure rates, and increased revenue and profit per case.