Breaking Down Vivos Therapeutics, Inc. (VVOS) Financial Health: Key Insights for Investors

You're looking at Vivos Therapeutics, Inc. (VVOS) and seeing a classic growth-vs-burn conundrum, so let's cut through the noise right now: the company is defintely executing its strategic pivot, but it's costing them a lot of cash. In the third quarter of 2025, Vivos delivered a massive 76% year-over-year revenue surge to $6.8 million, which is a clear win from their shift to acquiring medical sleep practices like The Sleep Center of Nevada. But here's the quick math that matters: that top-line success was overshadowed by a net loss that widened by 106.4% to $5.4 million for the quarter, reflecting the high operational costs of this expansion. For the first nine months of 2025, the total net loss hit $14.3 million, and with only $3.1 million in cash and cash equivalents on the balance sheet as of September 30, 2025, that tight 1.05 Current Ratio signals a real liquidity challenge. We need to figure out if this aggressive, debt-fueled growth-evidenced by a high Debt-to-Equity Ratio of 2.53-is a brilliant, necessary investment or a risky cash-flow trap. It's a high-stakes trade-off.

Revenue Analysis

You need to know if Vivos Therapeutics, Inc. (VVOS) can turn its recent revenue surge into a sustainable business model, and the short answer is: the company is in the middle of a major, costly pivot, but the early numbers are defintely encouraging.

For the third quarter of 2025 (Q3 2025), Vivos Therapeutics, Inc. reported total revenue of $6.8 million. That's a massive 76% increase year-over-year (YoY) compared to Q3 2024, and a 78% jump sequentially from the second quarter of 2025. This acceleration is a direct result of a strategic shift away from their legacy model.

Here's the quick math on their year-to-date performance: total revenue for the nine months ended September 30, 2025, hit $13.6 million, up from $11.3 million in the same period last year. That's solid growth, but it hides a fundamental change in where the money is coming from.

The primary revenue streams for Vivos Therapeutics, Inc. are now anchored in a new model that focuses on direct medical practice affiliation and acquisition, moving away from a reliance on the dental industry distribution channel. This shift is showcased by the June 2025 acquisition of The Sleep Center of Nevada (SCN).

• Diagnostic Sleep Testing Revenue: This is a new, high-growth segment, contributing $2.2 million in Q3 2025, primarily from SCN.
• Treatment Center Revenue: Another new stream from operating SCN, adding $1.3 million in Q3 2025.
• Product Revenue: This includes the sales of their proprietary oral appliances, which saw a modest increase of roughly $200,000 year-over-year in Q3.

To be fair, the new service-heavy model is driving the top-line growth. The SCN acquisition alone contributed $3.5 million to Q3 revenue, making it the single largest segment. This means the company is now capturing revenue from the full patient journey-diagnosis and treatment-not just selling the device.

The most significant change is the pivot itself. Previously, a portion of revenue came from Vivos Integrated Provider (VIP) enrollment fees, which was essentially a training and licensing fee for dentists. That legacy service revenue is in decline, which is intentional, but still a headwind that the new model must overcome. You can read more about the company's direction in their Mission Statement, Vision, & Core Values of Vivos Therapeutics, Inc. (VVOS).

The following table breaks down the key revenue components and their contribution to the Q3 2025 total:

What this estimate hides is the gross margin pressure; while revenue is up, the gross margin actually declined to 58% in Q3 2025 from 60% a year ago. This is expected during a transition, as the company absorbs the costs of integrating new operations like SCN, but it means the new revenue is currently less profitable on a per-dollar basis. Your action item is to watch for margin stabilization as SCN operations are optimized.

Profitability Metrics

You need to know if Vivos Therapeutics, Inc. (VVOS) is making money, or at least how quickly it's moving toward that goal. The direct takeaway from the Q3 2025 financials is clear: the company is successfully driving top-line revenue growth through its strategic pivot, but it's still deep in the red due to aggressive expansion costs. This is a classic growth-vs-profitability trade-off.

For the third quarter of 2025, Vivos Therapeutics, Inc. reported revenue of $6.8 million, a robust 76% increase year-over-year. But when you look past the topline, the profitability picture highlights the current cost of scaling the business model.

Gross Profit and Margin Trends

The gross profit margin is your first line of defense, showing how much revenue is left after paying for the costs directly tied to products and services (Cost of Goods Sold). Vivos Therapeutics, Inc.'s gross profit for Q3 2025 was $3.9 million, yielding a gross margin of 58%.

• Gross Margin: 58% in Q3 2025.
• This is a slight dip from the 60% reported in Q3 2024.
• The margin decline is due to a higher increase in the cost of sales relative to the revenue gain, reflecting upfront costs for integrating the Sleep Center of Nevada (SCN) acquisition and a shift in the product/service mix.

To be fair, a 58% gross margin is still strong for a medical device and service company, and it's well above the 46.9% adjusted gross margin seen in some comparable medtech segments. The company's strategic goal is to hit contribution margins of 50% to 60% at the steady-state level for its new Sleep and Airway Medicine Centers (SAMC) model, so the current gross margin is right in that target range.

Operating and Net Profitability: The Cost of Growth

This is where the rubber meets the road. Operating profit (or loss) accounts for all the operating expenses (OpEx)-things like R&D, sales, and general admin-which are necessary to run the entire business. Vivos Therapeutics, Inc.'s operating expenses surged to $8.7 million in Q3 2025, an increase of 74% year-over-year.

Here's the quick math on the quarterly losses:

The operating loss of $4.7 million for the quarter is a significant jump, and it's why the operating margin is a deeply negative -69.1%. This is a massive gap compared to the 20% to 30% operating profit margins you see in large, established medical device companies. The net loss for the quarter widened to $5.4 million, bringing the year-to-date net loss for the first nine months of 2025 to $14.3 million. That's a lot of cash burn.

Operational Efficiency and Near-Term Outlook

The widening loss isn't a surprise; it's a direct result of the strategic pivot. The company is spending money now to build a more scalable, direct-to-patient model, which means higher upfront costs for staff, integration, and new treatment centers. The management's bet is that this investment will pay off as the new centers, like the SCN acquisition, ramp up to full capacity over the next three to six months.

The high gross margin suggests the core product and service economics are sound, but the high OpEx shows a lack of scale in the general and administrative functions right now. The action here is to watch the OpEx-to-Revenue ratio closely over the next two quarters. If revenue growth keeps outpacing the growth of those operating expenses, the margins will defintely start to normalize. For a deeper look at the market's reaction, you can check out Exploring Vivos Therapeutics, Inc. (VVOS) Investor Profile: Who's Buying and Why?

Debt vs. Equity Structure

The capital structure of Vivos Therapeutics, Inc. (VVOS) is currently skewed toward debt, a high-risk profile that warrants close attention. As of September 30, 2025, the company's Debt-to-Equity (D/E) ratio stood at a high of approximately 2.53. This means Vivos Therapeutics, Inc. is using more than twice as much debt as shareholder equity to finance its assets, a significant reliance on external funding.

This level of leverage is defintely high for a medical technology company. For context, a comparable player in the broader dental sector, Dentalcorp Holdings, reported a D/E ratio of around 0.78 in mid-2025. Your quick takeaway: Vivos Therapeutics, Inc. is operating with a much tighter financial wire than peers.

Current Debt Levels and Recent Financing

Vivos Therapeutics, Inc.'s debt load has increased to fuel its strategic pivot toward acquiring and affiliating with medical sleep practices, such as The Sleep Center of Nevada (SCN). The company secured a total of $14.2 million in net cash from financing activities during the first nine months of 2025, which included a mix of both debt and equity.

This financing included the issuance of senior secured debt and equity securities, directly tied to the SCN acquisition. Specifically, the long-term debt, net of the current portion, was approximately $8.379 million as of the third quarter of 2025. The increase in financing costs is reflected in the Q3 2025 net loss of $5.4 million.

• Total Net Financing (9M 2025): $14.2 million
• Long-Term Debt (Net of Current Portion, Q3 2025): $8.379 million
• Stockholders' Equity (Q3 2025): $2.5 million

Balancing Debt and Equity Funding

The company is currently balancing its funding needs, but the scale is tipping. The high D/E ratio of 2.53 shows a heavy reliance on debt relative to its equity base of just $2.5 million as of September 30, 2025. This high leverage is a double-edged sword: it amplifies potential returns if the strategic acquisitions like SCN succeed, but it also magnifies the risk of financial distress if the new business model takes longer to achieve cash flow positivity.

The equity portion of the recent financing came from an affiliate of Seneca Partners, an existing significant investor, which is a positive sign of continued internal confidence. Still, the overall capital structure indicates that Vivos Therapeutics, Inc. is aggressively using debt to rapidly scale its new model, a necessary but risky move to execute on its Mission Statement, Vision, & Core Values of Vivos Therapeutics, Inc. (VVOS).

Liquidity and Solvency

You're looking at Vivos Therapeutics, Inc. (VVOS) and wondering if they have enough cash to fund their new strategic pivot-it's a fair question, especially with a growth company in a transitional phase. The quick answer is that their liquidity is tight, relying heavily on financing to cover operational burn, but the new revenue model is starting to show results.

The core liquidity metrics tell a story of minimal cushion. As of the most recent data, Vivos Therapeutics, Inc.'s Current Ratio and Quick Ratio both stand at approximately 1.05. Here's the quick math: a ratio of 1.0 means current assets (cash, receivables) just equal current liabilities (bills due in the next year). A 1.05 is barely above that line. It means they have just enough liquid assets to cover their short-term obligations, but there is virtually no room for error. Working capital, which is current assets minus current liabilities, is actually negative on a trailing twelve-month basis, sitting at approximately $-14.72 million. That's a clear red flag for near-term financial flexibility.

The trend in cash flow statements shows exactly why that cushion is so thin. The company is in a heavy investment phase, which is burning cash. For the nine months ended September 30, 2025, Vivos Therapeutics, Inc. used $1.7 million more in cash for operations compared to the same period in 2024. That's a cash burn that is accelerating.

• Operating Cash Flow: Increased cash use of $1.7 million for the nine months ended September 30, 2025.
• Investing Cash Flow: Used $5.5 million more cash year-over-year, largely for the Sleep Center of Nevada (SCN) acquisition.
• Financing Cash Flow: A necessary offset, including securing $11.5 million in net cash from financing activities in Q2 2025.

The investing activity is the key driver here. The strategic acquisition of The Sleep Center of Nevada (SCN) in June 2025, which cost up to $9 million in cash and stock, is the reason for the $5.5 million increase in cash used for investing activities. This acquisition is a long-term strategic move, but it has a very real, immediate cost to liquidity.

What this estimate hides is the reliance on external capital. The company's cash and cash equivalents dropped from $4.4 million at the end of Q2 2025 to just $3.1 million by September 30, 2025. This rapid decline, combined with a Q3 2025 net loss of $5.4 million, means the company is defintely operating on a tight leash. The good news is the pivot is working on the revenue side, with Q3 revenue hitting $6.8 million, a 76% jump year-over-year, which should eventually improve operating cash flow. Still, the cash balance is a major concern.

For a deeper dive into who is betting on this turnaround, you should read Exploring Vivos Therapeutics, Inc. (VVOS) Investor Profile: Who's Buying and Why?

The bottom line is that Vivos Therapeutics, Inc. is trading near-term liquidity for long-term strategic growth. The cash burn is high, and the Current Ratio is weak, making future capital raises a near certainty to sustain operations and the new business model.

Valuation Analysis

Vivos Therapeutics, Inc. (VVOS) is fundamentally a growth story in transition, which makes a simple overvalued/undervalued label misleading; the stock trades at a high Price-to-Book (P/B) ratio but a modest Price-to-Sales (P/S) multiple, suggesting it is a speculative growth play, not a deep-value stock. The current consensus is a 'Hold' rating, but analysts see a massive potential upside, forecasting a price target more than double the current trading price.

The Reality of Valuation Multiples

When you look at Vivos Therapeutics, Inc.'s valuation, you quickly realize standard metrics don't paint a full picture because the company is not yet profitable. For the trailing twelve months (TTM), the company reported a net loss of approximately $17.10 million, which means the Price-to-Earnings (P/E) ratio and Enterprise Value-to-EBITDA (EV/EBITDA) are both negative, or 'not applicable' (n/a) in analyst terms. You can't divide by a negative number to get a meaningful multiple, so we must focus on sales and book value.

The Price-to-Sales (P/S) ratio, which compares the stock price to the company's TTM revenue of $17.32 million, sits at about 1.10. To be fair, that's a relatively modest multiple for a medical device and services company with a 76% year-over-year revenue jump in Q3 2025. But still, the Price-to-Book (P/B) ratio is high at 6.92, telling us investors are willing to pay nearly seven times the company's net asset value, betting heavily on future growth and the value of its proprietary Vivos Method technology.

Here's the quick math on the key valuation metrics as of late 2025:

Stock Price Volatility and Analyst View

The stock price has been on a wild ride, which is typical for small-cap medical technology stocks. Over the last 52 weeks, Vivos Therapeutics, Inc. has traded between a low of $1.98 and a high of $7.95, showing a 52-week price change of -25.09% as of November 2025. That's a significant drop, but also a huge range of volatility you need to stomach if you hold this stock. The latest closing price was around $2.20.

Analyst sentiment is defintely mixed, but the price targets are bullish. The overall consensus rating is 'Hold' based on the five analysts covering the stock-two 'Buy' ratings, one 'Hold,' and two 'Sell' ratings. However, the average 12-month consensus price target is a robust $5.25, which implies a forecasted upside of about 138.64% from the current price. What this estimate hides is the execution risk inherent in a company pivoting its business model, as Vivos Therapeutics, Inc. is doing with its shift toward sleep center acquisitions, like The Sleep Center of Nevada in June 2025.

• Latest Price (Nov 21, 2025): $2.20.
• 52-Week High: $7.95.
• Consensus Rating: Hold.
• Average Price Target: $5.25.

No Dividend: A Cash-Focused Strategy

If you are looking for income, look elsewhere. Vivos Therapeutics, Inc. does not pay a dividend, so the dividend yield and payout ratios are 0.00%. This is not a red flag; it's a standard practice for a growth-stage company that is still operating at a loss and needs to conserve its cash of $3.1 million (as of September 30, 2025) for operations and strategic acquisitions. Every dollar is being reinvested to fund the new business model and drive toward profitability.

For more on the financial specifics, you can check out the full article here: Breaking Down Vivos Therapeutics, Inc. (VVOS) Financial Health: Key Insights for Investors.

Next Step: Portfolio Manager: Model a scenario where Vivos Therapeutics, Inc. hits the low-end analyst price target of $2.25 and the high-end target of $7.00 to define your risk/reward tolerance by end of next week.

Risk Factors

You're looking at Vivos Therapeutics, Inc. (VVOS) and seeing impressive revenue growth-a 76% jump in Q3 2025 to $6.8 million-but you need to look past the top line. The real story is the financial fragility underpinning that growth. The company is in a high-stakes transition, and that means elevated risk across operations, finance, and strategy.

Honestly, the biggest near-term risk is liquidity. The company's cash and cash equivalents stood at just $3.1 million as of September 30, 2025, which is a tight cushion given the ongoing losses. Year-to-date (YTD) 2025, the net loss has ballooned to nearly $14.3 million, reflecting the cost of their business model pivot. That's a lot of cash burn to sustain before they hit their goal of cash flow break-even.

• Financial Constraints: A high Debt-to-Equity ratio of 2.53 and a Current Ratio of only 1.05 signal limited financial flexibility and significant leverage.
• Operational Cost Inflation: Operating expenses surged to $8.7 million in Q3 2025, driven by the acquisition and integration of The Sleep Center of Nevada (SCN) and the shift to a medical practice model.
• Integration Risk: The success of the entire new strategy hinges on the successful integration of SCN and the efficient scaling of new treatment centers. If the revenue ramp from newly licensed providers doesn't materialize in the projected 3-6 months, the financial pressure intensifies.

Here's the quick math: The gross margin dipped slightly to 58% in Q3 2025 from 60% a year ago, mainly because the cost of sales increased faster than revenue due to acquisition-related investments. They are spending heavily to grow, but that spending is eroding profitability in the short term.

External and competitive risks are also a constant headwind. The stock's extreme volatility, evidenced by a Beta of 13.26, tells you investors are nervous about market acceptance of Vivos's non-surgical obstructive sleep apnea (OSA) treatments against entrenched, traditional solutions like Continuous Positive Airway Pressure (CPAP). Plus, any adverse regulatory scrutiny in the sleep apnea sector could immediately impact their business model. You can learn more about their long-term vision here: Mission Statement, Vision, & Core Values of Vivos Therapeutics, Inc. (VVOS).

To be fair, management has a plan to mitigate these financial and operational risks. They are targeting a steady-state contribution margin-the profit margin after variable costs-of 50-60% for their new model. Their core action is to scale the new sleep medical practice model quickly, adding licensed dental providers and nurse practitioners to drive service revenue and ultimately outweigh the increased operating expenses. They defintely need to execute this scaling flawlessly to hit their cash flow break-even goal.

Growth Opportunities

You're looking past the current volatility, and that's the right long-term focus. Vivos Therapeutics, Inc. (VVOS) is in a critical transition, pivoting its entire business model, and the Q3 2025 results show the new strategy is working on the top line, even as it costs a lot to execute. The future growth story hinges entirely on scaling this new direct-to-patient approach.

For the first nine months of 2025, Vivos Therapeutics, Inc. reported revenue of $13.6 million, a 20% increase over the same period in 2024. The real inflection point was Q3 2025 revenue, which surged 76% year-over-year to $6.8 million, beating analyst expectations. That's a massive jump, but you need to understand where it came from to gauge future sustainability.

Strategic Pivot: Acquisition and Alliance Model

The core growth driver is a strategic pivot away from relying on a dental distribution channel toward acquiring and affiliating with medical sleep practices. This is a smart move because it captures the entire patient journey-diagnostic testing, consulting, and treatment-which is far more accretive.

• Acquisition Engine: The June 2025 acquisition of The Sleep Center of Nevada (SCN) is the concrete example here. SCN contributed $2.2 million in diagnostic testing revenue and $1.3 million in new treatment center revenue in Q3 2025 alone, proving the model works.
• Scaling Operations: Management is deploying Sleep Optimization (SO) teams to address patient backlogs and facility constraints. They are already booking patients into February 2026, which signals strong demand, but the ramp-up of new providers and facilities is the bottleneck.
• Financial Targets: The goal is to achieve cash flow break-even by optimizing these centers, targeting a steady-state contribution margin of 50%-60%. This is the number to watch; if they hit that margin, the revenue growth becomes much more valuable.

Future Revenue and Earnings Outlook

The consensus full-year 2025 revenue forecast from Wall Street analysts is approximately $16.14 million, with a high forecast of $16.61 million. This implies a significant Q4 performance to build upon the nine-month actual of $13.6 million.

Here's the quick math on the profitability trade-off: The Q3 revenue jump came with a net loss of $5.4 million, reflecting the higher operating expenses needed to integrate SCN and hire staff. The cost of scaling is real.

The market expects the losses to narrow but remain significant in the near term, which is typical for a company aggressively scaling a new model. The consensus Earnings Per Share (EPS) forecast for the full fiscal year 2025 is a loss of -$2.07. Looking ahead to 2026, the consensus EPS forecast is a loss of -$1.57, showing the expected path toward profitability.

Product Innovation and Competitive Edge

The company's competitive advantage is rooted in its proprietary technology, The Vivos Method, which offers a non-surgical, non-invasive, and non-pharmaceutical solution for Obstructive Sleep Apnea (OSA). This is a strong differentiator in a market dominated by Continuous Positive Airway Pressure (CPAP) machines.

Vivos Therapeutics, Inc.'s Complete Airway Repositioning and Expansion (CARE) devices are the only oral appliances with FDA 510(k) clearance to treat severe OSA in adults, and they are also cleared for moderate-to-severe OSA in children.

Honestly, that FDA clearance is a huge moat. It positions them as a medical-grade alternative, not just a dental accessory. Plus, nearly two-thirds of SCN patients are choosing the Vivos oral appliance over CPAP, with an average case value exceeding $5,000. That patient preference validates the product's market fit within the new medical practice model.

If you want a deeper dive into the institutional money behind this pivot, you should read Exploring Vivos Therapeutics, Inc. (VVOS) Investor Profile: Who's Buying and Why?

Next Action: Operations: Track the Q4 2025 investor presentation for an update on the number of new Sleep Optimization teams deployed and the timeline for provider credentialing with major insurance payors. That's the real leading indicator for 2026 revenue.