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Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Revenue growth back on track. Vivos reported a 70% Y/Y revenue surge to $5.1 million in 1Q26, driven by sleep testing services revenue (+$2 million) and patient treatment revenue at two of Sleep Centers of Nevada’s seven locations (+$0.9 million), with zero new VIP enrollments as part of a deliberate pivot from the legacy dentistry model.</li><li>These new business model gains were partially offset by a $0.8-million decline in legacy appliance and service revenue, with the bright spot being higher tooth positioner sales (volume and revenue) to existing VIPs (+$0.5 million), products at the low end of the ASP spectrum.</li><li>Encouragingly, revenue rebounded 34% sequentially after recording a 44% drop in the prior quarter stemming from operational bottlenecks, chiefly the unexpected loss of dental providers for largely non-systemic reasons. </li></ul>

Revenue growth back on track. Vivos reported a 70% Y/Y revenue surge to $5.1 million in 1Q26, driven by sleep testing services revenue (+$2 million) and patient treatment revenue at two of Sleep Centers of Nevada’s seven locations (+$0.9 million), with zero new VIP enrollments as part of a deliberate pivot from the legacy dentistry model.These new business model gains were partially offset by a $0.8-million decline in legacy appliance and service revenue, with the bright spot being higher tooth positioner sales (volume and revenue) to existing VIPs (+$0.5 million), products at the low end of the ASP spectrum.Encouragingly, revenue rebounded 34% sequentially after recording a 44% drop in the prior quarter stemming from operational bottlenecks, chiefly the unexpected loss of dental providers for largely non-systemic reasons. 

VVOS: Operational Model Validated; Balance Sheet Repair Underway

<div><ul><li>Vivos’ strategic pivot validated. The SCN acquisition has proven out the medical channel thesis, with Vivos shifting decisively from a dentist-led commercialization model to a medically integrated approach anchored in sleep centers and physician referrals.</li><li>4Q25 revenue disruption was idiosyncratic, not structural. Huntsman addressed the unexpected revenue softness in 4Q25 stemming from the loss of three to four primary producing dentists and payer credentialing delays, both now largely resolved through expanded recruitment, provider redundancy, and March in-network credentialing covering roughly half of greater Las Vegas lives.</li><li>Vivos has also compressed the in-network onboarding cycle from nine months to ~60 days, materially de-risking future site launches.</li></ul></div>

Vivos’ strategic pivot validated. The SCN acquisition has proven out the medical channel thesis, with Vivos shifting decisively from a dentist-led commercialization model to a medically integrated approach anchored in sleep centers and physician referrals.4Q25 revenue disruption was idiosyncratic, not structural. Huntsman addressed the unexpected revenue softness in 4Q25 stemming from the loss of three to four primary producing dentists and payer credentialing delays, both now largely resolved through expanded recruitment, provider redundancy, and March in-network credentialing covering roughly half of greater Las Vegas lives.Vivos has also compressed the in-network onboarding cycle from nine months to ~60 days, materially de-risking future site launches.

VVOS: WTR Healthcare Happenings Podcast Recap - 29 April 2026

<ul><li>2025 revenue growth driven by SCN integration. Full-year 2025 revenue increased 16% to $17.4 million, driven by growth in sleep testing services (+$4.8 million) and patient treatments at two of Sleep Centers of Nevada’s seven locations (+$2.2 million).</li><li>These gains were partially offset by a $3.4-million decline in legacy revenue, including a $2.0-million reduction from the intentional wind-down of Vivos’ VIP dentist and training programs, as the company transitioned to a medical provider-focused model.</li><li>As 2026 progresses, the legacy business is expected to become less of a constraint on overall growth.</li></ul>

2025 revenue growth driven by SCN integration. Full-year 2025 revenue increased 16% to $17.4 million, driven by growth in sleep testing services (+$4.8 million) and patient treatments at two of Sleep Centers of Nevada’s seven locations (+$2.2 million).These gains were partially offset by a $3.4-million decline in legacy revenue, including a $2.0-million reduction from the intentional wind-down of Vivos’ VIP dentist and training programs, as the company transitioned to a medical provider-focused model.As 2026 progresses, the legacy business is expected to become less of a constraint on overall growth.

VVOS: Key Takeaways from 2025 Earnings Report

<ul><li>Vivos’ sound partnership. SoundHealth is a privately held medical technology company that delivers AI-enabled, clinically validated therapies for allergies and sleep.</li><li>Its flagship products are (1) the Sonu Band, the first and currently only FDA-cleared AI wearable that treats nasal congestion from allergic and non-allergic rhinitis with steroid-level efficacy but no side effects, and (2) the Spatial Sleep Band, a personalized acoustic-resonance sleep therapy.</li><li>Both devices use a smartphone’s front-facing camera to create a CT-quality 3D model of the user’s craniofacial anatomy, enabling individualized vibratory treatment. </li></ul>

Vivos’ sound partnership. SoundHealth is a privately held medical technology company that delivers AI-enabled, clinically validated therapies for allergies and sleep.Its flagship products are (1) the Sonu Band, the first and currently only FDA-cleared AI wearable that treats nasal congestion from allergic and non-allergic rhinitis with steroid-level efficacy but no side effects, and (2) the Spatial Sleep Band, a personalized acoustic-resonance sleep therapy.Both devices use a smartphone’s front-facing camera to create a CT-quality 3D model of the user’s craniofacial anatomy, enabling individualized vibratory treatment. 

VVOS:: A Sound Partnership; How SoundHealth Harmonizes with the Vivos Method

<div><ul><li>Strategic pivot to vertical integration impact. Vivos’ transition from a dealer-based dental model to a vertically integrated Sleep and Airway Medicine Center approach is gathering pace, driven by the June 2025 acquisition of Sleep Center of Nevada (SCN).</li><li>This integration gives Vivos full control of the patient journey, fueling demand that has outpaced expectations with bookings into March 2026.</li><li>To meet this surge, the company has expanded facilities, added staff and providers, and achieved strong metrics—94% second-visit conversion and 64% treatment acceptance—using its CARE oral appliances, the only FDA-cleared oral devices for severe OSA as an alternative to CPAP.</li></ul></div>

Strategic pivot to vertical integration impact. Vivos’ transition from a dealer-based dental model to a vertically integrated Sleep and Airway Medicine Center approach is gathering pace, driven by the June 2025 acquisition of Sleep Center of Nevada (SCN).This integration gives Vivos full control of the patient journey, fueling demand that has outpaced expectations with bookings into March 2026.To meet this surge, the company has expanded facilities, added staff and providers, and achieved strong metrics—94% second-visit conversion and 64% treatment acceptance—using its CARE oral appliances, the only FDA-cleared oral devices for severe OSA as an alternative to CPAP.

VVOS: Scaling a Transformative Medical Model for Obstructive Sleep Apnea

United States

Vivos Therapeutics, Inc. operates as a medical technology company. The Company develops technology for patients suffering from sleep disordered breathing and obstructive sleep apnea. Vivos Therapeutics serves customers in the United States.

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Vivos Therapeutics (VVOS US)

VVOS: Operational Model Validated; Balance Sheet Repair Underway

Revenue growth back on track. Vivos reported a 70% Y/Y revenue surge to $5.1 million in 1Q26, driven by sleep testing services revenue (+$2...

Water Tower Research

VVOS: WTR Healthcare Happenings Podcast Recap - 29 April 2026

Vivos has also compressed the in-network onboarding cycle from nine months to ~60 days, materially de-risking future site launches.

Water Tower Research

VVOS: Key Takeaways from 2025 Earnings Report

2025 revenue growth driven by SCN integration. Full-year 2025 revenue increased 16% to $17.4 million, driven by growth in sleep testing services...

Water Tower Research

VVOS:: A Sound Partnership; How SoundHealth Harmonizes with the Vivos Method

Vivos’ sound partnership. SoundHealth is a privately held medical technology company that delivers AI-enabled, clinically validated therapies for...

Water Tower Research

VVOS: Scaling a Transformative Medical Model for Obstructive Sleep Apnea

Vivos’ transition from a dealer-based dental model to a vertically integrated Sleep and Airway Medicine Center approach is gathering pace...

Water Tower Research

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