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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>SCN revenue-powered 3Q25. Vivos Therapeutics (NASDAQ: VVOS) delivered a strong quarter, reporting a 76% Y/Y revenue surge from $3.9 million to $6.8 million, fueled by the first full-quarter contribution from Sleep Center of Nevada (SCN), which Vivos acquired on June 10, 2025. </li><li>The $2.9-million revenue accretion consisted of a $2.2-million increase in OSA sleep testing services, primarily generated by SCN, and $1.3 million generated from treatment centers known as Sleep and Airway Medicine Centers (SAMCs) launched at two SCN locations in Las Vegas. </li><li>This was partially offset by a $0.8-million drop in VIP revenue, a deliberate diminution from this source, reflecting management’s strategic decision to pivot away from the legacy channel.</li></ul>

SCN revenue-powered 3Q25. Vivos Therapeutics (NASDAQ: VVOS) delivered a strong quarter, reporting a 76% Y/Y revenue surge from $3.9 million to $6.8 million, fueled by the first full-quarter contribution from Sleep Center of Nevada (SCN), which Vivos acquired on June 10, 2025. The $2.9-million revenue accretion consisted of a $2.2-million increase in OSA sleep testing services, primarily generated by SCN, and $1.3 million generated from treatment centers known as Sleep and Airway Medicine Centers (SAMCs) launched at two SCN locations in Las Vegas. This was partially offset by a $0.8-million drop in VIP revenue, a deliberate diminution from this source, reflecting management’s strategic decision to pivot away from the legacy channel.

VVOS: Strong Quarter Builds Platform for Continuing Growth Momentum

<ul><li>Unique competitive product position. Vivos’ proprietary Complete Airway Repositioning and Expansion (CARE) oral appliances are unique among non-surgical options.</li><li>They are the only oral appliances that are FDA-cleared for the treatment of moderate to severe obstructive sleep apnea (OSA) in adults and moderate to severe OSA in children (aged 6-17).</li><li>Unlike continuous positive airway pressure (CPAP) or traditional oral appliances, Vivos’ devices offer the potential for permanent anatomical correction rather than just lifetime symptom management.</li></ul>

Unique competitive product position. Vivos’ proprietary Complete Airway Repositioning and Expansion (CARE) oral appliances are unique among non-surgical options.They are the only oral appliances that are FDA-cleared for the treatment of moderate to severe obstructive sleep apnea (OSA) in adults and moderate to severe OSA in children (aged 6-17).Unlike continuous positive airway pressure (CPAP) or traditional oral appliances, Vivos’ devices offer the potential for permanent anatomical correction rather than just lifetime symptom management.

VVOS: Initiating Coverage; Reimagining Sleep with a Reimagined Strategy

<ul><li>Attention turns to business model pivot. Following the completion of the SCN acquisition on June 9, 2025, Vivos’ attention is now firmly on transitioning the company’s legacy B2B business model to a potentially far more growth-oriented and lucrative patient-centric, vertically integrated model for its disruptive OSA (obstructive sleep apnea) platform.</li><li>Out with the old. Vivos’ legacy business has been centered around revenues from VIP (Vivos Integrated Practice) enrollment primarily targeting dental providers and mostly generated from one-time enrollment fees granting access to clinical training and product sales from those same trained VIPs.</li><li>After enrolling dental providers, Vivos would essentially wholesale its proprietary oral appliances to enrolled providers who would typically pick up most of the profit by selling the appliances to patients at substantially marked up prices.</li></ul>

Attention turns to business model pivot. Following the completion of the SCN acquisition on June 9, 2025, Vivos’ attention is now firmly on transitioning the company’s legacy B2B business model to a potentially far more growth-oriented and lucrative patient-centric, vertically integrated model for its disruptive OSA (obstructive sleep apnea) platform.Out with the old. Vivos’ legacy business has been centered around revenues from VIP (Vivos Integrated Practice) enrollment primarily targeting dental providers and mostly generated from one-time enrollment fees granting access to clinical training and product sales from those same trained VIPs.After enrolling dental providers, Vivos would essentially wholesale its proprietary oral appliances to enrolled providers who would typically pick up most of the profit by selling the appliances to patients at substantially marked up prices.

Vivos Therapeutics, Inc: From Strategic Pivot to Business Model Pivot

<ul><li>SCN acquisition closed, marking a pivotal milestone in the new marketing model.</li><li>Vivos completed the acquisition of the Sleep Center of Nevada (SCN), paying $6.0 million in cash and $1.5 million in stock upfront.</li><li>SCN remains eligible for an additional $1.5 million contingent stock payment if a financial milestone is achieved. </li></ul>

SCN acquisition closed, marking a pivotal milestone in the new marketing model.Vivos completed the acquisition of the Sleep Center of Nevada (SCN), paying $6.0 million in cash and $1.5 million in stock upfront.SCN remains eligible for an additional $1.5 million contingent stock payment if a financial milestone is achieved. 

Vivos Therapeutics, Inc: SCN Acquisition Closed; Key Step in Strategic Pivot

<ul><li>Product revenue growth modest, as Rebis Health (Rebis) contribution not yet material.</li><li>Vivos reported 1Q25 product revenue of $1.8 million, up 8% Y/Y, with 3,736 oral appliance arches sold, an 87% increase over the 1,996 sold in 1Q24.</li><li>The higher volume growth was mostly driven by the lower priced guide sales. </li></ul>

Product revenue growth modest, as Rebis Health (Rebis) contribution not yet material.Vivos reported 1Q25 product revenue of $1.8 million, up 8% Y/Y, with 3,736 oral appliance arches sold, an 87% increase over the 1,996 sold in 1Q24.The higher volume growth was mostly driven by the lower priced guide sales. 

Vivos Therapeutics, Inc: 1Q25 Earnings Update; Focus on SCN Opportunity

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: Strong Quarter Builds Platform for Continuing Growth Momentum

SCN revenue-powered 3Q25. Vivos Therapeutics (NASDAQ: VVOS) delivered a strong quarter, reporting a 76% Y/Y revenue surge from $3.9 million to...

Water Tower Research

VVOS: Initiating Coverage; Reimagining Sleep with a Reimagined Strategy

Unique competitive product position. Vivos’ proprietary Complete Airway Repositioning and Expansion (CARE) oral appliances are unique among non...

Water Tower Research

Vivos Therapeutics, Inc: From Strategic Pivot to Business Model Pivot

Vivos’ legacy business has been centered around revenues from VIP (Vivos Integrated Practice) enrollment primarily targeting dental providers...

Water Tower Research

Vivos Therapeutics, Inc: SCN Acquisition Closed; Key Step in Strategic Pivot

Vivos completed the acquisition of the Sleep Center of Nevada (SCN), paying $6.0 million in cash and $1.5 million in stock upfront.

Water Tower Research

Vivos Therapeutics, Inc: 1Q25 Earnings Update; Focus on SCN Opportunity

Vivos reported 1Q25 product revenue of $1.8 million, up 8% Y/Y, with 3,736 oral appliance arches sold, an 87% increase over the 1,996 sold in 1Q24.

Water Tower Research

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