Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

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.

Equity Research Firm

Equity Bottom-Up

<ul><li>Vivos continues to retire secured debt without using cash.</li><li>Twelve exchange agreements, consummated September 2, 2026, retired $2.861 million of principal under the June 2025 Streeterville note in exchange for 11,445,080 common shares.</li><li>Including the August 4 exchange, Vivos has retired ~$6.1 million of principal since early August, following a further $975,000 of redemption obligations satisfied in stock between December 2025 and May 2026.</li></ul>

Vivos continues to retire secured debt without using cash.Twelve exchange agreements, consummated September 2, 2026, retired $2.861 million of principal under the June 2025 Streeterville note in exchange for 11,445,080 common shares.Including the August 4 exchange, Vivos has retired ~$6.1 million of principal since early August, following a further $975,000 of redemption obligations satisfied in stock between December 2025 and May 2026.

VVOS: Cash-Free Deleveraging Should Shift Focus to Operational Execution

<ul><li>2Q26 revenue growth of 35% continues to validate pivot to a clinic-centric model. </li><li>Total revenue rose to $5.2M from $3.8M, with service revenue nearly doubling to $3.8M and now representing 74% of the top line.</li><li>Sleep testing contributed $2.4M, while the treatment centers contributed $0.8M versus nil a year ago, evidence that Vivos is capturing treatment economics that previously left the system. </li></ul>

2Q26 revenue growth of 35% continues to validate pivot to a clinic-centric model. Total revenue rose to $5.2M from $3.8M, with service revenue nearly doubling to $3.8M and now representing 74% of the top line.Sleep testing contributed $2.4M, while the treatment centers contributed $0.8M versus nil a year ago, evidence that Vivos is capturing treatment economics that previously left the system. 

VVOS: Clinic-Centric Pivot Gains Traction; Balance Sheet Remains the Key Catalyst

<ul><li>Near-term debt obligation reduced, strengthening the balance sheet.</li><li>On July 15, 2026, Seneca Partners filed a Schedule 13D confirming that its affiliated V-Co Investors converted $1.1 million of convertible debt into equity as part of a $1.6-million financing, reducing near-term debt obligations and simplifying Vivos’ capital structure while reinforcing support from an existing anchor investor.</li><li>The Streeterville secured note remains outstanding, with up to $4.5 million conditionally convertible into equity under the extended exchange agreement.</li></ul>

Near-term debt obligation reduced, strengthening the balance sheet.On July 15, 2026, Seneca Partners filed a Schedule 13D confirming that its affiliated V-Co Investors converted $1.1 million of convertible debt into equity as part of a $1.6-million financing, reducing near-term debt obligations and simplifying Vivos’ capital structure while reinforcing support from an existing anchor investor.The Streeterville secured note remains outstanding, with up to $4.5 million conditionally convertible into equity under the extended exchange agreement.

VVOS: Balance Sheet Repair Underway as Anchor Investor Steps Up

<ul><li>Cardiology referrals are the breakout growth driver. This is a channel management did not initially anticipate, but it is now reshaping the business. </li><li>More than 85% of cardiovascular patients test positive for OSA, and with 2,500+ US cardiology groups, demand for diagnosis and treatment partners is growing.</li><li>Collaboration deals are forming in Florida and Arizona, with the model designed to deliver pre-qualified patients at near-zero acquisition cost, as already demonstrated in Nevada. </li></ul>

Cardiology referrals are the breakout growth driver. This is a channel management did not initially anticipate, but it is now reshaping the business. More than 85% of cardiovascular patients test positive for OSA, and with 2,500+ US cardiology groups, demand for diagnosis and treatment partners is growing.Collaboration deals are forming in Florida and Arizona, with the model designed to deliver pre-qualified patients at near-zero acquisition cost, as already demonstrated in Nevada. 

VVOS: WTR Insights Conference Takeaways - From Proof of Concept to National Rollout as Hurdles Clear

<ul><li>Debt-equity exchange agreement. Vivos has signed a binding agreement with senior secured lender Streeterville Capital to exchange up to $4.5MM of outstanding debt into a mix of perpetual nonconvertible preferred stock and common stock, paired with Streeterville commitments to suspend repayment calls for 90 days and sales of company securities for 60 days from the agreement’s effective date.</li><li>The deal follows Vivos’ submission of a plan to regain Nasdaq compliance after an April 17, 2026, deficiency letter flagging that its stockholders’ equity fell short of the $2.5MM continued-listing minimum.</li><li>Year-end 2025 equity was negative $1.5MM, and despite raising $5.6MM in 1Q26, it remained at negative $1.1MM by quarter-end. </li></ul>

Debt-equity exchange agreement. Vivos has signed a binding agreement with senior secured lender Streeterville Capital to exchange up to $4.5MM of outstanding debt into a mix of perpetual nonconvertible preferred stock and common stock, paired with Streeterville commitments to suspend repayment calls for 90 days and sales of company securities for 60 days from the agreement’s effective date.The deal follows Vivos’ submission of a plan to regain Nasdaq compliance after an April 17, 2026, deficiency letter flagging that its stockholders’ equity fell short of the $2.5MM continued-listing minimum.Year-end 2025 equity was negative $1.5MM, and despite raising $5.6MM in 1Q26, it remained at negative $1.1MM by quarter-end. 

VVOS: Planned Debt-Equity Exchange Cuts Leverage and Advances Toward Nasdaq Remediation

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Vivos Therapeutics (VVOS US)

VVOS: Cash-Free Deleveraging Should Shift Focus to Operational Execution

Twelve exchange agreements, consummated September 2, 2026, retired $2.861 million of principal under the June 2025 Streeterville note in exchange...

Water Tower Research

VVOS: Clinic-Centric Pivot Gains Traction; Balance Sheet Remains the Key Catalyst

Total revenue rose to $5.2M from $3.8M, with service revenue nearly doubling to $3.8M and now representing 74% of the top line.

Water Tower Research

VVOS: Balance Sheet Repair Underway as Anchor Investor Steps Up

The Streeterville secured note remains outstanding, with up to $4.5 million conditionally convertible into equity under the extended exchange...

Water Tower Research

VVOS: WTR Insights Conference Takeaways - From Proof of Concept to National Rollout as Hurdles Clear

Cardiology referrals are the breakout growth driver. This is a channel management did not initially anticipate, but it is now reshaping the business.

Water Tower Research

VVOS: Planned Debt-Equity Exchange Cuts Leverage and Advances Toward Nasdaq Remediation

The deal follows Vivos’ submission of a plan to regain Nasdaq compliance after an April 17, 2026, deficiency letter flagging that its...

Water Tower Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)