Here are 1-3 brief analogies for Vivos Therapeutics (VVOS):

• Like Align Technology (Invisalign), but for non-surgical dentofacial correction and sleep apnea treatment.
• The non-surgical, dental-based alternative to CPAP machines (like those from Philips) for treating sleep apnea.

• Vivos System: A non-invasive, non-surgical, and multi-disciplinary treatment for dentofacial abnormalities, obstructive sleep apnea (OSA), and snoring.
• VivoScore Program: A service offering screening and home sleep tests for adults and children.

Vivos Therapeutics (VVOS) sells its Vivos System and VivoScore Program to licensed professionals, primarily general dentists, in the United States and Canada. As such, its major customers are individual dental practices and other professional dental and medical clinics. These are typically private businesses rather than large, publicly traded corporations with stock symbols.

The categories of customers Vivos Therapeutics serves include:

1. General Dentists: These are the primary customers who utilize the Vivos System and VivoScore Program in their practices to treat patients with dentofacial abnormalities, obstructive sleep apnea, and snoring.
2. Other Licensed Professionals: While primarily targeting general dentists, Vivos Therapeutics also sells to other licensed dental and medical professionals who are qualified to implement their treatment modalities.

R. Kirk Huntsman, Chairman, Chief Executive Officer, Co-Founder

Mr. Huntsman is a co-founder of Vivos Therapeutics and has served as CEO and a director since September 2016, becoming chairman of the board in June 2020. He is a serial entrepreneur in the healthcare industry, with nearly 40 years of experience. In 1995, he founded Dental One (now Dental One Partners), growing it to over 165 practices across 15 states before its successful sale to MSD Capital in 2008. He then served as CEO of ReachOut Healthcare America, a Morgan Stanley Private Equity portfolio company. Mr. Huntsman also founded and later sold Xenith Practices, LLC, another dental service organization, in 2015. Prior to Vivos, he founded Ortho Ventures, LLC, a distributor of pediatric oral appliances.

Brad Amman, Chief Financial Officer, Treasurer, Secretary

Mr. Amman joined Vivos Therapeutics as Chief Financial Officer in October 2018. He possesses extensive experience in finance and administration, with a particular focus on healthcare and technology companies, including both public and private medical device, healthcare, and biotech firms. Before joining Vivos, he held executive leadership positions such as CFO/COO at InLight Medical from 2017 to 2018, and CFO at CereScan Corp. from 2010 to 2017. He also served as CFO of LifeVantage Corporation from 2006 to 2010, which included overseeing its initial public offering.

Susie McCullough, Executive Vice President of Operations, Co-Founder

Ms. McCullough is a co-founder of Vivos Therapeutics and serves as the Executive Vice President of Operations. In this role, she oversees core business functions and aspects related to the in-practice implementation of Vivos' proprietary treatments and services.

RaeAnn Byrnes, Senior Vice President of Events and Clinical Advisory Services, Co-Founder

Ms. Byrnes is a co-founder of Vivos Therapeutics and holds the position of Senior Vice President of Events and Clinical Advisory Services.

Todd Huntsman, Senior Vice President of Product and Technology, Co-Founder

Mr. Huntsman is a co-founder of Vivos Therapeutics and serves as the Senior Vice President of Product and Technology. He is the son of CEO R. Kirk Huntsman.

The key risks to Vivos Therapeutics (VVOS) include its significant financial challenges, the regulatory landscape and public perception within the sleep apnea treatment sector, and the successful execution of its evolving business model.

1. Financial Health and Going Concern: Vivos Therapeutics faces substantial financial challenges, including declining revenue and persistent profitability concerns, with reported operating margins of -94.26% and net margins of -98.77%. The company also carries a high debt-to-equity ratio and has shown potential liquidity issues. These factors raise concerns about its ability to secure additional financing necessary for continued operations and to achieve sustainable profitability. Recent filings have even highlighted substantial doubt about the company's ability to continue as a going concern.
2. Regulatory Scrutiny and Public Perception in the Sleep Apnea Treatment Sector: Operating within the medical device industry, Vivos Therapeutics is exposed to sector-specific regulatory challenges and intense competition. The company's revenue and enrollment figures have previously been negatively impacted by governmental investigations into third parties offering non-FDA-approved sleep apnea treatments, even though Vivos's own products are FDA-cleared. Furthermore, the FDA has issued safety communications regarding certain fixed dental devices used for jaw remodeling or OSA treatment in adults where safety and effectiveness have not been established, which could broadly influence public trust and perception of non-CPAP related sleep apnea treatments.
3. Business Model Transition and Market Adoption: Vivos Therapeutics is undergoing a strategic shift in its business model. Historically, the company has primarily marketed its Vivos System to licensed professionals, mainly general dentists. However, it is now focusing on acquisitions and alliances with sleep centers to reduce its reliance on dentist-driven sales and to capitalize on direct patient interactions. The success of this pivot hinges on the effective integration of newly acquired entities, the successful execution of its revised sales and marketing strategies, and favorable market adoption of this new approach.

Addressable Markets for Vivos Therapeutics (VVOS)

Vivos Therapeutics (NASDAQ: VVOS) operates within several significant addressable markets related to sleep-disordered breathing and dentofacial abnormalities. Their main products and services, including the Vivos System and VivoScore Program, target these areas.

Obstructive Sleep Apnea (OSA) Treatment Market

• U.S. Market: The U.S. obstructive sleep apnea treatment market was approximately USD 247 million in 2023 and is projected to increase at a compound annual growth rate (CAGR) of 17.3% by 2034. The U.S. sleep apnea devices market, which includes therapeutic and diagnostic devices, was valued at US$2.90 billion in 2025, reaching US$3.11 billion in 2026, and is projected to grow to US$4.54 billion by 2031 with a CAGR of 7.8% from 2025 to 2031. North America's sleep apnea devices market was USD 4.78 billion in 2024, with the U.S. market specifically projected to reach USD 5.1 billion by 2026. Approximately 39 million adults in the U.S. suffer from obstructive sleep apnea.
• Global Market: The global obstructive sleep apnea (OSA) market size was US$ 748.11 million in 2024 and is expected to reach US$ 2,868.50 million by 2033, growing at a CAGR of 16.2% during the forecast period of 2025-2033. The global sleep apnea devices market was estimated at USD 4.5 billion in 2023 and is projected to reach USD 6.9 billion by 2030, growing at a CAGR of 6.2% from 2024 to 2030. In 2025, the global sleep apnea devices market size was USD 10.30 billion, projected to grow to USD 22.87 billion by 2034 with a CAGR of 9.59% from 2026-2034. Globally, nearly 1 billion people are estimated to have mild to severe sleep apnea.

Snoring Treatment Market

• U.S. Market: The U.S. anti-snoring devices and snoring surgery market size was valued at USD 483.7 million in 2022 and is expected to expand at a CAGR of 6.5% from 2023 to 2030, reaching USD 802.9 million by 2030. The U.S. anti-snoring market is estimated to reach USD 0.41 billion in 2026. Around 90 million individuals in the U.S. snore at one time or another, with 37 million adults snoring regularly.
• Global Market: The global anti-snoring treatment market size was valued at approximately USD 1.58 billion in 2024 and is projected to grow to around USD 4.22 billion by 2034, with a CAGR of roughly 10.3% between 2025 and 2034. Another report indicates the global anti-snoring treatment market size was USD 1.68 billion in 2025 and is predicted to increase to approximately USD 3.65 billion by 2035, expanding at a CAGR of 8.07% from 2026 to 2035. The global anti-snoring devices market size is estimated to be approximately USD 0.91 billion in 2024 and is projected to reach about USD 1.45 billion by 2029, at a CAGR of 9.8%.

Dentofacial Abnormalities (Orthodontics and Dental Market)

• U.S. Market (Orthodontics): The U.S. orthodontics market was valued at USD 4.33 billion in 2025 and is projected to reach USD 25.36 billion by 2034, growing at a CAGR of 21.70% from 2026 to 2034. The U.S. invisible orthodontics market size was estimated at USD 3.52 billion in 2024 and is projected to reach USD 39.76 billion by 2033, growing at a CAGR of 31.6% from 2025 to 2033. Nearly 65% of the U.S. population experiences some form of malocclusion.
• Global Market (Orthodontics): The global orthodontic market size is estimated to grow by $8.39 billion from 2023 to 2027, at a CAGR of 17.13%.
• U.S. Market (Dental Services): The U.S. dental services market size is calculated at US$ 166.5 billion in 2024 and is projected to reach around US$ 254.7 billion by 2034, expanding at a CAGR of 4.4% between 2025 and 2034. The United States dental services market is valued at USD 183 billion in 2026 and is growing at a CAGR of 5.05% to reach USD 234.11 billion by 2031.
• Global Market (Dental Services): The global dental market size was valued at USD 41.03 billion in 2025. The market is projected to grow from USD 44.71 billion in 2026 to USD 118.36 billion by 2034, exhibiting a CAGR of 12.94% during the forecast period. The global dental market size was valued at USD 44 billion in 2025 and is estimated to reach USD 134 billion by 2034, growing at a CAGR of 11.5% during the forecast period.

Vivos Therapeutics (VVOS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market expansions:

1. Strategic Pivot to Direct-to-Patient/Medical Sleep Practices: Vivos Therapeutics is actively shifting its sales and marketing strategy from primarily relying on dental industry distribution to a more comprehensive model that includes direct affiliations with, or acquisitions of, medical sleep practices and testing centers. This pivot aims to capture both obstructive sleep apnea (OSA) diagnostic and treatment revenue by establishing more direct relationships with patients. The acquisition of The Sleep Center of Nevada (SCN) in June 2025 exemplified this strategy, contributing to a 78% sequential and 76% year-over-year revenue growth in Q3 2025. The company plans to scale this model through additional sleep center alliances or acquisitions.
2. Expansion of Diagnostic Sleep Testing and Treatment Center Services: A direct result of the strategic pivot, Vivos is growing its service revenue through diagnostic sleep testing and treatment center services. The Sleep Center of Nevada acquisition alone generated approximately $500,000 in diagnostic sleep testing services revenue within twenty days of its closing in Q2 2025. Service revenue more than doubled to $4.6 million in Q3 FY25, largely due to SCN's contribution, and the company anticipates continued deployment of service operations teams.
3. Increased Product Revenue from Vivos Appliances and Guides: Despite strategic shifts in its sales model, Vivos continues to see growth in its core product offerings. The company reported an increase in product revenue of approximately $0.5 million in Q3 2024, driven by higher sales of Vivos appliances and guides and reduced discounts. Overall product revenue increased by 26% for the full year 2024.
4. Broadening Patient Access through New Sales and Marketing Model: The strategic shift towards medical sleep practices and direct patient relationships is designed to significantly expand the number of OSA patients who have access to Vivos products and services. This approach is expected to reduce reliance on traditional Vivos Integrated Practice (VIP) enrollments and effectively widen the company's addressable market.

Share Issuance

• Vivos Therapeutics raised $24.15 million in gross proceeds from its Initial Public Offering (IPO) in December 2020, issuing 4,025,000 shares of common stock at $6.00 per share, including the underwriters' option.
• In February 2024, the company secured approximately $8 million through a private securities sale of common stock and purchase warrants to an institutional investor, which also included the exercise of Series B Warrants.
• Vivos Therapeutics received a $7.5 million equity investment from New Seneca Partners Inc. in June 2024, as part of a strategic marketing and distribution alliance.
• In January 2026, the company generated approximately $4.64 million in gross proceeds from the exercise of outstanding warrants, covering 1,982,356 shares at a reduced exercise price of $2.34 per share.

Inbound Investments

• New Seneca Partners Inc. provided a $7.5 million equity investment to Vivos Therapeutics in June 2024 to support a strategic alliance and future expansions.
• The acquisition of The Sleep Center of Nevada in June 2025 was financed by over $11 million, which included an $8.225 million secured loan from Streeterville Capital and a $3.755 million private placement from New Seneca Partners.

Outbound Investments

• In June 2025, Vivos Therapeutics acquired the operating assets of The Sleep Center of Nevada (SCN) for $6 million in cash and $1.5 million in Vivos common stock, with a potential additional $1.5 million in stock based on performance milestones.

Capital Expenditures

• Vivos Therapeutics reported capital expenditures of -$975,000 in the last 12 months (as of March 2026).
• For Q3 2025, capital expenditures totaled $83,000.
• These capital expenditures are primarily focused on long-term assets and infrastructure, supporting the company's strategic shift toward a direct-to-patient model, including the acquisition and integration of medical sleep centers.