Vivos Therapeutics Inc (NASDAQ: VVOS) is a medical device and healthcare services company that develops and commercializes oral appliance-based treatments for obstructive sleep apnea (OSA) and related breathing disorders. Revenue comes from two primary streams: fees paid by dentists who enroll in the Vivos Integrated Provider (VIP) program, which grants the right to purchase and use Vivos appliances along with training and enrollment materials, and direct patient care revenue generated through owned or managed sleep clinics. The VIP program operates on a contract-based licensing model where the right to sell Vivos appliances is bundled with training obligations and recognized over the estimated customer life. The company also acquired Sleep Center of Nevada (SCN) and entered a management agreement with MISleep Solution LLC in Auburn Hills, Michigan (July 2025), expanding into a medical provider management model. Vivos is headquartered in the United States and operates through subsidiaries including BioModeling, First Vivos, Vivos Therapeutics (Canada) Inc., and Vivos Therapeutics DSO LLC. The company has a history of operating losses and has financed operations primarily through equity issuances and debt.

Revenue model

VIP program enrollment fees (right-to-sell licensing bundled with training materials, recognized over estimated customer life), appliance sales to enrolled dentists, and direct patient care revenue from owned or managed sleep clinics. Financing activities in FY2025 included $5.6 million from common stock issuance, $10.7 million from debt issuance, and $2.3 million from warrant issuance (year ended December 31, 2025, per 10-K filed 2026-04-15).

Products and services

FDA 510(k)-cleared oral appliances including the mRNA appliance (cleared for mild-to-moderate OSA in adults; expanded clearance in November 2023 for moderate-to-severe OSA with PAP or myofunctional therapy), the mmRNA appliance (cleared August 2021 for mild-to-moderate OSA; expanded November 2023 for moderate-to-severe OSA), and Vivos Vida Sleep (cleared for mild-to-moderate OSA in adults). Adjunctive diagnostic services include VivoScore (SleepImage), Rhinomanometry (GM Instruments), CBCT imaging, and Joint Vibration Analysis (BioResearch). The Vivos AireO2 EHR software is a practice management platform for medical and dental billing related to breathing and sleep disorder treatment, though the company was scaling back deployment as of the filing date. BIS medical and dental billing services support insurance reimbursement for providers.

Customers and end markets

Primary customers are dentists and other healthcare providers who enroll as Vivos Integrated Providers (VIPs) to treat adult OSA patients. Secondary end market is direct OSA patients treated at company-owned or managed sleep clinics. The company is also cultivating referral relationships with physicians, sleep specialists, and other healthcare providers. Just under one-third of new Premier VIP members do not complete training and disengage from the program early (per 10-K filed 2026-04-15).

Value-chain role

Vivos sits at the intersection of medical device manufacturer, provider training and credentialing organization, and healthcare services operator. It designs and licenses proprietary oral appliances, trains dentist-providers through the VIP program, manages or acquires sleep clinics directly, and offers billing services (BIS) to support insurance reimbursement for its provider network.

Geographic exposure

Primarily United States, with a subsidiary (Vivos Therapeutics Canada Inc.) indicating some Canadian presence. Sleep clinic expansion and management agreements are U.S.-focused, including Nevada (SCN acquisition) and Michigan (AIM-Detroit management agreement, July 2025).

Source: SEC 10-K, filed 2026-04-15

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