8-K Announcements
6Material company update
Apr 15, 2026·SEC
Material company update
Apr 3, 2026·SEC
Material company update
Feb 6, 2026·SEC
Vivos Therapeutics, Inc.(VVOS)Earnings, Financials & Key Ratios
VVOS•NASDAQ
$0.66
$5M mkt cap·Price updated May 7, 2026
AboutVivos Therapeutics, Inc., a medical technology company, develops and commercializes treatment alternatives for patients with dentofacial abnormalities, obstructive sleep apnea (OSA), and snoring in adults. It offers the Vivos System, a non-invasive, non-surgical, non-pharmaceutical, multi-disciplinary treatment modality for the treatment of dentofacial abnormalities, OSA, and snoring. Vivos Therapeutics also offers VivoScore Program, a screening and home sleep test in adults and children. The company markets and sells its Vivos System to licensed professionals, primarily general dentists in the United States and Canada. Vivos Therapeutics, Inc. was founded in 2016 and is based in Highlands Ranch, Colorado.Show more
- Revenue$15M+8.9%
- EBITDA-$11M+36.5%
- Net Income-$11M+18.0%
- EPS (Diluted)-2.22+80.1%
- Gross Margin60%+0.1%
- EBITDA Margin-70.45%+41.7%
- Operating Margin-74.32%+40.7%
- Net Margin-74.09%+24.7%
- ROE-266.25%+48.9%
- ROIC-422.18%+27.5%
- Debt/Equity0.19-96.1%
VVOS Key Insights
Vivos Therapeutics, Inc. (VVOS) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Trading at only 0.4x book value
✗Weaknesses
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 3 (bottom 3%)
- ✗Shares diluted 100.0% in last year
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
VVOS Price & Volume
Vivos Therapeutics, Inc. (VVOS) stock price & volume — 10-year historical chart
Loading chart...
VVOS Growth Metrics
Vivos Therapeutics, Inc. (VVOS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years5.7%
3 Years-3.8%
TTM18.76%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-36.09%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM60.2%
Return on Capital
10 Years-207.69%
5 Years-169.28%
3 Years-216.04%
Last Year-162.52%
VVOS Peer Comparison
Vivos Therapeutics, Inc. (VVOS) competitors in Vision, dental, and ENT devices — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 ALGN | 12.06B | 168.39 | 29.80 | 0.9% | 10.5% | 10.7% | 0.03 | |
 INVA | 1.93B | 22.80 | 6.91 | 18.52% | 118.91% | 46.47% | 0.23 | |
 RMTI | 30.78M | 0.78 | -5.21 | -31.76% | -9.25% | -45.88% | 0.34 | |
 DXCM | 23.5B | 60.91 | 29.14 | 15.6% | 19.31% | 33.83% | 0.51 | |
 XRAY | 2.2B | 10.96 | -3.65 | -2.98% | -17.06% | -41.19% | 1.84 | |
 HSIC | 8.09B | 70.50 | 21.56 | 4.03% | 3.02% | 8.24% | 0.77 | |
 SRDX | 614.51M | 42.98 | -52.41 | -4.91% | -14.59% | -15.59% | 0.28 | |
 MMSI | 3.72B | 62.33 | 29.26 | 11.66% | 9.03% | 8.95% | 0.57 |
Compare VVOS vs Peers
Vivos Therapeutics, Inc. (VVOS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
VVOS Income Statement
Vivos Therapeutics, Inc. (VVOS) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 3.79M | 11.39M | 13.07M | 16.89M | 16.02M | 13.8M | 15.03M | 17.32M |
| Revenue Growth % | - | 200.43% | 14.68% | 29.23% | -5.1% | -13.87% | 8.91% | 18.76% |
| Cost of Goods Sold | 1.08M | 2.74M | 2.65M | 4.28M | 6M | 5.53M | 6.01M | 7.66M |
| COGS % of Revenue | 28.52% | 24.01% | 20.31% | 25.35% | 37.48% | 40.07% | 40% | - |
| Gross Profit | 2.71M▲ 0% | 8.66M▲ 219.4% | 10.41M▲ 20.3% | 12.6M▲ 21.0% | 10.02M▼ 20.5% | 8.27M▼ 17.4% | 9.02M▲ 9.0% | 9.65M▲ 0% |
| Gross Margin % | 71.48% | 75.99% | 79.69% | 74.65% | 62.52% | 59.93% | 60% | 55.74% |
| Gross Profit Growth % | - | 219.38% | 20.28% | 21.04% | -20.51% | -17.45% | 9.04% | - |
| Operating Expenses | 11.05M | 19.23M | 19.12M | 32.08M | 35.05M | 25.57M | 20.19M | 25.11M |
| OpEx % of Revenue | 291.3% | 168.82% | 146.35% | 189.96% | 218.73% | 185.25% | 134.32% | - |
| Selling, General & Admin | 10.44M | 18.48M | 18.4M | 31.34M | 34.38M | 24.85M | 19.61M | 24.96M |
| SG&A % of Revenue | 275.2% | 162.23% | 140.85% | 185.62% | 214.56% | 180.03% | 130.46% | - |
| Research & Development | 0 | 0 | 0 | 0 | 200K | 100K | 0 | 100K |
| R&D % of Revenue | - | - | - | - | 1.25% | 0.72% | - | - |
| Other Operating Expenses | 610.67K | 751.23K | 717.87K | 733K | 469K | 621K | 581K | 44K |
| Operating Income | -8.34M▲ 0% | -10.58M▼ 26.9% | -8.71M▲ 17.7% | -19.47M▼ 123.6% | -25.03M▼ 28.6% | -17.3M▲ 30.9% | -11.17M▲ 35.4% | -15.76M▲ 0% |
| Operating Margin % | -219.82% | -92.84% | -66.65% | -115.32% | -156.21% | -125.32% | -74.32% | -91.02% |
| Operating Income Growth % | - | -26.88% | 17.66% | -123.57% | -28.56% | 30.9% | 35.41% | - |
| EBITDA | -7.73M | -9.83M | -7.99M | -18.74M | -24.36M | -16.68M | -10.59M | -14.75M |
| EBITDA Margin % | -203.72% | -86.24% | -61.16% | -110.97% | -152.03% | -120.82% | -70.45% | -85.18% |
| EBITDA Growth % | - | -27.19% | 18.67% | -134.48% | -30.01% | 31.55% | 36.49% | -22.27% |
| D&A (Non-Cash Add-back) | 610.67K | 751.23K | 717.87K | 733K | 669K | 621K | 581K | 1.01M |
| EBIT | -8.34M | -10.62M | -11.96M | -20.27M | -25.03M | -17.3M | -11.17M | -16.98M |
| Net Interest Income | -102.97K | -116.74K | -17K | 103K | 89K | 0 | 0 | 0 |
| Interest Income | 0 | 21.13K | 79.61K | 117K | 89K | 0 | 0 | 0 |
| Interest Expense | 102.97K | 137.88K | 96.68K | 14K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -102.97K | -177.09K | -3.35M | 94K | 1.19M | 3.71M | 35K | -1.47M |
| Pretax Income | -8.44M▲ 0% | -10.75M▼ 27.4% | -12.06M▼ 12.1% | -20.29M▼ 68.3% | -23.84M▼ 17.5% | -13.58M▲ 43.0% | -11.14M▲ 18.0% | -17.1M▲ 0% |
| Pretax Margin % | -222.54% | -94.39% | -92.28% | -120.15% | -148.81% | -98.42% | -74.09% | -98.77% |
| Income Tax | 102.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -1.22% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -8.54M▲ 0% | -10.75M▼ 25.9% | -12.06M▼ 12.1% | -20.29M▼ 68.3% | -23.84M▼ 17.5% | -13.58M▲ 43.0% | -11.14M▲ 18.0% | -17.1M▲ 0% |
| Net Margin % | -225.25% | -94.39% | -92.28% | -120.18% | -148.81% | -98.42% | -74.09% | -98.77% |
| Net Income Growth % | - | -25.9% | -12.11% | -68.31% | -17.5% | 43.04% | 18.02% | -36.09% |
| Net Income (Continuing) | -8.44M | -10.75M | -12.06M | -20.29M | -23.84M | -13.58M | -11.14M | -17.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -18.49▲ 0% | -21.94▼ 18.7% | -24.70▼ 12.6% | -23.89▲ 3.3% | -25.90▼ 8.4% | -11.14▲ 57.0% | -2.22▲ 80.1% | -1.56▲ 0% |
| EPS Growth % | - | -18.66% | -12.58% | 3.28% | -8.41% | 56.99% | 80.07% | 60.2% |
| EPS (Basic) | -18.49 | -21.94 | -24.70 | -23.89 | -25.90 | -11.14 | -2.22 | - |
| Diluted Shares Outstanding | 461.93K | 496.43K | 728.38K | 849.32K | 920.48K | 1.22M | 5.02M | 10.96M |
| Basic Shares Outstanding | 461.93K | 496.43K | 728.38K | 849.32K | 920.48K | 1.22M | 5.02M | 10.96M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
VVOS Balance Sheet
Vivos Therapeutics, Inc. (VVOS) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 2.01M | 1.98M | 20.39M | 27.32M | 5.42M | 2.46M | 7.47M | 5.79M |
| Cash & Short-Term Investments | 1.25M | 469.35K | 18.21M | 24.03M | 3.52M | 1.64M | 6.26M | 3.09M |
| Cash Only | 1.25M | 469.35K | 18.21M | 24.03M | 3.52M | 1.64M | 6.26M | 3.09M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 595.19K | 955.99K | 1.52M | 1.72M | 457K | 202K | 430K | 2.13M |
| Days Sales Outstanding | 57.29 | 30.63 | 42.34 | 37.16 | 10.41 | 5.34 | 10.44 | 25.9 |
| Inventory | 0 | 263.81K | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | 35.19 | - | - | - | - | - | - |
| Other Current Assets | 133.93K | 0 | 61 | 0 | 1.45M | 0 | 783K | 565K |
| Total Non-Current Assets | 6.19M | 5.57M | 4.93M | 6.37M | 8.3M | 8.27M | 7.81M | 19.86M |
| Property, Plant & Equipment | 1.28M | 1.14M | 871.6K | 2.83M | 4.78M | 4.7M | 4.38M | 9.03M |
| Fixed Asset Turnover | 2.96x | 10.00x | 14.99x | 5.98x | 3.35x | 2.94x | 3.43x | 2.66x |
| Goodwill | 3.74M | 2.67M | 2.67M | 2.84M | 2.84M | 2.84M | 2.84M | 8.45M |
| Intangible Assets | 1.14M | 689.15K | 270.12K | 341K | 302K | 420K | 370K | 2.17M |
| Long-Term Investments | 0 | 785.06K | 810.63K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 26.91K | 1.07M | 1.12M | 356K | 374K | 307K | 216K | 897K |
| Total Assets | 8.2M▲ 0% | 7.55M▼ 8.0% | 25.33M▲ 235.4% | 33.69M▲ 33.0% | 13.72M▼ 59.3% | 10.73M▼ 21.8% | 15.28M▲ 42.4% | 25.64M▲ 0% |
| Asset Turnover | 0.46x | 1.51x | 0.52x | 0.50x | 1.17x | 1.29x | 0.98x | 0.89x |
| Asset Growth % | - | -7.95% | 235.39% | 33.01% | -59.27% | -21.79% | 42.44% | 169.44% |
| Total Current Liabilities | 2.16M | 9.09M | 7.82M | 7.51M | 6.81M | 7.29M | 4.98M | 7.44M |
| Accounts Payable | 474.08K | 1.08M | 781K | 920K | 1.41M | 2.15M | 1.1M | 2.1M |
| Days Payables Outstanding | 159.98 | 144.53 | 107.43 | 78.44 | 85.76 | 141.58 | 66.66 | 73.46 |
| Short-Term Debt | 161.54K | 3.71M | 866.97K | 1.26M | 419K | 474K | 0 | 1.13M |
| Deferred Revenue (Current) | 889.51K | 2.95M | 2.94M | 2.4M | 2.93M | 2.14M | 896K | 1.95M |
| Other Current Liabilities | 0 | 0 | 85 | 1.46M | 280K | 560K | 273K | 4.21M |
| Current Ratio | 0.93x | 0.22x | 2.61x | 3.64x | 0.80x | 0.34x | 1.50x | 1.50x |
| Quick Ratio | 0.93x | 0.19x | 2.61x | 3.64x | 0.80x | 0.34x | 1.50x | 1.50x |
| Cash Conversion Cycle | - | -78.71 | - | - | - | - | - | -47.56 |
| Total Non-Current Liabilities | 1.22M | 1.4M | 587.06K | 641K | 2.11M | 3.03M | 2.35M | 15.68M |
| Long-Term Debt | 525K | 0 | 423.1K | 298K | 0 | 0 | 0 | 2.99M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 1.99M | 1.52M | 1.03M | 4.92M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | -112K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 695.02K | 1.4M | 146K | 343K | 112K | 1.22M | 1.22M | 19.43M |
| Total Liabilities | 3.38M | 10.49M | 8.41M | 8.15M | 8.92M | 10.32M | 7.33M | 23.11M |
| Total Debt | 686.54K | 3.71M | 1.29M | 1.63M | 2.41M | 2M | 1.51M | 4.12M |
| Net Debt | -568.18K | 3.24M | -16.92M | -22.4M | -1.11M | 352K | -4.75M | 1.03M |
| Debt / Equity | 0.14x | - | 0.08x | 0.06x | 0.50x | 4.85x | 0.19x | 0.19x |
| Debt / EBITDA | - | - | - | - | - | - | - | -0.28x |
| Net Debt / EBITDA | - | - | - | - | - | - | - | -0.07x |
| Interest Coverage | -80.95x | -76.72x | -90.08x | -1390.79x | - | - | - | - |
| Total Equity | 4.83M▲ 0% | -2.94M▼ 161.0% | 16.92M▲ 674.8% | 25.54M▲ 51.0% | 4.8M▼ 81.2% | 411K▼ 91.4% | 7.95M▲ 1835.3% | 2.53M▲ 0% |
| Equity Growth % | - | -160.97% | 674.82% | 50.96% | -81.2% | -91.44% | 1835.28% | 2397.74% |
| Book Value per Share | 10.45 | -5.93 | 23.23 | 30.07 | 5.22 | 0.34 | 1.58 | 0.23 |
| Total Shareholders' Equity | 4.83M | -2.94M | 16.92M | 25.54M | 4.8M | 411K | 7.95M | 2.53M |
| Common Stock | 1.21K | 1.24K | 2K | 2K | 2K | 0 | 0 | 1K |
| Retained Earnings | -12.52M | -23.28M | -35.33M | -55.62M | -79.47M | -93.05M | -104.19M | -118.46M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -666.67K | -1.32M | -1.5M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
VVOS Cash Flow Statement
Vivos Therapeutics, Inc. (VVOS) cash flow — operating, investing & free cash flow history
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -5.31M | -5.34M | -5.68M | -15.73M | -19.59M | -11.95M | -12.69M | -12.69M |
| Operating CF Margin % | -140.12% | -46.87% | -43.47% | -93.19% | -122.24% | -86.56% | -84.43% | - |
| Operating CF Growth % | - | -0.5% | -6.36% | -177.01% | -24.48% | 39.01% | -6.24% | -71.87% |
| Net Income | -8.44M | -10.75M | -12.06M | -20.29M | -23.84M | -13.58M | -11.14M | -17.1M |
| Depreciation & Amortization | 610.67K | 751.23K | 717.87K | 733K | 669K | 621K | 581K | 1.01M |
| Stock-Based Compensation | 1.28M | 1.99M | 2.17M | 2.66M | 2.4M | 924K | 762K | 671K |
| Deferred Taxes | 0 | 60.34K | 0 | 1.14M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 364.34K | 83.07K | 3.92M | -9K | -518K | -2.77M | 42K | 1.35M |
| Working Capital Changes | 867.1K | 2.53M | -431.07K | 28K | 1.71M | 2.86M | -2.94M | -319K |
| Change in Receivables | -530.29K | -276.1K | -559.6K | 228K | 746K | 255K | -228K | -746K |
| Change in Inventory | 0 | 401.01K | 332.59K | 168K | 0 | 0 | 0 | 0 |
| Change in Payables | 246.53K | 547.62K | -274.21K | 139K | 491K | 734K | -1.05M | 970K |
| Cash from Investing | -1.12M | 86.22K | -120.25K | -2.61M | -924K | -853K | -568K | -6.11M |
| Capital Expenditures | -1.25M | -175.6K | -120.25K | -2.4M | -924K | -853K | -568K | -165K |
| CapEx % of Revenue | 32.98% | 1.54% | 0.92% | 14.19% | 5.77% | 6.18% | 3.78% | - |
| Acquisitions | 133.34K | 250K | 0 | -225K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 11.82K | 0 | 13K | 0 | 0 | 0 | -5.95M |
| Cash from Financing | 5.25M | 4.47M | 23.54M | 24.17M | 0 | 10.92M | 17.88M | 17.28M |
| Debt Issued (Net) | -88.24K | 3.73M | 1.19M | -25K | 0 | 0 | 0 | 9.64M |
| Equity Issued (Net) | 1000K | 0 | 1000K | 1000K | 0 | 1000K | 1000K | 2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1M | -350K | -2.15M | -1.5M | 0 | 0 | 0 | 0 |
| Other Financing | -12.46K | 738.61K | -245.14K | -2.24M | 0 | 0 | 10.08M | 2.32M |
| Net Change in Cash | -1.18M▲ 0% | -785.37K▲ 33.3% | 17.74M▲ 2358.3% | 5.82M▼ 67.2% | -20.51M▼ 452.2% | -1.88M▲ 90.9% | 4.62M▲ 346.1% | -3.22M▲ 0% |
| Free Cash Flow | -6.56M▲ 0% | -5.52M▲ 16.0% | -5.8M▼ 5.2% | -18.13M▼ 212.6% | -20.51M▼ 13.1% | -12.75M▲ 37.8% | -13.26M▼ 4.0% | -14.43M▲ 0% |
| FCF Margin % | -173.1% | -48.42% | -44.39% | -107.38% | -128% | -92.38% | -88.21% | -83.35% |
| FCF Growth % | - | 15.97% | -5.16% | -212.57% | -13.13% | 37.84% | -4% | -13.98% |
| FCF per Share | -14.21 | -11.11 | -7.96 | -21.35 | -22.28 | -10.46 | -2.64 | -2.64 |
| FCF Conversion (FCF/Net Income) | 0.62x | 0.50x | 0.47x | 0.78x | 0.82x | 0.88x | 1.14x | 0.84x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
VVOS Key Ratios
Vivos Therapeutics, Inc. (VVOS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -1141.81% | -172.56% | -95.59% | -157.19% | -521.22% | -266.25% | -675.51% |
| Return on Invested Capital (ROIC) | -348.26% | -4370.87% | -929.33% | -549.25% | -581.97% | -422.18% | -422.18% |
| Gross Margin | 75.99% | 79.69% | 74.65% | 62.52% | 59.93% | 60% | 55.74% |
| Net Margin | -94.39% | -92.28% | -120.18% | -148.81% | -98.42% | -74.09% | -98.77% |
| Debt / Equity | - | 0.08x | 0.06x | 0.50x | 4.85x | 0.19x | 0.19x |
| Interest Coverage | -76.72x | -90.08x | -1390.79x | - | - | - | - |
| FCF Conversion | 0.50x | 0.47x | 0.78x | 0.82x | 0.88x | 1.14x | 0.84x |
| Revenue Growth | 200.43% | 14.68% | 29.23% | -5.1% | -13.87% | 8.91% | 18.76% |
VVOS SEC Filings & Documents
Vivos Therapeutics, Inc. (VVOS) SEC filings — annual & quarterly reports (10-K, 10-Q)
VVOS Frequently Asked Questions
Vivos Therapeutics, Inc. (VVOS) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Vivos Therapeutics, Inc. (VVOS) reported $17.3M in revenue for fiscal year 2024. This represents a 357% increase from $3.8M in 2018.
Vivos Therapeutics, Inc. (VVOS) grew revenue by 8.9% over the past year. This is steady growth.
Vivos Therapeutics, Inc. (VVOS) reported a net loss of $17.1M for fiscal year 2024.
Dividend & Returns
Vivos Therapeutics, Inc. (VVOS) has a return on equity (ROE) of -266.3%. Negative ROE indicates the company is unprofitable.
Vivos Therapeutics, Inc. (VVOS) had negative free cash flow of $14.4M in fiscal year 2024, likely due to heavy capital investments.
Explore More VVOS
Vivos Therapeutics, Inc. (VVOS) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
Dollar cost averaging vs lump sum
Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates