Despite maintaining gross margins between 50% and 60%, the company's operating margin remains deeply negative at -128.7% as of 2026Q1 due to excessive SG&A spending.
Vivos Therapeutics, Inc. (VVOS) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 20.9M | 17.44M | 15.03M | 13.8M | 16.02M | 16.89M | 13.07M | 11.39M | 3.79M |
| Revenue Growth % | 45.21% | 16.05% | 8.91% | -13.87% | -5.1% | 29.23% | 14.68% | 200.43% | - |
| Cost of Goods Sold | 8.42M | 6.9M | 6.01M | 5.53M | 6M | 4.28M | 2.65M | 2.74M | 1.08M |
| COGS % of Revenue | - | 39.56% | 40% | 40.07% | 37.48% | 25.35% | 20.3% | 24.01% | 28.52% |
| Gross Profit | 12.48M | 10.54M | 9.02M | 8.27M | 10.02M | 12.6M | 10.41M | 8.66M | 2.71M |
| Gross Margin % | 59.72% | 60.44% | 60% | 59.93% | 62.52% | 74.65% | 79.7% | 75.99% | 71.48% |
| Gross Profit Growth % | - | 16.89% | 9.04% | -17.45% | -20.51% | 21.04% | 20.28% | 219.38% | - |
| Operating Expenses | 35.04M | 30.44M | 20.19M | 25.57M | 35.05M | 32.08M | 22.45M | 19.23M | 11.05M |
| OpEx % of Revenue | - | 174.49% | 134.32% | 185.25% | 218.73% | 189.96% | 171.84% | 168.82% | 291.3% |
| Selling, General & Admin | 33.7M | 29.13M | 19.61M | 24.95M | 34.38M | 31.34M | 18.4M | 18.48M | 10.44M |
| SG&A % of Revenue | - | 166.98% | 130.46% | 180.75% | 214.56% | 185.62% | 140.85% | 162.23% | 275.2% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.34M | 1.31M | 581K | 621K | 669K | 733K | 4.05M | 751.23K | 610.67K |
| Operating Income | -22.56M | -19.89M | -11.17M | -17.3M | -25.03M | -19.47M | -12.04M | -10.58M | -8.34M |
| Operating Margin % | -107.92% | -114.05% | -74.32% | -125.32% | -156.21% | -115.32% | -92.15% | -92.84% | -219.82% |
| Operating Income Growth % | - | -78.09% | 35.41% | 30.9% | -28.56% | -61.72% | -13.83% | -26.88% | - |
| EBITDA | -20.77M | -18.59M | -10.59M | -16.68M | -24.36M | -18.74M | -11.32M | -9.83M | -7.73M |
| EBITDA Margin % | -99.35% | -106.55% | -70.45% | -120.82% | -152.03% | -110.97% | -86.65% | -86.24% | -203.72% |
| EBITDA Growth % | -54.26% | -75.5% | 36.49% | 31.55% | -30.01% | -65.5% | -15.22% | -27.19% | - |
| D&A (Non-Cash Add-back) | 1.79M | 1.31M | 581K | 621K | 669K | 733K | 718K | 751.23K | 610.67K |
| EBIT | -24.53M | -21.23M | -11.14M | -13.58M | -23.84M | -20.27M | -11.96M | -10.62M | -8.34M |
| Net Interest Income | -1.1M | 0 | 0 | 0 | 89K | 103K | -17K | -116.74K | -102.97K |
| Interest Income | 0 | 0 | 0 | 0 | 89K | 117K | 79.61K | 21.13K | 0 |
| Interest Expense | 1.1M | 0 | 0 | 0 | 0 | 14K | 96.68K | 137.88K | 102.97K |
| Other Income/Expense | -3.07M | -1.34M | 35K | 3.71M | 1.19M | -817K | -17K | -177.09K | -102.97K |
| Pretax Income | -25.63M | -21.23M | -11.14M | -13.58M | -23.84M | -20.29M | -12.06M | -10.75M | -8.44M |
| Pretax Margin % | -122.62% | -121.71% | -74.09% | -98.42% | -148.81% | -120.15% | -92.28% | -94.39% | -222.54% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -25.59M | -21.23M | -11.14M | -13.58M | -23.84M | -20.29M | -12.06M | -10.75M | -8.44M |
| Net Margin % | -122.42% | -121.71% | -74.09% | -98.42% | -148.81% | -120.15% | -92.28% | -94.39% | -222.54% |
| Net Income Growth % | -78.67% | -90.64% | 18.02% | 43.04% | -17.53% | -68.27% | -12.11% | -27.43% | - |
| Net Income (Continuing) | -25.63M | -21.23M | -11.14M | -13.58M | -23.84M | -20.29M | -12.06M | -10.75M | -8.44M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -171K | -60K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.45 | -2.06 | -2.22 | -11.14 | -25.90 | -23.89 | -24.70 | -21.94 | -18.49 |
| EPS Growth % | -9.57% | 7.21% | 80.07% | 56.99% | -8.41% | 3.28% | -12.58% | -18.66% | - |
| EPS (Basic) | - | -2.06 | -2.22 | -11.14 | -25.90 | -23.89 | -24.70 | -21.94 | -18.49 |
| Diluted Shares Outstanding | 17.68M | 10.27M | 5.02M | 1.22M | 920.48K | 849.32K | 728.38K | 496.43K | 461.93K |
| Basic Shares Outstanding | 17.68M | 10.27M | 5.02M | 1.22M | 920.48K | 849.32K | 728.38K | 496.43K | 461.93K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying VVOS stock.
For fiscal year 2025, Vivos Therapeutics, Inc. (VVOS) reported total revenue of $17.4M. This represents a 360.0% increase compared to $3.8M in 2018.
Vivos Therapeutics, Inc. (VVOS) reported a net loss of $21.2M for the fiscal year ending 2025.
Vivos Therapeutics, Inc. (VVOS) reported an operating income of $-19.9M, resulting in an operating profit margin of -114.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Vivos Therapeutics, Inc. (VVOS) generated $10.5M in gross profit for the year, representing a gross profit margin of 60.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Imminent liquidity and dilution risk
Metrics are mathematically derived from official filings.
Volatile Revenue Growth Patterns Observed
As reported in recent financial filings, Vivos Therapeutics experienced a 70.5% revenue surge in 2026Q1, yet this follows a period of inconsistent quarterly performance, suggesting that top-line expansion remains highly sensitive to the timing of provider network enrollment rather than steady, organic patient-driven demand for appliances.
The erratic nature of revenue growth indicates that the company's business model is currently driven by episodic network expansion rather than recurring clinical utilization. Investors should monitor whether the recent growth spike represents a sustainable shift in adoption or merely a temporary acceleration in practitioner recruitment efforts.
Gross Margin Stability Amid Losses
Based on the provided income statement data, the company maintains a gross margin averaging roughly 50% to 60%, which suggests that the core appliance manufacturing process is inherently profitable despite the firm's inability to achieve positive operating margins at the current scale of operations.
While the gross margin profile appears healthy for a medical device manufacturer, it is insufficient to cover the heavy SG&A burden required to maintain the VIP network. This structural mismatch implies that the company must significantly increase its case-start volume per provider to achieve any meaningful operating leverage.
SG&A Burden Outpacing Revenue Gains
According to the historical income statement, SG&A expenses have consistently exceeded gross profit, with 2026Q1 operating expenses reaching $9.2 million, a figure that dwarfs the $2.6 million in gross profit and highlights a severe lack of expense discipline relative to the current revenue base.
The persistent reliance on high SG&A spending suggests that the company is still in a heavy customer acquisition phase, which may be unsustainable given the current cash position. Without a clear path to reducing these overhead costs, the company remains trapped in a cycle of funding operations through external capital.
Sustainability of Current Business Model
As indicated by the $19 million TTM operating loss against a mere $2 million in cash, the company faces a precarious financial reality that suggests the current growth-at-all-costs strategy may be nearing an inflection point where further dilution or restructuring becomes an unavoidable necessity for survival.
Short-sellers would likely focus on the widening gap between operating expenses and revenue, which suggests that the company's clinical success has not yet translated into a viable commercial model. The lack of R&D investment in recent quarters also warrants investigation, as it may indicate a pivot away from innovation to preserve dwindling cash reserves.