Vivos Therapeutics Inc (VVOS) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the Vivos Therapeutics' first-quarter 2026 conference call. (Operator Instructions) This conference call is being recorded, and a replay of today's call will be available on the Investor Relations section of Vivos' website and will remain posted there for the next 30 days.

各位好，歡迎參加 Vivos Therapeutics 2026 年第一季財報電話會議。(接線員指示) 本次電話會議將被錄音，今日會議的重播將可於 Vivos 官網「投資人關係」專區取得，並將在該處保留張貼 30 天。

I will now hand the call over to Brad Amman, Chief Financial Officer, for introductions and the reading of the Safe Harbor statement. Please go ahead.

現在我將把電話交給財務長 Brad Amman 進行介紹並宣讀「安全港」聲明。請開始。

Thank you, Operator. Hello, everyone, and welcome to our conference call. A copy of our earnings release is available on the Investor Relations section of our website at www.vivos.com. With me on the call today is Kirk Huntsman, Vivos' Chairman and Chief Executive Officer.

謝謝，接線員。各位好，歡迎參加我們的電話會議。我們的財報新聞稿副本可於我們網站 www.vivos.com 的「投資人關係」專區取得。今天與我一同出席電話會議的還有 Vivos 董事長兼執行長 Kirk Huntsman。

Today, we'll review the financial results for the first quarter of 2026 as well as more recent developments and Vivos' plans for the rest of 2026 and beyond. Following these formal remarks, we'll be happy to take questions. I would also like to remind everyone that today's call will contain certain forward-looking statements from our management made within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities and Exchange Act of 1934 as amended concerning future events. Words such as aim, may, could, should, projects, expects, intends, plans, believes, anticipates, hopes, estimates, goal and variations of such words and similar words regarding future events are intended to identify forward-looking statements. These statements involve significant known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant risks, uncertainties and contingencies, many of which are beyond the company's control.

今天我們將回顧 2026 年第一季的財務結果，以及近期進展與 Vivos 對 2026 年剩餘期間及未來的規劃。在上述正式說明之後，我們很樂意回答問題。我也要提醒各位，今天的電話會議將包含管理團隊所作的若干前瞻性陳述，該等陳述係依據經修訂之 1933 年《證券法》第 27A 條及經修訂之 1934 年《證券交易法》第 21E 條之意義，涉及未來事件。諸如 aim、may、could、should、projects、expects、intends、plans、believes、anticipates、hopes、estimates、goal 等字詞及其變化形式，以及其他與未來事件相關的類似用語，旨在識別前瞻性陳述。這些陳述涉及重大之已知與未知風險，並基於若干假設與估計，而這些假設與估計本質上可能受到重大風險、不確定性與偶發事件影響，其中許多超出公司控制範圍。

Actual results, including, without limitation, the results of Vivos' growth strategies, operational plans, including sales, marketing, distribution, medical sleep provider acquisition and integration, research and development, regulatory initiatives, cost savings plans and plans to generate revenue, as well as future potential results of operations and operating metrics such as the potential for Vivos to achieve future positive cash flows or profitability and other matters to be addressed by Vivos management in this conference call may differ materially and adversely from those expressed or implied by such forward-looking statements.

實際結果（包括但不限於 Vivos 成長策略、營運計畫之結果，包括銷售、行銷、通路、醫療睡眠服務提供者之收購與整合、研發、法規推動、成本節省計畫及創造營收之計畫），以及未來可能的營運結果與營運指標（例如 Vivos 未來達成正向現金流或獲利的可能性），以及本次電話會議中 Vivos 管理層將討論的其他事項，均可能與該等前瞻性陳述所明示或暗示者存在重大且不利的差異。

Factors that could cause actual results to differ materially include, but are not limited to, the risk factors described and other disclosures contained in Vivos' filings with the Securities and Exchange Commission, including the risk factors and other disclosures in our Form 10-K for the year ended December 31, 2025, and our other filings with the SEC, including our first quarter 10-Q filed with the SEC today, all of which are or will be accessible on the Investor Relations section of the Vivos website as well as the SEC's website. Except to the extent required by law, Vivos assumes no obligation to update statements as circumstances change.

可能導致實際結果出現重大差異的因素包括但不限於：Vivos 向美國證券交易委員會（SEC）提交之文件中所述之風險因素及其他揭露事項，包括截至 2025 年 12 月 31 日止年度之 Form 10-K 中的風險因素與其他揭露，以及我們向 SEC 提交的其他文件（包括我們今日向 SEC 提交的第一季 10-Q），上述文件均已或將可於 Vivos 官網「投資人關係」專區以及 SEC 官網查閱。除法律要求之範圍外，Vivos 不承擔因情況變化而更新陳述之義務。

Finally, please be aware that the US Food and Drug Administration has given certain specific Vivos appliances, 510(k) clearance to treat mild-to-severe OSA. With the FDA clearance of certain Vivos products for severe OSA in November of '23, treatment of patients with severe OSA with these specific appliances is no longer needed to be performed off-label at the clinical discretion of the treating doctor and is now an integral part of the Vivos treatment protocol. Vivos treatment of OSA of any severity or any other condition with any other of Vivos' FDA-cleared devices remains at the clinical discretion of the treating doctor.

最後，請注意，美國食品藥物管理局（FDA）已對特定 Vivos 器械核發 510(k) 許可，用於治療輕度至重度阻塞型睡眠呼吸中止症（OSA）。隨著 FDA 於 2023 年 11 月核准特定 Vivos 產品可用於重度 OSA，使用這些特定器械治療重度 OSA 患者已不再需要由主治醫師以臨床裁量進行適應症外（off-label）使用，並已成為 Vivos 治療流程中不可或缺的一部分。至於使用 Vivos 其他任何已獲 FDA 核准之裝置治療任何嚴重程度的 OSA 或任何其他病症，仍由主治醫師依其臨床裁量決定。

For further information on our results for the three-month period ended March 31, 2026, please see our earnings release, which was distributed earlier today and our quarterly report on Form 10-Q, which is available on the SEC filings portion of the Investor Relations section of our website.

如需了解截至 2026 年 3 月 31 日止三個月期間之業績更多資訊，請參閱我們今日稍早發布的財報新聞稿，以及我們的 Form 10-Q 季度報告；該報告可於本公司網站「投資人關係」專區中的 SEC 申報文件部分取得。

Now I'll turn to the review of our first quarter results. In the first quarter of 2026, Vivos completed its third full quarter of activity following our June 10, 2025 acquisition of the Sleep Center of Nevada, or SCN, demonstrating that the pivot in our sales, marketing and distribution model has taken hold, notably with a very significant increase in revenues.

接下來我將開始回顧第一季業績。2026 年第一季，Vivos 在 2025 年 6 月 10 日收購內華達睡眠中心（Sleep Center of Nevada，簡稱 SCN）後，完成了第三個完整季度的營運活動，顯示我們在銷售、行銷與通路模式上的轉型已經到位，尤其是營收大幅成長。

Revenue increased approximately $2.1 million or 70% to $5.1 million for the first quarter of 2026 compared to $3 million for the first quarter of 2025 and 34% over fourth quarter of 2025. This was due to an increase of approximately $2 million in sleep testing services and an increase of $900,000 of revenue generated from Vivos treatment of OSA patients launched at two SCN locations. The increase in revenue during Q1 was offset by the decline in product revenue attributable to a decrease of approximately $900,000 in appliance sales to our legacy Vivos Integrated Provider, or VIP dentist customers, offset by an increase of $500,000 in tooth positioner sales to VIPs. Additionally, we had a decrease in service revenue of $200,000 in our VIP enrollment revenue due to our strategic pivot to acquire and partner with sleep centers.

2026 年第一季營收約增加 210 萬美元（成長 70%）至 510 萬美元，相較於 2025 年第一季的 300 萬美元，亦較 2025 年第四季成長 34%。此成長主要來自睡眠檢測服務營收約增加 200 萬美元，以及在兩處 SCN 據點推出 Vivos OSA 患者治療所帶來的 90 萬美元營收增加。第一季營收增加部分被產品營收下滑所抵銷；產品營收下滑係因我們既有 Vivos Integrated Provider（VIP）牙醫客戶之器械銷售約減少 90 萬美元，但同時對 VIP 的牙齒定位器（tooth positioner）銷售增加 50 萬美元而部分抵銷。此外，由於我們策略性轉向收購並與睡眠中心合作，我們的 VIP 註冊服務收入亦減少 20 萬美元。

An important note is that our 70% increase in year over year revenue occurred notwithstanding the decrease in our VIP enrollment revenue. In fact, there were no new VIP enrollments in Q1. All of this shows that we have weaned ourselves off of reliance on VIP enrollments as we have pivoted to our new revenue model.

值得注意的是，即便 VIP 註冊收入下降，我們的年對年營收仍成長 70%。事實上，第一季沒有新增任何 VIP 註冊。這些都顯示，隨著我們轉向新的營收模式，我們已逐步降低對 VIP 註冊的依賴。

During the first quarter of 2026, we sold 5,304 oral appliance arches and tooth positioners for a total of approximately $1.4 million, a 21% decrease in revenue from the same period in 2025 when we sold 3,735 oral appliance arches and tooth positioners for a total of $1.8 million. The revenue decrease is directly attributable to $500,000 in discounts offered in the first quarter versus $200,000 of discounts offered during the same period in 2025, coupled with a product mix that included more lower-priced products.

2026 年第一季，我們共銷售 5,304 個口腔器械弓架（oral appliance arches）與牙齒定位器，合計營收約 140 萬美元；相較之下，2025 年同期我們銷售 3,735 個口腔器械弓架與牙齒定位器，合計營收 180 萬美元，營收下降 21%。營收下降主要直接歸因於：第一季提供的折扣為 50 萬美元，而 2025 年同期折扣為 20 萬美元；同時產品組合中包含較多低單價產品。

Cost of sales increased by approximately $600,000 or 38% to $2.1 million for the first-quarter 2026 compared to $1.5 million for the first quarter of 2025. This was primarily due to $700,000 in higher costs related to additional staff associated with SCN and our Detroit sleep center affiliation. We are hopeful that our investments in integrating SCN into our business will continue to pay off going forward.

2026 年第一季銷貨成本約增加 60 萬美元（成長 38%）至 210 萬美元，相較於 2025 年第一季的 150 萬美元。此增加主要係因與 SCN 及我們底特律睡眠中心合作關係相關的額外人員配置，導致成本增加 70 萬美元。我們期望，將 SCN 整合至我們業務中的投資，未來能持續帶來回報。

For the first quarter of 2026, gross profit increased by $1.5 million or 103% to $3.1 million. This increase was attributable to an increase in revenue of $2.1 million, offset by an increase in cost of sales of $600,000. Gross margin increased 10 percentage points to 60% for the first quarter of 2026 when compared to 50% for the same period in 2025. This reflects the higher-margin nature of our new business model.

2026 年第一季毛利增加 150 萬美元（成長 103%）至 310 萬美元。此增加係因營收增加 210 萬美元，但部分被銷貨成本增加 60 萬美元所抵銷。2026 年第一季毛利率較 2025 年同期的 50% 提升 10 個百分點至 60%。這反映出我們新商業模式具有較高毛利的特性。

General and administrative expenses increased $4.1 million to $9 million for the first-quarter 2026 compared to $4.9 million for the prior year period. This increase was primarily due to $1.5 million in costs associated with running SCN's operations, which we did not have in first quarter of 2025. In addition, we incurred $1.5 million in salaries and wages for Vivos treatment center personnel in Nevada and $900,000 in nonrecurring professional fees that we did not have in the first quarter of 2025.

一般及行政費用於2026年第一季增加410萬美元至900萬美元，較去年同期的490萬美元為高。此增加主要係因與營運SCN業務相關之成本150萬美元，而我們在2025年第一季並無此項成本。此外，我們亦發生內華達州Vivos治療中心人員之薪資與工資150萬美元，以及90萬美元之一次性專業服務費用，該等費用於2025年第一季並未發生。

Depreciation and amortization expense was approximately $500,000 for the first quarter of 2026 compared to $200,000 for the prior year quarter. Depreciation and amortization increased due to an increase in depreciable assets related to the SCN asset acquisition and other affiliations.

2026年第一季折舊與攤銷費用約為50萬美元，較去年同期的20萬美元為高。折舊與攤銷增加係因與SCN資產收購及其他合作關係相關之可折舊資產增加所致。

Net cash used in operating activities amounted to approximately $6 million and $3.8 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had total liabilities of approximately $26.3 million as compared with $26.7 million as of December 31, 2025. As of March 31, 2026, we had approximately $2.1 million in cash and cash equivalents.

截至2026年及2025年3月31日止三個月，用於營運活動之淨現金約為600萬美元及380萬美元。截至2026年3月31日，我們之負債總額約為2,630萬美元，較2025年12月31日之2,670萬美元為低。截至2026年3月31日，我們之現金及約當現金約為210萬美元。

We have implemented cost savings measures that have reduced cash used in operations. And while our revenue increased in the first months post SCN acquisition, our revenue did not grow enough to outpace our expenses due to dentist shortages and not being in network with payers as we continue to integrate SCN into our operations and refine and improve our product offerings and distribution strategies.

我們已實施節省成本措施，降低營運所使用之現金。然而，儘管在收購SCN後的最初幾個月我們的營收有所增加，但由於牙醫短缺，以及在我們持續將SCN整合至營運並精進、改善產品供應與通路策略之際，尚未與付款方納入網路，我們的營收成長仍不足以超越費用增幅。

As such, we raised equity capital throughout 2025 and during first quarter 2026, including our ATM program. We will be required to obtain additional financings to satisfy our near- and longer-term cash needs and bolster our stockholders' equity for Nasdaq compliance purposes. We believe our Q1 results show the work we've put in towards increasing revenue and reducing costs, and moreover, that the prospect for future revenue growth is there. In addition to bolster our stockholders' equity, we are actively evaluating plans to restructure our senior debt to reduce our debt service obligations and reclassify some of the debt on our balance sheet as equity. Our main goal, of course, is to achieve cash flow positive operations in the foreseeable future.

因此，我們於2025年全年及2026年第一季持續募集股權資金，包括我們的ATM計畫。為滿足近期及較長期之現金需求，並為符合納斯達克合規目的而強化股東權益，我們將需要取得額外融資。我們認為第一季的結果顯示我們在提升營收與降低成本方面所投入的努力，且未來營收成長的前景確實存在。此外，為強化股東權益，我們正積極評估重整高階債務之方案，以降低債務償付義務，並將資產負債表上的部分債務重新分類為權益。當然，我們的主要目標是在可預見的未來達成營運現金流轉正。

So in summary, we're seeing significant increases in revenue, reflecting the acquisition of SCN in both diagnostic service as well as related revenue from providing OSA patients with treatment options, which is extremely encouraging. We are also seeing increased costs from hiring SCN personnel on the diagnostic side and additional hiring on the treatment side as these costs were nonexistent in the prior year quarter. We believe the strategic move to acquire SCN and other potential affiliate alliances and acquisitions set the stage for stronger performance in coming quarters. For more detailed information, I refer you to our earnings release and our full Form 10-Q filed today.

總結而言，我們看到營收顯著增加，反映出收購SCN後在診斷服務以及為OSA患者提供治療選項所帶來的相關收入，這非常令人鼓舞。我們也看到成本上升，原因在於診斷端聘用SCN人員，以及治療端的額外招募，而這些成本在去年同期並不存在。我們相信收購SCN的策略性舉措，以及其他潛在的合作聯盟與收購，已為未來幾季更強勁的表現奠定基礎。如需更詳細資訊，請參閱我們的財報新聞稿以及今日提交的完整Form 10-Q。

And with that, I'll hand the call back over to our Chairman and CEO, Kirk Huntsman, to discuss the progress we have made to date on SCN and Vivos. Kirk?

接下來，我將把電話交回給我們的董事長兼執行長Kirk Huntsman，請他說明我們迄今在SCN與Vivos方面所取得的進展。Kirk？

Thank you, Brad. Good afternoon, everyone, and thank you for joining us on today's conference call. It was just over a month ago that we reported our 2025 annual results. From that report, some investors became concerned that the drop in revenue during our fourth quarter 2025. We explained that the primary contributing factors of decreased provider office days and insurance headwinds were both temporary and correctable and that we had already made the necessary corrective adjustments.

謝謝你，Brad。各位下午好，感謝各位參加今天的電話會議。就在一個多月前，我們公布了2025年全年業績。在那份報告之後，部分投資人對我們2025年第四季營收下滑感到擔憂。我們解釋，造成下滑的主要因素—提供者門診天數減少及保險方面的不利因素—皆屬暫時且可修正，且我們已做出必要的矯正調整。

Our core thesis behind our strategic pivot was still emerging, and we remain highly confident in our model and its potential. So now we are extremely pleased to report that our confidence has been validated with a 34% revenue increase quarter over quarter and a 70% increase year over year in year over year revenue. Notably, our first quarter total completed patient appointments rose an impressive 72% from 2,438 in Q4 to 4,186 in Q1 of this year. Another key aspect of our treatment, myofunctional therapy visits have likewise risen by 43% during Q1, going from 337 visits in January to 481 in March.

我們策略轉向背後的核心論點仍在成形中，而我們對自身模式及其潛力仍保持高度信心。因此，我們現在非常高興地報告，我們的信心已獲驗證：營收較前一季成長34%，且年增70%。值得注意的是，我們第一季完成的患者就診總數從第四季的2,438次大幅上升72%至今年第一季的4,186次。治療方面的另一個關鍵項目—口肌功能治療（myofunctional therapy）就診—在第一季亦上升43%，從1月的337次增加至3月的481次。

Now I could go on to cite similar impressive KPIs related to the growth in total laser treatments, frenectomies, diagnostic procedures and other clinical procedures from our Nevada operations. But the simple truth is our strategic model pivot is taking hold and the prospects for further growth are there.

我還可以繼續列舉與我們內華達州營運相關的其他同樣亮眼的KPI，例如雷射治療總量、繫帶切除術（frenectomies）、診斷程序及其他臨床處置的成長。但簡單來說，我們的策略模式轉向正在發揮效果，且進一步成長的前景確實存在。

Here in the second quarter, the upward surge in revenue-generating patient encounters continues as more available provider days and in-network insurance coverage fully begin to kick in. In April, for example, we experienced our highest ever number of patient visits. We call them Visit 2s, where patients select their treatment pathway and commit financially. Those are the visits where we generate most of our money.

進入第二季，隨著更多可用的提供者門診天數以及納入網路的保險給付開始全面發揮作用，帶來營收的患者接觸量仍持續向上攀升。例如在4月，我們經歷了史上最高的患者就診數。我們稱之為Visit 2，也就是患者選擇其治療路徑並在財務上做出承諾的就診。這些就診是我們創造大部分收入的環節。

Our recent facility expansions at each of our two locations in Las Vegas are expected to allow for even greater numbers of patients to be seen and treated. At our Henderson location, due to come fully online in June, we have doubled our footprint in production capacity. Now keep in mind that the total potential volume of patients from SCN who could benefit from our treatment services still far outpaces our production capacity, and we continue to add providers and staff as rapidly as possible to meet the demand.

我們近期在拉斯維加斯兩個據點的設施擴建，預期將使我們能接診並治療更多患者。在Henderson據點（預計於6月全面上線），我們的產能占地已加倍。請記住，來自SCN、可能受益於我們治療服務的患者潛在總量仍遠高於我們的產能，因此我們持續以最快速度增聘提供者與員工以滿足需求。

So here's the basic equation behind our success in the first quarter. More trained providers who are in network with payers leads to more available provider days, which means more appointment availability, which means more patients can be seen and presented with treatment options. More participation and coverage from payers means more patients will accept treatment.

以下是我們第一季成功背後的基本方程式。更多受訓且納入付款方網路的提供者，會帶來更多可用的提供者門診天數，進而意味著更多可預約時段，也就代表能接診更多患者並向其提供治療選項。付款方更高的參與度與給付覆蓋，意味著會有更多患者接受治療。

Another important factor in our revenue comes from the growing confidence and skills of our providers. When I say providers, I'm referring to medical and dental professionals of all stripes: doctors, nurse practitioners, dentists, and physician assistants. These providers are not robots. They are humans who come with varying clinical skills and communication abilities, all of which impact their individual production capacity.

我們營收的另一個重要因素，來自提供者日益提升的信心與技能。我所說的提供者，是指各類醫療與牙科專業人員：醫師、護理師（執業護理師）、牙醫以及醫師助理。這些提供者不是機器人。他們是人，具備不同程度的臨床技能與溝通能力，而這些都會影響其個別的產能。

The more experience they have using our technology and methods, the better and more confident they are at recommending treatment. Thus, we are seeing growth not only for more total provider days, but also in total production per day per provider.

他們使用我們的技術與方法的經驗越多，就越能更好且更有信心地建議治療。因此，我們看到的不僅是提供者門診天數總量的成長，也看到每位提供者每日總產出（production）的提升。

Let me give you an example. In one notable case, a dentist who was near the bottom of the pack in terms of her daily production as compared to her peers was extensively retrained and coached up from an average of under $3,000 per day to production of over $10,000 per day, all within a matter of just a couple of weeks. Her peak production day, post retraining, saw 7 out of 8 of her patients accepting treatment, representing well over $40,000 in just a single day.

讓我舉個例子。在一個值得注意的案例中，一位牙醫就其每日產值相較同儕而言幾乎位於末段，經過密集再訓練與輔導後，在短短幾週內，從平均每日不到3,000美元提升到每日產值超過10,000美元。她在再訓練後的單日最高產值中，8位病患有7位接受治療，單日即代表超過40,000美元的產值。

Similar, though not so dramatic, productivity gains continue to occur amongst our growing pool of relatively new providers. Thus, we see opportunities for significant additional and continued growth from providers who are simply getting better and more proficient at what they do. We are obviously pleased with our first quarter revenue growth and the way it validates our core thesis that when patients are given the opportunity to choose their treatment pathway and when providers exude confidence and clarity in explaining all the options and when insurance picks up at least a portion of the tab, a large majority of patients will opt for some form of Vivos-sponsored treatment.

類似但沒那麼戲劇性的生產力提升，仍持續在我們日益擴大的、相對較新的醫療提供者群體中發生。因此，我們看到來自那些只是變得更好、在其所做之事上更熟練的提供者，仍有顯著的額外與持續成長機會。我們對第一季營收成長以及其驗證我們核心論點的方式感到非常滿意：當病患有機會選擇其治療路徑、當提供者在解釋所有選項時展現自信與清晰、且保險至少負擔部分費用時，絕大多數病患將會選擇某種形式的Vivos贊助治療。

Moreover, as impressive as our first quarter was in terms of top line revenue growth, the real story that is continuing -- that is currently emerging from our data is the normalized profitability gains. From the outset of our business model pivot, we have maintained that our new model has the potential to deliver significant profits from operations with net contribution margins approaching 50% or more at the practice level.

此外，儘管我們第一季在營收（top line）成長方面令人印象深刻，真正持續發生、且目前正從我們數據中浮現的故事，是常態化的獲利能力提升。自我們商業模式轉型之初，我們就一直主張，新模式有潛力在診所層級帶來可觀的營運獲利，淨貢獻毛利率可接近50%或更高。

Now I recently fielded a call from an analyst who said that she was unfamiliar with the term net contribution margin. Think of it as a proxy for EBITDA, but it's essentially an EBITDA or cash-generating number. One key factor of this profitability is the fact that total salaries and wages remained flat from Q4 of 2025 through Q1 of this year despite a 34% increase in revenues in Q1. We believe that that represents great progress towards our profit goals. So as we continue to evolve here in the second quarter, we are beginning to see such profits emerge, and we look forward to reporting on them in our report for Q2 and the quarters that lie ahead.

我最近接到一位分析師的來電，她表示不熟悉「淨貢獻毛利率」這個術語。你可以把它視為EBITDA的替代指標，但本質上它就是一個EBITDA或現金創造能力的數字。這項獲利能力的一個關鍵因素是：儘管第一季營收增加34%，自2025年第四季到今年第一季，總薪資與工資仍維持持平。我們相信這代表我們朝獲利目標邁出了很大一步。因此，隨著我們在第二季持續演進，我們開始看到這些利潤浮現，並期待在第二季以及未來各季的報告中加以揭露。

Now before I close, I would like to highlight three additional initiatives that we believe will play major roles in our future. The first is our pending affiliations with large medical specialty groups such as cardiologists. As I have previously recounted, when the word got out that Vivos had acquired Sleep Centers of Nevada, we began fielding phone calls and inquiries from medical practitioners, especially cardiologists from around the country, inquiring as to whether or not we could provide clinical sleep testing and OSA treatment for their patients.

在我結束之前，我想強調我們認為將在未來扮演重要角色的三項額外倡議。第一項是我們即將與大型醫療專科團體（例如心臟科醫師）建立的合作關係。如我先前所述，當外界得知Vivos收購了內華達睡眠中心（Sleep Centers of Nevada）後，我們開始接到醫療從業者的來電與詢問，尤其是來自全國各地的心臟科醫師，詢問我們是否能為其病患提供臨床睡眠檢測與阻塞性睡眠呼吸中止症（OSA）治療。

Over and over again, we heard the same refrain from the doctors. Our patients are sick, and we believe their undiagnosed and untreated obstructive sleep apnea is behind it. We need help getting them tested and treated, and we think Vivos represents a great solution.

醫師們一再重複同樣的說法。我們的病患病得很重，我們相信他們未被診斷與未被治療的阻塞性睡眠呼吸中止症是背後原因。我們需要協助讓他們接受檢測與治療，而我們認為Vivos是一個很好的解決方案。

Now we have since been engaged in a series of collaborative efforts to jointly extend such services to patients at high risk of OSA, who are already suffering from one or more conditions, typically cardiovascular disease and other hypertension and other disorders, that are clinically related to obstructive sleep apnea. We believe such affiliations represent significant financial opportunities for Vivos to extend virtually the same business model being perfected with Sleep Center of Nevada to many more and even larger medical specialty practices around the country. We look forward once again to reporting on our progress as these relationships unfold in the near future.

此後，我們已投入一系列協作努力，共同將此類服務延伸至OSA高風險病患；這些病患往往已罹患一種或多種疾病，通常是心血管疾病、以及其他高血壓與其他與阻塞性睡眠呼吸中止症在臨床上相關的疾病。我們相信，這類合作關係為Vivos帶來重大的財務機會，可將我們與內華達睡眠中心正在完善的幾乎相同的商業模式，擴展到全國更多、甚至更大型的醫療專科診所。我們也期待在不久的將來，隨著這些關係的推進，再次向各位報告我們的進展。

The second initiative pertains to an extension of our clinical diagnostic and testing services for the very large and growing market for insomnia and other sleep disorders. Statistically, over 40% of obstructive sleep apnea patients also have insomnia and another 10% to 20% have other sleep disorders that we can diagnose and treat. We have found that many medical doctors, even sleep specialists looking at sleep patients tend to focus primarily on obstructive sleep apnea and neglect testing and treating the other disorders. Testing and treating insomnia patients in our existing platform can easily add between $2,000 and $3,000 per patient during the first year alone.

第二項倡議是將我們的臨床診斷與檢測服務延伸至規模龐大且持續成長的失眠及其他睡眠障礙市場。從統計上看，超過40%的阻塞性睡眠呼吸中止症患者同時也有失眠，另有10%到20%患有我們可以診斷與治療的其他睡眠障礙。我們發現，許多醫師，甚至是看診睡眠病患的睡眠專科醫師，往往主要聚焦於阻塞性睡眠呼吸中止症，而忽略對其他障礙的檢測與治療。在我們既有平台上對失眠患者進行檢測與治療，僅第一年就能輕易為每位病患增加2,000到3,000美元的收入。

Gross margins on these services can match or exceed those we see in testing and treating obstructive sleep apnea. Some patients who do not test positive for OSA do test positive for insomnia and require treatment, which we can deliver profitably. We believe this project will add significantly to our overall top line revenue and growth in the months and years ahead, and it has already been initiated in our Las Vegas market.

這些服務的毛利率可與我們在檢測與治療阻塞性睡眠呼吸中止症時所見的水準相當，甚至更高。有些病患雖未檢測出OSA陽性，但會檢測出失眠陽性並需要治療，而我們可以以具獲利性的方式提供該治療。我們相信此專案將在未來數月與數年顯著提升我們整體營收（top line）與成長，而且已在拉斯維加斯市場啟動。

The third and final major initiative is from our pediatric program. Over the past couple of years, we have sponsored a large clinical trial based in Colorado aimed at treating children with obstructive sleep apnea. That trial has been hugely successful and also quite profitable for the company. Important data has come out of that trial that has resulted in a clinical paper being written by researchers at Stanford University.

第三項也是最後一項重大倡議，來自我們的兒科計畫。過去幾年，我們在科羅拉多州贊助了一項大型臨床試驗，旨在治療患有阻塞性睡眠呼吸中止症的兒童。該試驗非常成功，且也為公司帶來相當可觀的獲利。該試驗產出了重要數據，並促成史丹佛大學研究人員撰寫一篇臨床論文。

In analyzing the financial impact of the trial, management has determined that the model, the basic model, can be readily duplicated across all new and existing markets. Net margins in the pediatric program exceed 60% and top line revenue per site can approach $1 million or more per year. We expect to begin generating revenue in July from this pediatric program and we'll make it in Nevada, and we'll make it a part of each new expansion and affiliation going forward.

在分析該試驗的財務影響時，管理層已判定該模式、也就是基本模式，可在所有新市場與既有市場中輕易複製。兒科計畫的淨利率超過60%，且每個據點的年營收（top line）可接近100萬美元或以上。我們預期將自7月起開始從此兒科計畫產生營收，我們會先在內華達州推行，並將其納入未來每一次新的擴張與合作關係之中。

In conclusion, we think 2026 is off to a great start. Clearly, there is more work to be done to fully exploit the benefits we are seeing from SCN.

總結來說，我們認為2026年有一個很好的開局。顯然，仍有更多工作要做，才能充分發揮我們從SCN所看到的效益。

We need more providers and staff. We need to further optimize SCN's operations into our own and expand them. We need to execute on similar revenue-generating collaborations. And we do need capital and debt service relief to get us to the point where our growing revenues exceed our investment and expenses.

我們需要更多的醫療提供者與員工。我們需要進一步將SCN的營運優化並整合到我們自身體系中，並加以擴張。我們需要執行類似的創收型合作。而且我們確實需要資本以及債務償付方面的紓解，才能讓我們走到營收成長超過投資與費用的階段。

But we believe there is evidence that our Q1 -- from our Q1 results to support our optimism. We continue to push hard to make this company all it can be, both for patients, doctors and our shareholders. Our mission has never been more clear and never closer to being realized than it is now. We appreciate your support and look forward to many more great quarters ahead.

但我們相信，從第一季的結果中可以看到支持我們樂觀的證據。我們將持續全力以赴，讓這家公司發揮其最大潛力，為病患、醫師以及我們的股東創造價值。我們的使命從未像現在這樣清晰，也從未像現在這樣接近實現。感謝各位的支持，並期待未來還有更多出色的季度表現。

Operator, we can now take questions if there are any.

接線員，我們現在可以開始提問，如果有任何問題的話。

(Operator Instructions)

（接線員指示）

Yi Chen, H.C. Wainwright.

Yi Chen，H.C. Wainwright。

Hi. This is Katie on for Yi. Thinking about your higher-margin model, should we think about that margin jump as a step function? Or will it ramp up over time? And if it's ramping up, how long until you reach that anticipated peak higher margin?

嗨。我是代替 Yi 的 Katie。談到你們較高毛利的模式，我們應該把那個毛利跳升視為階梯式的一次性變化嗎？還是會隨時間逐步拉升？如果是逐步拉升，大概需要多久才能達到你們預期的最高較高毛利水準？

Yeah, that's a great question. I would say it's more of a ramp than a step function. And I would say that we are -- our forecasts project that we will be in places where we have established teams and established providers. We expect to see that -- those profit margins realized by the end of this year. So within this calendar year, we expect to see it -- see those margins gradually improve and increase until we get to the full steady state -- what I would call steady-state operating levels.

是的，這是個很好的問題。我會說它更像是逐步拉升，而不是階梯式的一次性變化。而且我會說，我們——我們的預測顯示，在我們已建立團隊並且已有既定服務提供者的地區，我們預期在今年年底前就能實現——實現那些利潤率。所以在本曆年內，我們預期會看到——看到那些毛利率逐步改善並提高，直到達到完整的穩態——我所稱的穩態營運水準。

Great. If I could sneak one more in. How much residual VIP deferred revenue is still on your balance sheet? And when do you think that that revenue will really become relevant?

很好。如果我可以再追問一個。你們資產負債表上還剩多少 VIP 遞延收入？你們認為那筆收入何時才會真正變得重要？

Brad, do you want to take?

Brad，你要回答嗎？

Yeah. That revenue has already become irrelevant, as you can see from our filing. That deferred revenue is around $100,000 and will be completely recognized by the end of the year.

好的。如你從我們的申報文件中所見，那筆收入其實已經變得不重要了。那筆遞延收入大約是 10 萬美元，並將在今年年底前全部認列。

Great. Thank you so much --

很好。非常感謝——

Brad, is that $100,000 a quarter? Or what is that, just so she's --

Brad，那 10 萬美元是每季嗎？還是那是什麼，這樣她才——

No, that's left. And so there's --

不，那是剩下的。所以還有——

That's all that's left? Okay. I just wanted to clarify that. Okay.

那就是全部剩下的？好的。我只是想確認一下。好的。

And we have no further questions at this time. I would like to turn it back to Kirk Huntsman for closing remarks.

目前我們沒有其他問題。我想把時間交回給 Kirk Huntsman 作結語。

Thank you, operator. We are very pleased, as you can probably tell, with the validation that we're seeing from our experience now as we go forward out there in the Las Vegas market. Keep in mind that we are still very, very early on. This was -- this represented our third full quarter of operations out there in that market, doing something that's never been done before.

謝謝你，接線員。我們非常高興——你們大概也看得出來——我們在拉斯維加斯市場向前推進的過程中，從目前的經驗所看到的驗證。請記住，我們仍然處於非常、非常早期的階段。這——這是我們在該市場完整營運的第三個季度，做的是以前從未有人做過的事。

And I think we're learning a little bit as we go, but we've also perfected a lot of things. And I think now that we've got our arms around this, I think the major types of headwinds that we experienced in the fourth quarter, in particular of last year, we don't expect to see going forward.

我想我們一路走來也在學習一些東西，但我們也把很多事情做得更完善。而且我認為，現在我們已經掌握了狀況，我們在去年第四季所經歷的主要逆風，尤其是那段時間的逆風，我們預期未來不會再看到。

To that end, we have actually aligned ourselves with a national firm that has insurance contracts and licensure for sleep medicine in all 50 states. This will give us an incredible competitive advantage as we go forward throughout the United States and as we expand across state lines, having nearly instant access to a full complement of both government-sponsored plans such as Medicare, Medicaid, and as well as commercial payer plans. So this will help us avoid some of the delays and start-up issues that we had in Nevada as we got our ball rolling out there.

為此，我們實際上已與一家全國性公司結盟，該公司在全美 50 州皆具備睡眠醫學的保險合約與執照。這將在我們未來於美國各地推進、並跨州擴張時，帶給我們極大的競爭優勢，幾乎可即時取得完整的政府補助計畫（如 Medicare、Medicaid）以及商業保險支付方方案的全面覆蓋。因此，這將幫助我們避免在內華達州啟動業務、推動進展時所遇到的一些延遲與起步問題。

But going forward, we see lots of opportunity. The opportunity to be with the -- to collaborate with these cardiologists just seems to be an endless train of inquiries and people wanting to get to see us and talk to us about working with their patients and getting them tested for sleep apnea and treated.

但展望未來，我們看到很多機會。與這些心臟科醫師合作的機會似乎是源源不絕的詢問與需求，大家都想來見我們、與我們交流，討論如何與他們的病患合作，讓病患接受睡眠呼吸中止症的檢測與治療。

So we're seeing incredible opportunities before us. We are obviously going through a little bit of an eye of the needle-type experience with our capital, but we feel highly confident that we're going to be able to restructure our debt and get the capital we need to continue on to realize the potential that's before us.

所以我們看到眼前有非常驚人的機會。我們顯然在資本方面正經歷一段有點像「穿針眼」般的過程，但我們非常有信心能夠重整債務，並取得我們所需的資金，以持續推進並實現眼前的潛力。

Our technology is the best in the world. We know it. We believe it. We see it every day.

我們的技術是世界上最好的。我們知道。我們相信。我們每天都看得到。

I would invite everyone on this call who's not been to our new website at vivos.com, V-I-V-O-S.com, to go there and just listen to some of the testimonials, listen to some of the things, look at some of the patient cases that we put up there. Read some of the research and just see what's happening and why patients are choosing Vivos whenever they have an opportunity to make a choice.

我想邀請所有參與本次電話會議、但尚未造訪我們新網站 vivos.com（V-I-V-O-S.com）的人前往看看，聽一些見證分享，聽一些內容，也看看我們放上去的一些病患案例。讀一些研究，看看正在發生什麼，以及為什麼病患在有選擇的情況下會選擇 Vivos。

92% of all patients who are diagnosed across this country with obstructive sleep apnea are getting CPAP. CPAP, CPAP, CPAP, that's the reflective -- or reflexive sort of go-to treatment that is being given over and over again. When patients are given full transparent clarity on the fact that they now have an FDA-cleared treatment option that can treat their moderate-to-severe sleep apnea, most of the time, the vast majority of the time, they select a non-CPAP option. We think that portends great things for our company and for what we're doing as we gain -- continue to garner market share and gain traction.

在全國所有被診斷為阻塞型睡眠呼吸中止症的病患中，有 92% 都在使用 CPAP。CPAP、CPAP、CPAP，這就是反射性——或說習慣性——一再被採用的首選治療方式。當病患被充分且透明地告知：他們現在有一個已獲 FDA 核准（cleared）的治療選項，可以治療其中度至重度睡眠呼吸中止症時，多數情況下、絕大多數情況下，他們會選擇非 CPAP 的選項。我們認為，隨著我們持續取得市占並提升市場動能，這對公司以及我們正在做的事情都是非常正面的訊號。

So with that, I'll bring this to a call. I want to express our gratitude in management for the shareholders and supporters that we have out there, for our Board of Directors, which has remained vigilant and dedicated to the success of this company. And we wish you all the very best, and we thank you for your time this afternoon. Thank you very much.

那麼，今天的電話會議我就先到這裡。我代表管理團隊，向我們的股東與支持者表達感謝，也感謝我們的董事會一直保持警覺並致力於公司的成功。祝福各位一切順利，也謝謝各位今天下午撥冗參與。非常感謝。

Thank you. And this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。