Vivos Therapeutics Inc (VVOS) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the Vivos Therapeutics second quarter 2026 conference call. (Operator Instructions)

各位好，歡迎參加 Vivos Therapeutics 2026 年第二季財報電話會議。(接線員指示)

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.

本次電話會議將被錄音，今日會議的重播將於 Vivos 官網的投資人關係專區提供，並將在該處保留張貼 30 天。

I would now like to hand the conference over to Brad Amman, Principal Accounting Officer and former CFO for introductions and the reading of the safe harbor statement. Please go ahead.

現在我想把會議交給首席會計主管、前任財務長 Brad Amman 進行介紹並宣讀安全港聲明。請開始。

Thank you, Ludy. Hello, everyone, and welcome to our conference call. A copy of our earnings press release is available on the Investor Relations section of our website at www.vivos.com.

謝謝你，Ludy。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。

With me on the call today is Kirk Huntsman, Vivos' Chairman and Chief Executive Officer; and Roman Franklin, Vivos' Chief Financial Officer and Principal Financial Officer.

今天與我一同參與電話會議的有：Vivos 董事長兼執行長 Kirk Huntsman；以及 Vivos 財務長兼主要財務主管 Roman Franklin。

Today, we will review the financial results of the second quarter of 2026 as well as more recent developments and Vivos' plans for the rest of the year 2026 and beyond. Following these formal remarks, we will be happy to take questions.

今天我們將回顧 2026 年第二季的財務結果，以及近期進展與 Vivos 對 2026 年剩餘期間及未來的規劃。在這些正式發言之後，我們很樂意回答問題。

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.

我也想提醒各位，今天的電話會議將包含管理層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，就未來事件所作。

Words such as aim, may, could, should, projects, expects, intends, plans, believes, anticipates, hopes, estimates, goal and variations of such words and similar expressions are intended to identify forward-looking statements.

諸如 aim、may、could、should、projects、expects、intends、plans、believes、anticipates、hopes、estimates、goal 等字詞及其變化形式與類似表述，旨在識別前瞻性陳述。

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.

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受重大風險、不確定性與或有事項影響，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.

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、併購與整合、研發、法規推動等）可能會有所不同。

Cost savings plans and plans to generate revenue as well as future potential results of operations or 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.

成本節省計畫與創收計畫，以及未來可能的營運結果或營運指標（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 in 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.

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）提交之文件中其他揭露所描述的風險因素，包括我們截至 2025 年 12 月 31 日止年度 Form 10-K 中的風險因素及其他揭露。

And our other filings with the SEC including our second 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.

以及我們向 SEC 提交的其他文件，包括我們今日向 SEC 提交的第二季 10-Q；上述文件目前或將可於 Vivos 官網投資人關係專區以及 SEC 官網查閱。除法律要求外，Vivos 不承擔因情勢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 in adults.

最後，請注意，美國食品藥物管理局（FDA）已就特定 Vivos 裝置核發特定的 [510-k] 許可，用於治療成人輕度至重度阻塞型睡眠呼吸中止症（OSA）。

With the FDA clearance of certain Vivos products for severe OSA in November of 2023, 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.

隨著 FDA 於 2023 年 11 月核准特定 Vivos 產品用於重度 OSA，使用這些特定裝置治療重度 OSA 患者不再需要由主治醫師依臨床裁量以適應症外（off-label）方式進行，現已成為 Vivos 治療方案的重要組成部分。

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.

使用 Vivos 其他已獲 FDA 核准之裝置治療任何嚴重程度的 OSA 或任何其他病症，仍由主治醫師依臨床裁量決定。

For further information on our results for the three-month period ended June 30, 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.

如需了解我們截至 2026 年 6 月 30 日止三個月期間的業績之更多資訊，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的 SEC 申報文件區取得。

In the second quarter of 2026, Vivos completed its fourth full quarter of activity followed by our June 30 -- following our June 10 acquisition of -- in 2025 of the Sleep Center of Nevada, demonstrating that the pivot in our sales, marketing and distribution model has taken hold.

在 2026 年第二季，Vivos 完成了第四個完整季度的營運活動（自我們於 2025 年 6 月 10 日收購內華達睡眠中心 Sleep Center of Nevada 之後，至 6 月 30 日止），顯示我們在銷售、行銷與通路模式上的轉型已經到位。

Revenue increased by approximately $1.3 million or 35% to $5.2 million for the three months ended June 30, 2026, compared to $3.8 million for the three months ended June 30, 2025.

截至 2026 年 6 月 30 日止三個月，營收增加約 130 萬美元（或 35%）至 520 萬美元；相較之下，截至 2025 年 6 月 30 日止三個月為 380 萬美元。

The increase in total revenue during the second quarter of 2026 was impacted by an increase of $1.9 million in service revenue and a decrease of $0.5 million in product revenue to our VIPs.

2026 年第二季總營收的增加，受到服務營收增加 190 萬美元，以及對 VIP 的產品營收減少 50 萬美元之影響。

The increase in product revenue is attributable to a decrease in appliance sales of $1.1 million as a result of our strategic pivot away from VIPs to sleep centers, which is reported as treatment revenue under service revenue offset by a decrease of $0.5 million in discounts offered.

產品營收的變動可歸因於：由於我們策略性地從 VIP 轉向睡眠中心，裝置銷售減少 110 萬美元；該部分改以服務營收項下的治療營收呈列，並由折扣減少 50 萬美元所抵銷。

The increase in service revenue is attributable to $1.5 million in sleep testing services, primarily generated from SCN and an increase of $800,000 in revenue generated from Vivos treatment to patients launched at two SCN locations, offset by a decrease of $100,000 in VIP enrollment revenue and $100,000 from sponsorship, seminar and other service revenue.

服務營收的增加可歸因於：睡眠檢測服務增加 150 萬美元（主要由 SCN 產生），以及在 SCN 兩個據點啟動之 Vivos 病患治療所帶來的營收增加 80 萬美元；上述增加部分被 VIP 註冊營收減少 10 萬美元，以及贊助、研討會及其他服務營收減少 10 萬美元所抵銷。

For the six months ended June 30, revenue increased by $3.5 million or 51% to $10.3 million compared to $6.8 million for the six months ended last year.

截至 6 月 30 日止六個月，營收增加 350 萬美元（或 51%）至 1,030 萬美元；相較去年同期為 680 萬美元。

The increase in total revenue during the period was impacted by an increase of $4.4 million in service revenue and a decrease of $900,000 in product revenue.

該期間總營收的增加，受到服務營收增加 440 萬美元，以及產品營收減少 90 萬美元之影響。

The decrease in product revenue is attributable to a decrease in appliance sales to VIPs of $2.1 million, again, due to our strategic pivot, offset by a decrease of $200,000 in discounts offered.

產品營收的減少可歸因於：由於我們策略性轉型，對 VIP 的裝置銷售減少 210 萬美元；上述減少部分被提供折扣減少 20 萬美元所抵銷。

The increase in service revenue is attributable to $3.5 million of sleep testing services, primarily generated from SCN and an increase of $1.4 million of revenue generated from Vivos treatment to patients launched it to SCN locations, offset by a decrease of $300,000 in VIP enrollment revenue.

服務營收的增加可歸因於：睡眠檢測服務 350 萬美元（主要由 SCN 產生），以及在 SCN 據點啟動之 Vivos 病患治療所帶來的營收增加 140 萬美元；上述增加部分被 VIP 註冊營收減少 30 萬美元所抵銷。

For the three months ended June 30, 2026, we sold 5,180 oral appliance arches for a total of approximately $1.4 million, a 28% decrease in revenue from the three months ended June 30, 2025.

截至 2026 年 6 月 30 日止三個月，我們共售出 5,180 個口腔裝置牙弓，總額約 140 萬美元，較截至 2025 年 6 月 30 日止三個月的營收下降 28%。

We when we sold 4,116 oral appliance arches for a total of $1.9 million. The decrease is directly attributable to a higher volume mix of preformed appliance sales, which are lower revenue-generating products when compared to Vivos care appliances.

當時我們售出 4,116 個口腔裝置牙弓，總額 190 萬美元。下降的原因可直接歸因於預成型裝置銷售的量占比提高；與 Vivos care 裝置相比，預成型裝置屬於較低營收的產品。

For the six months ended June 30, 2026, we sold 10,484 oral appliance arches for a total of $2.8 million, a 24% decrease in revenue from the six months ended June 30 with last year when we sold 7,852 arches for a total of $3.7 million.

截至 2026 年 6 月 30 日止六個月，我們共售出 10,484 個口腔裝置牙弓，總額 280 萬美元，較去年截至 6 月 30 日止六個月（當時售出 7,852 個牙弓、總額 370 萬美元）的營收下降 24%。

The decrease is directly attributable to higher volume mix of the preformed appliance sales, which are lower revenue-generating products compared to our care devices, as I mentioned earlier.

如我先前所述，下降的原因可直接歸因於預成型裝置銷售的量占比提高；相較於我們的 care 裝置，該類產品的營收較低。

Cost of sales increased $0.5 million or 29% to $2.2 million for the three months ended June 30 compared to $1.7 million for the same period in 2025.

截至 6 月 30 日止三個月，銷貨成本增加 50 萬美元（或 29%）至 220 萬美元；相較 2025 年同期為 170 萬美元。

This was primarily attributable to higher costs associated with diagnostic services and patient therapy, including the addition of staff at the Vivos treatment centers.

這主要歸因於與診斷服務及病患治療相關的成本較高，包括在 Vivos 治療中心增聘人員。

For the six months ended June 30, 2026, cost of sales increased $1.1 million or 33% to $4.3 million compared to $3.2 million for the six months ended June 30, 2025.

截至 2026 年 6 月 30 日止六個月，銷貨成本增加 110 萬美元（或 33%）至 430 萬美元；相較截至 2025 年 6 月 30 日止六個月為 320 萬美元。

This was primarily related to the higher costs associated with diagnostic services, patient therapy, including additional staff at the Vivos treatment centers.

這主要與診斷服務與病患治療相關的較高成本有關，其中包括在 Vivos 治療中心增聘人員。

For the three months ended June 30, 2026, gross profit increased by $800,000 to $3 million. This increase was attributable to the increase in revenue of $1.3 million and an increase of cost of sales of $0.5 million.

截至 2026 年 6 月 30 日止三個月，毛利增加 80 萬美元至 300 萬美元。此增幅主要歸因於營收增加 130 萬美元，以及銷貨成本增加 50 萬美元。

Gross margin increased to 57% for the three months ended June 30, 2026 compared to for the 3 months ended June 30, 2025, due to the increase in both revenue and cost of sales.

截至 2026 年 6 月 30 日止三個月，毛利率提升至 57%，相較於截至 2025 年 6 月 30 日止三個月，係因營收與銷貨成本皆增加所致。

For the 6 months ended June 30, 2026, gross profit increased by $2.4 million to $6 million. This increase was attributable to the increase in revenue of $3.5 million and an increase in cost of sales of $1.1 million.

截至 2026 年 6 月 30 日止六個月，毛利增加 240 萬美元至 600 萬美元。此增幅主要歸因於營收增加 350 萬美元，以及銷貨成本增加 110 萬美元。

Gross margin increased to 58% for the six months ended June 30 of this year compared to 53% for the six months ended last year due to the increase in revenue and smaller increase in cost of sales.

由於營收增加且銷貨成本增幅較小，本年度截至 6 月 30 日止六個月的毛利率提升至 58%，相較於去年同期六個月為 53%。

General and administrative expenses increased $700,000 or 11% to approximately $7.1 million through the three months ended June 30, 2026, as compared to $6.4 million for the three months ended June 30, 2025.

截至 2026 年 6 月 30 日止三個月，一般及行政費用增加 70 萬美元（或 11%）至約 710 萬美元，相較於截至 2025 年 6 月 30 日止三個月的 640 萬美元。

The primary cause of this increase was $600,000 in salary and wages related to the acquisition of SCN and the opening of Vivos treatment centers and $300,000 in higher rent expense, offset by a reduction of $200,000 in bad debt and allowances.

此增加的主要原因為：與收購 SCN 及開設 Vivos 治療中心相關的薪資與工資增加 60 萬美元，以及租金費用增加 30 萬美元；部分被呆帳及備抵減少 20 萬美元所抵銷。

For the six months ended this year, general and administrative expenses increased $4.8 million or 42% to $6.1 million as compared to $11.3 million for the six months ended last year.

截至本年度止六個月，一般及行政費用增加 480 萬美元（或 42%）至 610 萬美元，相較於去年同期六個月的 1,130 萬美元。

The primary driver of this increase related to the costs associated with acquiring and integrating SCN and establishing the Vivos treatment centers, including an increase in salaries and related compensation of $3 million for additional -- hiring additional staff and an increase of $900,000 for professional fees and an increase in rent of $600,000 and other costs of $300,000.

此增加的主要驅動因素與收購並整合 SCN 及設立 Vivos 治療中心相關的成本有關，包括：因增聘人員而使薪資及相關酬金增加 300 萬美元、專業服務費增加 90 萬美元、租金增加 60 萬美元，以及其他成本增加 30 萬美元。

Sales and marketing expenses decreased $100,000 to $200,000 for the 3 months ended June 30 of this year compared to $300,000 for the three months ended June 30, 2025. This is attributable and significant part to our focus on reducing costs.

本年度截至 6 月 30 日止三個月，銷售與行銷費用減少 10 萬美元至 20 萬美元，相較於截至 2025 年 6 月 30 日止三個月的 30 萬美元。此變動在很大程度上歸因於我們專注於降低成本。

Sales and marketing expense decreased $200,000 to $400,000 for the six months ended June 30, 2026, compared to $600,000 for the 6 months ended June 30, 2025.

截至 2026 年 6 月 30 日止六個月，銷售與行銷費用減少 20 萬美元至 40 萬美元，相較於截至 2025 年 6 月 30 日止六個月的 60 萬美元。

This decrease was primarily driven by our decrease in sales and marketing campaigns, lower commissions paid to our employees, digital media services and reduction in use of marketing supplies due to our pivot.

此減少主要由於我們縮減銷售與行銷活動、降低支付給員工的佣金、減少數位媒體服務，以及因策略轉向而降低行銷物料的使用。

Depreciation and amortization expense increased $200,000 for the three months ended June 30, 2026, and depreciation and amortization expense increased $0.5 million to $1 million for the six months ended June 30, 2026.

截至 2026 年 6 月 30 日止三個月，折舊與攤銷費用增加 20 萬美元；截至 2026 年 6 月 30 日止六個月，折舊與攤銷費用增加 50 萬美元至 100 萬美元。

Depreciation and amortization increased due to assets being placed into service during the period.

折舊與攤銷增加係因本期間有資產投入使用所致。

Other expense increased $900,000 for the quarter and $2 million year-to-date due to additional interest expense on a note during the three and six months ended June 30, 2026.

其他費用於本季增加 90 萬美元，年初至今增加 200 萬美元，係因截至 2026 年 6 月 30 日止三個月及六個月期間，某項票據產生額外利息費用所致。

This was offset by an increase in other income of $300,000 during the three and six months ended June 30, 2026 related to the valuation change in an earn-out related to the acquisition of SCN.

此影響部分被其他收入增加 30 萬美元所抵銷；該增加發生於截至 2026 年 6 月 30 日止三個月及六個月期間，與收購 SCN 相關之或有對價（earn-out）估值變動有關。

The financial statements have been prepared in conformity with GAAP, which contemplate a continuation of the company as a going concern.

本財務報表係依照美國一般公認會計原則（GAAP）編製，並假設公司將持續經營。

We have incurred losses since inception, including $5.5 million and $5 million for the three months ended June 30, 2026 and 2025, respectively, and $13.3 million and $8.9 million for the six months ended June 30, 2026 and 2025, respectively, resulting in an accumulated deficit of $138 million as of June 30, 2026.

自成立以來我們持續發生虧損，包括截至 2026 年及 2025 年 6 月 30 日止三個月分別虧損 550 萬美元及 500 萬美元；截至 2026 年及 2025 年 6 月 30 日止六個月分別虧損 1,330 萬美元及 890 萬美元，致使截至 2026 年 6 月 30 日累積虧損達 1.38 億美元。

Net cash used in operating activities amounted to approximately $9.2 million and $7.3 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had total liabilities of approximately $28.1 million.

截至 2026 年及 2025 年 6 月 30 日止六個月，營業活動所使用之淨現金分別約為 920 萬美元及 730 萬美元。截至 2026 年 6 月 30 日，我們的負債總額約為 2,810 萬美元。

As of June 30, 2026, we had approximately $1.8 million in cash and cash equivalents, which will not be sufficient to fund operations and strategic objectives over the next 12 months from the date of issuance of these financial statements.

截至 2026 年 6 月 30 日，我們持有約 180 萬美元的現金及約當現金，將不足以支應自本財務報表發布日起未來 12 個月的營運及策略目標所需資金。

Without additional financing, these factors raise substantial doubt regarding the company's ability to continue as a going concern.

若無額外融資，上述因素對公司持續經營能力構成重大疑慮。

We have implemented cost savings measures in our legacy business that have reduced cash in operations. During the first six months of 2025, many onetime costs related to the acquisition of SCN were recognized and were not reoccurring in 2026.

我們已在既有業務中實施節省成本措施，降低營運所需現金。於 2025 年前六個月，已認列多項與收購 SCN 相關的一次性成本，且於 2026 年不再重複發生。

As such, we have funded our operations through equity raises in the period ending June 30, 2026 and fiscal year ended December 31, 2025.

因此，我們於截至 2026 年 6 月 30 日止期間及截至 2025 年 12 月 31 日止會計年度，透過股權募資來支應營運資金。

We were required to obtain additional financing to satisfy our cash needs, including funding the SCN acquisition and increasing our stockholders' equity for NASDAQ compliance purposes as we seek to increase revenue with a view toward ultimately achieving positive cash flow from operations.

我們需要取得額外融資以滿足現金需求，包括為 SCN 收購案提供資金，並為符合 NASDAQ 規定而提高股東權益；同時我們也致力於提升營收，期望最終達成營業活動正現金流。

During the six months ended June 30, 2026, the company sold an aggregate of 694,564 ATM shares at an average price of $0.69 per share through the ATM sales agreement, resulting in proceeds of approximately $0.5 million net of commissions.

截至 2026 年 6 月 30 日止六個月，公司依 ATM 銷售協議以每股平均 0.69 美元出售合計 694,564 股 ATM 股票，扣除佣金後取得約 50 萬美元之淨收益。

Under the ATM offering, $2.3 million remain available for future sales as of June 30, 2026. However, the company is not obligated to make any sales under this program.

截至 2026 年 6 月 30 日，於 ATM 發行項下仍有 230 萬美元可供未來出售。然而，公司並無義務在此計畫下進行任何出售。

Given that our stockholders' equity at December 31, 2025 and June 30, 2026, was less than $2.5 million. We are presently not in compliance with NASDAQ Stock Market minimum stockholders' equity requirement.

鑑於我們於 2025 年 12 月 31 日及 2026 年 6 月 30 日的股東權益均低於 250 萬美元。我們目前未符合 NASDAQ 股票市場對最低股東權益之要求。

We are seeking to regain compliance by raising new funding in the form of equity and reducing our costs.

我們正透過以股權形式籌措新資金並降低成本，以期恢復合規。

However, we will be faced with delisting proceedings which will distract management and cost resources to remedy if we don't get remedy the $2.5 million stockholder equity requirement.

然而，若我們未能補足並達成 250 萬美元股東權益要求，將面臨下市程序，這將分散管理階層注意力，並耗費資源以進行補救。

In summary, we're seeing significant increases in revenue, reflecting the acquisition of SCN, which has now contributed a full year of operations to our results and partnerships with two additional groups as well as related treatment revenue from providing patients with OSA treatment options, all of which is extremely encouraging.

總結而言，我們看到營收顯著成長，反映 SCN 的收購效益；SCN 現已對我們的業績貢獻完整一年的營運成果，並與另外兩個團體建立合作關係，以及透過為病患提供 OSA 治療選項而帶來的相關治療收入，這些都令人非常振奮。

We are also seeing higher costs associated with diagnostic services and patient therapy, including addition of staff at the Vivos treatment centers.

我們也看到與診斷服務與病患治療相關的成本上升，其中包括在 Vivos 治療中心增聘人員。

We believe the strategic move to acquire SCN to establish other affiliate alliances sets the stage for stronger performance in the upcoming quarters.

我們相信，收購 SCN 並建立其他聯盟夥伴關係的策略性舉措，為未來幾季更強勁的表現奠定基礎。

For more detailed information, I refer you to our earnings release and our in our full Form 10-Q filed earlier today.

如需更詳細資訊，請參閱我們的財報新聞稿，以及我們今天稍早提交的完整 Form 10-Q。

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

接下來，我將把電話會議交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。

Thanks, Brad. Good afternoon, everyone, and thank you for joining us. I'd like to thank Brad Amman in particular, today for his time here at Vivos and his service at this company over the course of less six or seven years. Brad, has been a key part of our management team and we're going to miss him.

謝謝你，Brad。各位下午好，感謝大家加入我們。我特別要感謝 Brad Amman，感謝他今天在 Vivos 撥冗出席，以及他在本公司服務將近六、七年的付出。Brad 一直是我們管理團隊的重要成員，我們會想念他。

I want to spend a few minutes, if I may, today, talking about the operational progress we're making within Sleep Centers of Nevada.

如果可以的話，我想今天花幾分鐘談談我們在內華達睡眠中心（Sleep Centers of Nevada）內部所取得的營運進展。

Something we refer to as SCN and also discuss several related strategic initiatives, because I think it's important for you to understand how these pieces fit together and what they could mean for Vivos over time.

我們稱之為 SCN，並同時討論幾項相關的策略性倡議，因為我認為讓各位了解這些環節如何彼此契合，以及它們隨時間推移可能對 Vivos 意味著什麼，十分重要。

When we first acquired SCN a little over a year ago, we saw an opportunity that went far beyond adding another source of revenue.

當我們在一年多前首次收購 SCN 時，我們看到的機會遠不只是增加另一個營收來源。

We saw the potential to build a broader clinical platform around a growing patient population to provide more services to those patients, to add recurring sources of revenue, expand our capacity and when clinically appropriate, create additional pathways into the Vivos care model.

我們看到了圍繞不斷成長的病患族群建立更廣泛臨床平台的潛力，為這些病患提供更多服務、增加經常性營收來源、擴充我們的產能，並在臨床適當時，創造更多導入 Vivos 照護模式的途徑。

In the second quarter, we saw that strategy beginning to take shape. As SCN patient volume continues to grow.

在第二季，我們看到這項策略開始成形。隨著 SCN 病患量持續成長。

We have seen more opportunities to generate revenue both within SCN itself, where most of the diagnostic services are rendered and also at our strategically located sleep and airway medicine centers, what we typically refer to as our SAMC centers where most of the actual treatment takes place.

我們看到更多創造營收的機會，既包括 SCN 本身（多數診斷服務在此提供），也包括我們策略性設置的睡眠與氣道醫學中心（sleep and airway medicine centers），我們通常稱之為 SAMC 中心（多數實際治療在此進行）。

That connection is important. At SCN, medical doctors and nurse practitioners conduct a variety of diagnostic tests and patient consultations and then refer patients out for treatment where medically necessary.

這個連結很重要。在 SCN，醫師與護理師執業者會進行各種診斷檢測與病患諮詢，並在醫療必要時將病患轉介出去接受治療。

At SAMC, SCN and other independent physician-referred patients with sleep and breathing disorders are provided a full and complete range of treatment options, from CPAP to lasers to oral appliances and other adjunctive treatments.

在 SAMC，來自 SCN 以及其他由獨立醫師轉介、患有睡眠與呼吸障礙的病患，可獲得完整且全面的治療選項，從 CPAP 到雷射、口腔裝置以及其他輔助治療。

Including Vivos' proprietary rehabilitation and restorative care devices cleared by the FDA to treat all levels of obstructive sleep apnea severity, including severe OSA.

其中包括 Vivos 的專有復健與修復性照護裝置，已獲 FDA 核准，可治療各程度的阻塞型睡眠呼吸中止症（OSA），包括重度 OSA。

Thus, SCN is far more than just a business that simply sits next to Vivos and SAMC. To ensure optimal clinical outcomes for patients, these two independent groups must fully communicate and support one another.

因此，SCN 遠不只是單純坐落在 Vivos 與 SAMC 旁邊的一門生意。為了確保病患獲得最佳臨床結果，這兩個獨立團隊必須充分溝通並相互支持。

This synergy closes a significant gap in traditional care models throughout sleep medicine today, where there is a significant patient fallout rate due to the roadblocks encountered by patients as they navigate multiple providers and services.

這種協同效應彌補了當今睡眠醫學傳統照護模式中的一大缺口：病患在穿梭於多個提供者與服務時會遇到阻礙，導致病患流失率很高。

I would now like to discuss the clinical and service initiatives to enhance patient care and revenue growth here at Vivos.

接下來我想討論在 Vivos 這裡、用以提升病患照護與營收成長的臨床與服務倡議。

To further drive top line revenue growth over the course of the second quarter, Vivos management has launched or expanded several key initiatives across multiple markets.

為了在第二季期間進一步推動營收（top line）成長，Vivos 管理團隊已在多個市場啟動或擴大數項關鍵倡議。

These initiatives include: One, one of the most important clinical issues that we're actively pursuing is remote patient monitoring of patients on CPAP.

這些倡議包括：第一，我們正積極推動的一項最重要臨床議題，是對使用 CPAP 的病患進行遠端病患監測。

Based on the preliminary data currently available to us, we estimate an addressable population of approximately 16,000 existing CPAP patients from SCN's legacy CPAP patient population.

根據目前可取得的初步資料，我們估計可觸及的族群約為 16,000 名既有 CPAP 病患，來自 SCN 的既有 CPAP 病患基礎。

Under our current eligibility and enrollment estimates based on industry standard adoption metrics obtained from our current -- our contract service providers, we estimate that approximately 5,000 to 7,500 of those patients could be candidates for enrollment over the next 6 to 12 months, subject to clinical appropriateness, patient consent, coverage and enrollment.

依據我們目前的資格與收案（enrollment）估算，並參考從我們現有——我們的合約服務供應商取得的產業標準採用指標，我們估計在未來 6 到 12 個月內，約有 5,000 至 7,500 名病患可能成為收案對象，但仍須視臨床適當性、病患同意、保險給付與收案情況而定。

Based on extensive discussions and negotiations with our service provider, we estimate net revenue per patient per night to come in at between $40 and $50 each. That gives us a sizable existing patient platform population from which to build a strong recurring revenue program.

基於與我們服務供應商的廣泛討論與協商，我們估計每位病患每晚的淨營收約介於 40 至 50 美元。這讓我們擁有一個規模可觀的既有病患平台，可據以建立強健的經常性營收計畫。

To be sure, we are still early in this process, and the pace of adoption will depend on enrollment, reimbursement, implementation and our ability to execute.

當然，我們仍處於這個流程的早期階段，採用速度將取決於收案、給付、導入以及我們的執行能力。

But this is exactly the type of opportunity we want to develop within Sleep Centers of Nevada, a recurring revenue service built around a patient population that is already there.

但這正是我們希望在內華達睡眠中心內部發展的機會類型：以既有病患族群為基礎建立的經常性營收服務。

Second, separately, we are targeting a phased launch of a wholly owned DME-based CPAP program in early fourth quarter of this year.

第二，另外，我們目標是在今年第四季初分階段推出一項由我們全資擁有、以 DME（耐用醫療設備）為基礎的 CPAP 計畫。

Based on preliminary vendor discussions and our current planning assumptions, if the program reaches the level of scale we are contemplating, we estimate it could generate between 150 -- approximately $150,000 to $250,000 per month in contribution margin.

根據初步的供應商討論與我們目前的規劃假設，若該計畫達到我們所設想的規模，我們估計其每月可產生約 15 萬至 25 萬美元的貢獻毛利（contribution margin）。

Actual results will depend on successful implementation, patient volumes, reimbursement, vendor economics and operating execution. If we execute well, this has the potential to add yet another recurring revenue stream to our operations at Sleep Center of Nevada.

實際結果將取決於成功導入、病患量、給付、供應商經濟條件以及營運執行。若我們執行得當，這有潛力為內華達睡眠中心的營運再增加一條經常性營收來源。

Third, we continue to execute and implement our insomnia/EEG testing and treatment program at Sleep Center of Nevada.

第三，我們持續在內華達睡眠中心執行並導入失眠／EEG 檢測與治療計畫。

Patient encounters, patient tests administered and revenue generated from this program are all growing rapidly, with plenty of upside opportunities remaining.

病患就診次數、施作的檢測數量以及該計畫所產生的營收都在快速成長，且仍有大量上行機會。

Fourth, we have also expanded and opened our new state-of-the-art Henderson, Nevada sleep testing and treatment facility, which has effectively more than doubled our production capacity there in Henderson to well over $10 million annually.

第四，我們也已擴建並啟用位於內華達州亨德森（Henderson）的全新最先進睡眠檢測與治療設施，使亨德森據點的產能實質上增加一倍以上，年產能提升至超過 1,000 萬美元。

That expansion gives both Sleep Center of Nevada and SAMC, additional capacity and infrastructure as patient volumes grow.

這項擴建為內華達睡眠中心與 SAMC 在病患量成長時提供了額外的產能與基礎設施。

It's a practical but important piece of this strategy. If we are successful in generating more demand, we also have to be able to serve it.

這是此策略中務實但重要的一環。如果我們成功創造更多需求，我們也必須有能力提供服務。

Henderson and its expansion -- expanded facility gives us additional room to do just that and to support more services as the platform continues to develop.

亨德森及其擴建後的設施為我們提供了更多空間來做到這一點，並在平台持續發展的同時支援更多服務。

Any treatment decision, of course, remains with the independent clinicians that work at these facilities. When clinically appropriate, their evaluations may include consideration of Vivos treatment options, consistent with its applicable indications.

任何治療決策當然仍由在這些設施工作的獨立臨床人員決定。在臨床適當時，他們的評估可能會納入對 Vivos 治療選項的考量，並符合其適用適應症。

So there are two potential benefits. EEG could grow as a stand-alone service within each of these SAMC centers and Sleep Center of Nevada, and that can create another clinically appropriate entry point into the broader Vivos care model as those patients begin to receive treatment.

因此有兩項潛在效益。EEG 可作為獨立服務在各個 SAMC 中心與內華達睡眠中心內成長，並且在這些病患開始接受治療時，於臨床適當情況下，成為導入更廣泛 Vivos 照護模式的另一個入口。

Another initiative we discussed publicly is our contemplated collaboration and partnership opportunities with large cardiology groups in both Arizona and Florida.

我們先前公開討論的另一項倡議，是我們所構想與亞利桑那州及佛羅里達州大型心臟科醫師團體的合作與夥伴機會。

We continue to actively pursue those options and expect to finalize our negotiations with both groups in the near future.

我們持續積極推進這些選項，並預期在不久的將來完成與兩個團體的協商。

We expect each of those affiliations to add significantly to our current revenue streams being worked in Colorado, Nevada and Michigan.

我們預期每一項合作關係都將顯著增加我們目前在科羅拉多州、內華達州與密西根州所建立的營收來源。

Moreover, we expect to extend essentially the same operating model across additional affiliation opportunities that we are pursuing across the country.

此外，我們預期將把基本相同的營運模式延伸至我們在全國各地持續推進的其他合作機會。

Based on the operating plan we previously announced, an initial fully staffed sleep optimization team could serve roughly 250 patients per month and under the assumptions underlying that plan, generate more than $6 million in annual revenue with contribution margins approaching 40% to 50% once fully developed.

根據我們先前公布的營運計畫，一支初期完整編制的睡眠優化團隊每月可服務約 250 名病患；在該計畫所依據的假設下，一旦完全發展成熟，年營收可超過 600 萬美元，貢獻毛利率可接近 40% 至 50%。

We have previously -- Number 6, we have previously announced our successful launch of a pediatric OSA testing and treatment program across all current markets.

我們先前——第六，我們先前已宣布在所有現有市場成功推出兒科 OSA 檢測與治療計畫。

Today, I'm pleased to announce significant progress in this program with hundreds of children now receiving treatment and experiencing life-changing effects therefrom.

今天，我很高興宣布該計畫已取得重大進展，目前已有數百名兒童正在接受治療，並因此經歷改變人生的效果。

We believe this program is still in its early stages and that there is significant and material upside to enroll and service many more children as we continue to expand this program and successfully execute.

我們認為這項計畫仍處於早期階段，隨著我們持續擴大並成功執行，未來在收案與服務更多兒童方面仍有顯著且重大的上行空間。

Keep in mind that there is an estimated 10,000 -- excuse me, 10 million children across the United States who suffer from sleep and breathing disorders such as obstructive sleep apnea.

請記住，據估計美國有 10,000——抱歉，是 1,000 萬名兒童患有睡眠與呼吸障礙，例如阻塞型睡眠呼吸中止症。

Seventh, finally, we continue to refine and fully develop our current opportunities at Sleep Center of Nevada. After considerable work with providers and staff, we are already experiencing a significant uptick in the total referral volume from SCN to SAMC.

第七，也是最後，我們持續精進並全面發展我們在內華達睡眠中心的現有機會。在與醫療提供者與員工進行大量工作之後，我們已經看到從 SCN 轉介至 SAMC 的總轉介量顯著上升。

Just since the end of the second quarter, we have been seeing 3 times to 4 times as many patients being referred by SCN physicians and nurse practitioners over to SAMC for treatment.

僅自第二季結束以來，我們看到由 SCN 醫師與護理師執業者轉介至 SAMC 接受治療的病患數量增加到原來的 3 倍至 4 倍。

We expect to see production from these referrals begin to impact our financial results in the third quarter. Of course, the realization of these opportunities remain subject to definitive agreements, regulatory requirements, staffing, payer contracting, facility readiness, staff execution and other operating prerequisites.

我們預期這些轉介所帶來的產出將在第三季開始反映在我們的財務結果中。當然，這些機會的實現仍取決於最終協議、法規要求、人力配置、付款方合約、設施就緒度、員工執行以及其他營運前提條件。

However, our deep experience in operating multi-site professional practices across multiple states as well as our deep experience in Nevada with SCN gives us a clear competitive advantage as we move forward.

然而，我們在多州營運多據點專業診所方面的深厚經驗，以及我們在內華達州透過 SCN 所累積的深度經驗，使我們在持續推進時具備明確的競爭優勢。

Keep in mind that we are still early on in these initiatives, and these results are still evolving within our operating model. Actual performance will depend on successful implementation and execution.

請記住，我們在這些計畫上仍處於早期階段，而這些成果仍在我們的營運模式中持續演進。實際表現將取決於能否成功導入並落實執行。

But the opportunity is straightforward. The combined effect of these clinical and operational initiatives could be and is expected to be material and significant in the weeks, months and quarters ahead.

但機會其實很明確。這些臨床與營運計畫的綜合效應可能、且預期將在未來幾週、幾個月與幾個季度帶來重大且顯著的影響。

So as we step back and look broadly at these initiatives together and their cumulative effect on our business, I think the strategy for us to achieve positive cash flow and profitability becomes much clearer.

因此，當我們退一步、從更宏觀的角度一併檢視這些計畫及其對我們業務的累積影響時，我認為我們實現正向現金流與獲利的策略就變得清晰得多。

More patients from physician referrals gives us more opportunities to provide enhanced and recurring services.

來自醫師轉介的患者越多，我們就有更多機會提供更強化且可重複發生的服務。

More production capacity from our facilities expansion, our providers and our new collaboration affiliations allow us to serve more patients at higher service levels and more patient and provider relationships can create, and we expect will create additional clinically appropriate ways to introduce patients into the core Vivos business ecosystem.

透過我們的設施擴建、我們的醫療提供者以及新的合作聯盟所帶來的更高產能，使我們能以更高的服務水準服務更多患者；而更多的患者與醫療提供者關係可以創造、且我們預期將創造更多在臨床上適當的方式，將患者導入 Vivos 核心業務生態系。

That is the model we are building. Based on our current assumptions and subject to successful implementation and scaling, patient enrollment and conversion, reimbursement, vendor economics, available capacity and operating execution.

這就是我們正在打造的模式。基於我們目前的假設，並以成功導入與擴張為前提，涵蓋患者收案與轉換、給付報銷、供應商經濟性、可用產能以及營運執行。

We see a clear path for Vivos' growth initiatives to become cash flow positive near the end of 2026 or in early 2027, and generate significant positive EBITDA for the company in its fiscal 2027.

我們看到一條清晰的路徑：Vivos 的成長計畫可望在 2026 年底或 2027 年初接近現金流轉正，並在 2027 財年為公司創造顯著的正向 EBITDA。

That potential does not depend on just 1 program working perfectly. It reflects the combined opportunity we see across patient volume growth, remote patient monitoring, CPAP services, expanded capacities, EEG and our collaborations with cardiology groups in both Florida and Arizona.

這個潛力並不依賴於只有一個計畫完美運作。它反映了我們在患者量成長、遠距患者監測、CPAP 服務、產能擴充、EEG，以及我們在佛羅里達州與亞利桑那州與心臟科團體合作等多方面所看到的綜合機會。

Now there's still a lot of work to do. We have to launch these programs well. We have to enroll the right patients. We have to manage reimbursement and capacities. We have to prove the economics as we go.

當然，仍有很多工作要做。我們必須把這些計畫推出得很好。我們必須收案正確的患者。我們必須管理給付報銷與產能。我們必須在推進過程中驗證其經濟性。

But that's what this team is focused on. We intend to measure what works, invest beyond programs that perform and be disciplined about how we scale them.

而這正是這個團隊所專注的。我們打算衡量哪些有效，對表現良好的計畫加碼投資，並在擴張方式上保持紀律。

And then that brings me back to what I think is most important about our reports here today. The infrastructure that we are building here at Vivos is designed to reinforce the core business, not simply operate alongside of it.

接著，這也讓我回到我認為今天我們在此報告中最重要的一點。我們在 Vivos 正在建置的基礎設施，是為了強化核心業務，而不只是與核心業務並行運作。

We expect to see -- continue to see more patients with more capacity for generating revenue off of those patients with more recurring touch points and recurring revenue streams and more clinically appropriate pathways into treatment for those patients.

我們預期將看到——並持續看到——更多患者，以及更大的產能，能從這些患者身上創造營收；同時也會有更多可重複的接觸點與可重複的營收來源，並為這些患者提供更多在臨床上適當的治療導入途徑。

As we execute, we believe we can create a substantially stronger foundation for future growth across Vivos.

隨著我們落實執行，我們相信能為 Vivos 的未來成長打造更為堅實的基礎。

I'd like to close by saying that we continue to see a bright future for this company, irrespective of what's happened in -- to our stock price in the market, we still believe that this company has a tremendous future.

最後我想說的是，無論市場上我們股價發生了什麼，我們仍然看到這家公司光明的未來，我們依然相信這家公司擁有非常巨大的前景。

We believe that our technology is -- continues to lead the world in terms of its ability to resolve the conditions of obstructive sleep apnea in both children and adults.

我們相信，我們的技術——並且持續——在解決兒童與成人阻塞型睡眠呼吸中止症方面的能力，仍然領先全球。

And we continue to believe that opportunities to deploy this technology will continue to arise across various platforms. As we do that, this company will emerge as an industry leader, and we believe that it will continue to set the pace for the future of an entire industry of advanced sleep medicine.

我們也持續相信，部署這項技術的機會將會在各種平台上不斷出現。當我們做到這一點時，這家公司將成為產業領導者，而我們相信它也將持續為整個先進睡眠醫學產業的未來定下步調。

And with that, I will close my remarks. Thank you for your time and attention today. And operator, we'll take a few questions from those who are in attendance today.

以上，我結束我的發言。感謝各位今天撥冗聆聽。接線員，我們將回答今天與會者的幾個問題。

(Operator Instructions) Yi Chen, HC Wainwright.

(接線員指示) Yi Chen，HC Wainwright。

Hi, this is [Katie] on for you. Quick follow-up on the call. The release -- and you guys have described the cardiology partnership in Florida and Arizona as approaching finalization. What kind of capital does each one require? And if you can give us a target quarter that would be reasonable as we expect revenue to begin?

嗨，我是代為提問的 [Katie]。針對電話會議做個快速追問。新聞稿——以及你們也描述佛羅里達州與亞利桑那州的心臟科合作夥伴關係正接近定案。每一項需要多少資本投入？另外，如果可以的話，能否提供一個合理的目標季度，讓我們預期營收何時開始？

So we would expect that each of those will require CapEx of between $800,000 and $1 million. And we would see them beginning to generate revenue in the first part of -- the first quarter to second quarter of 2027.

我們預期每一項都需要約 80 萬到 100 萬美元的資本支出（CapEx）。我們預計它們將在 2027 年第一季到第二季的前段開始產生營收。

Great. If I have time, a quick follow-up on the insomnia and EEG program. They're cited as a growth driver for kind of the first time. Are you able to define its currently quarterly revenue? And how is the reimbursement pathway working for those programs?

很好。如果時間允許，再快速追問一下失眠與 EEG 計畫。這是首次被提及為成長驅動因素。你們能否說明目前的季度營收？以及這些計畫的給付報銷途徑運作情況如何？

So let me address the reimbursement pathway. So far, so good with the reimbursements. We're seeing broad participation of insurance payers in the Nevada market, in particular, for the EEG testing services with average reimbursements running around $800 plus or minus.

我先談給付報銷途徑。到目前為止，報銷情況良好。我們看到保險支付方在內華達州市場（尤其是 EEG 檢測服務）有廣泛參與，平均報銷金額約在 800 美元上下。

There's quite a broad range there of reimbursement levels. But we're seeing roughly $800 per patient on that score for just the testing.

報銷水準的區間相當廣。但就單純檢測而言，我們看到每位患者大約 800 美元左右。

And then the actual treatments, we're just now beginning to refer to the patients that have been -- that have tested positive for insomnia via the EEG.

至於實際治療，我們才剛開始把那些——透過 EEG 檢測判定為失眠陽性的患者——轉介進來。

We begin referring them in. We don't really have a beat yet on the level of reimbursements, but there's multiple ways in which those multiple different treatment options, including some of our appliances, our oral appliances and in particular, what we call our Vivos Vida appliance.

我們開始進行轉介。目前我們還無法確切掌握報銷水準，但治療有多種方式與不同選項，包括我們的一些裝置、我們的口腔裝置，特別是我們所稱的 Vivos Vida 裝置。

So there are a number of ways that patients can be treated, traditional ways through CBTI and other traditional methods as well as some of the methods that we use with our oral appliances.

因此，患者有多種治療方式，包括透過 CBTI 等傳統方法，以及我們使用口腔裝置的一些方法。

So I think it's a little early on the treatment reimbursement front, but it is definitely a big win on the reimbursement front.

所以我認為在治療端的報銷方面還稍早，但在檢測報銷方面這絕對是一大勝利。

That's a pretty significant level of reimbursement for us as we think about the total volume of patients that could go in and we expect to be going into this evaluation and testing treatment program for insomnia.

就我們思考可能納入、且我們預期將納入這個失眠評估、檢測與治療計畫的患者總量而言，這樣的報銷水準對我們來說相當可觀。

Great, thank you, guys.

很好，謝謝各位。

You bet.

不客氣。

And I'm showing no further questions at this time. I would like to hand it back to Kirk Huntsman for closing remarks.

目前顯示沒有其他問題。我想把電話交回給 Kirk Huntsman 做結語。

Thank you, operator. In closing, I'd just like to say that we believe here at Vivos that we have -- we continue to see great progress in patient volumes and margin growth and actual revenue growth, we see things happening here that are just now beginning to emerge and should be -- we've always said that the third quarter of 2026 would probably be the time that we would start to see this show up in the financials.

謝謝接線員。最後我想說，我們在 Vivos 相信——我們持續看到患者量與毛利成長，以及實際營收成長的重大進展；我們看到一些事情正在發生，現在才剛開始浮現，而這些也應該——我們一直說，2026 年第三季可能會是我們開始在財務報表上看到這些成果的時間點。

We're starting to see some good positive signs in Q2, but we see a lot greater opportunities for growth and development ahead in Q3 and as we round the corner going into 2027, which we expect to be a very, very good year for Vivos.

我們在第二季開始看到一些良好的正向訊號，但我們也看到在第三季以及轉入 2027 年時，前方有更大的成長與發展機會；我們預期 2027 年將會是 Vivos 非常、非常好的一年。

We recognize we have some headwinds with respect to sort of our Nasdaq standing and other things, but we are working closely with our investor groups and key constituents to ensure our viability and continuation as best we can on Nasdaq and to comply with all the regulatory requirements that we have before us.

我們也認知到，在納斯達克上市地位以及其他事項方面，我們面臨一些逆風；但我們正與投資人團體及關鍵利害關係人密切合作，盡我們所能確保在納斯達克的可行性與持續性，並遵循我們面前所有的監管要求。

So with that, I'll close out today. We appreciate everyone's support of this company. We continue to feel like we're making a difference in the world doing this, and we appreciate each one of you for your support for Vivos. Thank you very much, and have a great day.

因此，今天我就到此結束。我們感謝大家對這家公司的支持。我們持續覺得自己正在為世界帶來改變，也感謝各位對 Vivos 的支持。非常感謝，祝各位有美好的一天。

And this concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。