Vivos Therapeutics (VVOS) 2026财年第二季度业绩电话会：营收增长35%，流动性风险仍存

核心要点

• 在内华达睡眠中心（SCN）诊断服务以及Vivos中心治疗收入的推动下，第二季度营收同比增长35%至520万美元。
• 毛利增加80万美元至300万美元，列报毛利率为57%。季度净亏损由500万美元扩大至550万美元。
• 服务收入增加190万美元，其中包括来自睡眠检测服务的150万美元以及在两个SCN网点推出的Vivos患者治疗收入80万美元。
• 截至2026年6月30日，Vivos拥有现金及现金等价物180万美元，负债总额为2810万美元，累计亏损达1.38亿美元。公司表示现有现金不足以支撑未来12个月的运营。
• 管理层认为，如果项目落地、患者招募、医疗报销、产能及运营执行顺利，公司有望在2026年底或2027年初实现正向现金流。
• Vivos目前未达Nasdaq规定的250万美元最低股东权益要求，公司在削减成本的同时正寻求额外的股权融资。

核心财务数据

截至2026年6月30日，Vivos报告现金及现金等价物为180万美元，负债总额为2810万美元。

业务与运营表现

Vivos从其Vivos综合提供商（VIP）模式向睡眠中心模式的转型，继续重塑其营收结构。季度服务收入增加190万美元，而产品收入减少50万美元。

主要由SCN贡献的睡眠检测服务为服务收入的增长贡献了150万美元。在两个SCN网点为患者提供的治疗又增加了80万美元收入。但这些增益被VIP签约人数减少以及赞助、研讨会和其他服务收入的下降所部分抵消。

该季度Vivos售出5,180套口腔矫治器牙弓，高于去年同期的4,116套。然而，由于销售转向收入较低的预成型矫治器，相关收入从190万美元下降28%至约140万美元。今年上半年，销量增至10,484套牙弓，而收入下降24%至280万美元。

自本季度结束以来，SCN向Vivos睡眠与气道医学中心的转诊量有所增加。管理层表示，医生和护理师转诊接受治疗的患者数量增长了三到四倍，预计由此产生的产值将开始影响第三季度业绩。

据管理层透露，内华达州亨德森市扩建后的检测与治疗设施使当地年产能翻了一番以上，达到1000万美元以上。

Vivos还在拓展失眠和脑电图（EEG）检测、儿童阻塞性睡眠呼吸暂停服务以及与心脏病学诊所的合作。管理层表示，目前已有数百名儿童正在通过该儿童项目接受治疗。

管理层业绩指引

管理层估计，SCN拥有约16,000名可进行远程患者监测的现有CPAP患者目标群体。基于当前假设，Vivos认为在未来6至12个月内，在符合临床适应症、知情同意、保险覆盖及签约等条件下，可能有5,000至7,500名患者符合加入资格。公司预计每位患者每晚净收入为40至50美元。

一项全资拥有的、基于耐用医疗设备（DME）的CPAP项目计划于2026年第四季度初分阶段推出。如果达到预期规模，管理层估计每月边际贡献约为15万美元至25万美元。

对于未来的合作，管理层表示，初步配置人员的睡眠优化团队每月可服务约250名患者，并产生超过600万美元的年收入；一旦全面成熟发展，边际贡献率将接近40%至50%。

Vivos预计其拟在亚利桑那州和佛罗里达州开展的心脏病学合作将于2027年第一季度或第二季度开始产生收入。每个网点预计需要80万美元至100万美元的资本支出。

综合各项增长举措，管理层预计公司有望在2026年底或2027年初实现正向现金流，并在2027财年实现大幅正向EBITDA。这些目标仍取决于项目的成功执行、规模化扩展、医疗报销、患者转化、供应商经济效应以及可用产能。

风险与关注事项

Vivos表示，其180万美元的现金余额不足以支持未来12个月的运营和战略目标，若没有额外融资，其持续经营能力存在重大疑虑。

上半年，公司通过按市价发售（ATM）计划以0.69美元的均价售出694,564股股票，产生约50万美元的净收益。截至6月30日，该计划下仍有230万美元额度可用，但Vivos并无义务发行更多股票。

公司目前也不符合Nasdaq关于250万美元最低股东权益的要求。管理层正寻求通过新股权融资和削减成本来恢复合规，并警告称若未能合规可能会引发退市程序。

执行风险包括签署最终协议、监管要求、人员配备、支付方合同、医疗报销、设施就绪情况、患者签约以及供应商经济效应。心脏病学合作和更新的经常性收入项目仍处于开发阶段。

分析师问答亮点

当被问及亚利桑那州和佛罗里达州的心脏病学合作时，管理层估计每个网点的资本需求为80万美元至100万美元，并表示收入可能在2027年第一季度或第二季度开始产生。

关于失眠和脑电图（EEG）项目，管理层表示内华达州的保险公司普遍参与EEG检测的报销。每位患者的检测平均报销额约为800美元，不过具体费率有所差异。治疗转诊才刚刚开始，因此管理层表示现在确定治疗报销标准还为时过早。

业绩电话会完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Good day, everyone, and welcome to the Vivos Therapeutics Second 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.

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.

Bradford K. Amman

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.

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. 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.

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 expressions 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.

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 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.

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, 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.

Finally, please be aware that the U.S. Food and Drug Administration has given certain specific Vivos appliances 510(k) clearance to treat mild to severe OSA in adults. 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. 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.

For further information on our results for the 3-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.

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. Revenue increased by approximately $1.3 million or 35% to $5.2 million for the 3 months ended June 30, 2026, compared to $3.8 million for the 3 months ended June 30, 2025. 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. 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. 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 2 SCN locations, offset by a decrease of $100,000 in VIP enrollment revenue and $100,000 from sponsorship, seminar and other service revenue.

For the 6 months ended June 30, revenue increased by $3.5 million or 51% to $10.3 million compared to $6.8 million for the 6 months ended last year. 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. 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. 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.

For the 3 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 3 months ended June 30, 2025. 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.

For the 6 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 6 months ended June 30 with last year when we sold 7,852 arches for a total of $3.7 million. 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.

Cost of sales increased $0.5 million or 29% to $2.2 million for the 3 months ended June 30 compared to $1.7 million for the same period in 2025. This was primarily attributable to higher costs associated with diagnostic services and patient therapy, including the addition of staff at the Vivos treatment centers.

For the 6 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 6 months ended June 30, 2025. This was primarily related to the higher costs associated with diagnostic services, patient therapy, including additional staff at the Vivos treatment centers.

For the 3 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. Gross margin increased to 57% for the 3 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.

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. Gross margin increased to 58% for the 6 months ended June 30 of this year compared to 53% for the 6 months ended last year due to the increase in revenue and smaller increase in cost of sales.

General and administrative expenses increased $700,000 or 11% to approximately $7.1 million through the 3 months ended June 30, 2026, as compared to $6.4 million for the 3 months ended June 30, 2025. 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.

For the 6 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 6 months ended last year. 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.

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 3 months ended June 30, 2025. This is attributable and significant part to our focus on reducing costs.

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

Depreciation and amortization expense increased $200,000 for the 3 months ended June 30, 2026, and depreciation and amortization expense increased $0.5 million to $1 million for the 6 months ended June 30, 2026. Depreciation and amortization increased due to assets being placed into service during the period.

Other expense increased $900,000 for the quarter and $2 million year-to-date due to additional interest expense on a note during the 3 and 6 months ended June 30, 2026. This was offset by an increase in other income of $300,000 during the 3 and 6 months ended June 30, 2026 related to the valuation change in an earn-out related to the acquisition of SCN.

The financial statements have been prepared in conformity with GAAP, which contemplate a continuation of the company as a going concern. We have incurred losses since inception, including $5.5 million and $5 million for the 3 months ended June 30, 2026 and 2025, respectively, and $13.3 million and $8.9 million for the 6 months ended June 30, 2026 and 2025, respectively, resulting in an accumulated deficit of $138 million as of June 30, 2026.

Net cash used in operating activities amounted to approximately $9.2 million and $7.3 million for the 6 months ended June 30, 2026 and 2025, respectively.

As of June 30, 2026, we had total liabilities of approximately $28.1 million.

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

We have implemented cost savings measures in our legacy business that have reduced cash in operations. During the first 6 months of 2025, many onetime costs related to the acquisition of SCN were recognized and were not reoccurring in 2026. As such, we have funded our operations through equity raises in the period ending June 30, 2026 and fiscal year ended December 31, 2025. 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.

During the 6 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. 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.

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

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 2 additional groups as well as related treatment revenue from providing patients with OSA treatment options, all of which is extremely encouraging. We are also seeing higher costs associated with diagnostic services and patient therapy, including addition of staff at the Vivos treatment centers. We believe the strategic move to acquire SCN to establish other affiliate alliances sets the stage for stronger performance in the upcoming quarters. For more detailed information, I refer you to our earnings release and our in our full Form 10-Q filed earlier today.

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.

R. Huntsman

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 6 or 7 years. Brad, has been a key part of our management team and we're going to miss him.

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

When we first acquired SCN a little over a year ago, we saw an opportunity that went far beyond adding another source of revenue. 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. In the second quarter, we saw that strategy beginning to take shape. As SCN patient volume continues to grow, 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.

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. 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, including Vivos' proprietary rehabilitation and restorative care devices cleared by the FDA to treat all levels of obstructive sleep apnea severity, including severe 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 2 independent groups must fully communicate and support one another. 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.

I would now like to discuss the clinical and service initiatives to enhance patient care and revenue growth here at Vivos. 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. These initiatives include: One, one of the most important clinical issues that we're actively pursuing is remote patient monitoring of patients on CPAP. 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. 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. 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. 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. 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.

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

Third, we continue to execute and implement our insomnia/EEG testing and treatment program at Sleep Center of Nevada. Patient encounters, patient tests administered and revenue generated from this program are all growing rapidly, with plenty of upside opportunities remaining.

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

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. 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. 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.

So there are 2 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.

Another initiative we discussed publicly is our contemplated collaboration and partnership opportunities with large cardiology groups in both Arizona and Florida. We continue to actively pursue those options and expect to finalize our negotiations with both groups in the near future. We expect each of those affiliations to add significantly to our current revenue streams being worked in Colorado, Nevada and Michigan.

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

We have previously -- Number 6, we have previously announced our successful launch of a pediatric OSA testing and treatment program across all current markets. Today, I'm pleased to announce significant progress in this program with hundreds of children now receiving treatment and experiencing life-changing effects therefrom. 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. 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.

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

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.

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

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, 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.

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.

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. 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.

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. 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.

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

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. 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. 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.

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.

Operator

[Operator Instructions] And your first question comes from the line of Yi Chen with H.C. Wainright.

分析师问答

Katherine Degen

This is Katie on for Yi. 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 1 require? And if you can give us a target quarter that would be reasonable as we expect revenue to begin?

R. Huntsman

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.

Katherine Degen

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?

R. Huntsman

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. 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. 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. 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. 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.

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

Operator

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

R. Huntsman

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. 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.

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.

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.

Operator

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