VIVOS THERAPEUTICS INC (VVOS-O)

Healthcare Services & Equip. / Healthcare Equip. & Supplies / Medical Equip. & Supplies COMPANY IN CONTEXT REPORT
Report Date: 2023-Nov-29

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
4.39 (USD) 39,600 74.05 -- -- -311.3% -- 1.6%
2023 November 28 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NASDAQ Exchange 5M 2.73 -- -- 15M 25.8% -32.5%

VERUS OPINION

The Verus Opinion, provided by Verus Analytics Inc,
is an empirically-derived and historically back-tested
stock rating system with buy, hold, and sell opinions.
To develop a rating, the quantitative system analyzes
Hold a company's earnings quality, balance sheet, and
income statement, conducts technical and valuation
analysis and evaluates the transactions made by the
firm's management and directors (i.e. insiders).
The Verus Opinion covers 4617 companies, with 16.7% rated
Buy, 64.2% rated Hold, and 19.0% rated Sell as of 2023-11-24.
Verus Analytics Inc is a private independent research firm,
unaffiliated with Refinitiv, that specializes in engineering
institutional ratings systems.

I/B/E/S MEAN
Mean recommendation from all analysts covering
Buy the company on a standardized 5-point scale. Strong Buy 0
1 Analyst Buy 1
Hold 0
Strong Strong
Sell Hold Buy Sell
Sell Buy 0
Strong Sell 0

PRICE AND VOLUME CHARTS

1-Year Return: -69.7% 5-Year Return: --

BUSINESS SUMMARY
Vivos Therapeutics, Inc. is a medical technology company. The Company is focused on the development and commercialization of a suit of diagnostic
and multi-disciplinary treatment modalities for patients with cranial and/or dentofacial abnormalities and an array of medical conditions, including mild to
moderate obstructive sleep apnea (OSA) and snoring in adults. The Company's Vivos Method is a non-invasive, non-surgical, non-pharmaceutical,
multi-disciplinary treatment modality for the treatment of dentofacial abnormalities and/or mild to moderate OSA and snoring. The Company's program
is to train dentists and offer them other value-added services in connection with their ordering and use of the Vivos System for patients is called the
Vivos Integrated Practice program. The Vivos Method comprises of various products and services, such as Vivos Complete Airway Repositioning
and/or Expansion (CARE) oral appliance therapy; VivosGuides; Vivos Versa; POD and Night Block, and VivosMyoCorrect.

Page 1 of 6
© 2023 Refinitiv, an LSEG business. All rights reserved.
VIVOS THERAPEUTICS INC (VVOS-O)
Healthcare Services & Equip. / Healthcare Equip. & Supplies / Medical Equip. & Supplies COMPANY IN CONTEXT REPORT
Report Date: 2023-Nov-29

PEER ANALYSIS Currency in USD

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Verus Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Opinion Ticker 2023-11-28 Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
Buy TCMD 14.01 27.1% -24.4% 68.2% 329M 13.0 31.8 -- 9.2% -- Strong Buy 4
Hold SMLR 38.82 40.3% 43.8% 35.1% 267M 15.5 11.3 -- 29.3% -- Buy 1
Buy ZIMV 9.25 31.8% -19.4% 2.4% 248M -- 14.3 -- -10.1% -21.8% Hold 3
Buy BVS 4.01 21.9% 8.4% 105.6% 248M -- 21.4 -- -36.2% -- Hold 3
Sell LUCD 1.40 8.5% -3.4% -30.7% 61M -- -- -- -3784% -- Buy 5
-- MHUA 1.73 -15.2% -44.0% -85.7% 40M 6.5 -- -- 7.0% -- -- --
Hold ECOR 5.83 1.0% 20.0% 11.4% 33M -- -- -- -153.7% -- Buy 5
-- NRXS 3.00 42.9% -36.3% -- 16M -- -- -- -367.0% -- Buy 1
-- ICU 0.47 -53.8% 83.3% -90.9% 14M -- -- -- -- -- Buy 1
Hold VVOS 4.39 1.6% -32.5% -69.7% 5M -- -- -- -106.3% -- Buy 1
Hold BJDX 3.11 -13.9% -50.8% -76.1% 4M -- -- -- -3945% -- Hold 1
-- Average 7.82 8.4% -5.0% -13.0% 115M 11.7 19.7 -- -835.7% -21.8% Buy 2.5

PEER COMPANIES
BJDX Bluejay Diagnostics Inc MHUA Meihua International Medical
BVS Bioventus Inc NRXS Neuraxis Inc
ECOR electroCore Inc SMLR Semler Scientific Inc
ICU SeaStar Medical Holding Corp TCMD Tactile Systems Technology
LUCD Lucid Diagnostics Inc ZIMV ZimVie Inc

EARNINGS HIGHLIGHTS PRICE TARGET

- On 2023-11-14, the company announced quarterly earnings of -1.62 The chart indicates where analysts predict the stock price will be within
per share, a positive surprise of 48.2% above the consensus -3.13. the next 12 months, as compared to the current price.
Over the past 4 quarters, the company has reported 3 positive, 1
negative, and 0 in-line surprises. The average surprise for this time 9.00 12-Month Price Target
period has been 20.8%. 8.00 Mean (USD) 6.00
High 6.00
- VVOS's current quarter consensus estimate has decreased over the 7.00
HIGH
past 90 days from -1.75 to -2.06, a loss of -17.7%. This trails the Low 6.00
6.00 MEAN
Medical Equip & Supplies industry average of -3.0% during the same LOW Target vs. Current 36.7%
5.00 4.39
time period. # of Analysts 1
4.00
- There have been no upward or downward broker recommendation Current Price Price Target
changes for Vivos Therapeutics Inc over the past 120 days. (USD)

EARNINGS PER SHARE Currency in USD

Actuals Estimates
0.000

-1.000 -1.620 HIGH Quarterly 23-12 24-03

Earnings per share (EPS) is calculated -1.750
MEAN
by dividing a company's earnings by the -2.000 LOW Mean -2.060 -1.530
number of shares outstanding. Analysts High -2.060 -1.530
tend to interpret a pattern of increasing -3.000
earnings as a sign of strength and flat Low -2.060 -1.530
-4.000 -4.500
or falling earnings as a sign of -5.000 # of Analysts 1 1
weakness. -5.000
22-12 23-03 23-06 23-09 23-12 24-03
The charts provide a comparison
between a company's actual and Actuals Estimates
estimated EPS, including the high and 0.000
HIGH
low forecasts. MEAN Annual 2023 2024
-6.000 LOW
Mean -11.480 -4.620
-12.000
High -11.480 -4.620
-18.000 Low -11.480 -4.620
-24.000
-26.000
-24.000 # of Analysts 1 1
-30.000
2021 2022 2023 2024

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© 2023 Refinitiv, an LSEG business. All rights reserved.
VIVOS THERAPEUTICS INC (VVOS-O)
Healthcare Services & Equip. / Healthcare Equip. & Supplies / Medical Equip. & Supplies COMPANY IN CONTEXT REPORT
Report Date: 2023-Nov-29

ANALYST REVISIONS MEAN ESTIMATE TREND

Q Q Y Y Price
Last 120 Days Last 30 Days 23-12 24-03 2023 2024 Target
# Broker Upgrades 0 # Up Revisions 1 Current -2.060 -1.530 -11.480 -4.620 6.00
# Broker Downgrades 0 # Down Revisions 0 30 Days Ago -1.750 -1.750 -9.500 -3.875 1.80
Avg Up Revisions 100.0 90 Days Ago -1.750 -1.750 -9.500 -3.875 1.80
%
% Change (90 Days) -17.7% 12.6% -20.8% -19.2% 233%
Avg Down Revisions 0.00%
Next Expected Report Date: 2024-04-01

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Positive 2023-11-14 2023-09-30 -1.620 -3.125 48.2%
Negative 2023-08-16 2023-06-30 -4.500 -3.625 -24.1%
Surprise Type Amount Percent
Positive 2023-06-08 2023-03-31 -1.750 -4.500 61.1%
Positive Quarters (> 2%) 3 27.3%
Positive 2023-03-30 2022-12-31 -5.000 -5.500 9.1%
Negative Quarters (< -2%) 7 63.6%
Negative 2022-12-20 2022-06-30 -8.250 -7.000 -17.9%
In-Line Quarters (within 2%) 1 9.1%
In-Line 2022-05-16 2022-03-31 -6.500 -6.500 0.00%

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 24M
2023 2024
flat or falling sales and faltering 22M
earnings may explain a sell Mean 14.2M 18.5M
recommendation. A rising EPS with flat 20M High 14.2M 18.5M
or falling sales may result from HIGH
increased cost efficiency and margins, 18M 16.9M
MEAN Low 14.2M 18.5M
LOW
rather than market expansion. This 16.0M Forecasted Growth -11.4% 15.5%
chart shows the sales forecast trend of 16M
# of Analysts 1 1
all analysts and the highest and lowest
projections for the current and next 14M
2021 2022 2023 2024
fiscal year.

FUNDAMENTAL HIGHLIGHTS
- VVOS's net margin of -106.3% is substantially below the Medical
Equip. & Supplies industry average of 3.3%.
- VVOS's operating cash yield of 20.9% is substantially below the
Medical Equip. & Supplies industry average of 35.8%.
- Of the 143 firms within the Medical Equip. & Supplies industry that
have reported debt-to-capital, Vivos Therapeutics Inc is among 54
firms whose balance sheet is free of long-term debt.
- Vivos Therapeutics Inc does not currently pay a dividend. Of 144
firms within the Medical Equip. & Supplies industry, it is among the
122 companies without a dividend.

FUNDAMENTAL METRICS
Profitability Debt Dividend
Industry Industry Industry
VVOS Avg VVOS Avg VVOS Avg
Revenue Growth -11.9% 3.7% Current Ratio 0.3 2.7 Div. Growth Rate -- 5.4%
For year over year For interim period For year over year
ending 2023-09 ending 2023-09 ending --

Gross Margin 55.7% 55.4% Debt-to-Capital 0.0% 23.9% Dividend Payout -- 46.0%
For latest 12 months For annual period For latest 12 months
ending 2023-09 ending 2022-12 ending --

Return on Equity -311.3% 1.8% Interest Funding -0.1% 4.8% Dividend Coverage -- 3.9
For interim period For interim period For annual period
ending 2023-09 ending 2021-12 ending --

Net Margin -106.3% 3.3% Interest Coverage -1768.1 1.1 Current Div. Yield -- 0.00%
For latest 12 months For interim period For latest 12 months
ending 2023-09 ending 2021-12 ending --

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© 2023 Refinitiv, an LSEG business. All rights reserved.
VIVOS THERAPEUTICS INC (VVOS-O)
Healthcare Services & Equip. / Healthcare Equip. & Supplies / Medical Equip. & Supplies COMPANY IN CONTEXT REPORT
Report Date: 2023-Nov-29

RELATIVE VALUATION HIGHLIGHTS

- There is no significant relative valuation data for this company.

TRAILING PE FORWARD PE FORWARD PEG

The most recent week's close price divided by The most recent week's close price divided by The Forward P/E divided by the five-year
the sum of the four most recently reported the sum of the four upcoming quarterly forecasted growth rate.
quarterly earnings. consensus estimates.
Trailing PE -- Forward PE -- Forward PEG --
5-Year Average: -- 5-Year Average: -- 5-Year Average: --
S&P 500 Index Average: 25.0 S&P 500 Index Average: 19.7 S&P 500 Index Average: 1.8
Industry Average: 47.8 Industry Average: 24.1 Industry Average: 1.4
>50 >50 >50
45 45 45
40 40 40
35 35 35
30 30 30
25 This valuation data is not available 25 This valuation data is not available 25 This valuation data is not available
20 20 20
15 15 15
10 10 10
5 5 5
<0 <0 <0
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

RISK HIGHLIGHTS RISK ANALYSIS

- On days when the market is up, VVOS shares typically Last 90 Days Last 60 Months
decrease. On days when the market is down, the shares tend Best Worst # # Largest Best Worst
to decline by more than the S&P 500 index. Daily Daily Days Days Intra-Day Monthly Monthly
- In the short term, VVOS has shown low correlation (>= -0.1 and Peers Return Return Up Down Swing Return Return
< 0.2) with the S&P 500 index. The stock has, however, shown VVOS 64.6% -33.3% 29 35 65.3% 171.1% -47.2%
average correlation (>= 0.2 and < 0.4) with the market in the
long term. BJDX 53.2% -21.5% 23 40 36.8% 55.2% -44.1%
- Over the last 90 days, VVOS shares have been more volatile ECOR 8.3% -8.5% 40 24 21.7% 171.2% -72.6%
than the overall market. The stock's daily price fluctuations
have exceeded that of all S&P 500 index firms. ICU 70.1% -28.7% 26 38 110.7% 5.8% -75.8%
NRXS 26.8% -16.9% 31 31 49.7% -- --
S&P 500 1.9% -1.6% 34 29 2.4% 12.7% -12.5%

RISK METRICS
Magnitude of Returns Volatility Beta (1-Year) Correlation

Daily Returns (Last 90 Days) Standard Deviation Beta vs. S&P 500 1.03 Correlation vs. S&P 500
Best 64.6% Last 90 Days 11.56 Positive Days Only -2.19 Last 90 Days 19%
Worst -33.3% Last 60 Months 41.36 Negative Days Only 1.81 Last 60 Months 32%

Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 2.44 Correlation vs. Group
Best 171.1% Average 13.0% Positive Days Only 4.51 Last 90 Days 18%
Worst -47.2% Largest 65.3% Negative Days Only 1.08 Last 60 Months 52%

PRICE ANALYSIS SEASONALITY

Relative Strength Indicator (scale 1-100, 100 is best) Average Monthly Return (Last 10 Years)
VVOS Industry Avg Nov Dec Jan
Last 10 Days 53 57 Company Avg -30.2% -15.7% 60.3%
Last 50 Days 45 47 Industry Avg 1.5% 0.21% 3.1%
Last 200 Days 44 47 Industry Rank 105 of 128 61 of 128 36 of 128

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© 2023 Refinitiv, an LSEG business. All rights reserved.
VIVOS THERAPEUTICS INC (VVOS-O)
Healthcare Services & Equip. / Healthcare Equip. & Supplies / Medical Equip. & Supplies COMPANY IN CONTEXT REPORT
Report Date: 2023-Nov-29

PRICE PERFORMANCE Currency in USD

Daily close prices are used to calculate the VVOS VVOS NASDAQ Comp
performance of the stock as compared to a
NASDAQ Comp Close Price (2023-11-28) 4.39 14,280
relevant index over five time periods.
52-Week High 74.05 14,358
-5.6%
1-Week 52-Week Low 2.73 10,213
0.6%

1-Month
1.6% - Vivos Therapeutics Inc has a Price Momentum Rating of 3,
13% which is significantly below the S&P 500 index average rating
of 5.7.
-32.5% - On 2023-11-28, VVOS closed at 4.39, 94.1% below its 52-
3-Month
4.2% week high and 60.8% above its 52-week low.
-56.3% - VVOS shares are currently trading 15.5% below their 50-day
YTD moving average of 5.20, and 46.6% below their 200-day
36.5%
moving average of 8.22.
-69.7%
1-Year
29.3%

INSIDER TRADING HIGHLIGHTS MONTHLY BUYS AND SELLS

- Executives at Vivos Therapeutics Inc have not purchased or sold any BUYS $ Market Value
100
shares thus far this quarter. Over the past five years, the average No insider activity during the past year
purchase and sell totals for Q4 have been $4,724 and $0 respectively. 50
Excludes
0 derivative
and option
50 exercises
100
SELLS
D J F M A M J J A S O N

MOST RECENT BUYS AND SELLS

Insider buys and sells with the most recent transaction dates during the last 90 days.
Name Role Tran Date Tran Type Shares Market Value

There are no insider transactions during this time period.

TOP INSTITUTIONAL HOLDERS TOP EXECUTIVE HOLDERS

The top five institutional holders based on the total number of shares The top five insider holders based on the total number of direct holdings.
held. Indirect holdings are excluded.
Inst. % Shares Reported # Direct Reported
Institution Type O/S Held Date Insider Name Role Shares Value Date
Armistice Capital Inv Mgmt 10.9% 0.13M 2023-11-22 Huntsman, Ronald Kirk CEO 86,521 22,495 2023-06-20
Strategic Wealth Inv Mgmt 10.8% 0.13M 2023-09-30 Updated monthly as of 2023-10-22
Singh (Gurdev Dave) Strategic 10.8% 0.13M 2023-11-22
Huntsman (Ronald Kirk) Strategic 6.1% 73,061 2023-11-22
The Vanguard Group Inc Inv Mgmt 2.1% 24,601 2023-09-30
Updated daily as of 2023-11-28

Page 5 of 6
© 2023 Refinitiv, an LSEG business. All rights reserved.
VIVOS THERAPEUTICS INC (VVOS-O)
Healthcare Services & Equip. / Healthcare Equip. & Supplies / Medical Equip. & Supplies COMPANY IN CONTEXT REPORT
Report Date: 2023-Nov-29

Correlation
REPORT TIPS
Determines how closely the returns of the stock and the relevant index move
The Company in Context Report provides a comprehensive company analysis together, measured over the last 90 days and last 60 months.
based on industry-leading market data from LSEG and a proprietary rating from Price Momentum
Verus Analytics. The report is updated daily, although some of the data elements Relative Strength
and the ratings are updated weekly.
Measures the speed and change of price movements. A value above 70 may be
Peer Analysis overbought while a value below 30 may be oversold.
● The Refinitiv Business Classification (TRBC) schema is used for industry Seasonality
comparisons. The system includes 10 Economic Sectors, 28 Business Sectors,
54 Industry Groups, and 136 Industries. The average monthly return for the current month and next 2 months for the
● The Peer Analysis section of the report compares the company to its ten closest company and industry, over the past 10 years. A lower industry rank indicates a
peers, selected based on similar market capitalization. The peer listing may have higher return.
fewer than ten companies if there are fewer classified within that industry.
Insider Trading
Highlights Monthly Buys and Sells
The automated text-generation system from LSEG creates highlights summarizing The total market value of open-market buying and selling is displayed by month for
the most noteworthy data. The bullets will vary by company and will change from easy comparison. Transactions by trusts and corporations are excluded, along with
week to week as different criteria are met. buys greater than $10 million and sales greater than $50 million.
Earnings Institutional Holders
Earnings Per Share The top five institutional holders of the company are listed in descending order,
The quarterly and annual earnings per share are presented when available, along based on their total share holdings. Possible values for the institution type include
with the mean, high and low. Quarterly data is displayed for the past 4 quarters Brokerage, Funds, Inv Mgmt, or Strategic.
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated). Executive Holders
The top five executive insiders of the company are listed in descending order, based
Mean Estimate Trend on their total direct common share holdings (options are not considered). Indirect
The mean estimates show how the consensus has changed over the past 30 days holdings are excluded, as the owner may not actually have investment discretion
and 90 days for the upcoming two quarters and two years. The percentage change over these shares. Insiders who have not filed any transactions or holdings over the
is calculated for the company as a means for comparison by measuring the past two years are excluded, as the individual may no longer be associated with the
difference between the current consensus estimate and that of 90 days ago. company. Direct shares held must be greater than 1,000 to be considered.
Earnings Surprises Insider Roles
The surprise summary includes the total number of quarters (and percentage) in the AF - Affiliate IA - Investment Advisor
past 12 quarters in which earnings surprises were positive, negative, or in-line. In AI - Affiliate of Advisor MC - Member of Committee
order to be recognized as a positive or negative surprise, the percent must be B - Beneficial Owner O - Officer
greater than 2% above or 2% below the consensus, respectively. C - Controller OB - Officer / Beneficial Owner
CB - Chairman OD - Officer / Director
Fundamental
CEO - Chief Executive Officer OE - Other Executive
Profitability CFO - Chief Financial Officer OS - Officer of Subsidiary
● Revenue Growth: (Net Sales - Previous Net Sales) / Previous Net Sales
CI - Chief Investment Officer OT - Officer / Treasurer
● Gross Margin: Gross Profit / Net Sales
CO - Chief Operating Officer OX - Divisional Officer
● Return on Equity: Net Income / Total Equity
CT - Chief Technology Officer P - President
● Net Margin: Net Profit / Net Sales
D - Director R - Retired
Debt DO - Director / Beneficial Owner SH - Shareholder
●
EVP - Exec Vice President SVP - Senior Vice President
Current Ratio: Current Assets / Current Liabilities
●
FO - Former T - Trustee
Debt-to-Capital: Total Debt / Total Capital GC - General Counsel UT - Unknown
● Interest Funding: Interest Expense / Operating Cash Flow H - Officer / Director / Owner VP - Vice President
● Interest Coverage: (Pre-Tax Income + Interest Expense) / Interest Expense
Dividend VERUS ANALYTICS
● Dividend Growth Rate: (Dividends per Share - Previous Dividends per Share) /
Verus Analytics, Inc is a private firm specializing in engineering rating systems for
Previous Dividends per Share
● Dividend Funding: Dividends / Operating Cash Flow
institutional clients, wealth managers and self-directed investors. They also provide
● Dividend Coverage: (Pre-Tax Income + Interest Expense) / (Interest Expense +
proprietary ratings of earnings quality, fundamental and valuation elements directly
Dividends) to institutional clients. Verus Analytics (previously Camelback Research Alliance, Inc
● Dividend Yield: Annual Dividends per Share / Current Market Price per Share and the quantitative business unit of Gradient Analytics, Inc) was founded in 1996
by two former tenured professors, Dr. Carr Bettis and Dr. Donn Vickrey. Today the
Relative Valuation core team consists of financial engineers, business analysts and technology
A discount occurs when the company's ratio is valued more favorably (lower) than personnel. Verus Analytics does not engage in investment banking services.
that to which it is compared.
DISCLAIMER
Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of © 2023 Refinitiv, an LSEG business. Republication or redistribution of Refinitiv
100 is placed on Trailing P/E and Forward P/E, and a maximum value of 5 is placed content, including by framing or similar means, is prohibited without the prior written
on Forward PEG when calculating the averages. consent of Refinitiv. All information in this report is assumed to be accurate to the
best of our ability. Refinitiv is not liable for any errors or delays in this content, or for
Risk any actions taken in reliance on such content. Any forward-looking statements
Magnitude of Returns included in the Refinitiv content are based on assumptions and are subject to a
The best / worst daily returns in the past 90 days and the best / worst monthly number of risks and uncertainties that could cause actual results to differ materially
returns in the past 60 months. from current expectations. There is no assurance that any forward-looking
Volatility statements will materialize. The content in this Refinitiv report does not constitute
investment advice or a recommendation to buy or sell securities of any kind. Past
The standard deviation of the stock price over the last 90 days and last 60 months, performance is not a guarantee of future results. Investors should consider this
along with the average and largest intra-day stock swing. report as only a single factor when making an investment decision. Verus Analytics
Beta Inc. is a private independent research firm, unaffiliated with Refinitiv, and is solely
Measures the tendency of a security's returns to respond to swings in the market, responsible for the Verus Opinion. The Verus Opinion contained herein is solely
based on the beta of the company versus the relevant index. attributable to Verus Analytics Inc. and is not endorsed or approved by Refinitiv.

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