炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：证券市场周刊 文丨张桔 国内生产睡眠呼吸机的上市公司包括了瑞迈特、鱼跃医疗等几家，从这一角度看还属于蓝海区域，不过 细分赛道中的龙头企业实力已经着实可观。 虽然2025年创新药投资成为医药生物中最热的存在，但同时生活医疗的快速崛起也让传统的医药耗材有 了二度的用武之地，比如呼吸机，目前其在睡眠呼吸障碍类疾病上的应用愈发广泛，从而也让家用呼吸 机有了更为宽阔的应用空间。 从原理来看，家用呼吸机主要是用来辅助治疗COPD和OSA的。就后者而言，其全名叫阻塞性睡眠呼吸 暂停，患有OSA的人临床表现通常为习惯性打鼾，睡觉中容易因憋气、喘息或窒息而醒，容易白天嗜睡 且疲劳或失眠。不过问题在于，对于患有OSA的人来说，通常他们不会将其看成疾病来治疗，因此家用 的医疗设备对于其中的中重度患者来说更为关键。 从走势上来看，2025年截至目前，瑞迈特的股价上涨约为29%，扭转了此前三年股价连跌的局面。今年 8月下旬时，该股的股价一度涨破百元大关，而遭遇了近期的震荡整理后，近期该股的股价暂时回落到 80元一线的平台。 而该股之所以能够逆转年线三连跌， ...

Financial Data and Key Metrics Changes - For Q3 2025, revenue increased 76% to $6.8 million compared to $3.9 million in Q3 2024, and 78% sequentially from Q2 2025 [8] - For the nine months ended September 30, 2025, revenue increased approximately $2.3 million, or 20%, to $13.6 million compared to $11.3 million for the same period in 2024 [9] - Gross profit for Q3 2025 increased approximately $1.6 million to $3.9 million, with gross margin slightly decreasing to 58% from 60% in Q3 2024 [11] - Net loss increased to $5.4 million in Q3 2025 and $14.3 million for the first nine months of 2025 [12] Business Line Data and Key Metrics Changes - The increase in revenue was driven by a $2.2 million increase in OSA sleep testing services primarily from the Sleep Center of Nevada and $1.3 million from new treatment centers [8] - VIP enrollment revenue from the legacy business model decreased by $800,000, indicating a shift towards the new business model [9] Market Data and Key Metrics Changes - The company is currently servicing significantly less than 40% of the potential new patients being tested each month at Sleep Center of Nevada, indicating substantial growth potential [26] - Over 210,000 OSA patients have been tested and seen by SCN providers since 2019, with many legacy patients potentially seeking alternatives to CPAP [26] Company Strategy and Development Direction - The strategic pivot towards acquiring sleep medical practices and testing centers aims to increase patient access to Vivos technology and improve financial returns [20] - The establishment of Sleep and Airway Medicine Centers (SAMHSA Centers) is central to the new model, focusing on educating and evaluating patients for treatment [24] - Future initiatives include expanding diagnostic and treatment services, establishing a pediatric OSA program, and collaborating with specialty medical groups [32] Management's Comments on Operating Environment and Future Outlook - Management views Q3 2025 as a watershed quarter, indicating the company's ability to monetize its technology for treating sleep-related disorders [17] - The company expects revenue growth to continue as new dental providers and nurse practitioners are onboarded, with a projected ramp-up period of three to six months for optimal revenue levels [42][44] - Management believes the new model is replicable and scalable across multiple markets, with a focus on achieving cash flow break-even in the near future [50][56] Other Important Information - The company has secured $14.2 million in net cash from financing activities, with total liabilities of $23.1 million and cash and cash equivalents of $3.1 million as of September 30, 2025 [13] Q&A Session Summary Question: How should sales be modeled for the next few quarters? - Management expects top-line revenues to continue to grow as new providers are deployed, with a ramp-up period of three to six months for optimal revenue levels [41][44] Question: What are the reasonable operating expenses for the next quarter? - SAMHSA operations are expected to achieve contribution margins of 50%-60% at steady-state, with current expenses being higher due to upfront investments in personnel [46][47] Question: Update on cash flow break-even goals? - The goal is to achieve cash flow break-even, with expectations that profits from SAMHSA center operations will contribute to this goal in the near future [49][50] Question: How should investors view the company now and in six months? - Management believes the company has finally settled on a monetization model that leverages its technological advantages, with significant growth potential ahead [55][56]

Financial Data and Key Metrics Changes - For Q3 2025, revenue increased by 76% to $6.8 million compared to $3.9 million in Q3 2024, and 78% sequentially from Q2 2025 [7][9] - For the nine months ended September 30, 2025, revenue increased by approximately $2.3 million, or 20%, to $13.6 million compared to $11.3 million for the same period in 2024 [9][12] - Gross profit for Q3 2025 increased by approximately $1.6 million to $3.9 million, with gross margin slightly decreasing to 58% from 60% in Q3 2024 [11][12] Business Line Data and Key Metrics Changes - The increase in revenue was driven by a $2.2 million increase in OSA sleep testing services primarily from the Sleep Center of Nevada, and $1.3 million from new treatment centers [8][9] - VIP enrollment revenue from the legacy business model decreased by $800,000, indicating a shift towards the new business model [9][10] Market Data and Key Metrics Changes - The company is currently servicing significantly less than 40% of the potential new patients being tested each month at the Sleep Center of Nevada, indicating substantial growth potential [24] - Over 210,000 OSA patients have been tested and seen by SCN providers since 2019, with many legacy patients potentially seeking alternatives to CPAP [24] Company Strategy and Development Direction - The strategic pivot towards acquiring sleep medical practices and forming alliances is aimed at increasing market penetration and financial returns [19][20] - The establishment of Sleep and Airway Medicine Centers (SAMHSA Centers) is part of the strategy to educate and evaluate patients for treatment options [22][30] Management's Comments on Operating Environment and Future Outlook - Management views Q3 2025 as a watershed quarter, indicating a significant inflection point in the company's ability to monetize its technology for treating sleep-related disorders [16][19] - The company expects revenue growth to outpace expenses as new teams are deployed and operational efficiencies are realized [23][33] Other Important Information - The company has secured $14.2 million in net cash from financing activities, which will support its growth initiatives [13] - General and administrative expenses increased by approximately $5.7 million, primarily due to costs associated with the Sleep Center of Nevada operations [12] Q&A Session Summary Question: How should sales be modeled for the next few quarters? - Management expects top-line revenues to continue to grow as new dental providers and nurse practitioners are added to the teams [35] Question: What is the expected ramp-up time for revenue generation? - A ramp-up period of approximately three to six months is anticipated to reach optimized revenue levels [36] Question: What are the expected contribution margins for SAMHSA operations? - Steady-state operations are expected to yield contribution margins of 50%-60% [38] Question: What is the goal for cash flow break-even? - The goal is to achieve cash flow break-even, with ongoing efforts to manage growth and operational expenses [39] Question: How should investors view the company now and in six months? - Management believes the company has finally found a monetization model that aligns with its technological advantages, indicating strong future growth potential [41][42]