Developer of drill-free dental caries treatment products vVARDIS files for US IPO, with revenue up 214.2% year-over-year in the first half of 2026.

Source: vVARDIS F-1 Prospectus

DentalGoodNews｜On October 9, 2026, Swiss dental company vVARDIS Holding AG submitted an F-1 prospectus to the U.S. Securities and Exchange Commission (SEC), intending to list on the New York Stock Exchange (NYSE) under the ticker symbol "VVVV". The underwriters for this offering include Goldman Sachs, JPMorgan Chase, William Blair, UBS Investment Bank, Deutsche Bank Securities, and Apollo Global Securities. The company plans to use the proceeds for working capital, operating expenses, and capital expenditures. The prospectus discloses that all Class B voting shares are beneficially held by the two founders.

Source: vVARDIS F-1 Prospectus

The prospectus shows that the company's net revenue for the first half of 2026 (the six months ended June 30) was $28.558 million, an increase of 214.2% from $9.088 million in the same period last year; the gross margin for the first half was 86.4%, compared with 51.4% in the same period last year. Its asset-light business model is a key factor in improving gross margin.

In terms of losses, the operating loss for the first half was $17.55 million, narrowing by 27.1% year-over-year from $24.081 million in the same period last year; the net loss was $27.807 million, narrowing by 13.3% year-over-year. On the expense side, research and development expenses were $7.159 million, up 257.6% year-over-year; selling, general and administrative expenses were $35.064 million, up 31.1% year-over-year; interest expenses were $9.015 million, up 122.0% year-over-year.

The prospectus states that vVARDIS's core product uses a proprietary formulation for early-stage dental caries, aimed at halting lesion progression, preserving natural tooth structure, and restoring damaged enamel. As of June 30, 2026, its flagship product had been sold to approximately more than 20,000 general dental clinics in the United States. In the U.S. market, the company employs a model combining a direct sales team with the Henry Schein distribution platform, and Henry Schein is its exclusive distributor in the United States and the United Kingdom.

According to previous reports by DGN, OrbiMed invested $35 million in vVARDIS in February 2025 and added $50 million in July of the same year, bringing the total financing to $85 million. On April 15, 2026, vVARDIS announced that it had received a strategic minority equity investment from an Apollo managed fund, and the company stated that the transaction valued it at more than $1 billion.

Reuters reported that after a strong start earlier this year, the U.S. IPO market remains selective, with investors scrutinizing valuations more strictly; analysts believe that healthcare and pharmaceutical companies have been largely unaffected by macroeconomic uncertainty.