INDUSTRY

Curodont heads to Wall Street

The company behind Curodont is ready to go public, and its regulatory filing offers the closest look yet at how dental groups are buying, using, and billing for the product that promises fast, drill-free treatment of early tooth decay.

What’s happening: vVardis Holding, the Zug, Switzerland-based maker of Curodont, filed for a U.S. IPO earlier this month with plans to list on the NYSE. 

• Renaissance Capital estimates the deal could raise $200 million, while Bloomberg has reported that the company would likely seek a valuation above the $1 billion-plus mark set during an April funding round led by Apollo.

• Investors are betting that vVardis has significant room to grow. Its revenue in the first half of 2026 was only $28.6 million, but that was up 214% from a year earlier. And while it isn’t profitable yet, the company’s loss of $27.8 million over those six months of the year was down from its loss of $32.1 million over the same period last year. 

Why it’s happening: vVardis blockbuster product is Curodont Repair Fluoride Plus, a peptide liquid that’s designed to treat early tooth decay by carrying minerals from the patient’s saliva into a noncavitated lesion, rebuilding enamel from the inside.

• vVardis says Curodont is a significant improvement over other early decay treatments on the market: It can be done quickly by a hygienist during a regular recall visit in five minutes or less, doesn’t require a drill, needle or anesthesia, doesn’t leave permanent stains (unlike silver diamine fluoride), and reaches between teeth.

• According to the company’s filing, vVardis has sold Curodont to more than 20,000 of roughly U.S. general dental practices since launching in 2024, and nearly 8,500 practices placed more than one order in the four months ending June 30.

• DSOs are the biggest Curodont buyer, accounting for 60% of sales moved through distributors in 2025 and the first half of 2026. Heartland Dental is both an investor (alongside Apollo and OrbiMed), and a major customer—a large enough buyer, in fact, that it’s flagged as a risk factor in vVardis’ IPO filing.

Why it matters: The pitch to DSOs is that Curodont allows you to generate revenue from restorative work done by hygienists during a recall visit, which vVardis argues means DSOs can bring in more revenue per hour of chair time than they would with traditional fillings.

• Across hundreds of hygiene schedules, a per-tooth procedure that doesn’t require a dentist’s time could seriously move the needle on hygiene production.

Yes, but: For that math to work, you actually have to get paid—and the economics get complicated fast.

• According to the company’s F-1, only eleven state Medicaid programs and nine commercial carriers offer even partial coverage of Curodont so far, and most plans still treat the code as experimental. In other words, for most patients, this is going to be an out-of-pocket expense for a product they've never heard of.

• There's also no telling how much future restorative work you might be giving up. Some of the early lesions treated with Curodont today would have eventually turned into small fillings.

Bottom line: vVardis has reached real commercial scale, and the IPO will fund an even bigger sales push aimed squarely at dental groups. Your job is now to figure out whether there’s a business case for incorporating it into your practices’ offerings.