Financial Data and Key Metrics Changes - For the full year 2024, the company reported revenue of $12.9 million, representing a 17% year-over-year growth compared to $11 million in 2023 [5][9] - Gross profit for the full year 2024 was $5.9 million, up 24% from the previous year, with a gross margin of 46%, reflecting a 300 basis point expansion over 2023 [10][12] - The net loss for the full year 2024 was $40.7 million, or $0.56 per share, compared to a net loss of $44.2 million, or $0.62 per share in 2023 [12] - The company reduced its cash burn for the full year 2024 to $38.4 million, down 9% from $42.3 million in 2023 [12] Business Line Data and Key Metrics Changes - In Q4 2024, revenue was $2.3 million, down from $2.7 million in Q4 2023, attributed to longer deal cycles and a lower average selling price due to a higher mix of international deals [7][8] - The company sold nine units in Q4 2024, with a noted variability in sales productivity across U.S. regions [7][9] - Organic year-over-year revenue growth was 70% when excluding a one-time purchase order from King's College London in 2023 [10] Market Data and Key Metrics Changes - The total addressable market for the company's products in the U.S. is estimated to exceed $6 billion, covering placements in hospital and office settings [17] - The company exited 2024 with 13 distributors in place across European, Middle Eastern, and Asian markets, indicating initial placements and significant interest from clinicians [24][25] Company Strategy and Development Direction - The company aims to transform into a commercial stage company in 2025, focusing on diversification and expansion strategies across multiple sites of care and international markets [14][26] - Plans for 2025 include launching two new software releases that will significantly improve image quality, expected to drive quicker adoption of portable brain MRI technology [15][16] - The company is expanding its sales efforts into neurology offices and emergency departments, with a focus on demonstrating the economic and clinical benefits of its technology [18][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the strong foundation built in 2024 and the multiple growth catalysts expected to drive business acceleration in 2025 [33] - There are concerns regarding protracted capital allocation processes in U.S. hospitals, but the office expansion is seen as less tied to capital allocation and more focused on clinical and financial benefits [39][40] - The company anticipates a revenue growth range of 20% to 30% for the full year 2025 compared to 2024, with gross margins expected to improve to between 47% and 52% [29][30] Other Important Information - The company completed a $6 million financing to extend its cash runway to the end of 2026 and has implemented a restructuring to reduce operating costs [6][30] - Management is closely monitoring potential impacts from tariffs but does not expect material effects on the business [31] Q&A Session Summary Question: Can you provide details on the partnership with Navidea? - Management stated that it is an initiative related to future technology, with no further comments at this stage [37] Question: How are you thinking about capital trends in 2025? - Management noted that hospital processes are more complex, but the office setting has fewer decision-makers, making it easier to build a business case [39][40] Question: How should we think about contributions from the U.S. versus international markets? - Management indicated that ASPs have been increasing in the U.S., while international sales are through third-party distributors, affecting pricing variability [42][43] Question: Can you provide insights on the new sales representatives? - Management highlighted that new hires come from diverse backgrounds and have undergone rigorous training, preparing them for the upcoming technology releases [67][68]