Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $17.6 million and full-year revenue of approximately $71.6 million, representing about 11% growth over 2024 [5][11] - Full-year gross margin was 82.1%, down from 85.8% in 2024, due to inventory reserves and product mix changes [12] - Fourth quarter gross margin was 81.2%, compared to 87.6% for the same period last year [13] Business Line Data and Key Metrics Changes - The focus for 2025 was on resolving reimbursement uncertainty for the RECELL product, with six of the seven Medicare Administrative Contractors publishing payment rates for RECELL procedures [6] - Approximately 90% of revenue comes from about 200 burn and trauma centers, with a shift towards organic monthly usage patterns rather than bulk ordering [6][7] Market Data and Key Metrics Changes - The company is taking a disciplined distributor-led approach to expand its footprint in select international markets, focusing on establishing familiarity and operational readiness [9] - Initial clinical use of RECELL GO in European markets has begun, with a focus on responding to urgent needs in the burn community [9] Company Strategy and Development Direction - The strategy is centered around a single integrated platform consisting of RECELL, Cohealyx, and PermeaDerm, aimed at increasing adoption and utilization among clinicians [7] - The company expects full-year revenue for 2026 to be between $80 million and $85 million, reflecting growth of approximately 12% to 19% over 2025 [10] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of establishing a disciplined operating model and improving visibility into cash use, which are expected to support consistent execution in 2026 [4][10] - The company aims to maintain disciplined control of operating costs while supporting revenue growth with a stable and scalable cost structure [17] Other Important Information - The company refinanced its debt through a new credit facility, which is designed to reduce covenant risk and support execution rather than constrain it [16] - The fourth quarter marked the third consecutive quarter of improvement in net cash use, declining from $10.1 million in Q2 to $5.1 million in Q4 [15] Q&A Session Summary Question: Guidance on revenue covenants and growth pace - Management clarified that the $15.4 million revenue covenant is not a guidance figure and indicated that they expect growth to be progressive from Q4 to Q1 and throughout the year [20][25] Question: Reimbursement dynamics affecting 2025 - Management confirmed that they are engaged with all seven MACs and are optimistic about the seventh MAC publishing payment rates soon, with no concerns about disruptions [30][31] Question: Customer experience with Cohealyx and PermeaDerm - Management discussed the process of working with champions in accounts to facilitate the adoption of Cohealyx and PermeaDerm, noting early positive experiences [37][38] Question: Drivers of growth for 2026 guidance - Management indicated that growth will be driven by increased utilization within existing accounts and contributions from all three product lines, including RECELL, Cohealyx, and PermeaDerm [49]