Core Insights - The company has achieved double-digit organic growth internationally due to a structural reorganization and new leadership focused on untapped market potential [1] - Profitability expanded by 490 basis points in Q4, driven by a high-margin product mix, operational efficiencies, and divestiture of the lower-margin Advanced Rehabilitation business [1] Group 1: Growth Performance - Restorative Therapies recorded its highest organic growth in seven years, attributed to disciplined execution and the clinical impact of the Exagen product line [2] - Pain Treatments growth was primarily driven by volume increases in Duralane, benefiting from a market shift toward single-injection viscosupplementation and successful account wins [2] - The company achieved 10% organic revenue growth in Q4, linked to sharpened commercial execution and a planned second-half acceleration [2] Group 2: Strategic Transformation - Management views the company as having completed a three-year transformation, moving from foundational stabilization to an 'exciting new phase' aimed at building a $1 billion medtech leader [3] - The company plans to invest an additional $13 million in four key drivers: Peripheral Nerve Stimulation (PNS), Platelet-Rich Plasma (PRP), Ultrasonics, and International expansion [3] - PNS and PRP are expected to contribute a minimum of 200 basis points to total growth in 2026, with further acceleration anticipated in 2027 [3] Group 3: Future Guidance and Focus - The 2026 guidance assumes a 'back-heavy' cadence, with Q1 growth expected to be the lowest due to one fewer selling day and a rebalancing of distributor inventory following a strong Q4 [3] - The strategic focus for Ultrasonics will shift toward the spine market, utilizing aggressive marketing and medical education to establish the technology as a standard of care [3] - Capital allocation will prioritize debt reduction in the near term, targeting a net leverage ratio well below 2.0x by the end of 2026 to enhance future strategic optionality [3]