Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $24.8 million, reflecting a 34% increase from $18.5 million in Q4 2024 [20] - Full year revenue totaled $89.1 million, representing a 36% growth over 2024 [22] - Gross margins were 87% for Q4 and 88% for the full year, compared to 88% and 87% in the previous year respectively [23] - Net loss for Q4 2025 was $13.5 million, or a loss of $0.36 per share, compared to a loss of $12.6 million, or a loss of $0.40 per share in Q4 2024 [25] - Full year net loss was $53.4 million, or a loss of $1.46 per share, compared to a loss of $40.5 million, or a loss of $3.39 per share in 2024 [26] Business Line Data and Key Metrics Changes - Product revenue for Q4 2025 was $18.8 million, a 33% increase from $14.1 million in Q4 2024 [20] - Subscription revenue for Q4 2025 was $6.0 million, representing a 37% increase from $4.4 million in Q4 2024 [21] - The company ended 2025 with 647 active accounts, adding 32 new accounts in Q4 and 118 throughout the year [22] Market Data and Key Metrics Changes - The total addressable market (TAM) has grown from $2 billion to over $3.5 billion [4] - The core seizure market opportunity was expanded by approximately $400 million following FDA clearance for neonate and pediatric seizure detection products [7] Company Strategy and Development Direction - The mission is to make point-of-care EEG the standard of care for seizure management in acute settings and to establish EEG as a new vital sign [5] - The company plans to leverage its technology to penetrate deeper into existing accounts and expand into new markets, including the VA system [6][7] - The strategy includes systematic departmental expansions and protocol development to increase utilization rates [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth in 2026, with expectations of total revenue between $111 million and $115 million, representing a 25%-29% increase over 2025 [26] - The company anticipates that the upcoming full commercial launch of pediatric and neonatal products will drive revenue growth in 2026 and beyond [18] - Management highlighted the importance of achieving cash flow breakeven while maintaining a strong growth trajectory [28] Other Important Information - The company received FDA 510K clearance for its delirium algorithm, making it the first FDA-cleared delirium detection and continuous monitoring device [12] - The company is pursuing a new technology add-on payment (NTAP) to support the adoption of its delirium monitoring solution [16] Q&A Session Summary Question: Can you elaborate on the 2026 guidance and the assumptions behind it? - Management stated that the guidance includes a conservative approach and expects potential upside as investments begin to pay off [32] Question: What is the commercial plan for delirium? - The focus is on real-world validation of clinical impact and expanding utilization within existing accounts [34] Question: What are the main levers of growth for 2026? - The core drivers remain account additions and same-store growth, with expectations to add more accounts than in 2025 [40] Question: How will the VA expansion impact sales projections? - The VA expansion is included in the guidance, but further expansion is not yet accounted for [61] Question: What are the expectations for headband pricing this year? - The company plans to maintain strict pricing discipline while evaluating the macro environment [95]