Financial Data and Key Metrics Changes - Revenue for Q4 2024 totaled $6.3 million, a 39% year-over-year increase compared to $4.6 million in Q4 2023 [37] - Full year revenue for 2024 was $26.9 million compared to $26.8 million in 2023 [38] - Operating loss for Q4 2024 was $7.6 million, compared to $5.3 million in Q4 2023 [41] - Adjusted operating loss for the full year 2024 was $12.8 million, compared to $11.3 million in the prior year [42] Business Line Data and Key Metrics Changes - System revenue for Q4 2024 was $1.4 million, compared to $0.1 million in Q4 2023 [37] - Recurring revenue for Q4 2024 was $4.9 million, reflecting a full quarter's contribution from the acquisition of APT, compared to $4.5 million in Q4 2023 [37] - Full year system revenue was $8.6 million, compared to $8.7 million in the prior year [38] Market Data and Key Metrics Changes - The company expects to achieve approximately $1 million of MAGIC revenue per quarter in Europe by the end of 2024 [20] - The company anticipates a few GenesisX system sales this year, scaling to double-digit numbers next year [18] Company Strategy and Development Direction - The company aims to improve endovascular surgery with robotics, focusing on four primary pillars: making the robot widely available, building an ecosystem of catheters, developing interventional devices, and establishing connectivity and AI capabilities [11][12] - A strategic acquisition of APT has enhanced the company's catheter development and manufacturing capabilities [13] - The company is focused on expanding its addressable market by introducing a family of interventional guidewires and catheters [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory milestones and early commercial efforts setting the stage for substantial growth in 2026 [35] - The company expects to keep adjusted operating expenses flat over the next few quarters while investing in commercial capabilities funded by profits from new product launches [47] - Management noted that the existing balance sheet allows the company to reach key milestones and profitably grow [48] Other Important Information - The company has a system backlog of $15.2 million as it enters 2025 [38] - The gross margin for recurring revenue was 70%, while system gross margin was 20% [39] Q&A Session Summary Question: Can you provide more color around MAGIC in the US market? - Management indicated that patient enrollment in Europe is ongoing and that the FDA is conducting a detailed review of the PMA submission, with no definitive number of patients needed for approval [50][52] Question: How will MAGIC Sweep fit into the broader ecosystem? - Management explained that MAGIC Sweep is a high-density mapping catheter that will enhance robotic procedures by providing safety and precision, which has been a long-standing request from physicians [57][62] Question: Can you clarify the system revenue guidance for 2025? - Management stated that the guidance reflects a conservative approach due to the volatility in revenue recognition and ongoing construction timelines for system sales [68][70] Question: What is the expected timing for GenesisX commercial approval in the US? - Management expects to respond to FDA questions soon and anticipates approval before compatible catheters are available [75][76] Question: What is the revenue expectation for the EMAGIN vascular guidance catheter? - Management noted that there are no significant revenue expectations for EMAGIN in the guidance due to uncertainty around regulatory approval [80]