Financial Data and Key Metrics Changes - Revenues for Q4 2025 were $4.9 million, a decrease from $31 million in Q4 2024, primarily due to lower unit sales [13] - Full year revenues for 2025 were $27.5 million, down from $41.8 million in 2024, driven by reduced sales to the largest customer [16] - Gross profit for Q4 2025 was $1.9 million (38.8% of revenues), compared to $7.1 million (54.2% of revenues) in Q4 2024 [14] - Net loss for Q4 2025 was $3.2 million, compared to a net income of $1.5 million in Q4 2024 [15] - Full year net loss for 2025 was $7.7 million, compared to a net income of $6.6 million in 2024 [18] Business Line Data and Key Metrics Changes - The company shipped 14 units in Q4 2025, with 8 in the U.S. and 6 internationally, with no sales to the largest customer [5][22] - Utilization across the Fair Deal Agreement program increased substantially, with treatments up more than eightfold year-over-year [6] Market Data and Key Metrics Changes - International sales were strong in Q4 2025, with shipments to China and a growing demand in Asia [7] - The company expects international markets to remain an important part of its growth strategy, particularly in China, Taiwan, and potential markets in the Middle East and South America [8][28] Company Strategy and Development Direction - The introduction of new CPT codes for SRT and IG-SRT technology is expected to enhance physician reimbursement and support broader adoption [20] - The company aims to achieve full-year profitability in 2026, supported by a diversified customer base and expanding international opportunities [8][19] - The commercial model is evolving to include various acquisition options for customers, including outright purchases and leasing [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 with greater clarity and control over the business, emphasizing the positive impact of new reimbursement codes [20] - The company anticipates that first quarter system shipments will exceed fourth quarter levels, even without contributions from the largest customer [8][19] Other Important Information - The company ended 2025 with $22.1 million in cash and cash equivalents and no outstanding debt [18] - Prepaid inventory was $1.5 million at year-end, down from $3.3 million in 2024, while total inventories increased to $14.6 million [19] Q&A Session Summary Question: Guidance on revenue growth excluding the largest customer - Management confirmed that projections for 2026 do not include expectations from the largest customer, as they are reevaluating their model [22][23] Question: Update on TDI and FDA approval - Management indicated ongoing efforts with the FDA regarding TDI but could not provide a timeline for approval [25] Question: International demand outlook - Management highlighted strong demand in China and growth in Taiwan, with expectations for expansion into other Asian markets and South America [27][28] Question: Reaction to reimbursement and system mix - Management noted a shift towards outright purchases and leasing due to guaranteed reimbursements, with a focus on SRT technology [37][41] Question: Interest from private equity-backed groups - Increased interest from private equity groups was noted, with a reevaluation of acquisition strategies due to clearer reimbursement pathways [42]