Financial Data and Key Metrics Changes - Full-year revenue for 2025 was $8.3 million, a 5% decrease compared to 2024, primarily due to lower consumables utilization and reduced international contributions [11] - Fourth-quarter revenue was $2.4 million, representing a 4% increase year-over-year and a 9% sequential increase, driven by a 208% increase in U.S. console sales [9][10] - Gross margin for the fourth quarter improved to 68.2%, up from 58.4% in the prior year [7][10] - Full-year operating expenses were $16.2 million, slightly lower than the previous year, reflecting improved expense discipline [11] Business Line Data and Key Metrics Changes - U.S. console sales increased by 208%, with 8 units sold compared to 3 in the prior year [9] - International sales increased by 59% year-over-year, largely due to last-time buys from distributors [9] - Heart failure and pediatrics segments grew by 8% and 14% year-over-year, respectively, while critical care revenue declined by 19% [11] Market Data and Key Metrics Changes - The company reduced exposure in certain international markets, particularly in the European Union, where it had consistently lost money [16] - The strategic rationalization of international contributions was a key factor in the overall revenue decline [11] Company Strategy and Development Direction - The company focused on the cardiorenal continuum, emphasizing the interrelation between cardiac and renal conditions [6] - A significant operational change included transitioning manufacturing to KDI Precision Manufacturing to enhance reliability and scalability [5] - The company aims to concentrate resources in areas with strong clinical adoption and economic value, rather than broad-based expansion [8] Management's Comments on Operating Environment and Future Outlook - Management highlighted 2025 as a year of structural change and repositioning, with a focus on operational strengthening and strategic clarity [4][25] - The company plans to maintain financial rigor, strengthen margin consistency, and prioritize capital efficiency as it scales into 2026 [26] - The integration of the Rendiatech acquisition is expected to enhance product offerings and improve utilization within existing accounts [22][26] Other Important Information - The company ended 2025 with approximately $1.2 million in cash and no outstanding debt, having raised about $7 million in net proceeds through financing activities [11] - The appointment of Carisa Schultz as Chief Financial Officer is expected to enhance financial leadership and operational transparency [8] Q&A Session Summary Question: Discussion on operational changes and sales focus - Management reinforced the direct sales team and focused on increasing utilization within existing accounts, particularly in critical care [15][21] Question: Incorporation of Rendiatech products into the portfolio - Rendiatech's technology will enhance the measurement of renal output in critical care, providing real-time data that is crucial for kidney health [18][19]

Financial Data and Key Metrics Changes - Full-year revenue for 2025 was $8.3 million, a 5% decrease compared to 2024, primarily due to lower consumables utilization and reduced international contributions [12] - Fourth quarter revenue was $2.4 million, representing a 4% increase year-over-year and a 9% sequential increase, driven by a 208% increase in U.S. console sales [10][11] - Gross margin for the fourth quarter improved to 68.2%, up 9.9 percentage points from the prior year [11] - Full-year operating expenses were $16.2 million, slightly lower than the prior year, reflecting improved expense discipline [12] Business Line Data and Key Metrics Changes - U.S. console sales increased by 208%, with 8 units sold compared to 3 in the prior year [10] - Heart failure and pediatrics segments grew by 8% and 14% year-over-year, respectively, while critical care revenue declined by 19% [12] - International sales increased by 59% year-over-year, largely due to last-time buys from distributors [10] Market Data and Key Metrics Changes - The company reduced exposure in certain international markets, particularly in the European Union, where it had been losing money [18] - The focus has shifted towards geographies with more predictable clinical demand and commercial conversion [5] Company Strategy and Development Direction - The company has clarified its strategic focus around the cardiorenal continuum, emphasizing the interrelation between cardiac and renal conditions [6] - A significant operational change included transitioning manufacturing to KDI Precision Manufacturing to enhance reliability and scalability [5] - The company aims to concentrate resources in areas with strong clinical adoption and economic value, rather than broad-based expansion [9] Management's Comments on Operating Environment and Future Outlook - Management described 2025 as a year of structural change and repositioning, with a focus on operational strengthening and strategic clarity [4][28] - The company plans to maintain financial rigor, strengthen margin consistency, and prioritize capital efficiency as it scales [29] - The integration of the Rendiatech acquisition is expected to enhance utilization within existing accounts, particularly in critical care [25] Other Important Information - The company ended the year with approximately $1.2 million in cash and no outstanding debt, emphasizing liquidity management as a priority [5][12] - The company received a National Institutes of Health grant to support pediatric device development, reinforcing the importance of this area [7][19] Q&A Session Summary Question: Discussion on operational changes and sales focus - Management reinforced the direct sales team and focused on increasing utilization within existing accounts, particularly in critical care [17][24] Question: Inquiry about the Rendiatech acquisition - The acquisition is expected to enhance capabilities in critical care, particularly in measuring renal output and electrolytes at the bedside [20][21]