Financial Data and Key Metrics Changes - For Q4 2025, consolidated revenues were $89.1 million, representing a 33% year-over-year growth. For the full year, revenue was $272 million, up 36% versus 2024 [18] - Adjusted EBITDA was $24.2 million in Q4 and $61.9 million for the full year, reflecting a 54% year-over-year growth [18] - The company generated just under $44 million of cash from operations, ending the year with $72.9 million in cash and cash equivalents [19] Business Line Data and Key Metrics Changes - BYOOVIZ had Q4 revenues of $25.9 million, up 14% sequentially, with full-year revenue at $88.7 million, a 216% increase over 2024 [19] - IHEEZO generated $35.9 million in Q4 and $81.3 million for the full year, representing 64% quarter-over-quarter growth and 65% year-over-year growth [19] - TRIESENCE revenue for Q4 was $5.1 million, a 36% increase from Q3, totaling $9.9 million for the year, a 193% increase from 2024 [20] - The rare specialty and compounded portfolio generated $22.2 million in Q4 and $92.3 million for the full year [20] Market Data and Key Metrics Changes - The company expects full-year 2026 revenue between $350 million and $365 million, with first half revenue projected at $133 million to $153 million and second half revenue at $203 million to $226 million [21] - The first quarter is expected to be the lowest revenue quarter due to stocking activity and insurance resets, with a significant drawdown of inventory expected [22] Company Strategy and Development Direction - The company aims to exceed $250 million in quarterly revenue by the end of 2027, with a diversified ophthalmic franchise focused on expanding patient access and improving affordability [9] - Plans include doubling the VEVYE sales force and expanding IHEEZO into office-based settings, targeting over 2.5 million additional procedures annually [10][32] - The company is preparing to launch two important products, BYQLOVI and BYOOVIZ, further expanding its specialty portfolio [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, emphasizing that all core growth drivers accelerated in Q4 2025 [34] - The management team highlighted the importance of expanding coverage and sales force to capture market opportunities, particularly for VEVYE and IHEEZO [30][31] - The company anticipates a strong second half of 2026 driven by a fully deployed sales force and contributions from new product launches [27] Other Important Information - The company is focused on converting compounded utilization into FDA-approved branded products, with compounded revenue expected to be approximately $60 million to $65 million for the full year [27] - The company is also addressing supply chain issues to ensure adequate market supply for its products [16] Q&A Session Summary Question: What have you seen so far from a commercial mix perspective in Q1? - Management noted that new prescription volumes for VEVYE are better than expected, with a focus on building volume throughout the year [42][45] Question: What % of the cataract market do you think is the sweet spot for TRIESENCE? - Management believes TRIESENCE has the potential to significantly expand its market share, aiming for a broad-based label that will increase access for cataract surgery patients [47][50] Question: Could you clarify the price improvements for IHEEZO? - Management expects pricing for IHEEZO to improve by Q3 2026 compared to 2025 and the first part of 2026 [55][56] Question: Are you able to share any market share targets for VEVYE? - Management aims for VEVYE to become the number one cyclosporine in the U.S. market, targeting over 20% market share [61][66]

Financial Data and Key Metrics Changes - The consolidated net sales reached 552 million lei, representing a 29% increase compared to the first half of 2024 [13][15] - EBITDA increased by 74%, amounting to 47 million lei, with an EBITDA margin improvement of 2.2% compared to the same period last year [15][16] - The net result showed a profit of 3.4 million lei, a significant turnaround from a loss of 6.6 million lei in 2024 [15][17] Business Line Data and Key Metrics Changes - The installation and recycling segment contributed significantly to turnover, with a turnover of 402 million lei, up from 307 million lei in the same period of 2024, resulting in an operational profit of 25 million lei [18] - The compounds segment saw a modest turnover increase of 4%, but a substantial 244% increase in EBITDA, indicating stabilization [19] - The flexible packaging segment experienced a 51% turnover increase to 75 million lei, although it still reported a negative EBITDA of 1.5 million lei [20] Market Data and Key Metrics Changes - External sales nearly doubled from 100 million lei to close to 200 million lei, accounting for 35% of total turnover, driven by an 18% increase in volumes and new business contributions [7] - The infrastructure segment in Romania showed a growth of close to 40% in engineering works, while other construction segments did not perform as well [4][5] Company Strategy and Development Direction - The company aims to reduce dependency on the Romanian market and increase market share in Germany and Austria through dedicated sales structures and investments in personnel [5][7] - There is a strategic shift towards biodegradable packaging to meet market demands and improve profitability in the packaging segment [11][12] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the contributions from recent acquisitions, particularly Aquatica Experience, expected to enhance financial performance by year-end [3][5] - The packaging segment remains challenging, with management actively working on operational improvements and staffing to achieve profitability [6][12] Other Important Information - The company faced a forex impact costing approximately 5 million lei but still managed to maintain a positive net result [9][17] - Working capital increased significantly due to higher inventory and receivables, leading to an increase in bank loans to 383 million lei [21][22] Q&A Session Summary - No questions were raised during the Q&A session, indicating a lack of immediate inquiries from participants [25]