Core Insights - The company achieved its first full year of positive Adjusted EBITDA, with a gross margin of 79% in Q4 and 79.6% for the full year, exceeding its 2025 guidance by approximately 200 basis points [1][7] Financial Performance - For the full year 2025, worldwide revenue reached $200.9 million, marking a 20.2% increase, with U.S. revenue growing by 20.6% to $191.1 million due to a 22% rise in procedure volume [2] - In Q4 2025, the company reported worldwide revenue of $56.3 million, a 15% year-over-year increase, with U.S. revenue at $53.5 million (up 13.9%) and international revenue growing 38.8% to $2.9 million [3][7] - The net loss narrowed to $1.6 million in Q4, compared to a $4.5 million loss in the prior year, and for the full year, the net loss decreased by 38.8% to $18.9 million [8] Operational Highlights - The company reported a significant increase in physician adoption, with a 22% rise in U.S. physicians using its technologies, totaling nearly 22,000 procedures in 2025 [5][11] - In Q4 alone, 1,640 physicians performed procedures using the company's solutions, marking an 18% growth compared to the previous year [12] - The company ended the year with 89 quota-carrying territory managers, achieving an annual revenue per territory of $2.1 million, an 18% increase year-over-year [13] Reimbursement and Product Developments - Management highlighted key reimbursement milestones, including a 17% increase in Medicare reimbursement for office-based lab SI joint fusion, bringing it to nearly $14,000 [6][15] - The company received FDA 510(k) clearance for INTRA Ti and initiated an alpha launch, with expectations for adoption to ramp up through 2026 [16] - iFuse TORQ TNT saw a 50% increase in physician adoption in Q4, with NTAP reimbursement potentially being up to 30% higher in eligible cases [17] Future Guidance - For 2026, the company guided worldwide revenue between $228.5 million and $232.5 million, implying a growth rate of 14% to 16% [19] - The expected gross margin for 2026 is approximately 78%, with operating expenses anticipated to grow due to investments in surgical capacity [20] Strategic Partnerships - The company formed a strategic partnership with Smith+Nephew to enhance its reach in pelvic trauma, particularly in level 1 and level 2 trauma centers [21]