Financial Data and Key Metrics Changes - Revenue for the first quarter was $29.8 million, reflecting a 6% growth from the first quarter of the previous year [6][21] - Recurring revenue grew 20% year-over-year to $22.7 million [7][22] - Non-GAAP gross margin was 37.6%, an increase of 650 basis points from 31.1% in the prior year [9][22] - Non-GAAP operating loss was $13.4 million, 40% lower than the previous year, marking the lowest level since the company went public [24] Business Line Data and Key Metrics Changes - Console revenue grew 23% sequentially, reaching $7.1 million [21] - Consumable revenue was $14.2 million, contributing to a total product revenue of $21.3 million, which grew 4% from the prior year [21] - Service and other revenue increased by 9% to $8.5 million [22] Market Data and Key Metrics Changes - The company saw strong utilization across the Tableau installed base, contributing to recurring revenue growth [7][10] - The installed base performed over 1 million treatments annually, with significant potential for additional recurring revenue [17] Company Strategy and Development Direction - The company is focused on three priorities for 2025: growing console revenue, increasing gross margin, and driving towards profitability [18][19] - The strategy includes expanding the installed base and leveraging operational efficiencies to achieve a gross margin milestone of 50% [19][25] - The company is optimistic about its competitive advantages in both acute and home settings, emphasizing the clinical and financial benefits of insourcing with Tableau [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline and market demand, noting that insourcing with Tableau remains compelling for healthcare providers [12][20] - The company is closely monitoring the economic environment but has not observed any negative impacts on hospital capital spending to date [48][50] - Management remains conservative in guidance, expecting revenue growth to build throughout the year [68] Other Important Information - The company successfully completed a recapitalization and is focused on aligning employee interests with those of investors [14] - The company has received tariff exemptions for its medical devices, ensuring no impact from proposed tariffs [15] Q&A Session Summary Question: Details on the turnaround in the console selling process - Management noted significant progress in the sales transformation and strong customer demand, with expectations that the transformation will be complete in the first half of 2025 [30][34] Question: Risk of macro headwinds affecting hospitals - Management indicated that there have been no observed changes in hospital capital spending and emphasized the tangible savings Tableau provides [48][50] Question: Guidance adjustments and business momentum - Management chose not to adjust guidance despite a strong quarter, maintaining a conservative approach while expecting sequential revenue growth [64][68] Question: Console installed base growth - Management confirmed console revenue increased by 23% from the previous quarter, with strong performance in treatments [74]