Financial Data and Key Metrics Changes - The company achieved record full-year revenue of $3.9 million, a 20% increase compared to 2024, with fourth quarter revenue of $1.5 million, representing a 92% increase over the prior year period [3][9] - Gross profit for the fourth quarter was $1 million or 69% of revenue, compared to $0.4 million or 46% of revenue in the prior-year quarter, marking a 188% increase and a 23 percentage point improvement in gross margin [10] - Operating expenses totaled $3.9 million for the fourth quarter of 2025, up from $3.5 million in the prior year quarter, while for the full year, operating expenses totaled $15.2 million, compared to $15.5 million in the prior year period [11][12] Business Line Data and Key Metrics Changes - Revenue growth was primarily driven by an increase in surgical procedures across both the Catamaran and SImmetry+ platforms, particularly in the second half of 2025, led by new physician users [3][9] - The company hosted 24 physicians in targeted training sessions for both platforms during the fourth quarter, supporting clinical engagement and adoption [4] Market Data and Key Metrics Changes - The company received FDA 510(k) clearance for the next generation SImmetry+ SI joint fusion system, enhancing its ability to serve a broader range of surgeon preferences and patient anatomies [4][7] - The company expanded its intellectual property portfolio, receiving notices of allowance for multiple applications expected to issue in 2026, bringing its global estate to 29 issued U.S. patents and 31 pending applications [7] Company Strategy and Development Direction - The company is committed to advancing its market position with increased adoption across its expanding portfolio, leveraging regulatory and market momentum to drive broader commercial uptake [8] - The focus is on optimizing the cost structure and scaling operations to extend market reach more efficiently, with plans to accelerate revenue growth and deliver sustained value [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet and exceed expectations in 2026, citing strong adoption momentum and an engaged pipeline [22][28] - The company believes that the fourth quarter and full year of 2025 served as a pivotal inflection point, delivering meaningful progress across key priorities [14] Other Important Information - The company ended the quarter with $3.8 million in cash and cash equivalents, compared to $6.5 million as of December 31, 2024, and had no outstanding debt [12] - Subsequent to the quarter end, the company closed a $4.3 million private placement of senior convertible notes to fund commercial expansion and clinical priorities [12][6] Q&A Session Summary Question: What is the outlook for operating expenses in 2026? - Management indicated that the Q4 operating expense rate of $3.9 million is a better baseline moving forward into 2026, with some higher integration costs falling out [16][17] Question: How does the company view revenue growth for 2026? - Management expressed excitement about the adoption momentum and the impact of new product launches, indicating confidence in meeting revenue expectations [21][25] Question: What are the key drivers for revenue growth in 2026? - Management highlighted the multi-product portfolio and the ability to address various patient needs as key drivers for revenue growth, emphasizing commercial expansion and execution [28][27] Question: How is the launch of SImmetry+ impacting access to physicians? - Management noted that the broader portfolio allows for multiple solutions, opening doors to more prospective physicians and medical centers [33][34]