Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $20.5 million, reflecting a 42% increase from $14.4 million in Q1 2024 and an 11% increase from Q4 2024 [7][24] - Gross margin for Q1 2025 was 88%, compared to 86% in the prior year [25] - Net loss for Q1 2025 was $12.8 million, or a loss of $0.36 per share, compared to a loss of $8.5 million, or a loss of $1.56 per share in Q1 2024 [27] Business Line Data and Key Metrics Changes - Product revenue for Q1 2025 was $15.6 million, a 41% increase from $11 million in Q1 2024 [25] - Subscription revenue for Q1 2025 was $4.9 million, representing a 45% increase from $3.4 million in Q1 2024 [25] Market Data and Key Metrics Changes - As of March 31, 2025, the company had 558 active accounts, an increase of 29 during the first quarter [9] - The company estimates it currently serves about 3% of the U.S. population that could benefit from its technology [12] Company Strategy and Development Direction - The company aims to expand its account acquisition team to 55 territory managers by mid-2025 [13] - The focus remains on increasing awareness of the clinical and economic benefits of its products through direct engagement with clinicians and marketing initiatives [14] - The company plans to conduct a limited commercial release of its pediatric algorithm, with a full launch anticipated in subsequent years [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability using current cash on hand despite a dynamic trade environment [9] - The company expects full-year 2025 total revenue to range from $83 million to $87 million, up from prior guidance of $81 million to $85 million [28] - Management acknowledged potential impacts from increased tariffs but remains confident in maintaining gross margins in the mid-80% range [29][30] Other Important Information - The company received FDA clearance for its pediatric seizure detection algorithm, expanding its addressable patient population [15] - The company is one of only 51 companies to receive FedRAMP high authorization, validating its cybersecurity standards [10] Q&A Session Summary Question: What is driving the raise in guidance by more than the beat? - Management indicated that greater confidence in account acquisition and management strategies led to the guidance increase [35] Question: Can you elaborate on potential mitigation actions regarding tariffs? - Management mentioned strategies such as automation, cost negotiation with vendors, and potential reshoring plans to mitigate tariff impacts [41] Question: Will pediatric clarity contribute to the 2025 guidance? - Management confirmed that pediatric clarity will not impact the 2025 guidance but sees meaningful expansion potential in future years [48] Question: What is the opportunity for expansion within the customer base? - Management estimates a 70% opportunity for further penetration within existing accounts [66] Question: How is the competitive landscape? - Management stated that while there are emerging competitors, the company remains a clear category leader with unmatched technology and clinical evidence [70]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $18,500,000, reflecting a 41% growth compared to $13,100,000 in Q4 2023 [21] - Full year revenue totaled $65,400,000, representing a 45% growth over 2023 [21] - Gross margin for Q4 2024 was 88%, up from 85% in the prior year [22] - Full year gross margin was 87%, compared to 84% in 2023 [22] - Net loss for Q4 2024 was $12,600,000, or a loss of $0.40 per share, compared to a loss of $8,300,000, or a loss of $1.53 per share in Q4 2023 [25] - Full year net loss was $40,500,000, or a loss of $3.39 per share, compared to a loss of $29,500,000, or a loss of $5.56 per share in 2023 [25] Business Line Data and Key Metrics Changes - Product revenue for Q4 2024 was $14,100,000, a 41% increase from $10,000,000 in Q4 2023 [21] - Subscription revenue for Q4 2024 was $4,400,000, representing a 40% increase from $3,100,000 in Q4 2023 [21] - Active accounts increased to 529 as of December 31, 2024, with an addition of 25 accounts during Q4 [11] Market Data and Key Metrics Changes - The company targets approximately 5,500 remaining prospective accounts in the U.S. acute care facilities market [11] - The current market opportunity for seizure detection and management in acute care settings is estimated at $2,000,000,000 [19] Company Strategy and Development Direction - The company aims to expand its account acquisition team to 55 territory managers by mid-2025 [14] - Plans to invest in optimizing algorithm performance and user experience while expanding indications beyond seizure management [15] - The company envisions EEG becoming a new vital sign, with a focus on developing algorithms for various neurological conditions [16] Management's Comments on Operating Environment and Future Outlook - Management views 2025 as a catalyst-heavy year with significant growth opportunities [19] - The company expects full year 2025 total revenue to be in the range of $81,000,000 to $85,000,000, representing annual growth of 24% to 30% over 2024 [26] - Management remains focused on achieving cash flow breakeven and is optimistic about the strength of the balance sheet [28] Other Important Information - The company has made significant strides in commercial growth and R&D pipeline development, impacting tens of thousands of patients [6] - The transition to operating as a public company has increased stock-based compensation costs, expected to contribute approximately $15,000,000 to operating expenses for 2025 [29] Q&A Session Summary Question: Can you elaborate on the guidance for this year and the underlying assumptions? - Management indicated that investments in sales infrastructure started in Q3 and will continue through mid-2025, leading to accelerated growth in 2026 and beyond [34] Question: What are the thoughts on new account adds and traction in Q4? - The strength of Q4 was attributed to good planning, allowing some launches that would have occurred in Q1 to be pulled forward [38] Question: What are the expectations for gross margin and OpEx spend in 2025? - Gross margins are expected to normalize to the mid to high 80% range, while R&D expenses are anticipated to increase by 40% to 60% year over year [41] Question: Can you provide updates on the stroke detection algorithm development? - The company is pleased with the progress in the stroke trial and plans to expand enrollment speed to collect more patient data for algorithm training [52] Question: What are the expectations for account penetration and utilization? - The company expects an upward trajectory in usage, although purchasing patterns may vary based on customer preferences [70]