Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $22.6 million, reflecting a 31% growth compared to $17.2 million in Q3 2024, marking the 30th consecutive quarter of sequential revenue growth [3][17] - Product revenue for Q3 2025 was $17 million, representing a 28% increase from $13.3 million in Q3 2024 [17] - Subscription revenue for Q3 2025 was $5.6 million, a 44% increase from $3.9 million in Q3 2024 [18] - Gross margin for Q3 2025 was 88%, up from 87% in the prior year [18] - Net loss for Q3 2025 was $13.5 million, or a loss of $0.37 per share, compared to a loss of $10.4 million, or a loss of $1.85 per share in Q3 2024 [20] Business Line Data and Key Metrics Changes - The company had 615 active accounts as of September 30, 2025, an increase of 31 accounts over the prior quarter, the largest sequential increase since going public [6][7] - Utilization per account has increased nearly threefold over the past five years, indicating strong growth potential within the existing account base [8] Market Data and Key Metrics Changes - The company estimates an immediately addressable market opportunity of $2 billion for point-of-care EEG in the U.S., with potential expansion into pediatric and neonatal markets adding approximately $400 million [4][11] - The company is currently used by roughly 10% of U.S. acute care hospitals, indicating significant room for growth [16] Company Strategy and Development Direction - The primary focus is on establishing point-of-care EEG as the new standard of care for seizure management in acute care settings [4][12] - The company aims to expand its detection capabilities into new conditions such as delirium and stroke, positioning EEG as a new vital sign in acute care [12][17] - Investments are being made in evidence generation, product improvements, and provider education to replicate best practices from top-performing centers [11][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core commercial strategy and raised full-year 2025 revenue guidance to $87-$89 million, representing 34% year-over-year growth at the midpoint [4][21] - The company anticipates continued growth driven by account acquisition and increased utilization, despite potential challenges from competition [47] Other Important Information - The company received FedRAMP high authorization, allowing access to nearly 200 hospitals within the VA system, with plans for further expansion [7][8] - A new 510(k) clearance for the neonatal headcap was received, enhancing the product's market readiness [38] Q&A Session Summary Question: Thoughts on 2026 account adds and utilization - Management is not providing commentary on 2026 but expects consistent drivers of growth from adding new accounts and driving usage [24] Question: Neonatal opportunity launch details - The launch will involve both new accounts and deeper penetration into existing accounts, with significant interest from NICUs [25] Question: Progress in account penetration and education - The company continues to drive account acquisition and utilization through initiatives that encourage additional recorders in existing accounts [27][28] Question: Revenue versus OpEx growth outlook - Investments in commercial infrastructure are expected to yield delayed impacts, with a focus on maintaining a cash cushion [30] Question: Competition and market position - Competition has increased but has not significantly impacted performance, with the company continuing to raise guidance [47] Question: VA channel growth expectations - Successful pilots in the VA system are leading to larger rollouts, which are expected to contribute to growth [51] Question: Utilization trends across departments - Utilization growth is broad, with stronger growth seen in emergency departments compared to ICUs [55]