Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $24.8 million, reflecting a 34% increase from $18.5 million in Q4 2024 [22] - Full year revenue totaled $89.1 million, representing a 36% growth over 2024 [22] - Gross margins were 87% for Q4 and 88% for the full year, compared to 88% and 87% in the previous year respectively [24] - Net loss for Q4 2025 was $13.5 million, or a loss of $0.36 per share, compared to a loss of $12.6 million, or a loss of $0.40 per share in Q4 2024 [26] - Full year net loss was $53.4 million, or a loss of $1.46 per share, compared to a loss of $40.5 million, or a loss of $3.39 per share in 2024 [27] Business Line Data and Key Metrics Changes - Product revenue for Q4 2025 was $18.8 million, a 33% increase from $14.1 million in Q4 2024 [22] - Subscription revenue for Q4 2025 was $6.0 million, a 37% increase from $4.4 million in Q4 2024 [22] - The company ended 2025 with 647 active accounts, adding 32 new accounts in Q4 [23] Market Data and Key Metrics Changes - The total addressable market (TAM) has grown from $2 billion to over $3.5 billion [5] - The company has expanded its commercial infrastructure from 35 territories to approximately 55 territories [7] - The FDA clearance of seizure detection products for neonate and pediatric patients expanded the core seizure market opportunity by approximately $400 million [8] Company Strategy and Development Direction - The mission is to make Point-of-Care EEG the standard of care for seizure management in acute settings and to establish EEG as a new vital sign [6] - The company aims to leverage its technology to drive deeper penetration within existing accounts, currently at roughly 30% [8] - Plans for 2026 include the full commercial launch of pediatric and neonatal products, with expectations for significant revenue contributions in 2027 and beyond [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow breakeven with cash on hand, citing a strong gross margin profile and high customer retention rates [29] - The company anticipates modest revenue impact from the upcoming launches due to the multi-month sales process involved [28] - Management highlighted the importance of demonstrating clear superiority over existing solutions to achieve their vision [6] Other Important Information - The company received FDA 510(k) clearance for its delirium algorithm, making it the first FDA-cleared delirium detection and continuous monitoring device [14] - The company is pursuing a new technology add-on payment (NTAP) to support adoption of the delirium monitoring solution [16] Q&A Session Summary Question: Can you elaborate on the 2026 guidance and the moving parts? - Management stated that the guidance includes a level of conservatism and expects potential upside from investments made [32] Question: What is the commercial plan for delirium? - The focus is on real-world validation of clinical impact and expanding utilization within existing accounts [34][36] Question: What are the main levers of growth for 2026? - Key drivers include account additions and same-store growth, with expectations to add more accounts than in 2025 [40] Question: How is the VA expansion accounted for in sales projections? - The VA expansion is included in the guidance based on committed expansions, but further expansions are not yet incorporated [60] Question: What are the expectations for headband pricing this year? - The company maintains strong pricing discipline and evaluates pricing on a case-by-case basis [94]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $24.8 million, reflecting a 34% increase from $18.5 million in Q4 2024 [20] - Full year revenue totaled $89.1 million, representing a 36% growth over 2024 [22] - Gross margins were 87% for Q4 and 88% for the full year, compared to 88% and 87% in the previous year respectively [23] - Net loss for Q4 2025 was $13.5 million, or a loss of $0.36 per share, compared to a loss of $12.6 million, or a loss of $0.40 per share in Q4 2024 [25] - Full year net loss was $53.4 million, or a loss of $1.46 per share, compared to a loss of $40.5 million, or a loss of $3.39 per share in 2024 [26] Business Line Data and Key Metrics Changes - Product revenue for Q4 2025 was $18.8 million, a 33% increase from $14.1 million in Q4 2024 [20] - Subscription revenue for Q4 2025 was $6.0 million, representing a 37% increase from $4.4 million in Q4 2024 [21] - The company ended 2025 with 647 active accounts, adding 32 new accounts in Q4 and 118 throughout the year [22] Market Data and Key Metrics Changes - The total addressable market (TAM) has grown from $2 billion to over $3.5 billion [4] - The core seizure market opportunity was expanded by approximately $400 million following FDA clearance for neonate and pediatric seizure detection products [7] Company Strategy and Development Direction - The mission is to make point-of-care EEG the standard of care for seizure management in acute settings and to establish EEG as a new vital sign [5] - The company plans to leverage its technology to penetrate deeper into existing accounts and expand into new markets, including the VA system [6][7] - The strategy includes systematic departmental expansions and protocol development to increase utilization rates [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth in 2026, with expectations of total revenue between $111 million and $115 million, representing a 25%-29% increase over 2025 [26] - The company anticipates that the upcoming full commercial launch of pediatric and neonatal products will drive revenue growth in 2026 and beyond [18] - Management highlighted the importance of achieving cash flow breakeven while maintaining a strong growth trajectory [28] Other Important Information - The company received FDA 510K clearance for its delirium algorithm, making it the first FDA-cleared delirium detection and continuous monitoring device [12] - The company is pursuing a new technology add-on payment (NTAP) to support the adoption of its delirium monitoring solution [16] Q&A Session Summary Question: Can you elaborate on the 2026 guidance and the assumptions behind it? - Management stated that the guidance includes a conservative approach and expects potential upside as investments begin to pay off [32] Question: What is the commercial plan for delirium? - The focus is on real-world validation of clinical impact and expanding utilization within existing accounts [34] Question: What are the main levers of growth for 2026? - The core drivers remain account additions and same-store growth, with expectations to add more accounts than in 2025 [40] Question: How will the VA expansion impact sales projections? - The VA expansion is included in the guidance, but further expansion is not yet accounted for [61] Question: What are the expectations for headband pricing this year? - The company plans to maintain strict pricing discipline while evaluating the macro environment [95]