Financial Data and Key Metrics Changes - Revenue for Q4 2025 totaled $8.6 million, a 36% increase compared to $6.3 million in Q4 2024 [29] - Full year revenue for 2025 was $32.4 million, up from $26.9 million in 2024 [29] - Gross margin for Q4 2025 was approximately 50%, while the full year gross margin was about 53% [30] - Operating loss for Q4 2025 was $5.6 million, compared to $7.6 million in Q4 2024 [31] - Adjusted operating loss for the full year 2025 was $9.3 million, improved from $12.4 million in 2024 [32] Business Line Data and Key Metrics Changes - System revenue for Q4 2025 was $3.3 million, reflecting partial revenue recognition on two Genesis systems [29] - Recurring revenue for Q4 2025 was $5.3 million, down from $9.4 million in Q4 2024, impacted by initial sales of new catheters [29] - Full year system revenue was $10.2 million, compared to $8.6 million in the prior year [29] - Full year recurring revenue was $22.2 million, up from $18.3 million in 2024, driven by increased catheter revenue [30] Market Data and Key Metrics Changes - The electrophysiology (EP) market is projected to grow from over $13 billion annually to $20 billion by 2030 [11] - The company views the market opportunity for robotics in EP as a $2 billion opportunity [12] Company Strategy and Development Direction - The company aims to pioneer robotics in minimally invasive endovascular surgery, focusing on making its robot widely available without requiring significant construction [9] - The strategy includes building an ecosystem of catheters, leveraging core technology for broader endovascular surgery applications, and establishing a digital backbone for connectivity [10] - Regulatory approvals for the GenesisX robot and associated catheters were achieved, marking a significant milestone [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming manufacturing challenges and anticipates significant commercial and strategic value creation in 2026 [19] - The company expects to deliver double-digit revenue growth in 2026, with quarterly revenue projected to ramp above $10 million in the latter half of the year [34] - Management highlighted the importance of establishing GenesisX programs and ramping catheter manufacturing to support revenue growth [19][21] Other Important Information - The company generated $4 million from a registered direct financing and $3.1 million from an at-the-market offering [33] - Cash and cash equivalents as of December 31, 2025, were $13.4 million with no debt [33] Q&A Session Summary Question: What is the goal for GenesisX programs and the mix of sales? - Management expects Genesis sales to continue at a similar pace as previous years, with mid-single digit numbers of Genesis systems sold annually [38] Question: What is included in the $3 million revenue goal for Synchrony in 2026? - The revenue guidance focuses on capital sales of Synchrony systems, with expectations for several hospitals to standardize their EP labs on Synchrony [41] Question: How is the allocation of MAGiC catheters being managed amid manufacturing constraints? - Management acknowledged the challenge of ramping manufacturing and is working closely with physicians to manage expectations and supply [46] Question: What are the economic models for GenesisX placements? - There are three core models: outright capital sale, lease, and placement with disposable commitments, with a mix expected in deals [71] Question: What is the outlook for operating expenses in 2026? - Management expects operating expenses to remain stable year-over-year, with adjustments based on project milestones and investments in manufacturing and commercial activities [80]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 totaled $8.6 million, a 36% increase from $6.3 million in Q4 2024 [30] - Full year 2025 revenue was $32.4 million compared to $26.9 million in 2024 [30] - Gross margin for Q4 and full year 2025 was approximately 50% and 53% respectively [31] - Operating loss for Q4 2025 was $5.6 million, improved from $7.6 million in Q4 2024 [32] - Negative free cash flow for the full year was $13.8 million, compared to $8.5 million in 2024 [33] Business Line Data and Key Metrics Changes - System revenue for Q4 was $3.3 million, up from $1.4 million in the prior year [30] - Recurring revenue for Q4 was $5.3 million, down from $9.4 million in the prior year [30] - Full year system revenue was $10.2 million compared to $8.6 million in the prior year [30] - Full year recurring revenue was $22.2 million, up from $18.3 million in the prior year [31] Market Data and Key Metrics Changes - The electrophysiology (EP) market is projected to grow from over $13 billion to $20 billion by 2030 [14] - The company views the market opportunity for robotics in EP as $2 billion [15] Company Strategy and Development Direction - The company aims to pioneer robotics in minimally invasive endovascular surgery, focusing on making its robot widely available and building an ecosystem of catheters [10][11] - Key strategic pillars include rapid installation of robots, reducing dependencies on third-party catheters, leveraging core technology for broader applications, and establishing a digital backbone for connectivity [10][11] - The company achieved regulatory approvals for the GenesisX robot and associated catheters, marking a significant milestone [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit revenue growth in 2026, with expectations for quarterly revenue to ramp above $10 million in the latter half of the year [35] - The company anticipates a working capital benefit to cash flow in 2026 after significant investments in working capital in 2025 [36] - Management is optimistic about overcoming manufacturing challenges and expects to establish a strong foundation for future growth [29] Other Important Information - The company has a cash balance of $13.4 million and no debt as of December 31 [34] - Manufacturing challenges have been a focus, particularly with the MAGiC catheter, which faced production issues [22][74] Q&A Session Summary Question: What is the goal for GenesisX programs and sales expectations? - Management expects Genesis sales to continue at a similar pace as previous years, with mid-single digit numbers of Genesis systems sold annually [39] Question: What is the revenue goal for Synchrony in 2026? - The revenue goal includes capital sales and recurring revenue from service contracts and software subscriptions, with several hospitals expected to standardize their EP labs on Synchrony [43] Question: How is the allocation of MAGiC catheters being managed amid manufacturing constraints? - Management acknowledged the challenge of ramping manufacturing and is working to ensure that administrative efforts are in place to meet demand as production increases [49] Question: What are the economic models for GenesisX? - Three core models are being utilized: outright capital sale, leasing, and placement with disposable commitments, allowing flexibility in revenue generation [76] Question: What is the outlook for the Chinese market? - The company expects the first Genesis systems to be sold in China this year, with ongoing efforts to transition to new catheter systems and regulatory submissions [90]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 totaled $8.6 million, a 36% increase from $6.3 million in Q4 2024 [21] - Full year revenue for 2025 was $32.4 million, compared to $26.9 million in 2024 [21] - Gross margin for Q4 and full year 2025 was approximately 50% and 53% respectively [22] - Operating loss for Q4 2025 was $5.6 million, compared to $7.6 million in Q4 2024 [23] Business Line Data and Key Metrics Changes - System revenue for Q4 2025 was $3.3 million, up from $1.4 million in the prior year [21] - Recurring revenue for Q4 2025 was $5.3 million, down from $9.4 million in Q4 2024 [21] - Full year system revenue was $10.2 million, compared to $8.6 million in the prior year [21] - Full year recurring revenue was $22.2 million, up from $18.3 million in the prior year [22] Market Data and Key Metrics Changes - The electrophysiology (EP) market is projected to grow from over $13 billion to $20 billion by 2030 [7] - The company views the congenital heart disease, pediatrics, and ventricular tachycardia market as a $2 billion opportunity [8] Company Strategy and Development Direction - The company aims to pioneer robotics in minimally invasive endovascular surgery, focusing on making its robot widely available and building an ecosystem of catheters [6] - The strategy includes four pillars: rapid installation of robots, building a catheter ecosystem, leveraging core technology for broader applications, and establishing a digital backbone [6] - The company plans to demonstrate the real-world value of GenesisX by establishing at least five active programs [12] Management's Comments on Operating Environment and Future Outlook - Management expects to deliver double-digit revenue growth in 2026, with quarterly revenue expected to ramp above $10 million in the latter half of the year [26] - The company anticipates a working capital benefit to cash flow in 2026 after significant investment in working capital in 2025 [27] - Management is confident in overcoming manufacturing challenges and is excited about the progress being made [12] Other Important Information - The company achieved regulatory approvals for the GenesisX robot and associated catheters in the U.S. and Europe [7] - Manufacturing challenges have been a focus, with plans to scale production of catheters significantly throughout the year [12] Q&A Session Summary Question: What is the goal of five GenesisX programs? - The company expects Genesis sales orders to continue at a similar pace as previous years, with mid-single digit numbers of Genesis systems sold annually [31] Question: What is included in the $3+ million revenue goal for Synchrony in 2026? - The revenue guidance focuses on capital sales of Synchrony systems, with several hospitals expected to standardize their EP labs on Synchrony [34] Question: How are catheters allocated to specific accounts given manufacturing constraints? - The company is managing demand and working through administrative efforts to ensure that as manufacturing ramps, they can meet the demand for MAGiC catheters [40] Question: What is the path to launching MAGiC with pulsed field ablation? - The company has conducted compatibility testing and is compiling a dossier for review by the EU notified body [46] Question: What is the expected operating expense for 2026? - The company expects operating expenses to remain stable year-over-year, with adjusted operating expenses projected to stay under $30 million [75]