Financial Data and Key Metrics Changes - For the fourth quarter, revenue was $76.2 million, an increase of 26% year-over-year. For the full year, revenue totaled $270.3 million, up approximately 21% compared to 2024 [18] - Adjusted EBITDA for the fourth quarter was $18.2 million, with a full-year record of $61.4 million, representing a margin of approximately 22.7% [21] - Free cash flow totaled $28.1 million for the year, more than doubling from $11.6 million in 2024 [22] Business Line Data and Key Metrics Changes - Equipment and supply sales increased by $19.4 million or approximately 63% year-over-year, driven by sleep resupply and maternal health contributions [19] - Ventilator rentals increased by $12.2 million, or roughly 10%, reflecting higher patient volumes [20] - PAP therapy patient count reached 34,528, representing growth of 62% year-over-year, with new sleep patient setups increasing 70% compared to the prior year [10] Market Data and Key Metrics Changes - Maternal health contributed approximately $9 million to revenue in 2025, strengthening diversification and reducing concentration on Medicare [14] - The company ended the year with 1,382 employees, reflecting disciplined workforce growth [5] Company Strategy and Development Direction - The company aims to build a cash-generating home care platform with multiple growth engines, focusing on high-touch clinical models and technology-enabled approaches [4] - Maternal health is viewed as a scalable extension of the platform and an important long-term growth opportunity [15] - The company is investing in compliance capabilities and operational efficiencies to navigate regulatory changes effectively [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term opportunity, citing strong early signals in the business as they enter 2026 [4] - The updated National Coverage Determination (NCD) is expected to reduce uncertainty and position the company favorably in the market [8] - The company anticipates net revenue in the range of $310 million to $320 million for 2026, representing approximately 17% year-over-year growth [26] Other Important Information - The company has authorized a new share repurchase program for 2026, reflecting confidence in cash flows and long-term outlook [24] - The balance sheet shows $13.5 million in cash and approximately $46 million available under credit facilities, with effectively no net debt [23] Q&A Session Summary Question: What is the top priority for the Lehan's acquisition expansion? - Management indicated that expanding the payer network is the top priority, along with training sales personnel to support growth [33][34] Question: How comfortable is the sales force with training and expansion? - Management confirmed that cross-training of sales representatives is underway, with a focus on integrating new product lines into existing sales strategies [36][38] Question: How will margin stability be maintained with a diversified revenue stream? - Management noted that scalability in general and administrative expenses, along with increased transaction volumes, will help maintain margin stability [39][40] Question: What are the key assumptions underlying the current revenue guidance? - Management clarified that while vent growth is not expected to be aggressive due to NCD adjustments, significant growth is anticipated in sleep and maternal health segments [46][47] Question: How does the reduction in respiratory therapists affect service revenue? - Management explained that the number of respiratory therapists is driven by patient volumes and that they expect growth in both therapists and patient volumes in 2026 [48]