Financial Data and Key Metrics Changes - The company reported a 27% increase in revenue to $14.5 million for Q4 2025, with full-year revenue also growing 27% to $52.2 million compared to 2024 [4][18] - Gross profit for Q4 was $11.1 million, up from $8.5 million in the prior year, increasing gross margin to 76% [19] - Net income for Q4 was $2.9 million, compared to $1.5 million in the same period of 2024, with full-year net income of approximately $7.6 million compared to $2.9 million in 2024 [23] Business Line Data and Key Metrics Changes - The company shipped 95 Deep TMS systems during Q4, bringing the total installed base to approximately 1,700 systems, a 26% increase year-over-year [4][18] - The book-to-bill ratio improved to 1.4x from 1.2x in the previous quarter, indicating strong demand [5] - Remaining performance obligations reached $70 million, representing a 43% growth from $49 million a year ago [5][24] Market Data and Key Metrics Changes - The company has penetrated less than 10% of the market for Deep TMS, indicating significant growth potential [7] - The FDA granted label expansion for Deep TMS to treat adolescents aged 15 to 21 with major depressive disorder, expanding the addressable patient population [9][10] Company Strategy and Development Direction - The company is focusing on expanding reimbursement coverage with payers across the U.S. to support broader adoption of Deep TMS [8] - A strategic initiative is in place to secure minority equity investments in high-performing mental health providers, which is expected to facilitate faster access to interventional psychiatry modalities [14][15] - The long-term vision includes developing a portfolio of data-driven technology-enabled neuromodulation solutions to serve more patients [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum in the business and expects revenue in the range of $66 million to $68 million for 2026, representing a year-over-year growth rate of 27%-30% [24] - The company anticipates adjusted EBITDA of $12 million to $14 million for 2026, indicating expected growth of 86%-100% over 2025 [25] Other Important Information - The company received a $2.5 million NIH grant for a study on Deep TMS for alcohol use disorder, highlighting ongoing clinical research efforts [12][13] - The SWIFT Deep TMS protocol was validated through peer-reviewed studies, which could significantly improve patient access and treatment efficiency [11] Q&A Session Summary Question: Can you give us a better sense of the fourth quarter placements as far as units sold, units leased, and also any color regarding OCD placements? - The company shipped 95 systems during Q4, with more than 50% including the H7 coils [26] Question: Can you talk about the Deep TMS 360 trial that's going on? - The TMS 360 trial is actively recruiting patients for alcohol use disorder in 10 centers across the U.S., aiming to recruit over 200 patients [28][29] Question: Was there any pricing change in 2025 or anticipated for 2026? - The company does not anticipate a decrease in average selling price and aims to optimize pricing based on the value provided [31] Question: What percentage of the $70 million obligations relates to commitments from existing strategic partners? - The minority investment program is expected to deliver new backlog or bookings of between $3-$5 million on a yearly basis from each center [35][36] Question: Do you anticipate significant utilization of the SWIFT protocol in conjunction with other therapies? - There is strong demand for TMS, particularly with the SWIFT protocol, which is being used alongside other modalities like psychedelics and medication management [41]