Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $92.4 million, an increase of 4% year-over-year, marking the seventh consecutive quarter of mid-single-digit revenue growth [5][11] - Adjusted EBITDA was positive at $2.3 million, compared to $0.5 million in the prior period, indicating improved profitability [15] - GAAP net loss was $5.3 million, a reduction from a loss of $6 million in the prior period, resulting in a loss per diluted share of $0.20 [14][15] Business Line Data and Key Metrics Changes - Domestic B2B revenue increased by 6.6% to $24.9 million, driven by increased demand [11] - International B2B revenue saw a significant increase of 18.8% to $38.4 million, attributed to successful expansion into new geographies [11] - Direct-to-consumer sales decreased by 17.9% to $15.8 million, reflecting a strategic shift towards a leaner operating model [12] - Rental revenue decreased by 4.4% to $13.3 million, primarily due to a higher mix of lower private payer reimbursement rates [12] Market Data and Key Metrics Changes - The international market contributed significantly to growth, with a focus on expanding into high-opportunity global markets, particularly in Europe [6][22] - The global COPD market represents a $600 million long-term conversion opportunity, indicating substantial growth potential [7] Company Strategy and Development Direction - The company is focused on three strategic priorities: driving top-line growth, advancing profitability, and expanding the innovation pipeline [5] - International expansion remains a key pillar of the long-term growth strategy, with efforts to deepen DME relationships and secure international tenders [6] - The launch of the Voxy 5 stationary oxygen concentrator is a significant step in expanding the product portfolio and enhancing market presence [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining revenue growth and achieving profitability, with an upward revision of full-year adjusted EBITDA expectations to approximately $2 million [8][16] - The company anticipates continued growth in the international B2B segment, with expectations of maintaining upper single-digit to double-digit growth rates [22] - Management highlighted the importance of operational excellence and disciplined cost management in strengthening the financial foundation [7] Other Important Information - The company reported a total gross margin of 44.7%, a decrease of 182 basis points year-over-year, primarily due to increased B2B sales [13] - Cash and cash equivalents as of September 30, 2025, were $124.5 million, with no debt outstanding, reflecting a strong balance sheet [15] Q&A Session Summary Question: Insights on international B2B growth - Management clarified that the growth in international B2B was not driven by a single tender but by overall momentum and expansion within existing markets, particularly in Europe [22] Question: Sales status of Voxy 5 - Initial sales of Voxy 5 have begun, but significant revenue impact is expected more in 2026 as the foundation is being built [24] Question: Decline in rental gross margins - The decline in rental gross margins was attributed to logistic-related adjustments and a decrease in Medicare patients, which affects reimbursement rates [29][30] Question: Progress on Symbiox reimbursement - Management reported positive progress towards achieving reimbursement for Symbiox, with ongoing trials in Europe and China, and a limited market release in the U.S. [32][33]