Financial Data and Key Metrics Changes - Revenue in Q1 2025 was $52.6 million, representing a 3% growth compared to Q1 2024, and adjusted for one less selling day, growth was 4.5% [4][8][16] - Gross margin was 79.7% in Q1 2025, down from 80.2% in Q1 2024 [17] - Net loss for Q1 2025 was $15.9 million or $0.25 per share, an improvement from a net loss of $18.7 million or $0.30 per share in Q1 2024 [17] - Adjusted EBITDA loss for Q1 2025 was $3.8 million, compared to $8.3 million in Q1 2024, marking a 54% improvement [17][18] - Cash and cash equivalents were $76.1 million as of March 31, 2025, compared to $75.7 million as of December 31, 2024 [18] Business Line Data and Key Metrics Changes - The company has established a strong customer base of over 3,100 surgeon users and treated over 130,000 patients, leading to over $200 million in revenue [9] - The upcoming commercialization of three new bunion correction systems is expected to target the remaining 75% of surgeon cases [10] Market Data and Key Metrics Changes - The company anticipates substantial growth in Q4 2025, driven by new product availability and seasonal strength from patient deductibles [14][19] - The company expects revenue for 2025 to be between $224 million and $230 million, reflecting a growth of 7% to 10% over 2024 [14][19] Company Strategy and Development Direction - The company aims to evolve from a single technology lapoplasty company to a comprehensive bunion solutions provider [9] - The introduction of new technologies, including the IntelliGuide PSI and SpeedPlate MicroQuad implant, is part of the strategy to enhance product offerings [11][12] - The company plans to launch a next-generation lapoplasty platform, the Lightning system, later in the year [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the impact of new systems on business growth starting in the second half of the year [11] - The company is focused on improving operational efficiencies and reducing cash burn by approximately 50% in 2025 [20][59] Other Important Information - The company has limited tariff exposure, with most inventory manufactured in the U.S., and expects this to remain immaterial in 2026 [20] Q&A Session Summary Question: How does the company feel about its positioning in the bunion market with increased competition? - Management believes lapoplasty remains the superior option and is well-positioned to drive growth with new innovative technologies [24][25] Question: Are there changes in how quickly new surgeon users are being trained? - There has been strong interest in training programs, indicating excitement among surgeons about the new systems [27][28] Question: What explains the expected sales for Q2 being below market expectations? - Management noted that elective procedures have been pushed out, but they expect surgeries to occur later in the year, benefiting from new product launches [36][37] Question: What is the expectation for lapoplasty volumes versus new MIS osteotomy products? - Management anticipates minimal cannibalization and believes the new systems will fill gaps in the current offerings [41][42] Question: How might the step-up in hospital outpatient ASC reimbursement impact performance? - While it's early to quantify the impact, management views it positively and expects it to benefit the business [46][47]