Direct Patient Care Revenue Growth
Direct Patient Care Services revenue increased 23.7% year-over-year to $15.5M for FY2025 and comprised 63% of Q4 revenue ($4.8M), reflecting the successful shift to a direct patient care model and more stable, scalable revenue mix.
LINAC Volume and Revenue Expansion
LINAC revenue rose 35.4% to $11.5M in 2025 and LINAC treatment sessions more than doubled to 28,147 (first full year of operations for Puebla and Rhode Island), demonstrating strong volume growth from new centers.
International and Center Development Progress
International business showed strong performance: Puebla exceeded expectations, Lima was relocated and Gamma Knife upgraded to an Esprit platform, leadership maintained in Ecuador and Peru, and Guadalajara center development expected to begin operations in 2026.
Strategic Partnerships and Contract Wins
New collaboration with Brown University Health and a 7-year lease extension with Orlando Health for proton therapy strengthened long-term health system partnerships and helped rebuild physician staff and improve treatment volumes in Rhode Island.
Operational Improvements and Stabilized Staffing
Management stabilized radiation oncology physician staffing in Rhode Island, improved revenue cycle management infrastructure, and saw same-center Gamma Knife volume improvements following technology upgrades—foundational steps to improve cash flow and margins over time.
Quarterly Operational Profitability Metrics
Q4 adjusted EBITDA was positive at $868K and net loss attributable to the company improved in Q4 to $631K (or $0.09 per diluted share) versus a $1.6M Q4 loss in the prior year, indicating quarter-over-quarter operational improvement.