Revenue — Dietary Supplements Growth
Dietary supplement revenue increased 16% year-over-year to $11.7M in Q4 2025, driven primarily by continued growth of the e-commerce channel; management expects dietary supplement revenue to grow at a mid- to high-single-digit rate in 2026.
Commercial Team Rebuild and Practitioner Momentum
Commercial team expanded from approximately 60 to over 90 salespeople since the May reorganization, with plans to grow to ~120 in 2026; training sessions at full capacity and acceleration in practitioner attendance since mid-November indicate improving practitioner recruitment and onboarding momentum—leading indicator for future procedure growth.
Cost Control — SG&A Reduction
Selling, general, and administrative expenses decreased 25.1% to $24.7M in Q4 2025, driven by lower legal expense and a temporary reduction in headcount, helping offset some of the revenue pressure.
Positive Adjusted EBITDA and Cash Generation
Adjusted EBITDA for 2025 was $11.7M with a 25.2% adjusted EBITDA margin; operating cash flow for 2025 was $35.2M and cash and cash equivalents were $24.1M as of 12/31/2025, providing liquidity to fund 2026 investments.
Guidance — Long-term Financial Targets
Company provided 2026 guidance of total revenues above $190M and adjusted EBITDA greater than $38M, signaling management confidence in return to growth and improved profitability over time following investments.
Operational Improvements and Vertical Integration Benefits
Management highlighted strengthened internal processes, improved data analytics, and efficiencies from vertical integration of the 503B manufacturing facility that contributed positively to gross margin excluding recall-related charges.