Full-Year and Q4 Revenue Growth
Total revenue for FY2025 was $37.0M, up from $31.4M in 2024 (+17.8%). Fourth quarter revenue was $10.4M versus $7.8M a year earlier (+33.3%), representing the strongest financial quarter of 2025.
Biologics & Drug Delivery Momentum
Biologics and drug delivery revenue increased to $19.0M in 2025 from $17.3M in 2024 (+10%). Q4 biologics & drug delivery revenue rose 23% year-over-year to $5.2M driven by higher disposable product demand as partner trials progressed.
Strengthened Balance Sheet
Cash and cash equivalents at 12/31/2025 were $45.9M versus $20.1M at 12/31/2024 (increase of $25.8M). The increase largely resulted from net proceeds of notes payable and a stock offering (~$51.4M) plus cash acquired from the Eris acquisition ($1.1M).
Broad Partner Ecosystem and Clinical Footprint
More than 60 active biopharma partners, participation in 25+ active clinical trials, exploration across 15+ indications, and 10+ partner programs accepted to some form of FDA expedited review — establishing diversified clinical engagement and future commercial opportunity.
Regulatory and Product Milestones
Key regulatory/product achievements in 2025: PRISM system received FDA clearance for 1.5T MRI compatibility; 3.X software obtained CE marking under a new European Notified Body; EarFlo product line commercialized through the Eris acquisition; PMDA process initiated in Japan.
Installed Base, New Offerings and Commercial Progress
Installed base of more than 150 global centers, full market release of PRISM Laser System and iCT solution, successful limited market release of 3.X software with performance benefits (accuracy, procedure time, radiation dose), and early robotic platform development with planned preclinical studies at the CAL facility in 2026.
2026 Revenue Guidance and Growth Targets
Management guided 2026 revenue of $52.0M–$56.0M (implying ~+40–+51% vs. FY2025) and expects all four core product segments to grow in the double digits in 2026; longer-term target to capture 20% of a combined $1.0B market (phase one target of $200M ARR) and to build toward a larger commercial opportunity thereafter.
CAL Facility and High-Value Preclinical Opportunity
Advanced Laboratories (CAL) in Torrey Pines is operational for smaller preclinical studies now with full construction targeted to complete H2 2026; management noted a single GLP study could represent $15M–$20M of revenue, representing material upside when capabilities are fully online.