Sequential Revenue Recovery and Q4 Outperformance
Q4 consolidated revenue was $106.3M, up 16% sequentially (above guidance of 8%–10%) and reflecting strengthened printer and materials sales driven by recent product launches.
Industrial and Healthcare Sequential Growth
Industrial Solutions revenue of $55.8M grew 15% sequentially; Healthcare Solutions revenue of $50.5M grew 18% sequentially, demonstrating cross-segment momentum in the quarter.
Aerospace & Defense Growth and 2026 Outlook
Aerospace & Defense revenue grew 16% year-over-year in 2025 and the company expects >20% growth in this segment for 2026, driven by both casting-related polymer workflows and direct metal printing.
Personalized Health Services (PHS) Expansion
PHS realized double-digit growth in 2025, becoming the largest Healthcare segment; delivered >18,000 personalized planning cases in 2025 (total >400,000 patients) and >260,000 customized patient implants; FDA/CE device count exceeded 100.
Commercial Launch of NextDent Jetted Denture Platform
Commercial U.S. shipments began in Q4; platform offers reduced chair time and 40%–70% lower manual labor for labs; management estimates a long-term annual global recurring materials opportunity of >$400M.
Cost Reduction Execution
Cost savings initiatives delivered approximately $55M in annualized savings in 2025, exceeding the $50M target; full year non-GAAP operating expenses down 19% YoY (to $196M) and Q4 non-GAAP operating expenses down 23% YoY (to $43M) when adjusted.
Improved Adjusted EBITDA and Per-Share Loss
Q4 adjusted EBITDA was negative $5.3M, an improvement of $17M vs prior-year (adjusted). Full year adjusted EBITDA was negative $45.4M, improved by $31M YoY (adjusted). Full year non-GAAP loss per share improved to $0.37 from $0.62.
Balance Sheet and Liquidity Actions
Ended Q4 with $97.1M in total cash. Executed an equitization to retire the majority of near-term debt due in late 2026 (only $3.9M remains of that tranche), with the remaining $92M rescheduled to 2030.
Capacity Expansion to Support A&D Demand
Announced up to 80,000 sq ft expansion in Littleton, CO to increase application development, process qualification and production scale manufacturing for U.S. aerospace and defense demand.