Strong Revenue Growth
Total revenue for the first quarter was $41.4 million, an increase of 11% from the year-ago period. Excluding the negative impact of foreign exchange, growth would have been 13.5%.
U.S. Market Success
First-quarter sales included $6.2 million from the United States, above the $5.5 million previously guided, reflecting strong adoption that continued into the second quarter.
Motiva Product Launch Success
The launch of Motiva in the U.S. exceeded expectations, with over 900 accounts fully on board and 84% reordering. Daily orders for April exceeded 120, up from 100 in March.
Positive EBITDA Outlook
The company expects its first positive EBITDA quarter in 2025 and cash flow breakeven in 2026.
Gross Margin Improvement
Gross profit for the first quarter was $27.8 million or 67.2% of revenue, a 160 basis point increase compared to the same period in 2024. Expectations are for a 200-300 basis point improvement in gross margins in 2025.