Record Revenue and Full-Year Growth
Total revenue for FY2025 was $727.0M, representing 10% growth versus FY2024; Q4 total revenue was $190.0M, up 11% year-over-year.
Clinical Business Strength
Total clinical revenue grew 15% for the full year (13% excluding Pathline); Q4 clinical revenue increased 16% year-over-year, driven by volume and AUP gains.
NGS Outperformance
NGS revenue grew 23% year-over-year in Q4 and accounted for roughly one-third of total clinical revenue; five NGS products launched in 2023 contributed 23% of clinical revenue in Q4.
Improved Profitability Metrics
Q4 adjusted gross profit improved by $5.8M (7% YoY) and adjusted EBITDA was $13.4M, up 10% YoY; FY2025 adjusted EBITDA was $43.4M, a 9% improvement versus prior year.
Operational Momentum and Volume Trends
Public test volumes increased 11% in Q4; same-store revenue (excluding Pathline) was $170.0M in Q4, up 14% driven by a 6% increase in volumes and 7% AUP growth.
Strong Customer Satisfaction and Commercial Execution
Net Promoter Score of 79 and continued improvement in 2025; 14% growth in the number of pathologists/oncologists ordering five or more tests and an estimated ~40% of active pathologists/oncologists ordering five or more tests in 2025.
Strategic Product Launches and Reimbursement Wins
RADAR ST bridging study showed 97% concordance with RADAR 1.0 and secured MolDX reimbursement for HPV-negative head & neck and a subset of breast cancers; full clinical launch targeted by end of the month. PanTracer tissue volumes nearly doubled YoY (2024->2025) and PanTracer Pro was launched.
2026 Guidance and Financial Targets
2026 revenue guidance of $793M–$801M (midpoint ~ $797M) implying ~10% growth; adjusted EBITDA guidance $55M–$57M, representing ~27%–31% YoY growth; company aims to be free cash flow positive in 2026.
Balance Sheet and Cash Position
Ended Q4 with $160.0M of total cash and positive operating cash flow of $1.0M in Q4 and $5.0M for FY2025, with free cash flow improving over 35% versus 2024.
Commercial Capacity Expansion
Invested in salesforce: added 35 oncology sales specialists in late 2024/2025 and plans to add >25 oncology sales specialists by Q3 2026 to support RADAR ST and PanTracer commercialization.