Fourth Quarter Revenue Growth
Revenue for Q4 2025 was $2.4 million, up 4% year-over-year and up 9% sequentially, driven primarily by increased utilization within targeted accounts.
Sharp Increase in U.S. Console Sales and ASP
U.S. console sales increased 208% year-over-year (eight units sold vs. three in the prior-year quarter); circuit average selling price increased 11% year-over-year in the quarter.
Gross Margin Expansion
Gross margin expanded to 68.2% in Q4 2025 (versus 58.4% in prior-year quarter; +9.9 percentage points) and full-year gross margin improved to 62% (up ~3 percentage points year-over-year).
Operational and Strategic Realignment
Company completed transition of manufacturing to KDI Precision Manufacturing to improve reliability and structural margins, simplified international footprint (exiting loss-making EU territories), and refocused strategy on the cardiorenal continuum.
Pediatrics and Heart Failure Traction, NIH Support
Reported strong growth in heart failure and pediatrics (call stated 814% year-over-year growth for these areas), expanded pediatric intellectual property, and received a nondilutive NIH grant to support pediatric device development.
Acquisitions and Product Portfolio Expansion
Announced acquisition/integration activity (Rendiatek and referenced integration of RoentDeck), with plans to relaunch the Clarity product midyear and to integrate urine-output/biomarker measurement technology into ICU workflows to drive utilization.
Improved Expense Discipline and Financial Actions
Full-year operating expenses were modestly lower than prior year ($16.2 million reported), management reduced discretionary spend (terminated an expensive clinical trial), and the company raised approximately $7 million in net proceeds during 2025 while ending the year with no outstanding debt.