Record Q4 Revenue Performance
Net product revenue of $225.1M in Q4, up 78% year-over-year and up 50% sequentially; results exceeded the high end of prior guidance ($162M–$187M).
Advanced Wound Care Surge
Advanced Wound Care net product revenue of $217.2M in Q4, up 83% year-over-year and the primary driver of the quarter's outperformance.
Significant Profitability and Margin Expansion
Gross profit of $175.2M (78% of net product revenue vs 75% prior year). GAAP operating income $63.3M (+519% YoY); non‑GAAP operating income $75.9M (+549% YoY). Adjusted EBITDA $84.2M (37% of revenue) vs $18.2M (14%) prior year.
Portfolio and Commercial Progress
Commercialized Dermagraft and continued growth in the PuraPly family; Surgical & Sports Medicine sales modestly down in Q4 (-2% YoY) but up 12% for full year 2025. Company highlights multi-FDA-category portfolio and capacity to expand to FortiShield and TransCyte.
Pipeline Advancement and Strategic Investments
ReNu rolling BLA submission initiated late 2025 with expected completion in H1 2026, representing a potential transformational opportunity for knee osteoarthritis. New Smithfield, RI manufacturing/R&D center advancing to scale Apligraf and PuraPly AM.
Capital Structure and Liquidity Options
No outstanding debt as of 12/31/2025; cash, cash equivalents and restricted cash of $94.3M and availability under a $75M revolving credit facility.