Record-Breaking Full Year Revenue
Net revenue of $103.1M for full year 2025, the first time above $100M, representing 19% year-over-year growth.
Expanded Profitability Metrics
Full year gross margin expanded ~200 basis points to 93%; adjusted EBITDA improved by $7.9M or 86% to $17.0M; net loss from continuing operations improved by $1.5M (an ~80% reduction) year-over-year.
Positive Operating Cash Flow Turnaround
Generated $6.8M of cash provided by operating activities in 2025 versus $24,000 of cash used in operations in 2024 (note: the 2025 figure is inclusive of THP-related outflows).
Solid Q4 Revenue Performance (With Storm-Adjusted Growth)
Q4 2025 net revenue of $27.5M, up 5% year-over-year; excluding ~$1.8M of storm-driven BIASURGE sales in Q4 2024, Q4 2025 revenue grew ~13% year-over-year and came in at the high end of prior guidance.
Commercial Expansion — Distributor and Facility Growth
Distributor footprint expanded to over 450 contracted distributors from over 350 at end-2024 (≈+29%); sold into over 1,450 health care facilities at year-end 2025 versus >1,300 in 2024 (≈+11.5%); products contracted/approved in >4,000 facilities.
Strategic Vizient Contract for BIASURGE
BIASURGE awarded Vizient Innovative Technology contract effective Jan 1, 2026, providing access to ~1,800 Vizient facilities at contracted pricing — a major commercial distribution milestone that expands addressable accounts.
Clinical, IP and Pipeline Progress
Peer-reviewed support: BIASURGE showed high antimicrobial efficacy and low cytotoxicity; ALLOCYTE Plus demonstrated solid fusion outcomes in a 24–36 month study. Converted 11 provisional patent apps to nonprovisional and filed U.S. and PCT protections; added 3 new provisionals. OsStic remains on track for U.S. commercialization in Q1 2027 with preclinical bonding ~40x stronger than traditional cement.
Revenue Guidance and Forward Transparency
Management introduced and reaffirmed FY2026 net revenue guidance of $116M–$121M (≈13%–17% growth) and Q1 2026 guidance of $26.7M–$27.2M (≈14%–16% growth), signaling confidence and transparency on expected performance.