Regulatory Approvals for Core Products
Achieved U.S. and European regulatory approvals for GenesisX robot, MAGiC Ablation Catheter and MAGiC Sweep mapping catheter — milestone regulatory wins establishing a foundation for EP commercialization and multi-product adoption.
Revenue Growth
Full-year 2025 revenue of $32.4M, up ~20.5% from $26.9M in 2024; Q4 2025 revenue $8.6M, up 36% year-over-year from $6.3M.
System Revenue Acceleration
Full-year system revenue of $10.2M versus $8.6M prior year (≈18.6% increase); Q4 system revenue surged to $3.3M from $1.4M in prior year quarter (≈+135.7%), driven by partial recognition on Genesis systems and ancillary device sales.
Recurring Revenue Expansion
Full-year recurring revenue grew to $22.2M from $18.3M in prior year (≈+21.3%), reflecting increased catheter revenue and early commercial traction for MAGiC products.
Strong Gross Margins and Future Margin Upside
Reported gross margin ~50% in Q4 and ~53% for full year 2025; full-year recurring gross margin of 67% and system gross margin of 21%, with guidance expecting recurring margins >75% and system margins >50% within ~3 years as volumes scale.
Improved Adjusted Operating Performance
Adjusted operating expenses for full-year 2025 were $26.3M vs $27.0M prior year; adjusted operating loss improved to $9.3M (2025) from $12.4M (2024), and adjusted quarterly operating loss improved to $2.6M from $3.8M year-over-year.
Commercial and Manufacturing Ramp Plans
Manufacturing plan to produce ~1 GenesisX every 2 months at current facility with ability to scale to several dozen/year; Osypka production plan targets ~500 MAGiC catheters/month by year-end after expected >100 catheters delivered in March.
Synchrony Digital Suite Momentum
Received CE Mark for Synchrony; FDA interaction complete with expected U.S. clearance in coming weeks and initial U.S. demand forecasted to generate over $3M in 2026 revenue; roadmap includes SynX connectivity and AI-enabled SaaS features.
Positive 2026 Guidance
Company expects double-digit revenue growth in 2026, quarterly revenue < $10M in H1 then > $10M in H2, and annual revenue to surpass $40M; expects reduced cash use in 2026 compared with 2025 and a working capital benefit.
Balance Sheet and Financing
Cash and cash equivalents of $13.4M at 12/31/25, no debt; raised $4.0M from registered direct financing and $3.1M from ATM during Q4 to support operations and ramp.