Record Quarterly Revenue
Total revenue for Q4 2025 was $19.2M versus $14.2M in Q4 2024, a 35% year-over-year increase, driven primarily by the AYON commercial launch.
Surgical Aesthetics Surge Driven by AYON
Surgical Aesthetics revenue grew 38% year-over-year to $16.7M in Q4 2025 (from $12.1M), with domestic Surgical Aesthetics up nearly 50% year-over-year, largely attributable to AYON system sales and increased single-use handpiece volume.
Successful AYON Launch and Positive Market Reception
AYON completed its first full commercial quarter after launch in September 2025. The product generated strong preorders and early-adopter feedback, list price cited at ~$360,000, and management reports demand exceeding expectations across key metrics.
Regulatory Progress and Potential Upside
A follow-up 510(k) for AYON label expansion (power-assisted liposuction) was submitted in Q4 2025, with productive FDA interactions and an anticipated clearance in mid-2026; upon clearance the feature can be activated on systems in the field and additional handpieces can be sold (identified as upside to current guidance).
Profitability and Margin Improvements (Non-GAAP)
Gross profit in Q4 2025 rose to $12.0M (gross margin 62.6%), and adjusted EBITDA turned positive at $0.7M in Q4 2025 versus an adjusted EBITDA loss of $2.2M in Q4 2024.
Operating Results Improved vs Prior Year
Income from operations was $11k in Q4 2025 compared with an operating loss of $3.0M in Q4 2024. Net loss attributable to stockholders narrowed to $1.3M ($0.03 per share) versus $4.6M ($0.12 per share) in Q4 2024.
Reduced Cash Burn and Strong Cash Position
Cash used in operating activities for FY 2025 was $8.0M versus $18.7M in FY 2024. Cash and cash equivalents were $31.7M at December 31, 2025. Management expects cash runway through 2027 and plans to be cash-flow positive by Q4 2026.
Sustained Cost Reductions and Lower Operating Expenses
Total operating expenses for 2025 were $39.5M, down from $48.2M in 2024 and $53.7M in 2023, reflecting prior restructuring and cost-control measures.
2026 Guidance Reflects Continued Growth
Company guided 2026 revenue to $57.5M–$58.5M (approximately +9% to +11% vs FY 2025) with Surgical Aesthetics revenue expected at $53M–$54M (+17% to +19%). Management expects full-year gross margins of ~61%–62% and operating expenses not to exceed $45M.