Full-Year Revenue Beat
Net sales for fiscal 2025 were $701 million, exceeding the range revised after Q3 and providing momentum into 2026.
Adjusted Earnings Performance
Delivered $0.94 of adjusted diluted EPS for the full year and $0.29 of adjusted diluted EPS in Q4; full-year adjusted EBITDA was $87 million and Q4 adjusted EBITDA was $28 million.
Strong Specialty Nutrition Systems (SNS) Growth
SNS grew over 8% organically in 2025 (full year). Short-term enteral feeding posted double-digit organic growth globally; long-term feeding grew high single digits; neonatal solutions grew over 6%.
Improved Segment Profitability in Pain Management & Recovery
Pain Management & Recovery operating profit improved to 4% for the full year, a 270-basis-point increase versus prior year, driven by top-line gains and cost management.
Radiofrequency Ablation (RFA) Outperformance
RFA business delivered full-year double-digit organic growth with sustained growth in RFA generator capital sales and expansion of installed base (ESENTEC and TRIDENT product lines noted).
Successful Portfolio Actions and M&A Integration
Completed divestiture of hyaluronic acid business, exited GAME READY rental portion, acquired Nexus Medical (integration described as going very well). Nexus contributed ~ $5 million of revenue and is expected to be a double-digit grower in 2026.
Solid Cash Generation and Strong Balance Sheet
Generated $21 million free cash flow in the quarter and $43 million for the full year. Cash on hand was $90 million with $100 million of debt outstanding and leverage sustainably below 1x.
Tariff Mitigation Progress and Operational Actions
Management executing tariff mitigation steps (cost containment, pricing, temporary exemptions, lobbying) and is confident in plan to exit China syringe manufacturing by June and shift production to Mexico and Southeast Asia.
2026 Guidance Supports Continued Growth
Projected 2026 net sales of $700–$720 million with adjusted diluted EPS guidance of $0.90–$1.10; consolidated organic growth guidance near mid-single-digits (SNS mid- to high-single digits; PM&R low- to mid-single digits).