Return to Revenue Growth
Consolidated revenue of $95.5M in Q1, up 11% year-over-year, marking a solid return to top-line growth driven by key markets (Med Tech, Dental, Aerospace & Defense).
Healthcare Segment Outperformance
Healthcare Solutions revenue grew 21% year-over-year to $50.1M and was the larger segment in the quarter, led by printer, material sales and medical parts (notably titanium spinal and joint implants).
Aerospace & Defense Momentum
Aerospace & Defense delivered over 20% year-over-year growth within Industrial Solutions, supporting expectation of >20% growth in the Aero & Defense market for 2026 (~$35M).
Product and Materials Growth
Printers, materials and parts manufacturing each posted double-digit year-over-year growth; Dental material sales grew strongly (aligners and Vertex prosthetic materials) and metal printer sales increased, including DMP 350 traction.
Very Successful New Product Launch (NextDent 300)
NextDent 300 jetted denture solution has strong commercial reception (e.g., ROE Dental Labs tripled capacity), U.S. regulatory approval in 2025 and EU Phase IIa approval 2 months ahead of plan; addressable market expanded to >60M edentulous patients.
Gross Margin and Cost Savings
Non-GAAP gross margin improved to 36.1%, up ~6 percentage points year-over-year (adjusted), driven by better manufacturing absorption, favorable consumables mix and improved printer margins. Delivered >$55M in annualized cost savings to date.
Operating Expense Reduction and R&D Transition
First quarter non-GAAP operating expenses were $36.6M, down 35% ($20.1M) year-over-year (adjusted for divestitures); R&D-heavy product refreshes largely complete and company expects a transition to a more balanced R&D spend.
Adjusted EBITDA and EPS Improvement
Adjusted EBITDA was positive $2.1M in Q1, an improvement of $26M year-over-year (or $28.2M adjusted for divestitures). First quarter non-GAAP loss per share improved to a $0.01 loss versus a $0.21 loss a year ago.
Strong Cash Position and Balance Sheet Awareness
Ended Q1 with $86.5M in total cash. Near-term debt of $3.9M due in Q4 2026 and remaining $92M maturing in 2030, providing runway while management focuses on disciplined capital allocation.
Manufacturing Capacity Expansion and Technology Investment
Announced 80,000 sq ft expansion at Littleton facility (grand opening late summer) to scale metal part production for aerospace customers. Continued product investments include a $28M government-supported development program for next-gen large-format metal printers.
Backlog and Raised Production Targets
Built a solid order backlog for the denture platform entering Q2 and raised internal production targets for the second half of the year based on early commercial success.