Q4 Revenue Beat and Sequential Strength
Q4 2025 revenue of $103.9M, up from $97.9M in Q4 2024 (+6.1% YoY), noted as slightly better than expectations.
International Momentum — Record Quarter for Europe
Q4 international sales of $48.5M (47% of total), up 38% YoY; full year international sales $171.8M (46% of total), up 15% YoY. Management called out a record revenue quarter for Europe and continued international momentum.
Consumables and Services Growth / Early Stabilization Signs
Consumables and services represented 22% of full year 2025 revenue versus 20% in 2024 (increase of 2 percentage points). Management cited slightly higher consumable usage and procedure counts as early signs of stabilization. Management reported 'overall 128,000' consumable units (disclosed in Q&A).
Product Innovation and New Platform Pipeline
Launched CO2 laser platforms in 2025 which management says are performing well. Company reiterated strategy to introduce two new platforms per year and plans two 2026 launches: a Korean-made Pico laser and a Morpheus + Erbium YAG combination device.
Commercial Reorganization to Improve Productivity
Appointed Michael Dennison President of North America, unified East/West/Canada into one organization, segmented sales force across aesthetic and wellness, and created a specialized Envision sales team to drive penetration and productivity.
Strong Cash Position and Shareholder Returns
Cash, cash equivalents, marketable securities and deposits of $555.3M as of 12/31/2025. Returned $127.4M to shareholders in 2025 through repurchases; management noted ~ $580M repurchased over prior ~2.5 years. Q4 operating cash flow of $22.7M.
High Gross Margins Maintained
Non-GAAP gross margin held at 79% for both Q4 and full year 2025; GAAP gross margin 78% for 2025 (vs 79% in 2024).