Record Quarterly and Strong Annual Revenue Growth
Q4 2025 revenue reached a record $9.2 million, up 31% year-over-year; full year 2025 net sales were $32.0 million, up 27% versus 2024, and exceeded revenue and EPS analyst consensus.
Prescription Segment Growth (VA Focus)
Prescription revenue increased 23% year-over-year to $26 million driven by gammaCore and Quell adoption in the VA hospital system; approximately 13,400 VA patients have used gammaCore, representing roughly 2% penetration of the addressable VA headache market — indicating meaningful runway for expansion.
General Wellness Channel Expansion (Truvaga)
General wellness Q4 revenue was $1.4 million (+31% YoY) and full year general wellness revenue was $5.5 million, up 97% versus 2024. Truvaga sales were $5.4 million for the year, up 93% YoY, with increased direct-to-consumer traction, media endorsements, and retail placements (e.g., Best Buy).
Quell Acquisition Contributed Revenue
Following the Quell acquisition in May 2025, Quell-related revenue contributed $1.5 million to 2025 results and the company plans a Quell OTC (Quell Relief) launch in H1 2026 to further expand the product offering.
Improved Marketing Efficiency
Return on advertising spend (ROAS) improved to approximately $2.10 in the recent period versus $1.80 in Q3 2025. E-commerce conversion metrics remained around 12%–15% and excluding a one-time $0.5 million Truvaga clinical trial order, Truvaga grew ~40% sequentially.
Adjusted EBITDA Slightly Improved
Adjusted EBITDA net loss narrowed modestly to $(8.7) million for full year 2025 compared to $(9.0) million in 2024, reflecting incremental operational improvements after acquisition-related adjustments.
Leadership and Commercial Strengthening
CEO announced retirement effective April 1, 2026 with a planned transition (Joshua Lev as Interim President/CFO) and the hiring of Michael Fox as COO (experienced in federal/VA commercialization), designed to provide continuity and accelerate growth in the VA and federal channels.