Strong Revenue Growth
Q1 revenue of $3.9M, up 83% year-over-year from $2.1M; sold 10 units versus 6 in the prior-year period, driven largely by next-generation subsystem sales across hospitals, neurology offices and international.
Meaningful Gross Margin Expansion
Gross profit of $2.0M and gross margin of 50.7% versus 41.3% in prior year — ~940 basis points (9.4 percentage points) expansion; third consecutive quarter with gross margin >50% and guidance reiterating 50%–55% for FY2026.
Improved Cash Burn and Liquidity
Net cash burn excluding financing improved to $8.8M from $10.1M (≈13% improvement). Cash and equivalents of $40.8M as of 03/31/2026 (includes $15M initial tranche of up to $40M debt facility). Company expects cash runway into 2028 (inclusive of initial tranche).
Cost Discipline and Operating Leverage
R&D expense reduced ~24% to $3.8M (from $5.0M) as company transitions to a commercial growth-stage operating model; SG&A held flat at $6.7M versus prior year, demonstrating spending discipline while scaling sales productivity.
Regulatory and Clinical Milestones
Received CE and UKCA marks for next-generation subsystem and advanced Optive AI software; advanced DWI Optive AI launched at International Stroke Conference; Neuro‑PMR and other study data presented at major meetings showing high diagnostic value and strong patient preference.
Progress on Contrast PMR and International Expansion
Contrast PMR study enrollment surpassed 50% of target with 3 active sites; company expects potential submission in 2026 to expand indication for gadolinium contrast. First two systems live in India; Optive AI launched in Europe and plans to launch next-gen subsystem in Europe in Q3 after translations/documentation.
Reiterated 2026 Guidance with Upside Potential
Reiterated full‑year revenue guidance of $20M–$22M (midpoint ≈55% YoY growth), gross margin guidance 50%–55%, and total cash burn guidance of $26M–$28M (midpoint ≈10% YoY decline). Company expects revenue to strengthen in second half of 2026.