Fourth Quarter Revenue and EPS Beat
Q4 2025 revenue of $435.0M and adjusted EPS of $0.83, both above the midpoint of guidance; sequential revenue improvement of $33M versus Q3 indicating improving supply and seasonality.
Full Year Reported Revenue Growth
Full year 2025 reported revenue of $1.635B, up 1.5% year-over-year, with reported growth supported by the Acclarent acquisition.
Operational and Quality Progress
Strengthened quality management system, advanced compliance master plan and risk-based remediation, maintained constructive engagement with the FDA, and saw improvements in supply reliability and manufacturing resiliency (yield and safety stock improvements).
Product Relaunches and New Commercial Activity
Early relaunch of PriMatrix and Durepair with strong customer reception; launched MAYFIELD Ghost in the U.S. and received expanded indication for CUSA Clarity in cardiac surgery; progressed clinical evidence programs including AERA pediatric registry.
Segment & Product-Level Outperformance
Double-digit growth in CereLink, MAYFIELD Capital, Aurora, DuraSorb programmable valves and 6 pressure valves; above-market growth in DuraGen and Jarit instruments; CSS global neurosurgery delivered 1.4% organic growth with international high single-digit growth and double-digit growth in China and Canada.
Braintree Facility and SurgiMend Roadmap
Braintree manufacturing facility on track to be operational by end of June 2026 (process validations underway) and plan to return SurgiMend to market in Q4 2026 upon PMA approvals.
Leadership and R&D Investment
Added six executive leaders and a Chief Technology Officer (Teshtar Elavia) to strengthen R&D, program management and innovation focus—positioned to accelerate product pipeline and clinical evidence generation.
2026 Financial Outlook and Deleveraging Plan
Full-year 2026 revenue guidance of $1.66B–$1.70B (reported growth 1.6%–4.1%, organic growth 0.8%–3.3%); adjusted EPS guidance $2.30–$2.40 with expected EBITDA margin improvement of ~40 bps and expectation to materially reduce leverage toward 2.5x–3.5x target by year-end 2026.