Record Revenue Growth
Fourth quarter revenues grew 23%, and full-year revenues totaled $33.6 million, representing 18% growth with double-digit increases across all business segments.
International Expansion Success
International revenues grew 32% for the full year and 14% in the quarter. New geographic entries in the Middle East, North Africa, and Eastern Europe contributed to this growth.
Novel Therapies Progress
Four new collaborations were added to the pipeline in 2024, with two more announced in the first two months of 2025. The total collaboration count is now 15.
Increased Gross Margins
Full-year gross margins improved by 480 basis points to 63.4%, driven by manufacturing efficiencies and favorable customer sales.
Positive Cash Flow
The year ended with a cash balance of $9.6 million, surpassing expectations, and achieved positive cash flows in the fourth quarter.
2025 Guidance
Net revenues are expected between $38 million and $39 million, with a growth rate of 13% to 16% and a full-year gross margin between 61% and 63%.