Record Full-Year Financial Performance
Net sales of $419 million in 2025, representing 20% year-over-year growth; full-year adjusted EBITDA of nearly $106 million (approximately 25% adjusted EBITDA margin); GAAP net income of $49 million.
Strong Fourth Quarter Results
Q4 2025 net sales of $118 million, up 27% year-over-year; Wound sales $79 million (+28% YoY) and Surgical sales $39 million (+25% YoY); Q4 adjusted gross profit margin 86%; Q4 adjusted EBITDA $29 million (25% of net sales); Q4 GAAP net income $15 million ($0.10/share) and adjusted net income $20 million ($0.14/share).
Robust Balance Sheet and Cash Generation
Net cash balance of $148 million at year-end (up $24 million sequentially and ~$63 million year-over-year); Q4 free cash flow of $25 million; Board authorized share repurchase program up to $100 million over two years, providing capital flexibility.
Surgical Business Momentum and Growth
Surgical segment grew ~20% for full year 2025 and 25% in Q4; management expects continued momentum and a Surgical run-rate approaching ~$200 million by year-end as commercial investments and new product introductions scale.
Pipeline and Clinical Progress
EPIEFFECT randomized controlled trial nearly fully enrolled with a readout expected in a few months; committed to an RCT for CHORIOFIX; recent peer-reviewed publication (Journal of Inflammation) supporting immunomodulatory properties of DHACM/LHACM allografts.
Product Expansion and Strategic Partnerships
Launched AMNIOFIX Thyroid Shield; licensed three 510(k)-cleared complementary surgical products (NovaForm Wound Matrix, G4Derm Plus, Hydrelix Collagen Matrix); entered a distribution agreement for RegenKit Wound Gel (PRP) to broaden wound modality offerings.
Improved Gross Margin Driven by Product Mix
GAAP gross margin improved to ~84% in Q4 (from 82% prior year); non-GAAP adjusted gross margin was 86% in Q4, up ~200 basis points YoY, driven primarily by favorable product mix.