Strong Procedure Growth
Completed ~12,200 U.S. procedures in Q4 2025, representing ~69% year-over-year growth — signaling strong clinical adoption momentum.
Revenue Growth in Quarter and Guidance for 2026
Q4 2025 total revenue of $76.4M, up 12% YoY. Management reset 2026 revenue guidance to $390M–$410M, implying ~27%–33% growth versus 2025.
Installed Base and System Placements Expansion
Sold 65 new HYDRO systems in Q4; installed base reached 718 systems, a 42% increase versus year-end 2024; Q4 system revenue of $27.6M at ~ $425K blended ASP.
Consumables Revenue Growth and Handpiece ASP Improvement
Total U.S. handpiece plus consumable revenue of $34M in Q4, up 16% YoY. Q4 handpiece ASP rose to ~$3,340, up ~$140 (~5% sequentially); management now targets ~$3,500 ASP for 2026 (~9% lift vs 2025).
International Revenue Momentum
International revenue of $9.8M in Q4, up 25% year-over-year, and management guiding international revenue of ~$50M–$51M for 2026.
Cash Position Provides Runway
Cash, cash equivalents and restricted cash totaled $285M as of December 31, 2025, supporting operations, investments and the path to profitability.
Path to Profitability and Improving EBITDA Outlook
Company expects full-year 2026 adjusted EBITDA loss of $30M to $17M with positive adjusted EBITDA in Q4 2026 at both low and high revenue scenarios — signaling narrowing losses and seasonal profitability cadence.
Procedure Volume Outlook for 2026
Guidance for total U.S. procedures in 2026 of 60,000–64,000, representing ~39%–48% growth versus 2025, indicating confidence in accelerating utilization.
Commercial Operating Changes and Early Launch Team Results
Realigned commercial organization into integrated regional structure and created a dedicated launch team; pilot showed ~50% reduction in time-to-first-line cases, aimed at faster, more consistent launches and improved downstream utilization.
Contained One-Time Field Action
Voluntary field action in Q4 was nonrecurring (~$1.5M impact), resolved via a field upgrade with no patient safety issues and not expected to recur.