Filed 10-K and Strengthened Financial Controls
10-K filed after identifying noncash out-of-period adjustments during first year-end audit with new external auditor; management emphasized strengthened reporting standards, controls and ongoing remediation of material weaknesses.
Full-Year Revenue Growth
FY2025 total revenue of $346.8 million, up 1.4% year-over-year.
Adjusted EBITDA Expansion
FY2025 adjusted EBITDA of $68.7 million, an increase of 23% year-over-year, with full-year adjusted EBITDA margin expansion of 350 basis points.
Strong Q4 Profitability
Q4 adjusted EBITDA of $19.2 million (at high end of guidance) and Q4 margin of 22%, a 160 basis-point increase versus Q4 2024.
Improving Cash Generation and Liquidity
Cash flow from operations $37 million (up 19% YoY); free cash flow $20 million (increase of $5 million YoY); ending cash $24.9 million (more than double 2024 exit of $12.3 million).
Balance Sheet Deleveraging and Credit Extension
Net debt reduced by ~ $19.5 million YTD to approximately $139.8 million; net leverage improved to ~2.0x (fourth consecutive quarter below 2.5x); amended credit agreement extended five years with up to $250 million facility.
Bookings and Pipeline Momentum
Q4 bookings $19.8 million TCV (up $6.0M YoY and $4.0M sequentially); full-year bookings $82.9 million TCV (up 1% YoY) and ACV bookings $70.9 million; overall sales pipeline highest in 9 quarters and up 53% since beginning of Q3.
Higher-Quality Pipeline Composition
Recurring deals now represent >70% of pipeline versus ~57% last summer; opportunity size shift with >100-bed opportunities rising to 30% of pipeline (from ~14% earlier); encoder pipeline growth up 74%.
Operational Progress — Global Delivery and Capacity
Opened new Global Capacity Center (GCC) in Chennai, continued global workforce transition and reported early progress in CBO retention after implementing a structured transition model and stronger oversight.
Early AI Wins and Product Momentum
Focused four-pillar AI strategy (financial health, patient care, customer service, internal development); pilots show provider-documentation time reductions (Ambient Technology) and internal AI-driven support bot delivering faster, more consistent support; exclusive Dragon Copilot integration noted.