Achieved record full-year revenue of $3.9 million, driven by significant second-half momentum and a 92% increase in fourth-quarter revenue compared to the prior year.

Performance was primarily propelled by growth in surgical procedure volumes across both Catamaran and SImmetry+ platforms, fueled by new physician adoption.

Transitioned from a single-product provider to a multi-solution organization following the SiVantage transaction, allowing the company to address diverse patient anatomies and surgeon preferences.

Improved gross margins to 69% in the fourth quarter through operational effectiveness initiatives, better field productivity, and increased leverage of commercial infrastructure.

Strengthened the intellectual property estate to 29 issued U.S. patents and 31 pending applications, reinforcing the defensibility of both core technologies.

Enhanced financial flexibility through a $2.85 million ATM PIPE and a subsequent $4.3 million private placement of senior convertible notes to fund commercial expansion.

Management expects the fourth-quarter revenue run rate of $6 million to serve as a baseline for growth throughout 2026.

The commercial rollout of the SImmetry+ system will be a primary catalyst for 2026, with a phased launch approach including upcoming additions to the construct.

Anticipates further gross margin expansion as higher revenue volumes continue to absorb fixed costs within the cost of goods sold.

Plans to submit new technologies to the FDA shortly to address primary cases, revision cases, and adjuncts to complex multi-level spine procedures.

The current cash position and recent financing are expected to provide sufficient runway to fund commercial and clinical priorities deep into 2026.

Received FDA 510(k) clearance for the next-generation SImmetry+ SI-Joint Fusion System, enabling a lateral surgical approach.

Successfully completed early clinical 'alpha' cases with SImmetry+ at leading Centers of Excellence to validate market readiness.

Operating expenses in the fourth quarter increased to $3.9 million, primarily due to higher variable sales and marketing costs driven by increased revenue.

Management noted that while they do not provide specific future projections, the 2026 outlook is dependent on the successful execution of the new product pipeline.

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Management confirmed Q4 represents a better baseline for 2026 as one-time integration and deal-related costs from Q3 have fallen out.

Future expenses will likely see higher variable components tied directly to revenue growth, but the overall run rate remains disciplined.

Growth will be driven by the transition to a multi-product portfolio that offers physicians a 'full bag' of options for different surgical approaches.

Specific catalysts include the full commercialization of SImmetry+, the launch of Catamaran SE, and new products currently moving through the development pipeline.

The broader portfolio is opening doors at medical centers that were previously less accessible to a single-solution provider.

Physicians have reacted positively to the 3D-printed technology of SImmetry+ and its highly refined instrument set, which improves surgical efficiency.

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