Management characterizes the company as having completed a three-year transformation, shifting from foundational stabilization to an 'exciting new phase' focused on building a $1 billion medtech leader.

The 10% organic revenue growth in Q4 was attributed to sharpened commercial execution and the successful realization of a planned second-half acceleration.

Pain Treatments growth was primarily driven by volume increases in Duralane, benefiting from a market shift toward single-injection viscosupplementation and successful account wins.

Restorative Therapies achieved its highest organic growth in seven years, which management credits to disciplined execution and the clinical impact of the Exagen product line.

Profitability expansion of 490 basis points in Q4 resulted from a combination of high-margin product mix, operational efficiencies, and the divestiture of the lower-margin Advanced Rehabilitation business.

International performance reached double-digit organic growth following a structural reorganization and the appointment of a new leadership team focused on untapped market potential.

The company plans to allocate $13 million in incremental investment toward four key drivers: Peripheral Nerve Stimulation (PNS), Platelet-Rich Plasma (PRP), Ultrasonics, and International expansion.

Management expects PNS and PRP to contribute a minimum of 200 basis points to total growth in 2026, with further acceleration anticipated in 2027.

The 2026 guidance assumes a 'back-heavy' cadence, with Q1 growth expected to be the lowest due to one fewer selling day and a rebalancing of distributor inventory following a strong Q4.

Strategic focus for Ultrasonics will shift toward the spine market, utilizing aggressive marketing and medical education to establish the technology as a standard of care.

Capital allocation will prioritize debt reduction in the near term, with a target net leverage ratio of well below 2.0x by the end of 2026 to enhance future strategic optionality.

Foreign exchange volatility created an unplanned $1 million loss in Q4 and a total $3 million headwind for the full year 2025.

The divestiture of the Advanced Rehabilitation business significantly impacted year-over-year reported revenue comparisons but improved the overall corporate margin profile.

Ultrasonics capital sales faced a difficult year-over-year comparison due to record-high generator sales in the prior year, though management views the current install base as a foundation for future disposable growth.

Management noted that 2026 organic growth rates in Pain Treatments may appear lower than 2025 as they intentionally prioritize 'profitable growth' over lower-margin volume.

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Management clarified that growth is almost entirely volume-driven rather than price-driven, led by the Duralane franchise.

The Q4 outperformance was aided by approximately $2 million in favorable distributor dynamics and selling day timing.

The pilot confirmed positive physician reception regarding the ease of use and power of the permanent solution, which was specifically designed for peripheral nerves.

Management is scaling the business by appointing a dedicated General Manager and increasing investments in clinical evidence and sales headcount.

Surgical Solutions is expected to deliver double-digit growth driven by Ultrasonics technology.

Pain Treatments is projected for mid-to-high single-digit growth, while Restorative Therapies is expected to grow in the low-to-mid single digits.

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