Total Revenue

+13.5% (from $135.42M in Q4 2023 to $153.64M in Q4 2024)

Total Revenue increased due to robust organic growth across all segments—with significant contributions from Pain Treatments, Restorative Therapies, and Surgical Solutions—and improved geographic performance. The broad-based segment expansion drove overall revenue improvement compared to Q4 2023. " "

Pain Treatments

+40.5% (from $59.14M to $83.10M)

Pain Treatments surged as a result of strong product performance, higher volumes and effective commercial execution. This notable jump compared to the previous period suggests the business capitalized on brand recognition and market expansion, building on recent achievements. " "

Restorative Therapies

+22% (from $32.21M to $39.38M)

Restorative Therapies grew significantly, reflecting improvements in sales execution and product mix enhancements. The increase indicates recovery and stabilization in this segment compared to prior performance levels, benefiting from renewed sales efforts and optimized pricing. " "

Surgical Solutions

+45% (from $44.07M to $64.03M)

Surgical Solutions benefited from strong volume growth and product mix optimization. The accelerated increase, relative to previous periods, suggests that strategic initiatives and operational adjustments (along with possible reclassification benefits) significantly boosted revenues in this segment. " "

U.S. Revenue

+13.8% (from $118.78M to $135.21M)

The U.S. market performance improved due to enhanced sales execution and stronger performance in key segments. Domestic revenue growth reflects a rebound from previous period challenges, driven by better product penetration and operational efficiency. " "

International Revenue

+11% (from $16.59M to $18.43M)

International revenue increased through improved market penetration and recovery in segments like Ultrasonics. Despite a smaller base compared to the U.S., better execution overseas contributed to a healthy double-digit growth rate compared to Q4 2023. " "

Operating Income

Increased from $1,165K to $7,988K

Operating Income improved dramatically as higher sales drove an increase in gross profit from $78.85M to $93.55M, along with efficient cost management offsetting rising expenses. This leap over previous period levels reflects both revenue growth and operational efficiency making a significant impact on profitability. " "

Net Loss from Continuing Operations

Narrowed from $7,656K loss to $318K loss (improved over 95%)

Net Loss from Continuing Operations shrank substantially, largely due to the strong turnaround in operating income and enhanced gross margins. The marked cost discipline and elimination or reduction of prior period non-recurring charges resulted in a drastic reduction of losses compared to Q4 2023. " "

Net Sales

FY 2024

$557 million to $567 million "

$562 million to $567 million "

raised

Adjusted EPS

FY 2024

$0.36 to $0.42 "

$0.40 to $0.42 "

raised

Adjusted EBITDA

FY 2024

$104 million to $107 million "

$104 million to $107 million "

no change

Adjusted EBITDA Margin Improvement

FY 2024

no prior guidance

150 basis points "

no prior guidance

Net Sales

FY 2025

no prior guidance

$560 million to $570 million "

no prior guidance

Adjusted EBITDA

FY 2025

no prior guidance

$112 million to $116 million "

no prior guidance

Adjusted EPS

FY 2025

no prior guidance

$0.64 to $0.68 "

no prior guidance

Net Leverage Ratio

FY 2025

no prior guidance

below 2.5x by end of 2025 "

no prior guidance

HA Business & Durolane

Mentioned consistently across Q1–Q3 with double-digit, volume‐driven growth, strong clinical differentiation, and strategic price increases ( " " Q1; " " Q2; " " Q3).

In Q4, described as achieving above‐market growth with volume as the key driver, stable pricing and strong private payer support ( " " " ).

Consistent strong performance with an ongoing emphasis on volume and clinical differentiation.

Surgical Solutions (Including Ultrasonics)

Across Q1–Q3, showed robust double-digit growth (16%–18%) with strategic focus on ultrasonics, improved distribution and rapid revenue acceleration ( " " Q1; " Q2; " Q3).

In Q4, revenue accelerated by 18%, with ultrasonics achieving their highest quarterly growth rate and continued strong momentum ( " " ).

Sustained robust growth with increased momentum in ultrasonics segment.

BGS Supply Chain & Growth Challenges

Q1 reported double-digit BGS growth with close supply chain monitoring ( " ); Q2 noted supply challenges with improvements underway ( " " ); Q3 acknowledged short-term slowdown due to supply constraints ( " " ).

Q4 indicated that prior supply chain challenges have largely been overcome, with improved onboarding of new distributor agents and expectation to return to double-digit growth ( " " ).

Recovering from past supply constraints with improvements leading to optimism for renewed high-growth.

Exogen Business Turnaround and Recovery

Q1 highlighted early turnaround focus and strong brand equity ( " ); Q2 saw three consecutive quarters of growth and renewed focus ( " ); Q3 noted the transition from stabilization to growth with low- to mid-single-digit increases ( " ).

Q4 reported a 7% growth rate, underscoring a successful recovery from years of decline and reinforcing expectations for sustained low- to mid-single-digit growth ( " ).

Steady recovery and growing momentum in a previously declining business.

Gross Margins & Pricing Strategies

Q1 reported a 76% margin with sequential pricing increases ( " " ); Q2 maintained a 76% margin improved by 180 bps due to product mix and divestitures ( " " ); Q3 showed around a 75% margin with a modest price tailwind ( " " ).

Q4 achieved a 74% adjusted gross margin, improved by 230 bps over the prior year due to the absence of previous inventory write-offs, with a focus on stable pricing in the Pain Treatments segment ( " " " ).

Consistent high margins maintained through disciplined, sequential pricing and strategic mix improvements despite minor fluctuations.

International Expansion Delays & Lower Margin Impacts

Q1: International segment growth was muted (1% growth) and shipment timing delays were noted ( " ); Q2: Delays in shipments for ultrasonics impacted international growth slightly and expected mix shifts were foreseen ( " " ); Q3: No explicit comments on delays were provided.

Q4 acknowledged that international expansion will require more targeted, high ROI investments with a deliberate pace, implying continued delays but with a strategic, long-term focus ( " ).

Persistent delays remain while management adopts a more strategic and targeted approach for long-term international growth and improved ROI, with a measured impact on margins.

Portfolio Optimization Through Divestments

Q1 referenced the positive margin impact from divesting the lower-margin Wound business ( " ); Q2 discussed the decision to divest Restorative Therapies and Advanced Rehabilitation to sharpen focus ( " ); Q3 announced the Advanced Rehabilitation divestiture ( " ).

Q4 detailed execution of the Advanced Rehabilitation divestiture, using proceeds to pay down nearly $50M of debt and noting flat Restorative Therapies sales while focusing on growth in the Exogen segment ( " " " ).

Consistent portfolio refinement aimed at improving focus, liquidity, and margins through strategic divestments.

Increased Investment in R&D & Commercial Execution

Q1 had implicit mentions of reallocating resources toward improved sales execution ( " ); Q2 emphasized disciplined spending with strategic investments in R&D, medical education, and commercial productivity ( " " ); Q3 increased focus on ramping up R&D and medical education ( " ).

Q4 reinforced further targeted investment in medical education, strategic marketing, and enhanced commercial execution—especially to promote ultrasonic technology and support Pain Treatments ( " " ).

Increasing investment focus over time, reflecting a growing commitment to R&D, education, and execution as drivers for future growth.

Pain Treatments & Emerging Market Headwinds

Across Q1–Q3, the Pain Treatments segment showed strong double-digit revenue growth driven by Durolane, supported by strategic pricing and distribution; emerging market headwinds were not mentioned in any period ( " Q1; " " Q3; " " Q2).

In Q4, Pain Treatments achieved 17% revenue growth with continued emphasis on volume growth and stable pricing, while emerging market headwinds remain unmentioned ( " " " ).

Consistently strong performance in Pain Treatments with stable outlook; emerging market headwinds are notably absent, indicating maintained optimism in this segment.