Total Revenue

+8.5% (from $31.995M to $34.716M)

Total Revenue increased by approximately $2.721M (8.5% YoY) as stronger performance in underlying segments built on last period’s figures drove improved revenue. This reflects enhanced operational activity compared to Q1 2024, likely benefiting from market demand and a solid business mix that improved on previous figures. " " "

Gross Profit

+16% (from $16,474K to $19,167K)

Gross Profit grew by about 16%, driven by both higher net revenues and improved margins, particularly in segments with favorable cost structures compared to Q1 2024. The improvement built upon last year’s lower margins by capitalizing on a better product mix and higher performance in rental and service revenues. " "

Operating Income

Turned positive: from –$845K to +$618K

Operating Income reversed from a loss of $845K to a profit of $618K as the improved gross profit and strategic cost management (e.g., reduced selling and marketing expenses despite higher administrative costs) outweighed previous challenges. This turnaround builds upon the operational inefficiencies noted in Q1 2024 and indicates stronger execution in Q1 2025. " "

Net Loss

Reduced by ~76% (from -$1,112K to -$267K)

Net Loss narrowed significantly by about 76%, reflecting the positive impact of improved operational performance and cost control measures compared to Q1 2024. The reduction in losses is primarily a result of the recovery in operating income and a better cost–revenue balance than seen in the previous period. " "

Net Cash Provided by Operating Activities

+372% (from $377K to $1,780K)

Net Cash Provided by Operating Activities surged by approximately 372%, driven by a substantial increase in net income adjusted for non-cash items and more favorable working capital management relative to Q1 2024. This improvement underscores a stronger cash generation capability in Q1 2025 that built upon last year’s lower operational cash flow. " "

Lease Revenue

Reversal from a negative figure to +$2.056M

Lease Revenue reversed dramatically, moving from a negative $7.6M in a prior period (Q4 2024) to a positive $2.056M in Q1 2025, primarily due to an increase in net operating lease revenue that more than offset the decline in sales-type lease revenue. This marked turnaround suggests a strategic improvement in lease operations, contrasting sharply with earlier period underperformance. " "

Revenue Growth

FY 2025

8%–10%

No guidance provided "

no current guidance

Adjusted EBITDA Margin

FY 2025

Expected to exceed 18.8%

No guidance provided "

no current guidance

Technology Systems Upgrade Costs

FY 2025

~$2.5 million

No guidance provided "

no current guidance

Revenue Ramp

FY 2025

Sequential revenue growth throughout FY 2025

No guidance provided "

no current guidance

Expansion of Biomedical Services

Q2 2024: Focus on GE partnership rollout, new remediation projects, and discussions for expanding beyond GE. " " Q3 2024: Emphasis on high-return projects, robust pipeline, and leveraging master agreements. " " Q4 2024: Mentioned in the context of revenue growth and capital spending with seasonal challenges. " "

Q1 2025: Carrie Lachance highlighted a strong regional network and opportunities to expand work beyond GE Healthcare with an optimistic outlook. "

Consistently highlighted with an evolving focus – shifting from expanding internal capabilities to leveraging external partnerships and a broader customer base, with an overall optimistic sentiment.

ChemoMouthpiece Product Adoption

Q3 2024: Early-stage market potential with a TAM around $0.5 billion and educational efforts targeting providers. " " Q4 2024: Initial orders, distribution agreement through a joint venture with Sanara MedTech, and clinical paper anticipation. " " " Q2 2024: No mention.

Q1 2025: While exhibiting significant interest from customers and nurses, adoption is delayed due to logistical and reimbursement challenges; not expected to generate meaningful revenue in 2025. "

Recurring but with a tempered tone – earlier enthusiasm is now moderated by clearer recognition of the slow adoption cycle and logistical hurdles, resulting in a more cautious sentiment.

IT System Upgrades and Capital Expenditures

Q2 2024: Discussed comprehensive ERP and IT streamlining plans, with costs between $3–4 million over 18–24 months and modest current spending. " Q3 2024: Mentioned capital expenditure focused on infusion pumps without IT upgrade details. " Q4 2024: Detailed IT upgrade costs ($735K in 2024, $2.5M expected in 2025) plus capital expenditure impacts. " "

Q1 2025: Reported IT upgrade quarterly spend slightly below expectations ($500K vs. $600K) with completion expected in early 2026; capital spending remains high for infusion pumps with efficiency gains anticipated. " "

Steady investment focus with efficiency goals – consistent increases in IT and capital spending to support growth while keeping a long‐term efficiency narrative, with a slightly positive adjustment in current spending.

Gross Margin and EBITDA Performance

Q2 2024: Improved gross margins (around 51.1%) and EBITDA margins (18% of revenue) due to a favorable mix. " Q3 2024: Notable improvements with margins rising to nearly 54% and EBITDA improvements noted. " " Q4 2024: Incremental improvements with gross margins at 53.8% and EBITDA margins above 22%. " "

Q1 2025: Gross margin improved to 55.2% (up 3.7 percentage points YoY) with gross profit up by 16%; adjusted EBITDA surged to an 18.2% margin— the highest Q1 since 2021. " "

Consistent and positive earnings trend – ongoing improvement in margins and EBITDA across all periods with the current period demonstrating the highest Q1 performance in recent years, reflecting an increasingly optimistic operational sentiment.

Oncology Business Performance and Revenue Cycle Management

Q2 2024: Reported 9% revenue growth driven by higher treatment volumes and improved collections. " " Q3 2024: Over 10% growth with strong per billing collection and capacity investments. " " Q4 2024: Growth of nearly 6% YoY with efficient revenue cycle improvements. " "

Q1 2025: Achieved a 10.3% revenue increase in Oncology with balanced growth from volume and improved revenue cycle management; noted that while improvements are significant they may eventually normalize. " "

Recurring strength with cautious outlook – consistent volume and collection improvements across periods, though there is caution about long-term sustainability, maintaining a generally positive sentiment.

Advanced Wound Care Initiatives and DME Integration

Q2 2024: Launched Radiaderm with Sanara and signed agreements for advanced wound care projects, with clear DME integration through new equipment investments. " " Q3 2024: Highlighted robust growth with products like BIAKOS and HYCOL and significant revenue contributions expected in the coming year. " Q4 2024: Reported a 342% increase in advanced wound care revenue, integrating DME referrals. " " "

Q1 2025: Brief mention with wound care treatment revenue up by 133% YoY, though partly offset by lower negative pressure device sales; sentiment is that the initiative is still ramping up and holds future promise. " " "

Evolving from explosive growth to early-stage ramp-up – while previous periods showcased dramatic growth and integration progress, the current period reflects more modest increases with an outlook for further expansion, maintaining a positive yet measured sentiment.

Strategic Partnerships and New Agreements

Q2 2024: Announced the Smith+Nephew agreement along with engagements with other partners (Cork, Genadyne). " " Q3 2024: Launched three new agreements including one with Smith & Nephew, an exclusive North America distribution agreement with Sanara, and a biomedical services agreement with Dignitana. " Q4 2024: No mentions noted.

Q1 2025: Emphasized by outgoing CEO Richard DiIorio as key to diversified growth, highlighting major partnerships with GE Healthcare, Smith & Nephew, and Sanara MedTech. "

Consistent strategic focus – while a lull in Q4 is noted, the current period renews emphasis on leveraging high‐profile partnerships to drive growth, reflecting a persistently positive and diversified growth sentiment.

Pain Management and NOPAIN Act Impact

Q2 2024: Strong revenue growth (over 29%) with optimism about the NOPAIN Act boosting non‐opioid alternatives reimbursement. " " Q3 2024: Mixed messaging – robust current performance but concerns that the NOPAIN Act’s early impact might not be positive. " Q4 2024: Noted 23% revenue increase in pain management without discussing the NOPAIN Act. "

Q1 2025: Pain Management reported an 8.8% revenue increase; no mention was made of the NOPAIN Act, suggesting a deprioritization or uncertainty regarding its immediate impact. "

Mixed messaging evolving to de-emphasis – earlier discussions weighed in on the potential of the NOPAIN Act; current period focuses solely on revenue growth, indicating a shift away from regulatory uncertainty toward core performance metrics.

Cash Flow Generation and Financial Performance

Q2 2024: Operating cash flow reached $2.3M with record net revenue and modest improvements in margins. " Q3 2024: Operating cash flow surged to $9.8M with record net revenue, improved margins and EBITDA. " " Q4 2024: Operating cash flow set an all-time annual record at $7.9M in Q4 and full-year operating cash flow reached $20.5M, with reduced net debt and strong liquidity. "

Q1 2025: Operating cash flow improved nearly fourfold YoY to $1.8M for the quarter, strong liquidity over $47.6M and net revenue of $34.7M with 8.5% growth; adjusted EBITDA and gross margins showed significant improvement. " " "

Robust and continuously improving – consistent record-setting cash flow and strong financial performance from Q2 through Q1, illustrating a very positive sentiment with strategic capital management and improved profitability metrics.