Total Revenue

+14% (from $13.69M to $15.6M)

Total Revenue increased by 14% driven by overall revenue expansion despite challenges in some segments; underlying drivers include strong contributions from pharma growth that partially offset the decline in plasma revenue, reflecting incremental gains over Q4 2023. " "

Pharma Industry Revenue

+154% (from $1.7M to $4.32M)

Pharma revenue surged by 154% due to the aggressive expansion in patient affordability programs and higher fee structures, demonstrating a shift towards higher-margin revenue streams relative to Q4 2023. " "

Plasma Industry Revenue

-6% (from $11.52M to $10.8M)

Plasma revenue declined by about 6% likely due to reduced donation rates or fewer plasma center contributions compared to the previous period, which offset some of the revenue gains from other segments. " "

Gross Profit

+29% (from $7.14M to $9.20M)

Gross profit increased by 29% as a result of higher pharma contributions and improved margins, even though the plasma segment provided a modest gain; the overall cost structure benefitted from increased high-margin activities in Q4 2024 relative to the prior year. " "

Operating Expenses

+34% (from $6.51M to $8.73M)

Operating expenses surged by 34% driven by significant increases in compensation, benefits, technology, and depreciation costs tied to ongoing investments in personnel and platform enhancements, which constrained margins compared to Q4 2023. " "

Operating Income

-27% (from $632K to $464K)

Operating income declined by 27% as the rapid rise in operating expenses outpaced revenue growth, highlighting the impact of higher cost structures on profitability despite improvements in gross profit. " "

Net Income

-75% (from $5.62M to $1.37M)

Net income dropped approximately 75% despite higher revenues and gross profit because the steep increase in operating expenses and other cost factors (possibly including non-operating expenses and tax adjustments) severely compressed final profitability compared to Q4 2023. " "

Total Revenue

FY 2025

$56.5–$58.5M, reflecting 20%–24% YoY "

$68.5–$70M, reflecting 17.5%–20% YoY "

raised

Gross Profit Margins

FY 2025

54%–55% "

62%–64% "

raised

Operating Expenses

FY 2025

$30–$32M "

$47.5–$50M "

raised

Depreciation and Amortization Expense

FY 2025

$6M "

$10.5–$11.5M "

raised

Stock-Based Compensation

FY 2025

$2.6M "

$6M "

raised

Interest Income

FY 2025

$3.1M "

$2.8M "

lowered

Net Income

FY 2025

$3–$3.5M "

Approximately breakeven "

lowered

Adjusted EBITDA

FY 2025

$9–$10M "

$12.5–$13.5M or $0.22–$0.24 per diluted share "

raised

Fully Diluted Share Count Outstanding

FY 2025

55.5–56M "

56.5M shares "

raised

Plasma Revenue

FY 2025

no prior guidance

Approximately 57.5% of total revenue "

no prior guidance

Pharma Revenue

FY 2025

no prior guidance

At least 100% YoY "

no prior guidance

Patient Affordability Business Growth

Q1 reported a 305% revenue increase with expansion into retail programs and a robust pipeline. " Q2 showed a 267% growth with additional programs and strong contribution to overall revenue. " Q3 highlighted triple‐digit growth rates (219% YoY) and solid pipeline expansion driven by new and expanded programs. " "

Q4 saw the segment grow by 212% YoY with 33 net programs added and a robust sales pipeline that is expected to continue into 2025, indicating sustained growth. " " "

Consistently positive and bullish – While the exact growth percentages fluctuate, the strong pipeline and steady addition of programs underline enduring strength.

TAM Opportunities in Patient Affordability

Q1, Q2, and Q3 consistently estimated the TAM to be north of $500 million, highlighting the sizeable market opportunity. " " "

Q4 discussed a large total addressable market in the context of acquiring Gamma Innovation, which broadens the market perspective by integrating SaaS capabilities. "

Consistent emphasis with enhanced focus – The topic remains central, but Q4 adds strategic weight by linking TAM to an acquisition that could further expand market opportunities.

Securing Pharmaceutical Contracts and Expanding Market Share

Q1 emphasized securing pharma contracts, expanding into retail drug programs, and leveraging industry events like the Asembia Summit for future wins. " " Q2 detailed the importance of master service agreements (MSAs) and new client acquisitions. " " Q3 noted transitioning competitor programs and winning key accounts as part of their competitive strategy. "

In Q4, the narrative continued with significant contract wins, expanding client relationships and leveraging strategic acquisitions to further differentiate and grow market share. " " " "

Steadily bullish – The focus on pharma contracts and market share remains a key growth driver, with Q4 reinforcing the theme through strategic initiatives.

Plasma Business Challenges and Oversupply Risks

Q1 and Q2 did not highlight oversupply issues; Q3 mentioned challenges like staffing shortages and weather-related impacts on donation volumes. " "

Q4 explicitly addressed oversupply risks—attributed to post‐COVID overproduction and increased plasma yields—resulting in a 6.2% decline in plasma revenues, revealing quantifiable negative impacts. " "

Emerging concerns – While earlier periods focused on staffing and weather, Q4 introduces overt oversupply risks with clear revenue impact, signaling growing challenges.

Acquisition of Gamma Innovation and Entry into a High‑Margin SaaS Market

Not mentioned in Q1, Q2, or Q3.

Q4 introduced the acquisition of Gamma Innovation LLC as a strategic move to enter the high‑margin SaaS market and to provide integrated solutions across plasma and pharmaceutical engagement. " "

New and strategically significant – This is a new development with potential for large future impact by broadening the company’s solution set and market reach.

Revenue Seasonality in Patient Affordability Programs

Q1 did not specifically address seasonality; Q3 noted that the first quarter is typically strong due to resetting claims after year-end, and Q2 did not elaborate on seasonal trends. " "

Q4 provided explicit detail that higher revenue is expected in the first half of the year due to out-of-pocket deduction dynamics, with revenue generally declining in later quarters. " "

Consistent understanding with clearer articulation – Although the seasonality concept has been known, Q4 offers a more detailed explanation of its impact on revenue flow.

Operational and Investment Risks

Q2 discussed investments in IT and personnel, contractual obligations through MSAs, and the need to maintain service quality. Q3 detailed staffing shortages and legal expense challenges (including an unexpected settlement). " " " " " " Q1 did not address these issues.

Q4 did not specifically mention staffing, legal, or contractual risks.

Less emphasized in Q4 – Previously discussed risks appear to be downplayed or resolved in the latest period, suggesting either improvement or a strategic shift in focus.

Competitive Risks from Lack of Patent Protection

Q3 mentioned that while the company relies on unique processes and algorithms, the intellectual property is not patented; this was noted as a calculated decision to avoid unnecessary costs. "

Q4 did not mention any competitive risks associated with lack of patent protection.

Dropped in Q4 – The absence of this discussion in Q4 suggests it is either less of a concern or no longer considered a differentiator.

Domestic Market Limitations Affecting Future Expansion

Not mentioned in any of the prior quarters.

Not mentioned in Q4.

Not applicable – This topic has not been discussed in the available periods.