Total Revenue

12% decline (from $32.0M to $28.1M)

Total Revenue fell 12% YoY primarily due to a significant decline in the Medical Device segment—especially the steep 73% drop in License Fees – SurVeil DCB (from $1.1M to $0.3M)—which more than offset a modest 4% increase in In Vitro Diagnostics revenue. " " "

Medical Device Segment

16% decline (from $24.8M to $20.7M)

Medical Device revenue dropped 16% YoY largely because the high-margin license fee sub-segment for SurVeil DCB collapsed by roughly 73%, reflecting the absence of the prior-year boost from initial orders, thereby dragging down the overall segment revenue despite potential stability in other product lines. " " "

In Vitro Diagnostics (IVD)

4% increase (from $7.1M to $7.4M)

IVD revenue showed modest resilience, rising 4% YoY, which suggests that normalized purchasing patterns and steady demand helped counter deeper declines in other segments, even though the overall revenue mix shifted unfavorably. " " "

Operating Performance

Swing from an operating income of $659K to a loss of $4.01M

Operating performance deteriorated sharply as the decline in core revenue combined with rising costs pushed the operating income into a loss—a reversal from a modest profit in the prior period—highlighting increased cost pressures and challenges in sustaining the previously robust margins. " "

Net Income

Swing from a profit of $247K to a loss of $5.21M

Net income swung dramatically due to the compounding effect of lower revenues, especially in the Medical Device segment, and higher operating expenses; this shift magnified the impact on the bottom line, turning a small profit into a significant loss. " "

R&D Expenses

Increased by about 30% (from $2.448M to $3.185M)

R&D expenses rose by 30% YoY as the company increased its investment in new product development and continued advancement in platforms like Pounce thrombectomy and Sublime radial access, indicating a strategic push for innovation despite short-term cost pressures. " "

SG&A Expenses

Increased by about 15% (from $13.093M to $15.045M)

SG&A expenses grew by 15% YoY largely driven by merger-related charges and increased administrative costs, reflecting an integration cost burden that was not present in the prior period and had a direct impact on overall margins. " "

Total Assets

Declined by roughly 10.7% (from $182.8M to $163.2M)

Total assets decreased by 10.7% YoY primarily due to a contraction in current assets, driven by lower cash balances and reduced investments (e.g., available-for-sale securities), reflecting the operational challenges and tighter liquidity conditions compared to the previous period. " "

Cash and Cash Equivalents

Fell by about 11% (from $33.03M to $29.18M)

Cash and cash equivalents decreased by approximately 11% YoY as lower revenue inflows and higher operational outflows combined with reduced liquidity measures, signaling cash flow pressures relative to the prior period. " "