Total Revenue

Approximately 8% increase (from $103.22M to $111.52M)

The rebound in revenue in Q4 2024 was driven by stronger performance in key geographic segments—especially the United States ($64.45M), supported by solid contributions from Spain ($12.82M) and Other Countries ($34.35M)—indicating a recovery from earlier seasonality and market dynamics seen in Q3 2024. "

Operating Loss

Widened by approximately 31% (from $4.84M to $6.33M)

Despite the revenue rebound, operating loss increased as higher operating expenses, including increased investments in R&D, escalated SG&A costs (linked to investments in the U.S. direct sales force and stranded costs from the spine business sale), and other expense pressures, outpaced revenue improvements relative to Q3 2024. " "

Net Loss

Expanded dramatically (from $2.28M to $11.77M, >400% increase)

Net loss widened significantly in Q4 2024, reflecting a substantial deterioration in the bottom line. The enlargement of loss indicates that underlying cost pressures and non-operating expenses—from cost-of-products increases to one-off charges—were not sufficiently offset by the modest revenue gains seen when compared to Q3 2024. " "

Basic Loss Earnings per Common Share

Deteriorated from –$0.11 to –$0.43

The worsening of basic loss EPS is directly tied to the significant increase in net loss, suggesting that the per-share financial performance suffered due to the amplified losses and unfavorable cost dynamics experienced when moving from Q3 to Q4 2024. " "

Income from Discontinued Operations

Swung from a gain of $0.76M in Q3 2024 to a loss of $2.10M in Q4 2024

The reversal reflects the final adjustments and one-time transaction-related charges around the spine segment sale. The change encompasses impacts from the Deferred Transfer Locations and Transition Services Agreement adjustments, which shifted this metric from a positive outcome in Q3 2024 to a negative result in Q4 2024. " "

Revenue

FY 2025

$450–455 million "

$445–460 million "

no change

Adjusted EBITDA

FY 2025

$60–62 million "

$65–70 million "

raised

Adjusted Earnings Per Share

FY 2025

$0.57–$0.62 "

$0.80–$0.95 "

raised

Share-Based Compensation Expense

FY 2025

~$6.3 million "

$15–16 million "

raised

Interest Expense

FY 2025

no prior guidance

$7.5–8 million "

no prior guidance

Capital Expenditures

FY 2025

no prior guidance

$11–14 million "

no prior guidance

Operating Cash Flow

FY 2025

no prior guidance

$30–40 million "

no prior guidance

GAAP Operating Income

FY 2025

no prior guidance

positive "

no prior guidance

Net Sales

Q1 2025

no prior guidance

$112–114 million "

no prior guidance

Adjusted EBITDA Margin

Q1 2025

no prior guidance

14%–15% "

no prior guidance

Digital Dentistry Solutions Growth

Consistently highlighted in Q1 (50% guided surgery growth and high renewal rates " " ), Q2 (high single‐digit growth and strong adoption of RealGUIDE and Implant Concierge " " ), and Q3 (over 10% digital portfolio growth driven by RealGUIDE 5.4 and Medit partnership " " " ).

In Q4, the narrative emphasizes record revenue for the digital dentistry business with over 20% Q4 growth and plans to expand commercial reach. "

Consistently positive and strengthening – the emphasis has increased as digital solutions drive growth and customer retention, reinforcing a bullish long‐term outlook.

Improved Gross Margins & Operational Efficiencies

Q1 discussed wide-ranging cost reductions from manufacturing automation to streamlined corporate infrastructure. " " " Q2 emphasized ongoing efficiency initiatives and cost improvements with stable product mix. " " Q3 showcased sequential gross margin improvement (260 basis points) via restructuring, particularly at Valencia. " "

Q4 reported a major 420 basis point improvement in EBITDA margin along with achieving 65% gross margins by reducing manufacturing inefficiencies and optimizing cost structure. " "

Progressively improving – gains have accumulated over the periods, with a clear and increasingly positive impact on margins, highlighting effective cost management for future competitiveness.

Mixed Signals in Dental Implant Market

Q1 noted declining high‐margin implant cases balanced by strong digital and biomaterials performance. " " " Q2 described both production scaling potential and pressure on implant cases. " " Q3 reiterated softness in international segments and U.S. implant challenges even as digital adoption grew. " " "

In Q4, mixed signals persist with continued challenges in high‐margin implant cases and specialist-driven procedures, though strengths in digital solutions and biomaterials partly offset the weaknesses. " " " "

Cautiously optimistic but uncertain – the theme remains a key risk area, with ongoing pressures in traditional implant segments being counterbalanced by digital and ancillary portfolio strengths.

Capital Equipment Sales Pressure

Q1 observed lower iTero sales contributing to a decline in U.S. sales. " " Q2 detailed pressure on oral scanners and iTero with discussions of new product launches and strategic partnerships (e.g. Medit and Lumina) to remedy the situation. " " Q3 highlighted that softness in oral scanner sales (including iTero) acted as a drag on overall performance. " " "

Q4 discussion centers on persistent pressure on oral scanners and notes that while levels are low, the expectation is a return to normalcy after Q1 2025; iTero is not specifically mentioned in Q4. "

Consistently negative with strategic mitigation – ongoing pressure remains a concern, but efforts such as new product introductions and partnerships signal potential recovery.

Regional Market Performance Discrepancies

Q1 reported a decline in U.S. implant performance but noted strength in digital and biomaterials. " " Q2 provided detailed comparisons showing U.S. modest gains versus international declines and highlighted Asia Pacific challenges. " " Q3 explicitly discussed strong U.S. digital momentum versus soft international orders impacted by timing and macroeconomic pressure. " " "

In Q4, the U.S. segment shows slight declines driven by weaker implants and scanners while international segments also face modest declines; however, growth in digital solutions and biomaterials continues to support overall performance. "

Persistent regional divergence – U.S. markets remain relatively robust due to digital momentum, whereas international markets continue to face headwinds, underscoring a cautious near‐term outlook.

Ongoing Cost Reduction Initiatives

Q1 highlighted efforts to cut corporate, IT, and legal expenses while sharing plans to streamline operations. " " " Q2 focused on operational initiatives, supply chain optimization, and TSAs to lower costs. " " " Q3 emphasized manufacturing efficiency improvements at the Valencia plant, resulting in sequential cost reductions. " "

Q4 continued the theme with reported reductions (e.g., a 240 basis point drop in product costs) and significant EBITDA margin expansion (420 bps), confirming the success of ongoing initiatives. " " "

Steadily positive – cost reduction efforts have been consistent and are now yielding tangible results, boosting margins and the company’s financial profile for long-term growth.

Enhanced Production Scaling at Valencia

Not mentioned in Q1 and Q2; in Q3, details emerged about moving high-runner production (TSX implants) to Valencia, achieving a 20% cost benefit and improved capacity utilization. "

Q4 reaffirms scalable capacity at Valencia with plans to further transition production volumes and in-source specialized production, positioning the company for potential implant market recovery. "

New and promising – introduced in Q3 and reinforced in Q4, this capability signals proactive preparation for anticipated market recovery and cost efficiency.

Emerging Product Challenges

Q2 introduced challenges with delays in Lumina's restorative launch and uncertainty in patient backlog forecasting, with Q3 reiterating some backlog uncertainties " " " " (only Q2 and Q3 contained these details).

Q4 does not mention emerging product challenges, suggesting that these issues may have been resolved or de-emphasized in the latest narrative.

Diminishing focus – while initially a concern in Q2 (and partially in Q3), the absence of discussion in Q4 indicates a de-prioritization or resolution of these product challenges.

Underperformance in Ancillary Segments

Q1 mentioned some concerns with declining same‐store sales linked to macroeconomic factors. " " " Q2 described modest growth in biomaterials, and Q3 confirmed healthy performance and leading-indicator status of the segment. " "

Q4 highlights a 2% growth in biomaterials and positive customer additions, with no specific mention of same‐store sales declines, thereby emphasizing robust ancillary performance. " "

Improving sentiment – what was earlier a concern in Q1 has shifted toward a favorable outlook in Q3 and Q4 as ancillary segments, particularly biomaterials, demonstrate resilience and growth.

Narrowing Revenue Guidance & Forecasting Uncertainties

Q1 provided cautious guidance with modest revenue growth expectations. " Q2 maintained a full-year range while noting seasonal softness and market challenges. " " Q3 explicitly narrowed full-year guidance to $450–$455 million due to evolving forecasting uncertainties from timing and macroeconomic pressures. " " "

In Q4, while revenue guidance details are still provided for 2025 (e.g., $445–$460 million) with assumptions for market stability, there is no explicit reference to further narrowing or new forecasting uncertainties. "

Mixed emphasis – after clear caution and narrowing in Q3, Q4 appears to integrate these uncertainties into established guidance, suggesting that while challenges remain, the outlook has been normalized rather than heightened.