Financial Data and Key Metrics Changes - The company reported record sales results for Q4 2025, with net product revenue of $225.1 million, up 78% year-over-year and up 50% sequentially, exceeding the high end of guidance [14][5] - Advanced wound care net product revenue was $217.2 million, reflecting an 83% increase year-over-year, while Surgical and Sports Medicine products saw a 2% decline to $7.9 million [14][5] - Gross profit for Q4 was $175.2 million, or 78% of net product revenue, compared to 75% in the previous year, primarily due to a shift in product mix [16] - Operating income surged to $63.3 million, a 519% increase from $10.2 million last year, with adjusted net income reaching $52.9 million compared to $8.8 million last year [18][19] Business Line Data and Key Metrics Changes - Advanced wound care products drove significant revenue growth, while Surgical and Sports Medicine products experienced a slight decline [14][5] - The PuraPly family of products contributed to a 12% increase in sales for the full year 2025 [15] Market Data and Key Metrics Changes - The company anticipates a decline in total net revenue for 2026 in the range of 25%-38% year-over-year due to clinician confusion stemming from recent CMS comments [21] - The first quarter of 2026 is expected to see revenue declines of approximately 50% year-over-year, with a recovery anticipated in the second half of the year [22] Company Strategy and Development Direction - The company is focused on expanding its portfolio and capabilities, including a new manufacturing and R&D center in Rhode Island to support growth and product development [11] - The ReNu program is positioned as a transformational opportunity, with a rolling BLA submission expected to be completed in the first half of 2026 [12] - The company aims to leverage its comprehensive portfolio across multiple FDA classifications to gain market share in the evolving reimbursement landscape [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth despite challenges in early 2026, citing the potential for significant market share gains in the latter half of the year [10][26] - The company believes that the recent CMS policy changes represent a watershed moment for the industry, enhancing access to PMA products [10] Other Important Information - The company had $94.3 million in cash equivalents as of December 31, 2025, down from $136.2 million the previous year, but remains well-capitalized with no outstanding debt [20] Q&A Session Summary Question: How much of the advanced wound care growth is due to inventory pull-forward ahead of reimbursement changes? - Management indicated that there was not a significant amount of inventory pull-forward as products are primarily used on patients, and aggressive pricing tactics were not observed [28] Question: Can you bridge the gap between Q4 results and the forecasted decline for 2026? - Management noted that while Q1 will be challenging due to clinician confusion, they expect to gain market share and improve competitive dynamics throughout the year [29][30] Question: Are there signs of confidence in share gains moving forward? - Management observed early signs of changes in competitive dynamics and noted that aggressive pricing pressure is expected to be transitory [32][33]

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