• |
Med Tech segment delivers fourth consecutive quarter of over 20% revenue growth
|
• |
Reported Adjusted EBITDA of $2.2 million compared to ($0.2) million in the prior year
|
• |
Continues to expect to be cash flow positive for the full fiscal year 2026
|
• |
Raised full year FY 2026 guidance for net sales, Med Tech net sales growth, Adjusted EBITDA and Adjusted EPS
|
Quarter Ended
August 31, 2025
|
Pro Forma* YoY Growth
|
|
Net Sales
|
$75.7 million
|
12.2%
|
Med Tech Net Sales
|
$35.3 million
|
26.1%
|
Med Device Net Sales
|
$40.4 million
|
2.3%
|
• |
GAAP gross margin of 55.3%
|
• |
GAAP loss per share of $0.26
|
• |
Adjusted loss per share of $0.10
|
• |
Adjusted EBITDA of $2.2 million
|
• |
Ended fiscal 2026 first quarter with $38.8 million in cash and cash equivalents, ahead of expectations, continues to expect to be cash flow positive for the full year FY 2026
|
• |
First patients enrolled in both the AMBITION BTK and RECOVER-AV trials
|
• |
NanoKnife PRESERVE study published in the journal of European Urology
|
Guidance Metric
|
Guidance Action
|
Current Guidance
(as of October 2, 2025)
|
Previous Guidance
(as of July 15, 2025)
|
Net Sales
|
Increased
|
$308 - $313 million
|
$305 - $310 million
|
Med Tech Net Sales Growth
|
Increased
|
14% - 16%
|
12% - 15%
|
Med Device Net Sales Growth
|
Unchanged
|
Flat
|
Flat
|
Gross Margin
|
Unchanged
|
53.5% - 55.5%
|
53.5% - 55.5%
|
Adjusted EBITDA
|
Increased
|
$6.0 - $10.0 million
|
$3.0 - $8.0 million
|
Adjusted EPS
|
Increased
|
($0.33) – ($0.23)
|
($0.35) – ($0.25)
|
Free Cash Flow
|
Unchanged
|
Positive for full year FY 2026
|
Positive for full year FY 2026
|
Three Months Ended
|
||||||||||||||||
As Reported (1)
|
Pro Forma
Adjustments (2)
|
Pro Forma
|
||||||||||||||
Aug 31, 2025
|
Aug 31, 2024
|
Aug 31, 2024
|
Aug 31, 2024
|
|||||||||||||
(unaudited)
|
||||||||||||||||
Net sales
|
$
|
75,711
|
$
|
67,491
|
9
|
$
|
67,500
|
|||||||||
Cost of sales (exclusive of intangible amortization)
|
33,854
|
30,767
|
(2
|
)
|
30,765
|
|||||||||||
Gross margin
|
41,857
|
36,724
|
11
|
36,735
|
||||||||||||
% of net sales
|
55.3
|
%
|
54.4
|
%
|
54.4
|
%
|
||||||||||
Operating expenses
|
||||||||||||||||
Research and development
|
6,417
|
6,285
|
—
|
6,285
|
||||||||||||
Sales and marketing
|
28,130
|
25,605
|
—
|
25,605
|
||||||||||||
General and administrative
|
12,555
|
10,975
|
—
|
10,975
|
||||||||||||
Amortization of intangibles
|
2,653
|
2,570
|
—
|
2,570
|
||||||||||||
Change in fair value of contingent consideration
|
—
|
76
|
—
|
76
|
||||||||||||
Acquisition, restructuring and other items, net
|
2,758
|
4,311
|
154
|
4,465
|
||||||||||||
Total operating expenses
|
52,513
|
49,822
|
154
|
49,976
|
||||||||||||
Operating loss
|
(10,656
|
)
|
(13,098
|
)
|
(143
|
)
|
(13,241
|
)
|
||||||||
Interest income (expense), net
|
(4
|
)
|
606
|
—
|
606
|
|||||||||||
Other expense, net
|
(178
|
)
|
(173
|
)
|
—
|
(173
|
)
|
|||||||||
Total other income (expense), net
|
(182
|
)
|
433
|
—
|
433
|
|||||||||||
Loss before income tax benefit
|
(10,838
|
)
|
(12,665
|
)
|
(143
|
)
|
(12,808
|
)
|
||||||||
Income tax expense
|
65
|
133
|
—
|
133
|
||||||||||||
Net loss
|
$
|
(10,903
|
)
|
$
|
(12,798
|
)
|
$
|
(143
|
)
|
$
|
(12,941
|
)
|
||||
Loss per share
|
||||||||||||||||
Basic
|
$
|
(0.26
|
)
|
$
|
(0.31
|
)
|
$
|
(0.32
|
)
|
|||||||
Diluted
|
$
|
(0.26
|
)
|
$
|
(0.31
|
)
|
$
|
(0.32
|
)
|
|||||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
41,174
|
40,653
|
40,653
|
|||||||||||||
Diluted
|
41,174
|
40,653
|
40,653
|
Three Months Ended
|
||||||||||||||||
As Reported (1)
|
Pro Forma
Adjustments (2)
|
Pro Forma
|
||||||||||||||
Aug 31, 2025
|
Aug 31, 2024
|
Aug 31, 2024
|
Aug 31, 2024
|
|||||||||||||
(unaudited)
|
||||||||||||||||
Net loss
|
$
|
(10,903
|
)
|
$
|
(12,798
|
)
|
$
|
(143
|
)
|
$
|
(12,941
|
)
|
||||
Amortization of intangibles
|
2,653
|
2,570
|
—
|
2,570
|
||||||||||||
Change in fair value of contingent consideration
|
—
|
76
|
—
|
76
|
||||||||||||
Acquisition, restructuring and other items, net (3)
|
2,758
|
4,311
|
154
|
4,465
|
||||||||||||
Tax effect of non-GAAP items (4)
|
1,313
|
1,446
|
(3
|
)
|
1,443
|
|||||||||||
Adjusted net loss
|
$
|
(4,179
|
)
|
$
|
(4,395
|
)
|
$
|
8
|
$
|
(4,387
|
)
|
Three Months Ended
|
||||||||||||||||
As Reported (1)
|
Pro Forma
Adjustments (2)
|
Pro Forma
|
||||||||||||||
Aug 31, 2025
|
Aug 31, 2024
|
Aug 31, 2024
|
Aug 31, 2024
|
|||||||||||||
(unaudited)
|
||||||||||||||||
Diluted loss per share
|
$
|
(0.26
|
)
|
$
|
(0.31
|
)
|
$
|
(0.01
|
)
|
$
|
(0.32
|
)
|
||||
Amortization of intangibles
|
0.06
|
0.06
|
0.00
|
0.06
|
||||||||||||
Change in fair value of contingent consideration
|
0.00
|
0.00
|
0.00
|
0.00
|
||||||||||||
Acquisition, restructuring and other items, net (3)
|
0.07
|
0.10
|
0.00
|
0.10
|
||||||||||||
Tax effect of non-GAAP items (4)
|
0.03
|
0.04
|
0.00
|
0.04
|
||||||||||||
Adjusted diluted loss per share
|
$
|
(0.10
|
)
|
$
|
(0.11
|
)
|
$
|
0.00
|
$
|
(0.11
|
)
|
|||||
Adjusted diluted sharecount (5)
|
41,174
|
40,653
|
40,653
|
40,653
|
Three Months Ended
|
||||||||||||||||
As Reported (1)
|
Pro Forma
Adjustments (2)
|
Pro Forma
|
||||||||||||||
Aug 31, 2025
|
Aug 31, 2024
|
Aug 31, 2024
|
Aug 31, 2024
|
|||||||||||||
(unaudited)
|
||||||||||||||||
Net loss
|
$
|
(10,903
|
)
|
$
|
(12,798
|
)
|
$
|
(143
|
)
|
$
|
(12,941
|
)
|
||||
Income tax expense
|
65
|
133
|
—
|
133
|
||||||||||||
Interest expense (income), net
|
4
|
(606
|
)
|
—
|
(606
|
)
|
||||||||||
Depreciation and amortization
|
5,950
|
6,785
|
—
|
6,785
|
||||||||||||
Change in fair value of contingent consideration
|
—
|
76
|
—
|
76
|
||||||||||||
Stock based compensation
|
4,470
|
3,205
|
—
|
3,205
|
||||||||||||
Acquisition, restructuring and other items, net (3)
|
2,574
|
3,042
|
154
|
3,196
|
||||||||||||
Adjusted EBITDA
|
$
|
2,160
|
$
|
(163
|
)
|
$
|
11
|
$
|
(152
|
)
|
Three Months Ended
|
||||||||
(in thousands)
|
Aug 31, 2025
|
Aug 31, 2024
|
||||||
Legal (1)
|
$
|
213
|
$
|
507
|
||||
Plant closure (2)
|
2,345
|
3,589
|
||||||
Transition service agreement (3)
|
(302
|
)
|
(507
|
)
|
||||
Other
|
502
|
722
|
||||||
Total
|
$
|
2,758
|
$
|
4,311
|
(1) |
Legal expenses related to litigation that is outside the normal course of business.
|
(2) |
Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024.
|
(3) |
Transition services agreements that were entered into with Merit and Spectrum.
|
Three Months Ended
|
||||||||||||||||||||||||
As Reported (1)
|
Pro Forma
Adjustments (2)
|
Pro Forma
|
Actual
|
Pro Forma
|
||||||||||||||||||||
Aug 31, 2025
|
Aug 31, 2024
|
Aug 31, 2024
|
Aug 31, 2024
|
% Growth
|
% Growth
|
|||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||
Net Sales
|
||||||||||||||||||||||||
Med Tech
|
$
|
35,261
|
$
|
27,969
|
$
|
—
|
$
|
27,969
|
26.1
|
%
|
26.1
|
%
|
||||||||||||
Med Device
|
40,450
|
39,522
|
9
|
39,531
|
2.3
|
%
|
2.3
|
%
|
||||||||||||||||
$
|
75,711
|
$
|
67,491
|
$
|
9
|
$
|
67,500
|
12.2
|
%
|
12.2
|
%
|
|||||||||||||
Net Sales
|
||||||||||||||||||||||||
United States
|
$
|
66,456
|
$
|
59,481
|
$
|
10
|
$
|
59,491
|
11.7
|
%
|
11.7
|
%
|
||||||||||||
International
|
9,255
|
8,010
|
(1
|
)
|
8,009
|
15.5
|
%
|
15.6
|
%
|
|||||||||||||||
$
|
75,711
|
$
|
67,491
|
$
|
9
|
$
|
67,500
|
12.2
|
%
|
12.2
|
%
|
Three Months Ended
|
||||||||||||||||||||||||
As Reported (1)
|
Pro Forma
Adjustments (2)
|
Pro Forma
|
Actual
|
Pro Forma
|
||||||||||||||||||||
Aug 31, 2025
|
Aug 31, 2024
|
Aug 31, 2024
|
Aug 31, 2024
|
% Change
|
% Change
|
|||||||||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||
Med Tech
|
$
|
21,922
|
$
|
17,697
|
$
|
—
|
$
|
17,697
|
23.9
|
%
|
23.9
|
%
|
||||||||||||
Gross margin % of sales
|
62.2
|
%
|
63.3
|
%
|
63.3
|
%
|
||||||||||||||||||
Med Device
|
$
|
19,935
|
$
|
19,027
|
$
|
11
|
$
|
19,038
|
4.8
|
%
|
4.7
|
%
|
||||||||||||
Gross margin % of sales
|
49.3
|
%
|
48.1
|
%
|
48.2
|
%
|
||||||||||||||||||
Total
|
$
|
41,857
|
$
|
36,724
|
$
|
11
|
$
|
36,735
|
14.0
|
%
|
13.9
|
%
|
||||||||||||
Gross margin % of sales
|
55.3
|
%
|
54.4
|
%
|
54.4
|
%
|
Aug 31, 2025
|
May 31, 2025
|
|||||||
(unaudited)
|
(audited)
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
38,762
|
$
|
55,893
|
||||
Accounts receivable, net
|
42,643
|
42,890
|
||||||
Inventories
|
62,255
|
62,006
|
||||||
Prepaid expenses and other
|
12,996
|
7,535
|
||||||
Total current assets
|
156,656
|
168,324
|
||||||
Property, plant and equipment, net
|
31,066
|
32,300
|
||||||
Other assets
|
9,540
|
10,404
|
||||||
Intangible assets, net
|
68,380
|
69,116
|
||||||
Total assets
|
$
|
265,642
|
$
|
280,144
|
||||
Liabilities and stockholders' equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
31,882
|
$
|
33,291
|
||||
Accrued liabilities
|
27,657
|
35,518
|
||||||
Other current liabilities
|
8,743
|
7,388
|
||||||
Total current liabilities
|
68,282
|
76,197
|
||||||
Deferred income taxes
|
4,268
|
4,073
|
||||||
Other long-term liabilities
|
14,237
|
16,904
|
||||||
Total liabilities
|
86,787
|
97,174
|
||||||
Stockholders' equity
|
178,855
|
182,970
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
265,642
|
$
|
280,144
|
Three Months Ended
|
||||||||
Aug 31, 2025
|
Aug 31, 2024
|
|||||||
(unaudited)
|
||||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(10,903
|
)
|
$
|
(12,798
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
6,020
|
6,785
|
||||||
Non-cash lease expense
|
445
|
494
|
||||||
Stock based compensation
|
4,470
|
3,205
|
||||||
Change in fair value of contingent consideration
|
—
|
76
|
||||||
Deferred income taxes
|
(16
|
)
|
(339
|
)
|
||||
Change in accounts receivable allowances
|
108
|
270
|
||||||
Fixed and intangible asset impairments and disposals
|
(27
|
)
|
20
|
|||||
Other
|
264
|
121
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
139
|
3,784
|
||||||
Inventories
|
(192
|
)
|
(4,053
|
)
|
||||
Prepaid expenses and other
|
(5,525
|
)
|
(836
|
)
|
||||
Accounts payable, accrued and other liabilities
|
(10,697
|
)
|
(14,982
|
)
|
||||
Net cash used in operating activities
|
(15,914
|
)
|
(18,253
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Additions to property, plant and equipment
|
(731
|
)
|
(1,092
|
)
|
||||
Additions to placement and evaluation units
|
(820
|
)
|
(1,313
|
)
|
||||
Net cash used in investing activities
|
(1,551
|
)
|
(2,405
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Principal payments on finance arrangements
|
(91
|
)
|
—
|
|||||
Repurchase of common stock
|
—
|
(552
|
)
|
|||||
Proceeds from exercise of stock options and employee stock purchase plan
|
234
|
43
|
||||||
Net cash provided by (used in) financing activities
|
143
|
(509
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
191
|
116
|
||||||
Decrease in cash and cash equivalents
|
(17,131
|
)
|
(21,051
|
)
|
||||
Cash and cash equivalents at beginning of period
|
55,893
|
76,056
|
||||||
Cash and cash equivalents at end of period
|
$
|
38,762
|
$
|
55,005
|