Strong First Quarter Revenue Growth
Total first quarter revenue increased 32% year-over-year to $65 million, with rental revenue also rising by 32% year-over-year and product sales increasing by 55%.
Gross Margin and Adjusted EBITDA Improvement
Gross margin increased by 300 basis points to 39%, and adjusted EBITDA improved to $19.7 million in the first quarter, a 59% increase compared to the prior year.
Record Rental and Product Sales
Rental and service revenues improved 23% year-over-year to $43 million, while product sales grew 55% year-over-year to $21 million.
Positive Full-Year Outlook
Full-year 2025 revenue expectations raised to $240 million to $252 million, with adjusted EBITDA expected between $64 million and $72 million, reflecting 13% revenue growth and 24% adjusted EBITDA growth over 2024.
Successful Share Repurchase Program
The company resumed its return of capital program, using $11 million to purchase 2% of outstanding shares and increasing share repurchase authorization to $100 million.