Strong Third Quarter Performance
Q3 revenues increased 22% year-over-year to $26.1 million, with adjusted EBITDA at $5.1 million, an improvement of over $2 million from the same period last year.
Increased Guidance for 2025 and 2026
Guidance updated to $105 million - $109 million in revenue for 2025, with adjusted EBITDA between $16 million and $19 million. Initial guidance for 2026 projects revenue of $118 million to $124 million and adjusted EBITDA of $19 million to $22 million.
Operational Excellence and Debt Reduction
Paid down an additional $2 million on the term loan principal, with a total principal paydown for the year at $7.5 million. The company intends to continue debt reduction at an accelerated rate.
Gross Margin Expansion
Gross margin increased from 63.1% in Q3 2024 to 67.2% in Q3 2025, driven by favorable product mix and economies of scale.
Positive RFP Trends
Favorable RFP trends for 2026 with increased interest in both HCP and DTC channels, suggesting continued growth potential.