Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call reveals mixed signals: strong revenue growth and positive reception of nPulse, but increased non-GAAP costs and cash burn raise concerns. The strategic focus on partnerships and regulatory progress is promising, yet the lack of clear timelines for product releases and the decline in cash reserves temper optimism. The market may react cautiously, resulting in a neutral stock price movement.
Total Revenue (Q4 2025) $264,000, up from $86,000 in Q3 2025. Sequential growth driven by both capital and disposable devices.
Cost of Product Revenue (Q4 2025) $260,000, slightly lower on a sequential basis compared to Q3 2025.
Total GAAP Costs and Expenses (Q4 2025) $18.5 million, decreased by $1.7 million compared to $20.3 million in the prior year period. Decrease driven by a reduction in nonrecurring expenses.
Total Non-GAAP Costs and Expenses (Q4 2025) $13.3 million, increased by $2 million compared to $11.3 million in the prior year period. Increase driven by clinical trial and early commercial launch activity.
GAAP Net Loss (Q4 2025) $17.4 million, compared to $19.4 million in the prior year period. Decrease attributed to reduced GAAP costs and expenses.
Non-GAAP Net Loss (Q4 2025) $12.2 million, compared to $10.4 million in the prior year period. Increase due to higher clinical trial and commercial launch activity.
Cash and Cash Equivalents (End of 2025) $80.7 million, compared to $118 million at the end of 2024. Decrease of $14.5 million versus Q3 2025, driven by operating activities.
Cash Used in Operating Activities (Q4 2025) $14.8 million, compared to $9.1 million in the prior year period and $13 million in Q3 2025. Increase reflects investment in pivotal trials, device scaling, and commercialization.
Nanosecond Pulsed Field Ablation (nsPFA) Platform: Developed to shift medical treatment from extreme heat or cold to precise nanosecond pulsed field ablation. Offers precision, fast speeds, and a healing advantage. Added 67 issued and 77 pending patents in 2025, totaling 250 granted patents and 180 pending.
nPulse Cardiac Catheter System: World's first one-shot ablation solution for atrial fibrillation. Demonstrated 100% procedural success at 6 months and 96% at 1 year in European studies. CE Mark submission expected in 2026.
nPulse Vybrance Percutaneous Electrode System: Used for soft tissue ablation, particularly benign thyroid nodules. Generated $264,000 in Q4 revenue. Collaborating with MD Anderson Cancer Center for thyroid tumor treatment.
European Market Expansion: Expanded treatment of patients in European feasibility studies for cardiac platforms, generating robust data for CE Mark submission.
Strategic Partnerships: Actively pursuing partnerships with mapping providers and EP market leaders to accelerate global launch of nsPFA technology.
Clinical Development: Secured IDE approvals for electrophysiology catheter and cardiac surgical clamp programs. Progressing pivotal trials and European feasibility studies.
Financial Management: Maintained disciplined expense management with $80.7 million in cash and cash equivalents at year-end 2025. Filed a $200 million shelf registration for financial flexibility.
Focus on Electrophysiology and Cardiac Surgery: Prioritizing clinical and market development for atrial fibrillation treatment. Targeting CE Mark approvals and strategic partnerships.
Soft Tissue Ablation Expansion: Expanding clinical scope of Vybrance platform to include benign and malignant thyroid tumors. Collaborating with MD Anderson Cancer Center.
Regulatory Approvals: The company is dependent on FDA indication clearance and CE Mark approval for its products. Delays or failures in obtaining these regulatory approvals could hinder market entry and revenue generation.
Clinical Trials: The success of the company's products relies heavily on the outcomes of ongoing and future clinical trials. Any unfavorable results or delays in these trials could impact the company's ability to commercialize its products.
Market Adoption: The company is taking a deliberate and limited approach to market adoption, which may slow revenue growth. Additionally, the need for evidence-based validation and reimbursement certainty could delay broader adoption.
Financial Sustainability: The company reported a net loss and is using significant cash for operations and clinical trials. While it has a strong balance sheet, continued losses could impact its ability to fund future activities.
Competitive Pressures: The company faces competition from existing ablation technologies and other emerging solutions. Failure to differentiate its products effectively could limit market share.
Supply Chain and Manufacturing: Scaling up device production and ensuring quality control are critical as the company moves toward commercialization. Any disruptions could delay product availability.
Strategic Partnerships: The company is pursuing strategic partnerships to accelerate market entry. Failure to secure these partnerships could slow commercialization and market penetration.
Clinical and Market Development Execution in 2026: Focus on commencing and completing enrollment in the nPulse cardiac catheter IDE study for electrophysiology, continuing European patient treatments to support CE Mark submission, and expanding IDE site activation for cardiac surgery. Aim to complete patient enrollment in 2026 and prepare for CE Mark submission by year-end.
Soft Tissue Ablation Development: Complete enrollment of the PRECISE benign thyroid nodule study, expand the study to 100 patients, deepen commercial utilization in key accounts, and demonstrate clinical advantages of the Vybrance nsPFA treatment. Plan to expand clinical scope to include malignant thyroid tumors in collaboration with MD Anderson Cancer Center.
European Feasibility Studies and CE Mark Submission: Use data from European feasibility studies to finalize CE submission for the nPulse cardiac catheter system in the second half of 2026, with potential CE Mark approval in 2027. File for CE Mark for the nPulse cardiac surgical clamp by the end of 2026.
Strategic Partnerships for Market Entry: Actively pursue strategic partnerships with mapping providers and EP market leaders to accelerate global commercial launch of nanosecond PFA technology.
Financial Guidance and Resource Allocation: Maintain disciplined expense management and ample liquidity to fund operations and clinical programs through major milestones in 2026. Recently filed a $200 million shelf registration to support balance sheet flexibility.
The selected topic was not discussed during the call.
The earnings call reveals mixed signals: strong revenue growth and positive reception of nPulse, but increased non-GAAP costs and cash burn raise concerns. The strategic focus on partnerships and regulatory progress is promising, yet the lack of clear timelines for product releases and the decline in cash reserves temper optimism. The market may react cautiously, resulting in a neutral stock price movement.
The earnings call highlights significant challenges: a GAAP net loss of $19.4 million, high cash burn, and competitive pressures. Despite initial revenue from product launches, financial sustainability is a concern. The Q&A reveals uncertainties in strategic partnerships and trial outcomes. These factors, coupled with increased costs and competitive risks, suggest a negative sentiment. Without strong guidance or partnerships, the stock is likely to face downward pressure.
The earnings call highlights strong strategic developments, including a new partnership in cardiac ablation and compatibility with major mapping systems. Despite increased expenses and net losses, the company maintains a solid cash position, indicating disciplined financial management. The positive aspects, such as the partnership and product compatibility, outweigh the negatives, suggesting a likely positive stock reaction.
The earnings call presents a mixed picture. Strong clinical progress and FDA clearances are positive, but the financials show widening losses and increased expenses, which are concerning. The market strategy shows promise, but regulatory and competitive risks remain. The Q&A section didn't reveal additional negative sentiment. Given the balance of positive clinical developments and financial concerns, the stock price is likely to remain stable in the near term, resulting in a neutral prediction.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.