The company achieved $764.16 million in revenue during 2025, a 24.95% increase versus 2024's $611.56 million. Strong surgeon adoption drove full-year 2024 surgical revenue growth of 29% with surgical volume growth of 19% and average revenue per procedure growth of 8%. 2026 guidance was raised for both revenue and Adjusted EBITDA, driven by innovation, surgeon adoption, and operational leverage.
Cyborg Score Rationale
Q4 and full-year 2025 saw 20% and 25% revenue growth, respectively, with strong margin expansion and positive free cash flow. The company is scaling a minimally invasive spine ecosystem with growing surgeon adoption and raised 2026 guidance. Net losses remain substantial, tempering the score from exceptional.
Top Insights
Revenue grew 25% in 2025 to $764M, demonstrating strong procedural volume expansion and market share gains in a competitive spine device market.
Active surgeon network users increased 26% year-over-year in Q3 2025 to 700+, indicating deep ecosystem adoption and potential for further procedure growth.
Losses narrowed to $143.36M in 2025 versus 2024, while achieving positive free cash flow and strong margin expansion, signaling improving unit economics.
Named Competitors
Globus Medical — Spinal fusion implants and surgical technologies
Zimmer Biomet Spine — Orthopedic and spine implant solutions
Medtronic Navigation & Spine — Spine surgery systems and neuromonitoring
Stryker Spine — Spine implants and surgical technologies
Recent Developments
(February 2026) Q4 2025 earnings announced with 25% full-year revenue growth and raised 2026 guidance for revenue and Adjusted EBITDA
(April 2026) Filed proxy statement for shareholder voting and corporate governance matters
(Q3 2025) Surgeon network active users grew 26% year-over-year to 700+
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