The quarter featured strong topline growth and significant margin expansion, though deeper operating losses resulted from restructuring costs and increased manufacturing investments.
Key takeaways
Revenue increased 13.2% to $29.6M, driven by a $2.8M increase in J&J MedTech sales volume, partially offset by lower pricing.
Gross margin expanded to 64.2%, resulting from higher sales activity, increased production volume, and lower inventory reserves and scrap.
Operating cash burn accelerated to -$4.8M, primarily due to inventory purchases for increased manufacturing production and safety stock build-up.