- **Revenue Growth**: Q3 2025 revenue $11.6M (+57% YoY), driven by 30% new accounts and 3% sequential growth.
- **Product Expansion**: TriNav FLX adoption 35% of mix, TriNav XP shows 100% technical success in early cases.
- **Clinical Momentum**: Thyroid embolization registry demonstrates 73% size reduction, 71% thyroid function normalization.
- **Financial Health**: Adjusted EBITDA loss $5.4M (vs $7.1M prior year), $22.7M cash balance.
- **2026 Outlook**: 50%+ growth target supported by GAE trial launch and uterine artery embolization expansion.

**【CEO Summary Section】**
- Q3 2025 revenue reached $11.6 million, up 57% YoY, driven by 30% increase in unique ordering accounts and 3% sequential growth. 
- Launched TriNav FLX for low-bar liver embolization and TriNav XP for uterine artery embolization, with FLX already accounting for 35% of product mix.
- Expanded clinical pipeline with genicular artery embolization (GAE) trial for knee osteoarthritis and thyroid embolization registry showing 71% thyroid function normalization.
- Reimbursement expansion: CMS code C8004 doubles mapping procedure utilization, with 100% technical success in thyroid studies.

**【CFO Financial Commentary】**
- Gross margin 84% (vs 86% prior year), impacted by new product ramp costs.
- R&D expenses $5.2M (+24% YoY) due to nelitolimod study closeout costs.
- Sales & marketing $6.8M (+13% YoY) driven by performance-based comp.
- Adjusted EBITDA loss $5.4M (improvement from $7.1M prior year).
- Cash balance $22.7M, with debt covenant reduced to $5M.

**【Q&A Highlights】**
- 2026 growth: Management reaffirms 50%+ revenue target, citing GAE trial launch and uterine artery embolization adoption.
- Product adoption: FLX adoption rate 35% of mix, XP early feedback shows 100% technical success in 20+ cases.
- Market expansion: Thyroid embolization registry shows 73% reduction in thyroid size, 71% thyroid function normalization.
- Gross margin outlook: CFO expects stabilization in Q4 2025 as production scales.

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