MedTech Acquisition Corporation

First-quarter 2026 revenue was $8.9 million, down from $9.2 million in the prior-year period. Gross margin was 86% versus 84% a year ago. R&D expense was about $3.2 million versus $3 million; sales and marketing was about $7.4 million versus $6.7 million; G&A was about $5.4 million versus $5.2 million. Net operating loss was $8.4 million versus $7.3 million, and adjusted EBITDA loss was about $5.8 million versus $5.5 million. Cash and cash equivalents were $56.6 million as of March 31, 2026. For 2026, management lowered revenue guidance to $54 million to $57 million. They still expect TriNav Advance clearance in the second half of the year, but said the launch is now not included in second-half revenue expectations because FDA review is running about 5 months past the 30-day MDUFA goal.

Mary Szela framed the quarter as a deliberate investment phase, saying the company had outgrown its prior sales structure and needed a larger, more capable commercial organization to cover existing liver embolization business and new applications. She emphasized that the Q1 revenue softness was tied to territory realignment, onboarding, and training, not to weaker demand, and said the expanded team was largely in place by May. Her tone was confident and strategic, with heavy emphasis on building a multi-year growth engine through commercial scale, new clinical evidence, and future product launches.

David Patience said the quarter reflected the cost of the commercial build-out, not deteriorating fundamentals. He cited 86% gross margin, supported by lower average unit cost on TriNav and manufacturing improvements, along with $56.6 million in cash and cash equivalents at quarter-end. He also noted the expense mix: roughly $3.2 million of R&D, $7.4 million of sales and marketing, and $5.4 million of G&A, each higher mainly due to stock compensation or the salesforce expansion. He said the company’s cash position fully funds its strategic growth plan and that gross margins remain durable in the mid-80s.

Analysts focused on how much the salesforce transition hurt Q1 and how quickly the business can recover. Management said roughly 60% of territories were not disrupted and performed as expected, while the 40% that were changed saw temporary disruption from new reps, territory realignment, and time spent training. On hiring, Mary said the organization ended up slightly larger than originally planned because the company attracted unusually strong talent. On timing, David said Q2 should see only a marginal sequential improvement, with more meaningful progress in Q3 and Q4 as reps exit training and become productive.