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, sales and marketing was about $7.4 million, G&A was about $5.4 million, net operating loss was $8.4 million, and adjusted EBITDA loss was about $5.8 million. Cash and cash equivalents were $56.6 million as of March 31, 2026. For 2026, management revised revenue guidance to $54 million-$57 million; TriNav Advance clearance is now expected in the second half, but the company removed Advance revenue expectations from the second half due to the timing uncertainty.

Mary Szela framed the quarter as a deliberate investment phase rather than a demand problem, saying the company expanded and realigned its commercial footprint to support a much larger opportunity in liver embolization and new applications. She said the 60% of territories that were not disrupted performed as expected, while the remaining 40% were intentionally reworked to improve long-term execution. Her tone was confident and strategic, emphasizing that the new field organization, added management layer, and incoming clinical evidence should drive growth over time.

David Patience highlighted that the business remained gross-margin durable, with gross margin at 86% versus 84% last year, and said the Q1 revenue shortfall was tied to the commercial expansion. He pointed to higher sales and marketing spending at about $7.4 million and noncash stock-based compensation embedded across R&D, S&M, and G&A, while noting cash and cash equivalents of $56.6 million at quarter-end. He said the cash position fully funds the strategic growth plan and that the company is investing in commercial capacity and PEDD evidence generation to support the next phase of growth.

Analysts focused on how much the sales-force transition affected Q1, whether hiring to the expanded organization was complete, and how revenue should ramp through the year. Management said the disruption was concentrated in the 40% of territories where both rep-to-physician and rep-to-manager relationships were changed, that the new organization is largely in place, and that rep ramp typically takes 6 to 9 months. On the revenue cadence, David Patience said Q2 should be a marginal sequential gain and that more meaningful progress should come in Q3 and Q4.