Highlights, Q4 2025 compared to Q4 2024
Revenue was $241.8M, up $18.4M or 8.3%.
Operating income was $29.7M, up $8.0M or 36.6%, representing 12.3% of revenue compared to 9.7% in Q4 2024.
Adjusted EBITDA* was $51.3M, up $8.4M or 19.7%, representing $0.71 per share, up $0.12.
Adjusted EBITDA margin* stood at 21.2% up 200 bps compared to 19.2% in Q4 2024.
Highlights, Fiscal 2025 compared to 2024
Revenue was $913.5M, up $45.8M or 5.3%.
Accessibility growth of 5.4% including growth of 7.4% in North America and 2.3% in Europe.
Patient Care revenue increased by 4.8%.
Gross profit was $353.8M, up $32.1M or 10.0%, representing 38.7% of revenue, an increase of 160 bps compared to 37.1% in 2024.
Operating income was $105.4M, up $21.2M or 25.2%, representing 11.5% of revenue compared to 9.7% in 2024.
Net earnings were $68.8M or $0.95 per share on a diluted basis, compared to $48.5M or $0.68 per share in 2024.
Adjusted EBITDA* was $186.3M, up $25.0M or 15.5%, representing $2.59 per share, up $0.34.
Adjusted EBITDA margin* stood at 20.4% up 180 bps compared to 18.6% in 2024.
Accessibility adjusted EBITDA margin reached 22.3%.
Patient Care adjusted EBITDA margin stood at 19.4%.
Net debt* of $191.5M decreased from $262.7M as at December 31, 2024 with a ratio of net debt to adjusted EBITDA* of 1.03 in comparison to 1.63.
Available funds* of $311.7M to support working capital, investments and growth opportunities.
Q4
YTD
in thousands of dollars, except percentages and per-share amounts
2025
2024
Change
2025
2024
Change
Revenue
$
241,779
$
223,340
8.3
%
$
913,527
$
867,762
5.3
%
Gross profit
$
93,940
$
84,224
11.5
%
$
353,805
$
321,712
10.0
%
% of revenue
38.9
%
37.7
%
120 bps
38.7
%
37.1
%
160 bps
Operating income
$
29,735
$
21,772
36.6
%
$
105,380
$
84,137
25.2
%
Net earnings
$
20,505
$
14,333
43.1
%
$
68,770
$
48,510
41.8
%
Diluted net earnings per share
$
0.28
$
0.20
40.0
%
$
0.95
$
0.68
39.7
%
Adjusted net earnings*
$
26,095
$
19,269
35.4
%
$
86,892
$
64,795
34.1
%
Adjusted net earnings per share*
$
0.37
$
0.26
