Good morning, Lou. Please go ahead.
Good morning, Shimon. Oktaff, we're very happy to report our Q1 2025 results. We had an outstanding quarter, and our momentum continues. We achieved $16.7 billion in revenue, which represents a 26% year-over-year growth. Our margins were 76.4% on a non-GAAP basis. It is important to note that $7 billion of this revenue came on a recurring basis, which represents a 49% year-over-year growth. We ended the quarter as of March 31 with $20.4 million in cash, and we performed over 500,000 treatments. This number continues to expand as we continue to execute our strategic plan. I do not have to tell anybody on the call how challenging the world is, how challenging the market is, but it does create opportunities for SofWave, particularly how we are positioned with the ideal solution for the patients that are on GLP-1 agonists.
We have a superior solution for lifting, toning, and laxity. As a result of all this, as well as the fact that our treatments actually volumize the skin, the natural appearance, we're navigating quite well in this difficult marketplace. The other interesting thing of note that came during the latter part of the quarter was the tariffs, which I'm sure we'll discuss sometime during the course of the call today. As we look at the quarter, we had many more high points than low points. Our momentum continues. If you recall, we had a very strong Q4. It's good to start the fiscal year despite the macro, with very strong console placements as well as pulse sales as well. We achieved record high levels. Our brand awareness continues to expand.
If we look at how our product is positioned from the standpoint of having demonstrated superior efficacy, patients like the treatments, providers enjoy giving the treatments because it is in high demand and offers superior results, as well as the fact that our value proposition, our return on investment, is the best in class. It is simply superior to all of the other competitive offerings that are out there. We see a rising market demand for lifting and toning, as well as for laxity improvement as a result of the widespread use of the GLP-1s. We had an outstanding quarter and improved traction as well with world-class plastic surgeons that are adopting SofWave as their non-invasive treatment of choice. Our execution on the whole has been solid. We have a scalable lead infrastructure and systems in place that will continue to support our high revenue growth and expanded profitability.
Why are we taking market share? I mean, it's a competitive world out there. We're competing for dollars. We're not just competing in the category. We're competing for the spend of aesthetic providers. What we're offering really is a superior patient that has proven outcomes. We have seven FDA clearances on the SofWave device, two on the Pure Impact. We've done numerous clinical studies on a day-to-day basis. The patients are coming back asking for more. This demand, of course, achieves great ROI for the providers. The utility rates are increasing. This is a result that this treatment can be delegated. It has minimum downtime, and we can treat all skin types 12 months a year. The results are natural-looking, they're superior, and they're an ideal complement for those patients that are on the GLP-1 throughout their patient journey. Our growth strategy has three legs.
The first is market expansion. We recently announced our clearance in Japan. This is a major market for us. There are other markets that we plan on entering in the near-term future, such as Brazil. In the longer term, we have market opportunity in a major market such as China. The success of our provider is important. Customer success is very integral to our story. Having an ROI where not only does the provider receive exceptional value, but that the patients themselves feel that the treatment is worth it, that they ask for more and they come back asking for more. Our entire business model is scalable and can be integrated into any practice. As far as the demand is concerned, we're increasing patient awareness in leaps and bounds. This is as a result of our expanded social media and digital presence and launch.
If we pause and look at the Japanese market opportunity, Japan is the number three global market in non-surgical aesthetic procedures. It has as well the number three amount of plastic surgeons according to the ISAPS surveys. The regulatory approval gives us a great market opportunity. In Japan, there's an aging population, and it's culturally important to seek natural-looking results, which SofWave achieves. There's a surge in non-invasive procedure adoption. This culture in particular wants no downtime. The demand for tone, texture, and lifting, again, is driven by the adoption of the GLP-1 weight loss drugs. We have a partner in Japan, JMAC, that's second to none. They're a major entity. We have a very robust go-to-market strategy.
They're expanding their sales coverage, as well as the fact that we'll be doing consumer marketing across multiple channels that we're lockstep, and we're planning on achieving results this quarter as a result of this recent clearance. The story continues. Last quarter, we showed the return on investment. This is the most current map. As we look at the map, if we look at some of the smaller markets such as Minnesota, we see the return on investment well over 140%. We look at other major markets like California and New York, where we have, again, significant market penetration. Again, the return on investment continues to grow. We see this as scalable. We see this as we're driving the patient demand because the patient is well received. The outcomes are superior and something that's going to continue to mount momentum as we go forward.
This is a major tool for our sales team, particularly in the US, as they go out there. As we compete for dollars, what should the clinician buy? What should they integrate in their practice? What investment are they going to make? SofWave, in essence, provides them with competitive advantage when they partner with us. The brand awareness, if we look at the numbers on the lower left-hand side, you'll see the web traffic, which increased by over 100%. We've also added on some key influencers. We spoke at the end of last quarter on the earnings call about the Kardashians, about how we had organically. This quarter, organic posts by the Kardashians supporting SofWave, supporting the uniqueness and the superior outcomes. This has driven some of the awareness not only on the web traffic as well as on the social media.
We also extended our social presence on both Brendline and WeChat, not only in North America, where there's very solid and growing Asian populations in particular, as well as we began our efforts in Asia and China throughout the region. Of note as well was a recent recognition from GuidePost QSite, which is an independent marketing agency which services over 3,000 providers. SofWave was the number one growth in procedure sales. We led the marketplace in this area. It's a completely independent service from us. Across the board, we're firing on every cylinder. The awareness and the strategy around the digital investment we made continues to pay us dividends. If we look at the Kardashian effect, we see here what I'll call your attention to one number, the engagement rate. The engagement rate across the industry is 1.5%.
SofWave, in the last quarter alone, achieved a 6.5% engagement rate. Now, what engagement is, is a like, share, or comment. People enjoy and appreciate the content. The quality of the content that we're putting out there is high. This engagement rate pertains to all of our social media content, not just the Kardashian post. If we look at the growth in social media, it's considerable. Recently, as of last week, as of last Wednesday, Kim Kardashian came out and posted on her third SofWave treatment. If we look again towards the growth in the social media metrics on the next slide, you'll see across every channel we're up by double digits year over year compared to Q1 2024. If we look particularly at YouTube, we have close to 100,000 subscribers on YouTube, and our video views are up 23%. Similarly, across every channel.
This is important as we go and sell to providers. They want their phone to ring. They want to make sure that the demand is there, the awareness is there from the patients. It makes the whole sales process easier. SofWave, I think, is setting a new standard in the industry for brand awareness development. Again, now back to the next set is we look at what's happening at our trade shows. We have a very commanding presence, not only on the podium, but with world-class KOLs that continue to help us sell our technology by recommending to their peers their successes, their belief in our mechanism of action, their belief in our efficacy, as well as their financial success with SofWave within their practice.
We have on this slide here among some of the very most well-known physicians in the world, both from plastics, surgery, dermatology, as well as from some very, very well-known national med spa chains. Lastly, the most recent news, and this is not a forward-looking statement since this already occurred, organically. I want to repeat this. These are not paid posts. We did not pay for the endorsement from either Kim or Khloe Kardashian. Just last week, Kim received her third treatment. She came out and posted about it. She was red carpet ready. She made appearances. It was picked up across the various news media outlets. Immediately, we picked up 3,400 followers. If we look in terms of the number of views that we achieved on the Daily Mail and Yugo Entertainment, the reach is outstanding. This will continue to propel itself.
We'll kick in the entire marketing engine, and we'll do some paid ads and some other very unique ways to make sure that this messaging gets out there. We see this setting the stage for us again in Q2 to continue the momentum and to continue to execute our strategic plan. I'll now turn it over Shimon.
Thank you Louis. [Foreign language]
level of change is caused by a very, very significant production of collagen and elastin, as you can also see on the left side of this slide. What I want to share with you is to dive a little deeper into the technology and understand why we are so unique. What we will see here in the two graphs, both on the left and on the right, is what we call the Controlled Thermal Injury or the controlled thermal injury that we create inside the dermis. You can also see in these two graphs the temperature distribution inside the dermis, also from the side, along each of our transducers, and also along. For comparison, on the left side I am showing here what happens with a technology called Superficial HIFU, which today many companies have brought to the market for purposes of skin tightening and skin regeneration.
larger volume of dermis where we are creating the controlled injury, and not only that, but we are doing it without causing damage to the skin, and with temperatures that are optimal temperatures to generate very, very efficient regeneration of collagen and elastin. If you look at the next slide, this takes it a bit to the numeric side, and there are a few main parameters here that I am comparing per what we call exposure. That is, every time the doctor places our applicator, or the applicator of Microneedling, or the applicator of Superficial HIFU, or what is called Fractional Ablative Lasers. As you can see, when talking about how much energy we are able to put into the dermis, we are between five to almost twenty times more than anyone else.
[Foreign language]
as well and utilizing our unique technology and its ability to create so much volume of new collagen and elastin in a way that is non-invasive, with no downtime, and with such high efficacy. I will now pass the baton to Assaf to talk about SofWave's financial results.
Thank you very much, Shimon, and good morning, everyone. We are very pleased to report another quarter of strong revenues, both from device sales and from pulse sales. Revenues in the first quarter of 2025 totaled approximately $16.7 million. They represent an increase of about 26% compared to the corresponding quarter last year. Revenues from pulses grew by about 49% to $7 million, while revenues from device sales grew by 14% to approximately $9.7 million.
[Foreign language]
[Foreign language]
Lou, back to you for a summary.
I'll summarize a few points. First off, our technology is next generation. It is superior, it is patented, and it's disruptive. It is a superior non-invasive skin treatment that's in demand. It's far advanced compared to the other solutions that are currently available. Our numbers show the rapid industry adoption with a 26% growth in Q1. Our infrastructure, our processes are lead. We think, as we look into the future, continued high growth and profitability can be supported by the structure that we have in place already. Our FDA clearances are very broad. A provider has numerous patient candidates to apply SofWave technology successful to, and our revenues, recurring revenues, are very unique that they're coming on a 40% basis with over 500,000 treatments completed to date. The brand awareness story is a wonderful one.
It's a great story that continues to expand, and we now have over 1 million organic followers. I'll now open it up for Q&A. Questions, please.
All right. The first question for you, Lou, is about the schedule for launch in Japan and the progress we are making there with the new approval.
First, I'd like to point out to everyone that through physician input license over the last several years, SofWave and our Japanese partner JMAC have been seeding the marketplace with the key plastic surgeons, the key dermatologists, the key thought leaders. There's an awareness on the efficacy of the technology, the superior nature of what we're doing, and what we're in the process of doing this quarter is training the widespread sales team as well as the marketing team to prepare the consumer marketing effort into Japan.
We will begin to see our first revenue of scale coming from Japan starting this quarter.
Thank you, Lou. Another question actually for you, Lou, is do you think that we saw any substantial effect of the Kardashian, the Kardashian effect on our Q1 results, and how do you see it going forward?
I mean, we can see it in the web numbers, and we can see it in the social media numbers, and we can see it in terms of, you know, the awareness, as well as at the end of the day, if we look at the conversion file, we look at the number of leads that we generated just from the Kardashian posts. Now, yes, I think there were a few people who were on the edge that we closed.
I think, you know, if you look at the B2C element, the amount of inbound leads our providers achieved, that was significant. When they went out and reposted on their own, I think if we were to talk to some of our physicians or med spas, they would say that they had a higher demand. In terms of giving an exact number, I would say it was very, very positive. I'd much rather have that endorsement than not have that endorsement. I think we have a natural momentum. We have the solution to the GLP-1s. I would say, you know, an acceptance in the marketplace that continues to grow.
Thank you, Lou. The next question is regarding profitability, so I'll take it in Hebrew. [Foreign language]
[Foreign language]
A couple of more questions about Japan, but I think that we pretty much covered it. הלל, Shimon, I think we can go back to you and summarize. [Foreign language]