Hello, welcome to this call. Please go ahead.
Thank you Shimon and thank you everyone for joining us today. Let me begin with our performance in 2025, which was a milestone year for Sofwave. We delivered strong revenue growth, achieved IFRS profitability, and continued to see meaningful expansion and utilization across our platform. Starting with the fourth quarter, revenue reached $28.9 million, representing a 58% year-over-year growth compared to 2024. Ongoing usage fees, which represent treatment-based usage revenue from our providers, grew even faster to $13.2 million, an increase of 83% year-over-year compared to 2024. We also delivered $4.1 million in IFRS net income for the quarter, reflecting the operating leverage inherent in our platform model. For the full year, revenue reached $87.6 million, representing 47% year-over-year growth compared to 2024. Importantly, ongoing usage fees now represent approximately 43% of total revenue, demonstrating the continued expansion of treatment utilization across our installed base.
Since commercialization began, providers using Sofwave have now performed over 770,000 treatments globally, highlighting strong patient adoption and repeat treatment demand. We now have sold approximately 2,700 Sofwave systems worldwide since the beginning of commercialization, representing our entire global installed base. We ended the year with gross margins of approximately 75% and roughly $35 million in cash, providing a strong financial foundation as we continue to scale the business globally. Beyond our financial performance, it's important to recognize several trends that are expanding the global aesthetics market. First, the rapid adoption of GLP-1 weight loss medications is introducing millions of new patients into the aesthetics ecosystem. Second, patients are increasingly seeking natural and regenerative outcomes rather than treatments that dramatically alter facial structure. Third, digital engagement and social media continue to accelerate consumer awareness and demand for aesthetic procedures.
Together, these dynamics are expanding the addressable patient population and creating significant opportunity for technologies that are aligned with regenerative, natural-looking outcomes. One of the most important drivers of this market expansion is the rapid adoption of GLP-1 medications. Today, approximately 1/8 adults in the United States is estimated to be using GLP-1 therapies. While these medications are highly effective at producing weight loss, they also introduce a new aesthetic challenge. Rapid weight reduction frequently results in skin laxity, loss of tissue tone, and muscle depletion across the body. As a result, patients increasingly require a total body approach to aesthetic recovery, one that addresses both skin quality and muscle strength following significant weight loss. Industry data suggests that more than 60% of the GLP-1 patients seeking aesthetic procedures are new to the category.
This dynamic is expanding the aesthetics market while creating demand-protect modalities that support both skin regeneration and muscle recovery. Historically, many aesthetic technologies were designed around deeper thermal injury to tissues, including fat reduction. However, today's patients, particularly those experiencing significant weight loss, often have reduced facial and body volume. As a result, treatments that damage fat can produce outcomes that are inconsistent with patient expectations. Providers are increasingly seeking technologies that stimulate regeneration while preserving underlying structures and supporting overall tissue quality. This shift in patients' needs is driving growing interest in technologies that improve skin quality and structural tone without destructive tissue effects. Sofwave's technology was designed specifically with this biological alignment in mind. A proprietary ultrasound targets the mid-dermis where collagen remodeling occurs, enabling skin regeneration without damaging fat or deeper structures.
This allows providers to deliver consistent and predictable outcomes while preserving facial volume and maintaining natural tissue architecture. Equally important, Sofwave treatments have demonstrated a strong safety profile, repeatability, and are well-suited for ongoing maintenance treatments, which supports long-term utilization across our installed base. Another important driver of our growth has been the increasing consumer awareness and brand engagement. Over the past year, we have seen significant expansion across our digital channels. Total impressions reached approximately 35.8 million, representing more than 90% growth year-over-year compared to 2024. Engagement rates increased to over 11%, and Sofwave now holds a commanding lead in share of voice of 54% in regenerative lifting conversations relative to the competitors. From a commercial perspective, this consumer awareness is extremely valuable. When patients arrive at a practice already familiar with Sofwave treatments, it reduces selling friction, improves provider conversion, and supports increased utilization across our installed base.
We believe Sofwave benefits from a powerful commercial flywheel. Consumer awareness drives patient demand. Successful treatments generate strong outcomes. Those outcomes, as I said, through digital channels and social media, in turn, further accelerate consumer awareness and interest in Sofwave's treatments. This reinforcing cycle continues to expand brand visibility while supporting increased utilization across our providers. Finally, Sofwave continues to expand its global commercial platform. Today, our systems are sold in more than 52 countries worldwide. Our direct sales organization is primarily focused in the United States and in the United Kingdom, while our distributor partners support expansion across EMEA, APAC, and Latin America. The United States remain our largest markets, but we are seeing accelerating adoption internationally, particularly in Asia-Pacific. This global commercial footprint provides a small, strong foundation for continued growth.
With that overview of our performance and the market dynamics driving demand, I'll now turn the call over to Shimon Eckhouse, our Chairman and Co-Founder. Shimon?
Thank you very much Lou, [Foreign language]
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[Foreign language]. Now I'll turn it back to Lou for a quick summary. Lou, back to you.
Thank you, Assaf. Before we conclude the call, I'd like to briefly summarize what we believe continues to make Sofwave a compelling growth story. First, Sofwave is delivering a differentiated next-generation non-invasive technology that is getting rapid adoption across the aesthetic market. Our patented ultrasound platform is addressing a growing demand for treatments that deliver natural regenerative outcomes. Second, our commercial momentum remains strong. As Assaf discussed, we delivered a 58% year-over-year growth in the fourth quarter, reflecting increasing adoption of the platform and continued expansion of our global footprint. Third, our business model continues to benefit from recurring usage revenue, with more than 40% of total revenue now driven by consumable usage supported by over 770,000 treatments performed globally. Finally, our brand awareness continues to expand, with our global social media community now exceeding over one million followers, helping us drive patient demand and provider adoption.
Taken together, we believe these factors position Sofwave very well to continue delivering durable growth and long-term value creation. Thank you for your continued interest in Sofwave. We look forward to updating you again next quarter.