Greetings and welcome to the Weave Communications Q4 and full- year 2024 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to introduce our host, Mark McReynolds, Head of Investor Relations. Thank you, Mark. We may begin.
Thank you, Matt. Good afternoon and welcome to Weave's fourth quarter and fiscal year 2024 earnings call. With me on today's call are Brett White, CEO; Alan Taylor, CFO; and Jason Christiansen, VP of Finance. During the course of this conference call, we will make forward-looking statements regarding the anticipated performance of our business. These forward-looking statements are based on management's current views and expectations and involve certain assumptions made as of today's date and are subject to various risks and uncertainties described in our SEC filings. Weave disclaimed any obligation to update or revise any forward-looking statements. Further, on today's call, we will discuss certain non-GAAP metrics that we believe aid the understanding of our financial results, and unless otherwise noted, all numbers we talk about today will be on a non-GAAP basis.
A reconciliation to comparable GAAP metrics can be found in today's earnings release, which is available on our website and as Exhibit 2, the Form 8-K furnished with the SEC before this call, as well as the earnings presentation on our investor relations website at investors.weave.com. And with that, I will now turn the call over to Brett.
Thank you, Mark. And thanks to everyone joining us today. 2024 was a year of remarkable progress and transformation for Weave. I'm excited to share key financial and strategic highlights from the past year, as well as our vision for 2025. Weave existed to create better healthcare experiences for patients and the practices that serve them. Our goal is to make every interaction with a healthcare provider simple, seamless, and positive. For SMB healthcare practitioners, managing a small healthcare business while delivering quality patient care is challenging. Weave streamlined operations, making it easier for providers to focus on what matters most: caring for their patients. Our vision is to elevate the patient experience through a unified platform that improves business operations, enabling healthcare professionals to focus on patient care and achieve their dreams.
Instead of a fragmented set of tools, Weave offers an AI-powered solution that integrates communication, scheduling, forms, payments, and more. Through authorized and supported integrations with leading practice management systems, we unlock deeper functionality without adding complexity. These integrations enable practices to automate and personalize patient communication while embedding fintech solutions such as Text to Pay, Text to Pay online bill pay, and Payment Plans directly into the communication workflows. By streamlining payment processes, Weave accelerates collections, reduces write-offs, and improves practice profitability. Technology isn't just about efficiency and revenue growth for healthcare practices. It's a key factor in attracting and retaining top talent. 61% of practitioners agree that hiring high-quality employees is easier when their practice leverages the latest office technology, and almost 70% say that retaining great staff is significantly improved with modern tools in place. Investing in the right technology enhances the workplace experience and reduces burnout.
Weave's platform gives practices a competitive edge, not just in patient engagement and payments, but in building strong, successful teams. By helping healthcare practices attract, engage, and retain patients, Weave enables providers to focus on what they do best: delivering excellent care while growing their business. For many, their practice is a lifelong dream, and Weave is here to help them achieve it by simplifying operations, reducing burdens, and empowering them to build thriving, patient-centered practices. The dental, optometry, veterinary, and specialty medical verticals we serve give us access to an addressable market that we believe exceeds $7 billion in the U.S. alone. Before Alan shares more details about our financial performance, I want to share a few key highlights. In Q4 2024, we delivered another outstanding quarter with strong revenue growth of nearly 19% and continued improvements of both profitability and free cash flow.
Gross margins improved again for the 12th consecutive quarter, reaching 72.6%. Q4 also marked our second consecutive quarter of positive operating income, resulting in full-year profitability for the first time in Weave's history. We achieved $6.1 million in free cash flow in Q4, more than doubling year-over-year and representing a free cash flow margin of 11%. We produced free cash flow of $10.4 million for the year, representing nearly 60% year-over-year growth. Finally, we're very pleased to have exceeded the high end of the revenue and profitability guidance we gave a year ago. These results underscore the strong market demand for our solutions, driven by the disciplined execution and a clear commitment to efficient growth.
At the start of 2024, we identified several key focus areas to open up and expand new vectors of growth, including expanding into specialty medical verticals, strengthening integration partnerships, enhancing solutions for multi-location practices, elevating payments as a core component of our product, and delivering AI-powered innovations. Today, alongside our financial performance, I'm excited to share the significant progress we've made in each of these areas. In 2024, we laid the groundwork for success, and we're already seeing strong early traction. As a result, in 2025, we will be expanding these initiatives and investing to further accelerate momentum. Let me provide some additional color into each of these key growth vectors. In 2024, we identified a set of specialties within the SMB medical vertical as strategic expansion opportunities.
Revenue from specialty medical practices led by primary care, Med Spa, plastic surgery, and physical therapy grew at twice the rate of the overall company revenue in 2024. Specialty medical remained our fastest-growing market segment in Q4, with more active medical locations added than in any previous period. Our momentum in this space was fueled by the release of new authorized integrations with practice management software, including eClinicalWorks, Athenahealth, DrChrono, and NextGen, expanding our reach and deepening the value of our platform. The SMB medical market in the U.S. spans 29 specialties, representing an addressable opportunity that is more than twice the size of the dental, optometry, and veterinary markets combined. With less than 1% market penetration in this vertical, we are only beginning to unlock its vast potential.