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Overall the call conveyed solid top-line growth, expanding profitability, strong product adoption, and accelerated clinical trial progress — all meaningful positives. There are notable soft spots (a ~25% decline in MIS ablation, some international distributor weakness, modest sequential growth, and deliberate limits on SMB onboarding), but they appear manageable relative to the breadth of growth drivers and the company’s guidance for the year.
Management guided Q2 revenue of $81–83 million (midpoint $82M, ~20% YoY) and full‑year revenue of $347–357 million (midpoint ~24% YoY), with adjusted EBITDA expected to be $96–101 million; this follows Q1 results of roughly $140–141.2M revenue (+14–14.3% YoY, +12.8% constant currency, ~+1% sequential) and $17M of adjusted EBITDA. Q1 U.S. revenue was $116.2M (+14.9%), including open ablation $39.1M (+17.3%), appendage management $48.4M (+14.9%, with AtriClip Flex Mini ≈40% of open appendage revenue), MIS ablation $6.4M (≈‑25%), and pain management $22.4M (+29.5%, Cryosphere Max Pro ≈70% of pain sales); international was $25M (+11.5% reported, +3.3% cc; Europe $16.1M +13.2%; Asia Pacific $8.9M +8.4%). Gross margin improved to 77.4% (+246 bps). Clinical and product timing guidance included BOX NOAF enrollment of ~300/960 patients to date with full enrollment expected around year‑end (nearly one year ahead) and CE Mark/launch plans for Flex Mini and Pro Mini later this year.
Worldwide revenue of $141.2 million in Q1 2026, up 14.3% year-over-year (12.8% on a constant currency basis). U.S. revenue of $116.2 million, up 14.9% versus prior year; sequential revenue was roughly +1% versus Q4 2025.
Reported adjusted EBITDA for the quarter of $17 million (nearly double Q1 of last year). Company also provided full-year adjusted EBITDA guidance of $96 million to $101 million.
Gross margin improved materially: CFO reported 77.4% for 2026, up ~246 basis points versus 2025. Separately, management highlighted a quarter with an 81% gross margin driven by favorable revenue mix and cost actions (creative and hosting COGS benefits).
BOX NOAF randomized clinical trial has enrolled ~300 of 960 patients since enrollment began in Q4 last year and is tracking well ahead of plan; company now expects complete enrollment around the end of this year — nearly one year ahead of the original timeline.
Pain management led portfolio growth with a 28% year-over-year increase; U.S. pain management sales were $22.4 million, up ~29.5% year-over-year. The Cryosphere/Cryo Max Pro device contributed roughly 70% of pain management sales in the quarter.
Worldwide open ablation revenue grew ~15% in Q1 (U.S. open ablation sales +17.3% to $39.1 million). Worldwide appendage management grew ~16%, with U.S. appendage management sales of $48.4 million (+14.9%); AtriClip Flex Mini accounted for ~40% of open appendage management revenue in the U.S.
Received CE Mark under EU MDR for AtriClip Flex Mini and Pro Mini in Europe with launches expected later in the year. Multiple new product launches across the U.S., China, Japan and Europe were called out as growth drivers.
International revenue totaled $25.0 million, up 11.5% on a reported basis and up 3.3% on a constant currency basis. European sales increased 13.2% ($16.1M) and Asia Pacific/other international sales rose 8.4% ($8.9M).
Company provided Q2 revenue guidance of $81M–$83M (midpoint $82M, ~20% YoY growth) and full-year revenue guidance of $347M–$357M (midpoint ~24% YoY growth), indicating expected revenue acceleration in the back half.
Management highlighted sustained adoption of Encompass clamp, strong take-up and share gains from AtriClip Flex Mini/Pro Mini, growing traction for Cryo XD therapy, and belief that differentiated innovation is driving market share gains.
Good afternoon, and welcome to MNTN Inc.'s First Quarter 2026 Earnings Conference Call. This call is being recorded for replay purposes, and at this time, all participants are in listen-only mode. We will be facilitating a question-and-answer session following prepared remarks from MNTN Inc.'s management. I would now like to turn the call over to Mirza Plesche, from the Gilmartin Group, for a few introductory comments. Great. Thank you.
By now, you should have received a copy of the earnings press release. If you have not received a copy, please call (513) 644-4484 to have one emailed to you. Before we begin today, let me remind you that the company's remarks include forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond MNTN Inc.'s control, including risks and uncertainties described from time to time in MNTN Inc.'s SEC filings. These statements include, but are not limited to, financial expectations and guidance, expectations regarding the potential market opportunity for MNTN Inc.'s franchises and growth initiatives, future product approvals and clearances, competition, reimbursement, and clinical trial enrollment and outcomes. MNTN Inc.'s results may differ materially from those projected. MNTN Inc. undertakes no obligation to publicly update any forward-looking statement.
Additionally, we refer to non-GAAP financial measures, specifically constant currency revenue, adjusted EBITDA, and adjusted loss per share. A reconciliation of these non-GAAP financial measures with the most directly comparable...