93% Gross Margins, 22% Growth, Trading at Half the Peer Multiple

A surgical pure-play with FDA Breakthrough optionality the market hasn't priced

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93% gross margins.

22% year-over-year revenue growth.

Operating leverage finally showing through after years of building.

And the market’s pricing this at roughly half what comparable surgical med-tech companies trade for.

Here’s what makes this interesting.

The company just made a decisive strategic pivot. After years of trying to build two businesses simultaneously, management shut down the unprofitable segment to focus entirely on what’s working: a surgical products platform with exceptional unit economics.

The core business is now cash flow positive from operations. Revenue just crossed $100 million on a trailing twelve-month basis. EBITDA is expanding faster than revenue.

And sitting in the pipeline is an FDA Breakthrough-designated product that could launch in early 2027. A first-of-its-kind bone adhesive targeting 100,000+ procedures annually. The kind of regulatory designation that typically signals differentiated technology and an expedited review pathway.

The setup offers asymmetric optionality with capped downside.

At current prices, the market is essentially paying for the existing business while getting the pipeline for free.

Let me walk through why this could be one of the more interesting microcap healthcare setups heading into 2026…