Reported a net loss of $516.5 million for the year ended December 31, 2025, a substantial increase from a net loss of $6.9 million in 2024. The net loss was primarily driven by a $511.4 million goodwill impairment charge recognized in the second quarter of 2025. Total revenues increased by 1.5% to $1,635.2 million in 2025 from $1,610.5 million in 2024. Gross margin decreased to 50.9% in 2025 from 54.8% in 2024, impacted by quality and operational issues, higher manufacturing costs, and tariffs. Codman Specialty Surgical (CSS) segment revenues increased by 5.0% to $1,200.5 million, primarily due to the Acclarent acquisition and recovery from prior year CSF Management shipping holds. Tissue Technologies (TT) segment revenues decreased by 6.9% to $434.7 million, mainly due to quality and operational issues with MediHoney and decreases in private label revenues, partially offset by growth in Integra Skin and DuraSorb. Research and development expenses decreased by $16.4 million, and selling, general and administrative expenses decreased by $17.3 million, both attributed to cost management initiatives. Interest expense increased by $15.6 million due to higher interest rates on borrowings under the revolving credit facility. The company incurred $19.9 million in tariff costs in 2025, with $6.5 million recognized in cost of goods sold. Working capital significantly increased to $703.6 million in 2025 from $159.6 million in 2024, primarily due to the repayment of 2025 Notes. The 2025 Notes matured on August 15, 2025, and were settled for $575.0 million in cash using the revolving credit facility. The company received a 2024 Warning Letter from the FDA related to quality system issues at three facilities, leading to voluntary shipping holds and recalls of certain products. An enterprise-wide Compliance Master Plan (CMP) was initiated in 2024 to improve the quality management system across manufacturing and supply networks. The Braintree, Massachusetts manufacturing facility is expected to be operational in 2026, with plans to transition SurgiMend manufacturing there. PMA approval for SurgiMend and DuraSorb is hoped for in 2026. The share repurchase program expired on December 31, 2025, with $50.0 million remaining, and no new program was adopted.