Results of Operations

Net sales were $1,248.6 million in 2025, an increase of $146.3 million, or 13%, compared to $1,102.3 million in 2024. Gross margin was 40.1% in 2025 compared to 39.0% in 2024. Research and development expenses increased by $8.3 million to $96.4 million in 2025. Operating income increased 40% to $141.9 million. Net income was $97.6 million in 2025 compared to $64.2 million in 2024.

Liquidity

As of December 31, 2025, cash and cash equivalents were $184.2 million and long-term debt was $310.0 million, down from $355.0 million a year earlier.
