Mauna Kea Technologies Posts 82% U.S. Sales Surge in Q4 2025

Event summary

  • Q4 2025 U.S. revenue grew 82% YoY (CER), now 77% of total sales (up from 60% in Q4 2024).
  • Sold 4 Cellvizio systems in Q4 (vs. 1 in Q4 2024), with probe sales doubling YoY.
  • EMEA/ROW revenue declined 39% YoY due to a €327K non-recurring J&J payment in Q4 2024.
  • Partnered with TaeWoong Medical USA to expand pancreatic cyst market access.

The big picture

Mauna Kea's Q4 results highlight the U.S. as its growth engine, with strategic partnerships and system sales driving future expansion. The decline in EMEA/ROW revenue reflects legacy effects, but core commercial activity shows signs of recovery. The company's focus on high-margin U.S. markets and targeted international expansion positions it for continued growth in 2026.

What we're watching

U.S. Market Penetration
Whether Mauna Kea can sustain 82% YoY growth in the underpenetrated pancreatic cyst market.
Partnership Execution
How the TaeWoong Medical collaboration will impact system sales and probe utilization.
International Recovery
The pace at which EMEA/ROW revenue rebounds post-Safeguard proceedings.