Revenue volatility remains extreme, evidenced by a 121.2% growth surge in 2025Q4 followed by an 87.3% contraction in 2026Q1, driven entirely by non-recurring milestone payments.
| Sales/Revenue | 32.72M | 33.48M | 2.64M | 2.76M | 3.53M | -782K | 5.7M |
| Revenue Growth % | 1033.89% | 1169.22% | -4.42% | -21.88% | 551.79% | -113.71% | - |
| Cost of Goods Sold | 238K | 190K | 204K | 186K | 322K | 199K | 145K |
| COGS % of Revenue | - | 0.57% | 7.73% | 6.74% | 9.11% | -25.45% | 2.54% |
| Gross Profit | 32.49M | 33.29M | 2.43M | 2.57M | 3.21M | -981K | 5.56M |
| Gross Margin % | 99.27% | 99.43% | 92.27% | 93.26% | 90.89% | 125.45% | 97.46% |
| Gross Profit Growth % | - | 1267.79% | -5.44% | -19.84% | 427.32% | -117.65% | - |
| Operating Expenses | 87.45M | 85.1M | 66.73M | 54.08M | 35.87M | 20.82M | 24.31M |
| OpEx % of Revenue | - | 254.16% | 2529.76% | 1959.42% | 1015.23% | -2662.15% | 426.27% |
| Selling, General & Admin | 26.99M | 26.91M | 23.93M | 20.26M | 13.92M | 7.93M | 10.83M |
| SG&A % of Revenue | - | 80.38% | 907.16% | 733.99% | 394.08% | -1013.81% | 189.95% |
| Research & Development | 60.48M | 58.19M | 42.8M | 33.82M | 21.95M | 12.89M | 13.48M |
| R&D % of Revenue | - | 173.78% | 1622.59% | 1225.43% | 621.14% | -1648.34% | 236.31% |
| Other Operating Expenses | -30K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -54.96M | -51.81M | -64.3M | -51.51M | -32.66M | -21.8M | -18.75M |
| Operating Margin % | -167.96% | -154.73% | -2437.49% | -1866.16% | -924.34% | 2787.6% | -328.81% |
| Operating Income Growth % | - | 19.43% | -24.84% | -57.72% | -49.81% | -16.25% | - |
| EBITDA | -54.63M | -51.48M | -63.99M | -51.22M | -32.44M | -21.62M | -18.61M |
| EBITDA Margin % | -166.94% | -153.75% | -2425.82% | -1855.76% | -918.06% | 2764.45% | -326.41% |
| EBITDA Growth % | 20.23% | 19.55% | -24.94% | -57.91% | -50.04% | -16.13% | - |
| D&A (Non-Cash Add-back) | 334K | 327K | 308K | 287K | 222K | 181K | 137K |
| EBIT | -54.71M | -51.55M | -64.3M | -51.51M | -32.66M | -21.8M | -18.75M |
| Net Interest Income | -821K | -1.15M | 3.36M | 3.85M | 50K | -927K | 331K |
| Interest Income | 0 | 0 | 3.36M | 3.85M | 50K | 0 | 331K |
| Interest Expense | 821K | 1.15M | 0 | 0 | 0 | 927K | 0 |
| Other Income/Expense | 325K | -894K | 3.28M | 2.39M | -951K | -1.22M | -2.6M |
| Pretax Income | -54.64M | -52.7M | -61.02M | -49.12M | -33.61M | -23.01M | -21.36M |
| Pretax Margin % | -166.96% | -157.4% | -2313.27% | -1779.71% | -951.26% | 2942.97% | -374.45% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -54.64M | -52.7M | -61.02M | -49.12M | -33.61M | -23.01M | -21.36M |
| Net Margin % | -166.96% | -157.4% | -2313.27% | -1779.71% | -951.26% | 2942.97% | -374.45% |
| Net Income Growth % | 17.61% | 13.64% | -24.23% | -46.16% | -46.03% | -7.77% | - |
| Net Income (Continuing) | -54.64M | -52.7M | -61.02M | -49.12M | -33.61M | -23.01M | -21.36M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.42 | -1.38 | -1.66 | -1.48 | -1.32 | -0.02 | -0.01 |
| EPS Growth % | 19.77% | 16.87% | -12.16% | -12.12% | -7035.14% | - | - |
| EPS (Basic) | - | -1.38 | -1.66 | -1.48 | -1.32 | -0.02 | -0.01 |
| Diluted Shares Outstanding | 38.39M | 38.39M | 36.82M | 33.23M | 25.47M | 20.45M | 20.45M |
| Basic Shares Outstanding | 38.39M | 38.39M | 36.82M | 33.23M | 25.47M | 20.45M | 20.45M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Milestone-dependent revenue volatility
As indicated by the company's historical financial statements, revenue growth remains highly erratic, characterized by a massive 121.2% surge in 2025Q4 followed by an 87.3% contraction in 2026Q1, reflecting the inherent unpredictability of milestone-based payments rather than consistent commercial product adoption or market penetration.
The revenue trajectory is fundamentally decoupled from traditional sales cycles, as the firm relies on non-recurring payments from strategic partners. Investors should interpret these fluctuations as indicators of clinical trial progress rather than sustainable top-line growth, which remains largely absent in the current model.
Based on reported figures, Orchestra BioMed maintains an exceptionally high gross margin, frequently exceeding 94%, which suggests that the company's current revenue recognition is primarily derived from high-margin licensing and milestone agreements rather than the manufacturing and sale of physical medical devices.
While these margins appear impressive, they are a byproduct of the asset-light licensing model and do not necessarily reflect long-term pricing power. Should the company be forced to transition toward direct product sales, these margins may face significant structural compression as COGS scales with volume.
According to recent SEC filings, the company's cost structure is dominated by R&D expenses that consistently range between $9M and $17M per quarter, significantly outpacing revenue and contributing to the persistent operating losses that characterize the firm's current pre-commercial stage of development.
The consistent escalation in R&D spending suggests a high-burn environment necessary to reach pivotal clinical endpoints. Management's expense discipline appears focused on trial execution, yet the lack of operating leverage implies that the company remains entirely dependent on external capital or milestone inflows to sustain operations.
As observed in the income statement data, the company's reliance on sporadic milestone payments creates a precarious financial position, where the absence of a single payment could lead to a rapid depletion of cash reserves, as evidenced by the $22.1M operating loss reported in 2026Q1.
Short-term observers may focus on the volatility of these payments as a primary risk factor for liquidity. The fundamental concern is whether the company can achieve commercialization before the current partnership-driven funding model exhausts its utility or requires dilutive equity financing to bridge the gap.
Quick answers to the most common questions about buying OBIO stock.
For fiscal year 2025, Orchestra BioMed Holdings, Inc. (OBIO) reported total revenue of $33.5M. This represents a 487.1% increase compared to $5.7M in 2020.
Orchestra BioMed Holdings, Inc. (OBIO) reported a net loss of $52.7M for the fiscal year ending 2025.
Orchestra BioMed Holdings, Inc. (OBIO) reported an operating income of $-51.8M, resulting in an operating profit margin of -154.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Orchestra BioMed Holdings, Inc. (OBIO) generated $33.3M in gross profit for the year, representing a gross profit margin of 99.4%. This demonstrates the company's core pricing power and production efficiency.