Several technology and medical device companies reported their first-quarter 2025 earnings, highlighting revenue growth and strong performance in recurring revenue. Trimble Inc. posted adjusted earnings per share (EPS) of $0.61 and revenue of $840.6 million, with a record annual recurring revenue (ARR) of $2.18 billion, driven by its Connect & Scale strategy. Vertex Pharmaceuticals reported adjusted EPS of $0.15 and revenue of $177.1 million, with ARR exceeding $618 million due to acquisitions and organic expansion. Axon Enterprise reported a 34% increase in ARR to $1.1 billion, with first-quarter revenue of $604 million, adjusted EPS of $1.41, and adjusted EBITDA of $155 million, raising its full-year revenue outlook by $50 million. Nova Measuring Instruments achieved adjusted EPS of $2.18 and revenue of $213.4 million, driven by strong adoption in dimensional metrology and growth in GAA and advanced packaging solutions. TransMedics Group reported a 48% year-over-year revenue increase to $143.5 million, adjusted EPS of $0.70, and an aircraft fleet of 21 units as of March 31, 2025. However, concerns were raised about TransMedics' accounts receivable, which jumped from 80% to 99% of revenue between Q4 and Q1, suggesting potential financial irregularities despite the company raising its 2025 outlook.