Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $28.8 million, representing a 41% increase year-over-year, while total revenue for fiscal 2025 was $88.5 million, up 24% from the previous year [13] - Lung diagnostics revenue reached $25.1 million in Q4 2025, a 46% increase, and $79.2 million for the fiscal year, a 22% increase [13] - Adjusted EBITDA for Q4 was positive at $530,000, marking the first positive quarter for the company, and a loss of $17.5 million for the year, an improvement of 21% over 2024 [17] Business Line Data and Key Metrics Changes - Lung diagnostics test volumes were 18,000 in Q4, a 23% increase, and 62,600 for the fiscal year, a 15% increase [13] - Development services revenue was $3.6 million for Q4, a 12% increase, and $9.3 million for the fiscal year, a 41% increase [14] Market Data and Key Metrics Changes - Volumes from primary care accounted for 12% of total Nodify tests in Q4, growing 67% year-over-year, while volumes from pulmonology grew 26% [6][7] - The company ended Q4 with $19.0 million in unrestricted cash, a 14% increase over Q3, and pro forma cash and cash equivalents of $33.7 million [18] Company Strategy and Development Direction - The company is focused on three main goals for 2025 and 2026: growing top-line revenue, improving organizational effectiveness, and advancing its pipeline for future growth [3] - A three-tiered commercial strategy has been implemented to enhance lung nodule management through the use of Nodify Lung testing [4][6] - The company plans to add approximately 6 sales representatives per quarter in 2026 to drive growth through increased market penetration [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute against significant long-term opportunities, emphasizing operational discipline and capital efficiency [21][22] - Guidance for 2026 anticipates annual revenue between $106 million and $112 million, representing a 23% growth over 2025 [19] Other Important Information - The company achieved a gross margin of 83% in Q4, an improvement of 400 basis points, and expects margins to remain near 80% throughout 2026 [15] - The company has announced partnerships with Thermo Fisher Scientific and Bio-Rad Laboratories to develop and validate tests [8][9] Q&A Session Summary Question: Expected revenue and volume step down in Q1 - Management acknowledged weather disruptions and noted that Q1 typically sees a step down in average selling price and volume, consistent with historical seasonality [26][27] Question: Pipeline developments and future tests - Management indicated that no new tests are planned for commercialization within the next 12 months, focusing instead on ensuring positive reimbursement positions [30] Question: Primary care sales rep productivity - The primary care focus has grown to 12% of total Nodify orders, with expectations for continued growth as the sales team matures [32][33] Question: Cash position and need for additional cushion - Management expressed confidence in the cash position, strengthened by operational improvements and additional cash raised through at-the-market proceeds [41] Question: Evidence of shifting stage in lung cancer diagnosis - Management encouraged physicians to publish data on the positive impact of Nodify testing, emphasizing the importance of awareness and compliance [46] Question: Updates on clinical studies and data readouts - Management plans to continue submitting abstracts and papers for real-world data from the CLARIFY study, with the earliest data from the ALTITUDE study expected in 2027 [53]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $28.8 million, representing a 41% increase year-over-year, while total revenue for fiscal 2025 was $88.5 million, a 24% increase [13] - Lung diagnostics revenue for Q4 2025 was $25.1 million, up 46% year-over-year, and $79.2 million for fiscal 2025, a 22% increase [13] - Adjusted EBITDA for Q4 2025 was positive at $530,000, marking the company's first positive adjusted EBITDA quarter, an improvement of 113% over Q4 2024 [17] - Gross margin for Q4 2025 was 83%, a 400 basis point improvement, while the fiscal 2025 gross margin was 81%, a 300 basis point improvement [15] Business Line Data and Key Metrics Changes - Test volumes for lung diagnostics were 18,000 in Q4 2025, a 23% increase, and 62,600 for fiscal 2025, a 15% increase [13] - Average revenue per test increased due to advancements in reimbursement and improved claims collection, contributing to the overall revenue growth [15][17] - Development services revenue for Q4 2025 was $3.6 million, a 12% increase, and $9.3 million for fiscal 2025, a 41% increase [14] Market Data and Key Metrics Changes - Volumes from primary care accounted for 12% of total Nodify tests in Q4 2025, growing 67% year-over-year, while volumes from pulmonology grew 26% [6] - The company expanded its sales strategy into primary care, accessing the remaining 50% of the nodule market managed by primary care physicians [6] Company Strategy and Development Direction - The company is focused on three main goals for 2025 and 2026: growing top-line revenue, improving organizational effectiveness, and advancing its product pipeline [3] - The strategy includes a three-tiered approach to lung nodule management, enhancing the value of Nodify Lung testing [4][6] - Partnerships with Thermo Fisher Scientific and Bio-Rad Laboratories were announced to develop and validate tests, showcasing the company's capabilities [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute against long-term opportunities, emphasizing operational discipline and capital efficiency [21][22] - Guidance for 2026 anticipates annual revenue between $106 million and $112 million, representing a 23% growth over 2025 [19] Other Important Information - The company ended Q4 2025 with $19.0 million in unrestricted cash, a 14% increase over the previous quarter, and raised an additional $14.7 million in at-the-market proceeds [18] - The company plans to add approximately six sales representatives per quarter in 2026 to enhance market penetration [16] Q&A Session Summary Question: Expected revenue and volume step down in Q1 - Management acknowledged weather disruptions and noted that Q1 typically sees a step down in average selling price and volume, consistent with historical seasonality [26][27] Question: Pipeline developments and future tests - Management indicated that no new tests would be commercialized within the next 12 months, focusing on profitability and reimbursement timing [30] Question: Primary care sales rep productivity - The primary care focus has grown to 12% of total Nodify orders, with expectations for continued growth as the sales team matures [33] Question: Cash position and need for additional cushion - Management expressed confidence in the cash position, strengthened by operational improvements and additional cash raised [41] Question: Evidence of shifting stage in lung cancer diagnosis - Management encouraged physicians to publish data on the positive impact of Nodify testing, emphasizing the importance of awareness and compliance [46] Question: Updates on clinical studies and data readouts - Management plans to continue submitting data from the CLARIFY study and indicated that ALTITUDE data will not be available until 2027 [52]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $28.8 million, representing a 41% increase year-over-year, while total revenue for fiscal 2025 was $88.5 million, up 24% from the previous year [12] - Lung diagnostics revenue reached $25.1 million in Q4 2025, a 46% increase year-over-year, and $79.2 million for the fiscal year, a 22% increase [12] - Adjusted EBITDA for Q4 2025 was positive at $530,000, marking the company's first positive Adjusted EBITDA quarter, an improvement of 113% over Q4 2024 [17] - Gross margin improved to 83% in Q4 2025, a 400 basis point increase, and 81% for the fiscal year, a 300 basis point improvement [15] Business Line Data and Key Metrics Changes - Test volumes for lung diagnostics were 18,000 in Q4 2025, a 23% increase, and 62,600 for the fiscal year, a 15% increase [12] - Average revenue per test increased due to advancements in reimbursement and improved claims collection, contributing to the overall revenue growth [12][15] - Development services revenue was $3.6 million for Q4 2025, a 12% increase, and $9.3 million for the fiscal year, a 41% increase [13] Market Data and Key Metrics Changes - Volumes from primary care accounted for 12% of total Nodify tests in Q4 2025, growing 67% year-over-year, while volumes from pulmonology grew 26% [5] - The company expanded its sales strategy into primary care, accessing an additional 50% of the available nodule market [5] Company Strategy and Development Direction - The company is focused on three main goals: growing top-line revenue, improving organizational effectiveness, and advancing its pipeline for future growth [3] - A three-tiered commercial strategy has been implemented to enhance lung nodule management through the use of Nodify Lung testing [4] - Partnerships with Thermo Fisher Scientific and Bio-Rad Laboratories have been established to develop and validate tests, showcasing the company's capabilities [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute against significant long-term opportunities, emphasizing operational discipline and capital efficiency [21] - Guidance for 2026 anticipates annual revenue between $106 million and $112 million, representing a 23% growth over 2025 [19] - The company acknowledged potential challenges from weather events and historical seasonality in Q1, which have been factored into the guidance [19] Other Important Information - The company ended Q4 2025 with $19.0 million in unrestricted cash, a 14% increase over the previous quarter, and raised an additional $14.7 million in at-the-market proceeds [18] - The company plans to add approximately 6 sales representatives per quarter in 2026 to enhance market penetration [16] Q&A Session Summary Question: Expected revenue and volume step down in Q1 - Management acknowledged weather disruptions and noted that Q1 typically sees a step down in average selling price and volume, consistent with historical seasonality [24][26] Question: Pipeline developments and future tests - Management indicated that no new tests are planned for commercialization within the next 12 months, focusing instead on reimbursement timing and appropriate studies [28] Question: Performance of primary care sales representatives - Primary care sales representatives accounted for 12% of total Nodify orders, with expectations for continued growth as the sales team matures [32] Question: Cash position and need for additional cushion - Management expressed confidence in the current cash position, highlighting operational improvements and the strength of the balance sheet [40] Question: Evidence of shifting stage in lung cancer diagnosis - Management encouraged physicians to publish data on the positive impact of Nodify testing, emphasizing the importance of awareness and compliance [46] Question: Updates on clinical studies and data readouts - Management confirmed ongoing efforts to publish real-world data from the CLARIFY study and noted that data from the ALTITUDE study will not be available until 2027 [52][53]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $21.8 million, representing a 20% increase year-over-year [17] - Gross margin improved by 400 basis points to 81% compared to 77% in Q3 2024 [19] - Adjusted EBITDA loss improved by 18% year-over-year to a loss of $4.6 million [21] Business Line Data and Key Metrics Changes - Lung diagnostic testing revenue was $19.8 million from approximately 15,700 tests, a 16% increase in revenue and 13% growth in test volumes compared to Q3 2024 [18] - Development services revenue grew 97% year-over-year to $1.9 million, with $12.9 million under contract, marking a 16% increase [14][19] Market Data and Key Metrics Changes - The company expanded its access to the lung nodule market, increasing the percentage of Nodify tests ordered from primary care from 4% to 11% in September 2025 [7] - Digital test ordering capabilities increased by 43% over the previous year [10] Company Strategy and Development Direction - The company is focused on three main goals: growing top-line revenue, improving operational effectiveness, and advancing its product pipeline [4] - A three-tiered commercial strategy has been implemented to enhance lung nodule management and increase growth potential [5] - The company is leveraging partnerships with Bio-Rad Laboratories and Thermo Fisher Scientific to expand its product development pipeline [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA positivity in Q4 2025, supported by strong revenue growth and improved gross margins [22][37] - The company is increasing its revenue guidance for 2025 to a range of $84-$86 million based on current momentum [17] Other Important Information - The company presented interim data from the Clarify study at the CHEST annual meeting, reinforcing the clinical utility of Nodify testing [11][12] - The company is actively working to resolve administrative barriers with Medicare Advantage plans, which contributed to revenue growth [18] Q&A Session Summary Question: Can you discuss the signals that your primary care expansion is working? - Management highlighted that initial proof points come from pulmonologists introducing the company to their referral networks, leading to increased adoption and earlier diagnosis [25][26] Question: What can investors expect regarding product portfolio expansion into 2026? - Management indicated that an R&D event will provide updates on ongoing efforts and pipeline developments, emphasizing the importance of partnerships [28][29] Question: What is the ramp-up plan for the new sales reps and expected productivity? - Management noted a consistent ramp-up in sales rep productivity, aiming for $1 million per sales rep at full productivity [31][32] Question: How confident is the company in achieving adjusted EBITDA positivity in Q4? - Management expressed strong confidence in reaching adjusted EBITDA positivity based on Q3 performance and momentum into Q4 [36][37]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $20 million, representing a 12% increase year over year [18] - Gross margin improved to 80%, up 150 basis points from 78.4% in Q2 2024 [19] - Net loss for Q2 2025 was $11.5 million, an increase of 6% year over year [20] - Adjusted EBITDA loss was $7.2 million, which is a 29% increase year over year [20] - Cash used from operations improved by 23% to $6.6 million compared to $8.6 million in Q2 2024 [20] Business Line Data and Key Metrics Changes - Lung diagnostic testing revenue was $17.9 million from approximately 15,100 tests, compared to $16.5 million from approximately 13,900 tests in Q2 2024, representing 9% growth in test volumes and 8% growth in revenue [18] - Development services revenue grew by 53% year over year to $2.1 million [18][16] Market Data and Key Metrics Changes - The company ended Q2 2025 with $12.5 million under contract for development services, marking a 54% increase year over year and an all-time high [18][16] - The average number of sales representatives in the field was 74, with plans to increase to 83-87 in Q3 and 93-97 in Q4 [10][21] Company Strategy and Development Direction - The company aims to grow top-line revenue, improve operational effectiveness, and achieve positive adjusted EBITDA by Q4 2025 [5] - A territory-based sales strategy was implemented to engage pulmonologists and their referral networks, addressing nearly 50% of patients with lung nodules managed by primary care [7][6] - The company is focused on expanding its clinical evidence base and pipeline, with multiple presentations at key conferences [12][13][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the primary care strategy, noting that feedback from pulmonologists supports the approach [30] - The company anticipates continued growth in the development services segment, particularly in Q4 due to pharmaceutical budget cycles [45] - Management remains optimistic about achieving adjusted EBITDA positivity in Q4 2025, driven primarily by revenue growth [21][40] Other Important Information - The company has made significant progress in clinical studies, including the ALPITUDE study, which has reached patient enrollment requirements [23][12] - The company was recognized as a top workplace for the second consecutive year, reflecting its strong culture and team [24] Q&A Session Summary Question: Can you unpack the primary care opportunity and your confidence in the strategy? - Management indicated that confidence has increased due to broader experiences and consistent feedback from pulmonologists [30][29] Question: What trends are seen in electronic ordering utilization? - Management noted that electronic ordering has improved compliance and reduced test cancellations, enhancing efficiency [36][35] Question: How will the company bridge to EBITDA positivity in Q4? - The primary driver will be revenue growth from an increased number of sales representatives, with no major cost-cutting measures planned [40][42] Question: What is the outlook for development services revenue? - Management expects an uptick in Q4 due to the typical cadence of pharmaceutical companies' budgeting [45] Question: What is the growth outlook for primary care orders? - Management stated that while primary care orders have increased significantly, forecasting the exact mix with pulmonology is challenging [60][59] Question: What are the capital needs over the next year and a half? - Management is focused on achieving both adjusted EBITDA and cash flow breakeven with existing plans [71] Question: How confident is the company in maintaining $1 million per rep productivity? - Management expressed confidence based on pilot program results, indicating potential for higher productivity in some territories [73][75]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $18 million, representing a 21% increase year over year [22] - Lung diagnostic testing revenue was $16.3 million, reflecting an 18% growth, with test volumes increasing by 16% [22][24] - Gross margin improved to 79.4%, up from 78.6% in Q1 2024 [23] - Net loss for Q1 2025 was $11.1 million, an 18% improvement year over year [24] - Adjusted EBITDA loss was $6.2 million, an 11% improvement year over year [24] Business Line Data and Key Metrics Changes - Lung diagnostics revenue grew by 18%, marking the sixteenth consecutive quarter of over 15% year-over-year growth [5] - Development services revenue reached $1.7 million, a 61% increase compared to Q1 2024 [20] - The pipeline for development services ended Q1 with $10.9 million under contract, a 21% increase year over year [23] Market Data and Key Metrics Changes - The company is focusing on expanding its presence in the primary care market, which is expected to enhance patient access to lung diagnostics [9][12] - Digital test ordering increased by 58% over the last year, with customer retention for digital ordering being 40% higher than for non-digital ordering [8] Company Strategy and Development Direction - The company aims to achieve positive adjusted EBITDA by Q4 2025 while focusing on revenue growth and operational efficiencies [4][26] - A shift to a territory-based sales approach has been implemented to enhance market penetration in both pulmonology and primary care [9][11] - The company is exploring the integration of AI and radiomics into its diagnostic offerings to improve clinical workflows [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA positivity in Q4 2025 despite current challenges in the sales force expansion [24][44] - The company is optimistic about the growth potential in the primary care market, supported by positive feedback from pulmonologists [42][61] - Management acknowledged the need for careful monitoring of expenses while ramping up the sales team to meet growth targets [78] Other Important Information - The company has been recognized as a top workplace for the second consecutive year in 2025, highlighting its strong team culture [28] - The company plans to hold an R&D day in the fall to provide further insights into its pipeline and progress [20] Q&A Session Summary Question: Can you elaborate on the sales force changes and hiring challenges? - Management noted that the shift to primary care required a different hiring profile, which took longer than anticipated to finalize [32][34] Question: What is the outlook for Q2 and the rest of the year? - Management expects to have 70 to 75 sales reps in Q2, with plans to increase to 85 in Q3 and 95 in Q4 [39] Question: How are primary care physicians responding to the technology? - Early feedback indicates that primary care physicians are aware of the patient population and are interested in utilizing the diagnostic tests [41][61] Question: What is the impact of the $10 million loan on capital needs? - The additional capital provides more flexibility and confidence in achieving breakeven while supporting commercial expansion and pipeline activities [44][45] Question: How does the sales force configuration affect territory management? - Each territory will have a pulmonology sales consultant, with associate sales consultants supporting them based on specific needs and test volumes [92][93]