Financial Performance - Revenues for Q1 2025 were $4.9 million, up 43% year over year, but down 9.5% from Q4 2024, reflecting seasonal pressures in the healthcare industry [5][6][30] - Adjusted EBITDA improved by 92%, with a loss of $108,000 compared to a loss of $1.4 million in Q1 of the previous year [5][6] - Cash used in operations improved by 93%, with a cash reduction of $44,000 in Q1 2025, down from $667,000 in Q1 2024 [6][30] - Net cash used for the quarter was $372,000, a 49% improvement year over year [6] Business Line Performance - The pathology services division saw test volume increase by 46% and revenue grow by 53% year over year, with 11 new physicians utilizing services [8][18] - Pathology gross margin increased from 24% to 42% year over year due to increased case volume and scale efficiencies [9][12] - The product division's gross margin improved from 37% to 51% year over year, driven by operational efficiencies [21][24] Market Data - The company expects to see a rebound in Q2 2025 and anticipates returning to positive cash flow in either Q2 or Q3 [6][30] - The recent overturning of the FDA ruling on laboratory developed tests has led to renewed interest from prospective customers, which is expected to drive growth in product revenues [19][21] Company Strategy and Industry Competition - The company is focused on operational efficiency, improved cost management, and strategic investments in equipment and talent to drive growth [12][15] - The pathology services division is critical for the development of the product division, enabling continuous testing and product development at low costs [18][24] Management Comments on Operating Environment and Future Outlook - Management noted that seasonal pressures are typical in the healthcare industry, particularly in diagnostics, and they expect a rebound in Q2 [6][30] - The company anticipates revenue growth to continue in Q2 and accelerate in the second half of the year, particularly on the product side [30] Other Important Information - The company received $1.1 million through Change Healthcare's temporary funding assistance program due to a cyber attack that affected billing processes [27][28] - The company also received over $400,000 in COVID relief funds from the treasury, contributing to nonrecurring income [29][30] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.