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 typical in the healthcare industry [4][5] - 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 [4] - Cash used in operations improved by 93%, with a cash reduction of $44,000 in Q1 2025, down from $667,000 in Q1 2024 [5] - Net cash used for the quarter was $372,000, a 49% improvement year over year [5] 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 [7] - Pathology gross margin increased from 24% to 42% year over year due to increased case volume and scale efficiencies [9] - The product division's gross margin improved from 37% to 51% year over year, driven by operational efficiencies and cost management [22] Market Developments - The company received MoDx approval for next-generation sequencing (NGS) testing, which is expected to increase revenue by approximately $250,000 per quarter from existing case volumes [16][18] - The FDA ruling on laboratory developed tests (LDPs) was overturned in March 2025, alleviating uncertainty and allowing prospective customers to proceed with product adoption [21][22] Strategic Direction - The company aims to return to positive cash flow in Q2 or Q3 2025, driven by higher pathology volumes and increased product sales [32] - Continued investment in state-of-the-art equipment and staff training is expected to enhance operational efficiency and improve margins [13][14] Management Commentary - Management noted that seasonal pressures are typical in the healthcare industry, particularly in diagnostics, and expressed confidence in a rebound in Q2 [5][6] - The company anticipates revenue growth to continue in Q2 and accelerate in the second half of the year, particularly on the product side [32] Other Important Information - The company received approximately $1.1 million through Change Healthcare's temporary funding assistance program due to a cyber attack that affected billing processes [29][30] - The company also received over $400,000 in COVID relief funds from the treasury, contributing to nonrecurring income [31] Q&A Summary - No specific questions and answers were provided in the content, thus this section is not applicable.