Commercial Team and Pipeline Build
New commercial team established relationships with ~20 distributor reps, identified 10 new qualified customer opportunities, added approximately $3 million of annualized revenue potential in Q1; combined pipeline now ~ $10 million of annualized revenue potential.
Positive Operating Cash Flow and Manageable Seasonality
Cash flow from operations remained positive at approximately $60,000 for the quarter despite total cash flow being slightly negative (~$40,000); management described this as seasonality and normal year-start patterns.
Lab Capacity and Scalability
Current pathology services are operating at approximately $24 million on an annualized basis with estimated lab capacity of $45–$50 million before significant CapEx is required, indicating room for organic scaling and potential operational leverage.
Total Revenue Stability and Year-over-Year Growth
Total revenue for Q1 2026 was $6.71 million, flat quarter-over-quarter (0% QoQ) and up over 30% year-over-year.
Pathology Revenue Growth
Pathology revenue was a little over $6.0 million in Q1, up from $5.9 million in Q4 and up 36% versus $4.4 million in Q1 of last year.
Product Business Predictability Once Live
Management reported that product revenues are stable and predictable once a customer is onboarded; Q1 product revenue was $660,000 (down $80,000 from $740,000 in Q4 due to shipment timing).