Record Revenue Growth
Q1 2025 revenues were $4.9 million, marking a 43% year-over-year increase driven by sustained demand in Pathology Services.
Improved Margins and Operational Efficiency
Pathology gross margins increased from 24% to 42% year-over-year, and operating expenses as a percent of revenue dropped from 87% to 61%.
Significant EBITDA Improvement
Adjusted EBITDA improved by 92%, with a $108,000 loss in Q1 compared to a $1.4 million loss in the same period last year.
MolDx Approval
Received MolDx approval for next-generation sequencing testing, potentially increasing revenue by approximately $250,000 per quarter.
Product Division Progress
Gross margins for the Product division improved from 37% to 51% year-over-year, with new customers and product launches contributing to growth.
Positive Non-Recurring Impacts
Received over $400,000 in COVID relief funds and negotiated a $130,000 write-off with Change Healthcare, positively impacting cash flow.