Revenue Growth
Revenue increased by 5% in Q1 2025 compared to Q1 2024, reaching $9.8 million. LabEssentials revenue rose by 12% year-over-year.
Gross Margin Improvement
Gross margin improved to 30.7% in Q1 2025, up from 23.8% in Q1 2024, driven by higher revenue and lower overhead costs.
Custom Biopharma Segment Growth
The number of clinical customer accounts purchasing more than $5,000 annually increased from 13 in 2020 to 48 in 2024, with expected mid-teens growth in Q1 2025.
Collaboration with Pluristics
Signed a collaboration agreement with Pluristics for exclusive manufacturing and distribution of the Flurry Freeze product line in the US and Canada.
Decrease in Net Loss
Net loss reduced to $4.6 million in Q1 2025 from $8.1 million in Q1 2024, with adjusted EBITDA improving to negative $2.5 million from negative $3.8 million.