Precipio Inc (PRPO) 2025 Q1 法說會逐字稿

Welcome to the Precipio first-quarter 2025 shareholder update conference call. (Operator Instructions) Please note that the conference is being recorded.

歡迎參加 Precipio 2025 年第一季股東更新電話會議。（操作員指示）請注意，會議正在錄音。

Statements made during this call contain forward-looking statements about our business. You should not place undue reliance on forward-looking statements as these statements are based upon our current expectations, forecasts and assumptions and are subject to significant risks and uncertainties.

本次電話會議所作的聲明包含有關我們業務的前瞻性陳述。您不應過度依賴前瞻性陳述，因為這些陳述是基於我們目前的預期、預測和假設，並受重大風險和不確定性的影響。

These statements may be identified by words such as may, will, should, could, expect, intend, plan, anticipate, believe, estimate, predict, potential, forecast, continue or the negative of these terms or other words or terms of similar meaning.

這些陳述可以透過諸如可能、將、應該、可以、預期、打算、計劃、預期、相信、估計、預測、潛在、預報、繼續等詞語或這些詞語的否定形式或其他具有類似含義的詞語或術語來識別。

Risks and uncertainties that could cause our actual results to differ materially from those set forth in any forward-looking statements include, but are not limited to, the matters listed under risk factors in our annual report on Form 10-K for the year ended December 31, 2024, which is on file with the Securities and Exchange Commission, as well as other risks detailed in our subsequent filings with the Securities and Exchange Commission. These reports are available at www.sec.gov.

可能導致我們的實際結果與任何前瞻性陳述中所述的結果存在重大差異的風險和不確定性包括但不限於我們向美國證券交易委員會提交的截至 2024 年 12 月 31 日的年度報告中 10-K 表風險因素下列出的事項，以及我們隨後向美國證券交易委員會提交的文件中詳述的其他風險。這些報告可在 www.sec.gov 上查閱。

Statements and information, including forward-looking statements speak only to the date they are provided, unless an earlier date is indicated. And we do not undertake any obligation to publicly update any statements or information, including forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

聲明和資訊（包括前瞻性聲明）僅代表其提供日期，除非另有說明，否則為更早的日期。並且，除非法律要求，否則我們不承擔公開更新任何聲明或資訊（包括前瞻性聲明）的義務，無論是由於新資訊、未來事件或其他原因。

Now let me hand the call over to Ilan Danieli, Precipio's CEO. Please go ahead.

現在，讓我將電話交給 Precipio 執行長 Ilan Danieli。請繼續。

Good afternoon, and thank you all for joining us today to review Precipio's financial and operational results for the first quarter of 2025. I'm pleased to report a strong start to the year in terms of year-over-year growth, improved margins and favorable regulatory developments. This is despite expected seasonal pressures in the first quarter, which impacted our quarter-over-quarter results.

下午好，感謝大家今天加入我們，共同回顧 Precipio 2025 年第一季的財務和營運表現。我很高興地報告，今年開局強勁，年成長、利潤率提高、監管發展有利。儘管第一季預計會出現季節性壓力，從而影響了我們的季度環比業績，但情況仍然如此。

Let's start with the breakdown of our Q1 financial performance. As you may have seen in our recent 10-Q filing as well as the press release, revenues for Q1 2025 were $4.9 million, up 43% year-over-year, reflecting sustained demand and continued growth in our pathology services.

讓我們先來分析一下第一季的財務表現。正如您可能在我們最近的 10-Q 文件以及新聞稿中看到的那樣，2025 年第一季度的收入為 490 萬美元，同比增長 43%，反映了我們病理學服務的持續需求和持續增長。

However, this also represents a 9.5% decrease from Q4 2024, which we'll explain in more detail shortly. We continue to make significant progress in the following metrics year-over-year. Adjusted EBITDA improved by 92% coming in at $108,000 loss this quarter compared to $1.4 million loss in Q1 of last year.

然而，這也比 2024 年第四季下降了 9.5%，我們將在稍後詳細解釋。我們在以下指標上繼續逐年取得顯著進展。調整後的 EBITDA 成長了 92%，本季虧損 10.8 萬美元，而去年第一季虧損 140 萬美元。

Cash used in operations improved by 93% with a $44,000 cash reduction in Q1 2025, down from $667,000 cash reduction in Q1 of last year. Net cash used for the quarter was $372,000, a 49% improvement year-over-year. These results underscore the ongoing operational discipline and scalability we've built into our business.

2025 年第一季營運現金使用量提高了 93%，現金減少 44,000 美元，低於去年第一季的 667,000 美元現金減少量。本季淨現金使用量為 37.2 萬美元，年增 49%。這些結果強調了我們在業務中建立的持續營運紀律和可擴展性。

The sequential quarter-over-quarter decline in revenue from Q4 2024 doesn't concern us since this is a typical seasonal pattern we see across the health care industry, especially in diagnostics. As many of you know, insurance plans reset on January 1, meaning deductibles are back to zero and patients often postpone nonurgent testing until those out-of-pocket costs are absorbed.

2024 年第四季營收的季減並不令我們擔心，因為這是我們在整個醫療保健產業（尤其是在診斷領域）看到的典型季節性模式。你們許多人都知道，保險計劃將於 1 月 1 日重置，這意味著免賠額將回到零，患者通常會推遲非緊急檢測，直到自付費用被吸收為止。

This behavior impacts test volumes and collections, which in turn creates a temporary dip in both revenue and cash flow. We anticipated this, and our results reflect a well-managed quarter in light of these dynamics. More importantly, we're already seeing a rebound in Q2, and we expect to return to positive cash flow in either Q2 or Q3 of this year.

這種行為會影響測試量和收款，進而導致收入和現金流暫時下降。我們預料到了這一點，並且我們的業績反映出，考慮到這些動態，本季管理得很好。更重要的是，我們已經看到第二季的反彈，我們預計今年第二季或第三季將恢復正現金流。

On the product side, last year's FDA ruling on laboratory developed tests, which was eventually overturned in March of this year, caused a number of our prospective customers to delay their plans to bring in our technology in-house until this was resolved. We'll discuss that shortly as well.

在產品方面，去年 FDA 對實驗室開發測試的裁決最終在今年 3 月被推翻，導致我們的許多潛在客戶推遲了引入我們技術的計劃，直到這個問題得到解決。我們很快也會討論這個問題。

Now let's review each of our two divisions in a bit more detail. We'll begin with our Pathology Services division and then turn to our Products division. Our Pathology division continued to perform strongly. Test volume increased 46% and revenue grew 53% year-over-year. 11 new physicians began utilizing our services this quarter, a continued sign of physician engagement and growing market trust.

現在讓我們更詳細地回顧一下我們的兩個部門。我們將從病理學服務部門開始，然後轉向產品部門。我們的病理學部門持續表現強勁。測試量年增 46%，營收成長 53%。本季有 11 名新醫生開始使用我們的服務，這繼續表明醫生的參與度和市場信任度不斷提高。

On the sales side, division growth has largely been accomplished by the same existing sales team that successfully tells the story of our mission to battle cancer misdiagnosis, presents our value proposition to customers and then allows our lab to deliver strong results. This means the company accomplished approximately 50% growth with no substantial increase in sales team headcount and related costs.

在銷售方面，部門的成長很大程度上是由現有的同一支銷售團隊實現的，該團隊成功地講述了我們對抗癌症誤診的使命，向客戶展示了我們的價值主張，然後讓我們的實驗室取得了強勁的成果。這意味著該公司在銷售團隊數量和相關成本沒有大幅增加的情況下實現了約 50% 的成長。

Now I'd like to talk briefly about margins and operating expenses, where we're proud to report continued operational improvement. Pathology gross margins increased from 24% to 42% year-over-year. This is due to the increased volume of cases, which translates into further scale efficiencies in the lab. Let me give one example from the lab, which will demonstrate that impact.

現在我想簡單談談利潤率和營運費用，我們很自豪地報告營運持續改善。病理學毛利率年增24%至42%。這是由於病例數的增加，從而進一步提高了實驗室的規模效率。讓我舉一個實驗室的例子，它將證明這種影響。

Most laboratory tests are performed in batches, meaning multiple patient samples are tested together in the same run. Each batch has a certain number of elements that create a fixed cost for that batch regardless of how many samples are run in that batch.

大多數實驗室測試都是分批進行的，這意味著在同一次運行中會同時測試多個患者樣本。每個批次都有一定數量的元素，無論該批次中運行多少個樣本，都會為該批次建立固定成本。

One of those elements is called a positive control, which is a known positive sample used to verify that the test correctly identifies the positive results. This control sample costs money to produce, but of course, it doesn't generate revenue, and therefore, it adds to the cost of the batch. The cost of that positive control is spread over all actual facial samples run in that batch.

其中一個元素稱為陽性對照，它是已知的陽性樣本，用於驗證測試是否正確識別了陽性結果。生產這個對照樣品需要花錢，但當然不會產生收入，因此它增加了批次的成本。此陽性對照的成本分攤到該批次的所有實際臉部樣本。

If, for example, the cost of the control is $200, and we run five samples in a batch, then $40 is added to the cost of each sample in the batch. However, if we run 20 samples per batch, then the additional cost per sample drops to $10, which in turn improves gross margins.

例如，如果控製成本為 200 美元，並且我們在一個批次中運行五個樣本，那麼該批次中每個樣本的成本將增加 40 美元。然而，如果我們每批運行 20 個樣本，那麼每個樣本的額外成本就會降至 10 美元，從而提高毛利率。

Now this makes the question, why not always run 20 -- batches of 20 samples, right? Well, depending on the number of samples the lab receives for that test every day, that decision will impact the turn on time the lab wants to provide to its customers. If a lab receives on average two samples per day, then it will take 10 samples -- 10 days to fill the bus and that might be longer than the service level that lab has promised to its customers.

現在就出現了一個問題，為什麼不總是運行 20 批 20 個樣本呢？嗯，根據實驗室每天收到的測試樣本數量，這個決定將影響實驗室想要為客戶提供服務的準時性。如果一個實驗室平均每天收到兩個樣本，那麼就需要 10 個樣本——10 天才能裝滿一輛車，這可能比實驗室向客戶承諾的服務水準要長。

Conversely, when the lab volume increases, then it inherently takes less time to fill a batch and the labs can maintain the same level of service while running larger batches. This is one factor that contribute to our increased margins.

相反，當實驗室容量增加時，填充一批產品所需的時間自然會減少，並且實驗室在運行更大批次產品的同時可以保持相同的服務水平。這是促使我們利潤率提高的一個因素。

These improvements are driven by a combination of operational efficiency, improved cost management and scale. Going forward, we expect Pathology division margins to stabilize in the mid-40% range. We also saw meaningful improvement in operational efficiency. Operating expenses as a percent of revenue dropped from 87% to 61%, a 30% improvement year-over-year.

這些改進是由營運效率、改進的成本管理和規模共同推動的。展望未來，我們預期病理學部門的利潤率將穩定在 40% 左右。我們也看到營運效率的顯著提高。營業費用佔收入的百分比從 87% 下降到 61%，年比改善了 30%。

This was achieved by keeping operating expenses flat at approximately $3 million per quarter while growing revenue by 43% year-over-year. How have we driven this margin growth? We achieved margin improvement through strategic investments in two key areas: equipment and people.

這是透過將營運費用保持在每季約 300 萬美元不變，同時收入年增 43% 來實現的。我們是如何推動利潤率成長的？我們透過對設備和人員兩個關鍵領域的策略性投資實現了利潤率的提高。

With respect to equipment, we've always insisted on investing in state-of-the-art equipment in our lab, which ensures the highest quality directly impacting patient outcomes. This -- the cost of each piece of equipment is divided by the number of samples run during the line through the machine to get a cost per sample, which is then burdened on each patient sample.

在設備方面，我們一直堅持在實驗室投資最先進的設備，以確保最高品質直接影響患者的治療結果。將每台設備的成本除以機器運作過程中的樣本數量，以獲得每個樣本的成本，然後將其分攤到每個患者樣本上。

As our volume increases, this fixed cost is spread over more samples and reduces the cost per sample, thereby improving gross margins. Equally improvement is our investment in talent. We invest heavily in the training of our staff to ensure they have both the highest quality and skill set and are able to conduct their work accurately and efficiently.

隨著產量的增加，這筆固定成本會分攤到更多的樣品上，從而降低每個樣品的成本，從而提高毛利率。我們對人才的投資也同樣有所改進。我們為員工培訓投入了大量資金，以確保他們擁有最高的素質和技能，並能夠準確且有效率地開展工作。

This translates into many factors. I'll give two examples. First of all, a better trained lab employee is able to handle more samples for batch, which drives and improved efficiencies in batching as we discussed before. Second, our team is constantly handling very expensive reagents, which require delicate and accurate work.

這體現在許多因素中。我舉兩個例子。首先，訓練有素的實驗室員工能夠處理更多的批次樣品，正如我們之前討論過的，這可以提高批次處理的效率。其次，我們的團隊經常處理非常昂貴的試劑，這需要精細而準確的工作。

Sometimes there are two drops of one of our reagents can cost $1,000, and those drops need to be pipetted accurately into the right tube. If they're not, with one small pipette push, we just waited for the $1,000. As our business and volumes grow, the value of the excellent skill sets of our lab techs directly impacts the financial performance of our business. These are just a few examples that reflect our continued commitment to sustainable, disciplined operational and financial management.

有時，我們的一種試劑的兩滴價格高達 1,000 美元，而且需要準確地將這些滴液滴入正確的試管中。如果不是，我們只需輕輕一推，就可以等到 1,000 美元。隨著我們的業務和數量不斷增長，實驗室技術人員的優秀技能的價值直接影響著我們業務的財務表現。這些只是體現我們對永續、規範的營運和財務管理的持續承諾的幾個例子。

Next, I'd like to address the major Medicare reimbursement development that will increase our cash receipts from existing testing. In Q1 of this year, we received MolDx approval for our next-generation sequencing or NGS testing, a major regulatory milestone for Precipio.

接下來，我想談談醫療保險報銷的主要發展，這將增加我們從現有測試中獲得的現金收入。今年第一季度，我們獲得了 MolDx 的下一代定序或 NGS 測試批准，這是 Precipio 的一個重要的監管里程碑。

For those unfamiliar, MolDx is the Medicare program that governs molecular diagnostic test reimbursement in various states across the US Securing approval for MolDx is a rigorous and highly selective process, requiring laboratory to submit an application with robust data to support clinical validity, utility, accuracy and reproducibility.

對於不熟悉的人來說，MolDx 是管理美國各州分子診斷測試報銷的醫療保險計劃。獲得 MolDx 的批准是一個嚴格且高度選擇性的過程，要求實驗室提交具有可靠數據的申請，以支持臨床有效性、實用性、準確性和可重複性。

Without MolDx approval, when a laboratory receives Medicare patient samples for NGS testing from MolDx-governed states, the lab does not get paid. Up until now, when we receive patient cases from the state governed by MolDx and NGS was part of the test order for that sample, we ran the NGS component of the order and aid the cost, knowing we could not bill for NGS for sample from this MolDx state.

如果沒有 MolDx 的批准，當實驗室從 MolDx 管轄的州收到醫療保險患者樣本進行 NGS 檢測時，實驗室將不會獲得報酬。到目前為止，當我們收到來自 MolDx 管轄州的患者病例並且 NGS 是該樣本的測試訂單的一部分時，我們會運行訂單的 NGS 部分並支付費用，因為我們知道我們無法為來自該 MolDx 州的樣本的 NGS 開具賬單。

This meant that each month, we had dozens of tests where we incurred the cost of running it, but received no revenue. Now with this approval, going forward, we will still be running the safe test, but we will be able to bill and collect cash for them. This will impact the revenue we recognized as well as cash received.

這意味著我們每個月要進行幾十次測試，雖然產生了運行成本，但卻沒有獲得任何收入。現在，透過這項批准，我們今後仍將進行安全測試，但我們將能夠為他們開出帳單並收取現金。這將影響我們確認的收入以及收到的現金。

Based on our internal estimates, this could equal approximately $0.25 million per quarter in increased revenue and cash from our current case volume that is before any growth. Overall, the Pathology Services division is growing at a healthy pace and is a positive revenue and cash contributor to the overall business. With continued volume increases, we expect to see gross margins and contribution improve.

根據我們的內部估計，這相當於從我們目前的案件數量（未發生任何增長）中每季增加約 25 萬美元的收入和現金。總體而言，病理學服務部門正在以健康的速度成長，並為整體業務帶來了積極的收入和現金貢獻。隨著銷量的持續成長，我們預計毛利率和貢獻將會提高。

Moreover, as we discussed before, this division is critical to the continued development of our Products division. With over 12,000 samples received in 2024, this enables us to continuously test, develop and launch new products for our product division.

此外，正如我們之前討論過的，該部門對於我們產品部門的持續發展至關重要。2024 年我們收到了超過 12,000 個樣品，這使我們能夠為我們的產品部門不斷測試、開發和推出新產品。

We've essentially built a self-financed R&D operation that can rapidly and at a very low cost, develop our next generation of products. Now let's turn to the Product division in a bit more granularity. In Q1, we onboarded one new customer and launched two new diagnostic panels and two customers began evaluation for four additional panels collectively.

我們基本上建立了一個自籌資金的研發機構，可以快速且以極低的成本開發我們的下一代產品。現在讓我們更詳細地討論產品部門。在第一季度，我們迎來了一位新客戶，推出了兩個新的診斷面板，另外兩位客戶開始對另外四個面板進行共同評估。

With that pipeline, we expect order volumes to increase steadily in Q2 and beyond. We also saw a positive trend in customer meetings driven by distributors, an early signal that our investment in these sales channels is gaining traction. One of the factors that slowed down our growth was the uncertainty around the FDA ruling on laboratory tests or LDTs as they're called, which was finally cleared up in March of this year when that ruling was overturned.

透過該管道，我們預計第二季及以後的訂單量將穩定成長。我們也看到由經銷商推動的客戶會議呈現正面趨勢，這是一個早期訊號，表明我們對這些銷售管道的投資正在獲得關注。導致我們成長放緩的因素之一是圍繞 FDA 對實驗室測試（即所謂的 LDT）裁決的不確定性，該裁決在今年 3 月被推翻後終於得到了澄清。

Our products such as HemeScreen fall under the LDT category. And last year, the FDA came out with a ruling that essentially began the gradual elimination of LDTs and conversion of all laboratory testing to FDA-approved kits.

我們的產品（例如 HemeScreen）屬於 LDT 類別。去年，FDA 推出了一項裁決，開始逐步淘汰 LDT，並將所有實驗室檢測轉換為 FDA 批准的試劑盒。

This would have placed an enormous cost burden, both on manufacturers such as ourselves to create and submit such kits for approval and on laboratories who would have to comply with these ruling. It also placed an insurmountable burden on the FDA itself, which would have to review and approve all these submissions. In March of this year, the FDA ruling was overturned and the industry breathed a sigh of relief.

這將帶來巨大的成本負擔，不僅對我們這樣的製造商來說需要製造和提交此類試劑盒以供批准，而且對必須遵守這些裁決的實驗室來說也需要如此。這也給 FDA 本身帶來了難以克服的負擔，因為它必須審查和批准所有這些提交。今年3月，FDA裁決被推翻，業界鬆了一口氣。

Many of our own customers have told us that their consideration of our products was on hold until the FDA situation cleared up. And indeed, once the reversal of that ruling came out, some of our prospective customers reached back out to us saying they are now ready to proceed.

我們自己的許多客戶告訴我們，在 FDA 情況明朗之前，他們不會考慮我們的產品。事實上，裁決被推翻後，我們的一些潛在客戶就聯繫我們，表示他們現在準備繼續進行。

With our pipeline of prospective customers that are now in various stages of validation and are expected to go live commercially in Q2 and beyond, we're expecting to begin to see consistent growth in product revenues in Q2 and further in the year.

我們的潛在客戶管道目前正處於不同的驗證階段，預計將在第二季及以後投入商業運營，我們預計產品收入將在第二季及今年稍後開始持續成長。

Now let's turn to product operations. Gross margins for the Product division improved from 37% to 51% year-over-year. I'd like to describe as an example, one of the factors that contributed to this improvement. One factor that drive these cost improvements is called shelf life quality control. Each time we produce a batch of products, which has a committed shelf life, we set aside a number of plates for internal testing to ensure quality control.

現在我們來談談產品營運。產品部門的毛利率去年從 37% 提高到 51%。我想以一個例子來描述促成這種改善的因素之一。推動這些成本改進的一個因素是保質期品質控制。每次我們生產一批具有承諾保質期的產品時，我們都會留出一定數量的板進行內部測試，以確保品質控制。

For instance, to ensure our products maintain a six-month shelf life, we test a couple of plates from the safe production batch each month. So let's say we produce 100 plates, we would reserve 12 plates of them for this shelf life testing, testing two plates each month over a period of six months for a total of 12 plates.

例如，為了確保我們的產品保持六個月的保質期，我們每個月都會從安全生產批次中抽取幾塊板材進行測試。假設我們生產 100 塊盤子，我們會保留其中 12 塊盤子用於保質期測試，在六個月的時間內每月測試兩塊盤子，總共 12 塊盤子。

That equals 12% of the manufactured batch, which we don't sell, but rather use internally for quality control. But now if we produce 200 plates in a production one, we still only need 12 plates for shelf life testing. Now that quality control testing has utilized only 6% of the batch instead of 12% and we just gained a 6% margin bump.

這相當於生產批次的 12%，我們不出售，而是在內部用於品質控制。但現在如果我們在生產過程中生產 200 個盤子，我們仍然只需要 12 個盤子進行保質期測試。現在，品質控制測試僅利用了批次的 6% 而不是 12%，我們剛剛獲得了 6% 的利潤成長。

As production scales, the cost of quality control per unit drops, and that helps drive up our gross margin. This is just one example that shows how growing demand and higher output lead to better efficiency and profitability. For the entire combined business, gross margin rose from 27% to 43% year-over-year. This is a weighted average calculation of our gross margins of both divisions together.

隨著生產規模的擴大，每單位品質控製成本下降，這有助於提高我們的毛利率。這只是一個例子，說明不斷增長的需求和更高的產量如何帶來更高的效率和獲利能力。整個合併業務的毛利率較去年同期從 27% 上升至 43%。這是我們兩個部門毛利率的加權平均計算。

And since the product side is operationally simpler than the pathology services side and it has a lot more room to grow in terms of margins, as the product side of the business begins to grow faster than the services side, we will see the overall company gross margins continue to increase.

而且由於產品端在操作上比病理服務端更簡單，而且利潤率方面有更大的增長空間，隨著業務的產品端開始比服務端增長更快，我們將看到公司整體毛利率繼續上升。

We're making a big push to grow our products, customer base, panel used and subsequent revenue. So Q4 2024 to Q1 2025, our revenues were flat. One of the key factors that has been largely out of our control is the time line it takes our customers to complete the validation and go live with our products, which means they then begin to consistently place recurring orders.

我們正在大力推動我們的產品、客戶群、面板使用量的增加以及隨之而來的收入。因此，從 2024 年第四季到 2025 年第一季度，我們的營收持平。我們在很大程度上無法控制的關鍵因素是客戶完成驗證並開始使用我們的產品所需的時間，這意味著他們會開始持續下達重複訂單。

As an example, we are currently in the process of onboarding a major laboratory that has decided to replace their current testing and have selected five out of our six panels that we offer. In Q2 of this year, they began a validation for the first panel, and we hope they will be able to complete and go live with the second panel by the beginning of Q3.

例如，我們目前正在與一家大型實驗室合作，該實驗室決定更換其當前的測試，並從我們提供的六個面板中選擇了五個。今年第二季度，他們開始對第一個面板進行驗證，我們希望他們能夠在第三季初完成並啟動第二個面板。

We anticipate that this customer could reach full operating capacity by the end of the year, representing a potential seven-figure annualized revenue. There are more stories like this in our pipeline, but unfortunately, oftentimes as a manufacturer, we have limited ability to influence these highlights as much as we'd like to.

我們預計該客戶將在今年年底前達到滿載運營，這意味著潛在的七位數年收入。我們的籌備還有更多類似的故事，但不幸的是，身為製造商，我們往往沒有足夠的能力去盡可能地影響這些亮點。

Therefore, in order to shorten that time line we've created several structured plans that support and encourage a more efficient and rapid onboarding process. These programs improve the commercial terms for customers who complete validation on a timely basis and transition to routine use.

因此，為了縮短時間，我們制定了幾個結構化計劃來支持和鼓勵更有效率、更快速的入職流程。這些計劃改善了及時完成驗證並過渡到常規使用的客戶的商業條款。

In most cases, we find that these discounts are earned back within one quarter and accelerate customer activation and revenue realization. We will continue to track the impact of these initiatives and look forward to showing progress and future updates.

在大多數情況下，我們發現這些折扣可以在一個季度內收回，並加速客戶啟動和收入實現。我們將繼續追蹤這些舉措的影響，並期待展示進展和未來的更新。

Now I'd like to update you on two items that have a positive yet non-recurring impact on both cash and profits during 2025. First, Change Healthcare, the billing platform we rely on for processing a substantial portion of our patient claims and whom in early 2024, experienced a cyber-attack that temporarily shut down key systems for providers nationwide.

現在，我想向大家介紹兩項對 2025 年現金和利潤有正面但非經常性影響的事項。首先，Change Healthcare 是我們依賴的計費平台，用於處理大量患者索賠，該平台在 2024 年初遭受了網路攻擊，導致全國提供者的關鍵系統暫時關閉。

Like most healthcare providers, we too were affected. The disruption caused delays in billing, reimbursement and impacted our collections during the first half of 2024. To help bridge the gap, we received approximately $1.1 million through Change Healthcare's temporary funding assistance program.

與大多數醫療保健提供者一樣，我們也受到了影響。這次中斷導致帳單和報銷延遲，並影響了我們 2024 年上半年的收款。為了彌補差距，我們透過 Change Healthcare 的臨時資金援助計劃獲得了大約 110 萬美元。

These funds were interest free, offering important short term release, while Change Healthcare works to restore its systems, which they confirmed as fully operational in late October 2024. Following the system restoration, we entered in discussions with Change Healthcare about settling up.

這些資金是無息的，提供了重要的短期釋放，而 Change Healthcare 致力於恢復其係統，並確認該系統將於 2024 年 10 月下旬全面投入運作。系統恢復後，我們開始與 Change Healthcare 討論解決方案。

First, we negotiated a write-off of $130,000 to offset costs during incurred as a result of their problems. Second, we negotiated the one-year repayment of the funds they advanced. Since the beginning of the year, we replaced approximately $200,000, Change Healthcare has written-off the $130,000 and the remaining obligations just under $800,000 will be paid out over the year. The second positive nonrecurring impact on both cash and profits was our recent receipt of over $400,000 of cohort relief funds from the treasury.

首先，我們協商註銷 130,000 美元以抵消因其問題而產生的費用。第二，我們協商了一年內償還他們墊付的資金。自今年年初以來，我們已償還了約 20 萬美元，Change Healthcare 已註銷了 13 萬美元，剩餘的近 80 萬美元債務將在年內償還。對現金和利潤產生的第二個積極的非經常性影響是我們最近從財政部收到了超過 40 萬美元的同類救濟資金。

As you may recall, part of the federal government's response to COVID-19 was the CARES Act, which included an employee retention credit to help companies like ours offset payroll tax expenses during the pandemic. Based on the eligibility criteria back in November '22, we submitted a claim for approximately $1.4 million.

您可能還記得，聯邦政府應對 COVID-19 的措施之一是《關懷法案》，其中包括一項員工保留抵免，以幫助像我們這樣的公司在疫情期間抵消工資稅支出。根據 2022 年 11 月的資格標準，我們提交了約 140 萬美元的索賠。

Last month, we received the first installment of that credit of around $400,000. To be honest, we didn't expect to receive this money at all, at least not without significant delays or complications. We're still pursuing the remaining $1 million and are taking all appropriate steps to assure that we receive those funds.

上個月，我們收到了該筆貸款的第一期款項，金額約 40 萬美元。說實話，我們根本沒指望能收到這筆錢，至少沒有想到會遇到很大的延誤或麻煩。我們仍在追討剩餘的 100 萬美元，並正在採取一切適當措施確保收到這筆資金。

Together, these two items will result in a nonrecurring income of over $0.5 million, which will be reported in our second quarter results and make our remaining obligation to Change Healthcare much easier to fulfill. Looking ahead to the remainder of 2025, we expect revenue growth to continue in Q2 and accelerate in the second half of the year, particularly on the product side as we continue to add new customers and recurring revenue and expand existing customer purchases of new panels.

這兩項加起來將產生超過 50 萬美元的非經常性收入，這將在我們的第二季業績中報告，並使我們更容易履行改變醫療保健的剩餘義務。展望 2025 年剩餘時間，我們預計收入將在第二季度繼續成長，並在下半年加速，特別是在產品方面，因為我們將繼續增加新客戶和經常性收入，並擴大現有客戶對新面板的購買量。

We also anticipate returning to positive operating cash flow in Q2 or Q3, driven by higher pathology volumes, increased product sales and the NGS Medicare reimbursement previously discussed. In closing, we sit here today with a strong pathology business, great prospects for our product pipeline and a strong balance sheet.

我們還預計，受病理學數量增加、產品銷售增加以及先前討論過的 NGS 醫療保險報銷的推動，第二季或第三季的營運現金流將恢復為正值。最後，我們今天坐在這裡，擁有強大的病理學業務、良好的產品線前景和強勁的資產負債表。

We appreciate the continued support of our shareholders and look forward to a strong Q2, and continue the momentum throughout the year. Thank you, and have a nice evening.

我們感謝股東的持續支持，並期待第二季表現強勁，並全年保持這一動能。謝謝，祝您晚上愉快。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。