Welcome to the Precipio third quarter 2025 shareholder update conference call. All participants will be in listen-only mode. If you need assistance, please signal a conference specialist by pressing the star key followed by zero. Please note that the conference is being recorded. Statements made during this call contain forward-looking statements about our business. You should not place undue reliance in forward-looking statements, as these statements are based upon our current expectations, forecasts, and assumptions, and are subject to significant risks and uncertainties. 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. 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 31st, 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. 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. Now, let me hand the call over to Ilan Danieli, Precipio's CEO. Please go ahead. Good afternoon, and thank you all for joining us today to review Precipio's financial and operational results for the third quarter of 2025. This quarter marks a truly proud moment for Precipio. For the first time in our company's history, we've achieved a positive adjusted EBITDA of nearly $500,000, and perhaps even more importantly, we generated over $250,000 of cash from operations. That's not just a financial achievement. It's a validation of our long-term strategy, our disciplined execution, and the incredible dedication of our team. It also begins the transformation of our team's approach and mindset. To use a sports analogy, we're now moving from defense to offense. I'll give you an example to illustrate this transition. Last time this year, our management meetings were focused on reaching break-even. How do we increase revenue and minimize expenses, extracting more margin dollars out of our existing operations? We believed that achieving financial independence would not only give us the ability to properly grow our business on our own terms, it would also significantly increase the company value, and with that, create many opportunities for growth. Those of you who know the healthcare industry, and specifically the diagnostic sector, know that it's virtually unheard of to reach profitability at our revenue levels. Companies with 10x our revenue are bleeding millions of dollars each year with continuous dilutive capital raises, and we just didn't want to be that company. This quarter, management meetings demonstrated a mindset transformation in the way we look at how we grow our business. The conversation completely changed. It's now all about how to reinvest the cash we're generating in a responsible and strategic manner to further accelerate the growth of our company. That's the kind of transformation that only happens when every part of the business—R&D, sales, operations, finance—pulls in the same direction. We expect that as our consistent performance drives continued market cap appreciation, this will open numerous doors for us to explore multiple ways of growing the business. Since early 2025, as we demonstrated our gradual advances towards this milestone, our share price has responded, tripling since the start of the year. Now that we've reached that financial goal and are on the path for continued growth, we can begin to take a more strategic approach, investing in our growth and market share acquisition. On today's call, I'm going to share with you a few examples of the steps we've taken to position the company for growth we anticipate and to serve the growing sales funnel we're seeing. I have to say, it's really a great position to be in now that we have the resources, our own self-directed resources, to take this company to the next level. First, let me walk you through some of the financial highlights for this quarter and provide some color on a few of the metrics. Q3 reached $6.8 million, a 30% increase year- over- year and a 20% increase quarter- over- quarter. This marks yet another quarter of double-digit growth driven by both our Pathology Services Division and our Products Division. Starting with our Pathology Services Division, our team delivered an exceptional quarter. It turns out that the $2 million monthly record for pathology revenue in July, which we mentioned in the last shareholder call, wasn't just a fluctuation but rather our new norm. Revenue increased by roughly $1 million, or 20%, from $5 million in Q2 to $6 million in Q3. That growth came largely from new customers selecting Precipio for our services. Our pipeline of additional customers remains strong. Several are in trial phases right now, and we expect continued conversions in the coming quarters. What's particularly pleasing is that we achieved this growth without significant increase in fixed costs. Our operations team absorbed the additional volume efficiently, leading to continued gross margin improvement, which rose from 43% to 46% this quarter. One of our sales reps came back from a meeting with a new oncology group and reported back on the success of winning a new customer. She said, "They're switching over from one of the large national labs because they're just tired of being treated like another number." That's been a recurring theme we frequently hear. Our agility and personalized service are winning customers over from much larger competitors as we support them in their effort to provide the best care to their patients. Fortunately, we've built not only the necessary infrastructure to deliver this level of service in a scalable manner. More importantly, we've developed a culture and mindset that enables us to give a customer truly personalized attention. It's our culture that turns that scalability into sustained success. It's a culture that's defined by accountability, collaboration, and customer empathy, qualities that enable us to grow while maintaining exceptional service and simultaneously growing our gross margins. Now, moving to our Products Division. Our Products Division delivered 16% quarter-over-quarter growth, increasing from approximately $620,000 in Q2 to $720,000 in Q3. This growth was driven primarily by increased utilization from existing customers and by the introduction of new panels that expanded our customers' purchases. We also laid the groundwork for several new customers who will go live between this quarter and the next, setting up the division for continued growth. One of our longtime customers recently expanded from using just one of our panels to three and soon to be four. They remarked that our platform significantly reduced their turnaround time, cut down tests they were sending out, and had a positive impact on their bottom line. That's exactly the kind of deepening engagement that drives our growth. On the distribution side, we're seeing an exciting uptick in activity, which has resulted in the expansion of our distributor-generated sales funnel. First, we've increased our interaction and further built relationships with distributor sales reps. Next, we've identified more qualified targeted customers. Third, we've been brought in to present our value proposition to these customers. Finally, those meetings have resulted in us submitting proposals and developing an onboarding plan with customers. In short, the business model with our distributors is starting to work. All this points to a steady recurring revenue base that's expanding quarter after quarter. We continue to believe that although for now the majority of our business still comes from internal direct sales, the pathway to real scalable growth is by leveraging our distributors' network, and we're beginning to see the fruits of that model. Moving to discuss gross margins. Overall, gross margins improved slightly from 43% to 44%, and we expect that steady upward trend to continue as both divisions grow and scale. I'd like to take a moment to discuss the Products Division's operations because I think it's worth explaining what's behind the temporary decline in gross margins from 44% last quarter to 30% this quarter. This change was not caused by production inefficiencies or high raw material costs. It's tied to two relatively small strategic investments we made that are important to our next phase of growth. First, we expanded our lab space. Over the years, as our clinical Pathology Services business grew—keep in mind, we've doubled our case volume in the past two years—our lab space footprint remained the same as we handled that volume. As our Products Division grew, there became a need to establish a dedicated lab space area for production instead of a lab space that was shared by both divisions. One of the principles of being able to produce a quality product is that clinical services and product production space really should be separated. Since our company's inception, we've occupied one floor in our building, and in Q3 of this year, we had the opportunity to expand and take on part of the floor above us. This expansion enabled us to properly separate the two parts of our business for improved efficiency, quality, and growth. The incremental annual rent for this additional space is approximately $120,000 per year, and this quarter was the first time that increase hit the P&L, causing a decline in margins. However, if you do the math, with the incremental quarterly cost of the new space of approximately $30,000, an increase in revenue of $100,000, like the one we had this quarter, gets us right back up in the mid-40s gross margin. Second, we brought on an additional technical support specialist whose responsibility is helping customers onboard faster and start generating revenue sooner. One of the things we've observed, and we've discussed this before, is that customer laboratories are typically over capacity, understaffed, and constantly experiencing personnel constraints. They're busy running their daily clinical samples, as they should, but therefore, projects such as validating and bringing on new assays may often take a backseat. Having the presence of our technical specialists on-site at the customer helps direct more attention to validating our product. Our specialists can provide a lot of guidance and support. We don't do it for them, but we can certainly help them move things along and shorten the timeline to going live. The ROI of accelerating revenue versus the cost of the specialist is clear. This new technical specialist began last quarter, and while he has spent the majority of his time training, he was also able to spend some time with a customer to help accelerate their onboarding of two new panels, which will result in an incremental quarterly increase of approximately $50,000 a quarter. These two incremental costs will temporarily affect margins, but they're exactly what we need to support the next $50 million of annual revenue growth. Just as the margin dipped down a bit because of these critical fixed costs, it will correct back up just as quickly as revenue scales up. Both the new lab space and the support specialist position us to expand efficiently, and we don't anticipate the need for any more overhead in the next 12- 24 months. Meanwhile, the Pathology Services Division continues to increase margins, rising from 43% to 46%, reflecting the benefits of the volume leverage and smart capacity investments we made in the past. Overall, we're confident that the total company gross margin will continue to rise and exceed the 50% mark by mid-2026 as both divisions build more revenues on their existing infrastructure. Our Q3 adjusted EBITDA came in at $469,000 compared to $100,000 a year ago and compared to a loss of $78,000 in the previous quarter, Q2 2025. That's a swing of over $500,000 in just one quarter, and that includes additional investments in facilities and personnel to fuel growth. Equally important, we generated $285,000 in cash from operations compared to a cash burn of $148,000 in the previous quarter, Q2. That's a $433,000 positive cash swing in operating cash flow. We are two months away from completing our full repayment of Change Healthcare, which is $240,000 a quarter, meaning that starting in Q1 2026, cash generated from operations will stay with the company. These results show that we've crossed an important threshold. Number one, we're no longer dependent on outside capital to operate our business and can grow organically. We are now a self-sustaining business and can fuel our own growth. Number two, as our market cap increases to match our financials, new strategic opportunities may present themselves, and at a greater market cap, will be easier to finance with outside capital. Either way, from my vantage point, I can comfortably say that the company will never need to raise capital to cover burn, and boy, that's a great place to be. Looking ahead as we close out 2025 and move into next year, our priorities are clear. Number one, continue driving double-digit growth in both divisions. Number two, expand margins as we scale up. Number three, reinvest our cash into growth initiatives that strengthen our market position. Number four, translate the company's operation and financial success into increased liquidity and share price appreciation through more investor-facing activities. Financial independence opens a world of opportunity from strategic partnerships to new innovative products to operational investments that make us even more agile and competitive. Our teams have shown tremendous discipline and creativity in getting here, and we plan to build on that momentum. One of the things I love most about our company is how our mission and metrics go hand in hand. When recently one of our pathologists told me, "Every time we get a diagnosis right, that's a patient whose correct treatment starts faster." It reminds me of why this growth matters beyond just numbers. I want to take a moment to thank every member of our Precipio team. This achievement is yours. Our sales team operates with the focus and agility of hawks, consistently capturing market share from our competitors, while the rest of the team balances limitless dedication to patient care with operational and financial prudence to efficiently manage the business. This achievement belongs to them. I'd also like to thank our shareholders who have been patient and have been with us on a tough journey. I hope everyone sees the focus and determination to translate the company's business and financial success into shareholder value. I really think this is just the beginning. Thank you all for your continued trust and support. Wishing you all a great holiday season and a happy new year, and we'll talk again in 2026. Have a nice evening. Thank you. The conference is now concluded. Thank you very much for attending today's presentation. You may now disconnect.