Welcome to the Precipio’s Shareholder Second Quarter 2021 Shareholder Update Conference Call. All participants will be in listen-only mode. [Operator Instructions]. Please also note that this event is being recorded. 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. 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 31, 2020, 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 that 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.

Thank you very much. Good afternoon everyone and thanks for joining our Q2 2021 shareholder call. On this call, I'll provide a recap of our activity this quarter and some insights into what the future holds for us from now through year end. Let's start with pathology services. As you saw from our reported results, we continue to grow our revenue mostly from pathology services with an increase of 55% year-over-year and 29% increase from Q1 to Q2 of this year. Our reported revenue from pathology continued to grow due to two key factors. The first was the organic growth of new customers and increased business from our existing customers. The second factor was the improvement to our collections, which reduces our allowance for doubtful accounts. Cash coming in from pathology services depends on reimbursement and insurance carriers, and this is often quite the battle to say the least. To improve contracts within payers alongside improved internal collection processes, we've gradually managed to increase our collection rate from the 70% range years ago into the 80s and now approaching 90% billable revenue. This has a direct impact not only on reported revenue, but of course on cash to the bottom line. Our pathology sales team continued to face challenges for markets that reopened for a short period of time, and are now facing a return to restrictions or even shutdowns. This makes it more challenging for our sales team to call on new customers to build a relationship as well as maintain existing relationships with our current customers. The good news is this is a challenge that the entire industry is facing. So it's a tide that causes all ships to rise together. With the unique value proposition our team has in its toolkit, which includes a dedication to diagnostic…

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