Today, a short introduction by myself, followed by a report from Brian on the past year and on our outlook. We will take questions on both of those presentations at the end of Brian's presentation, and then proceed to the formal business of the meeting. When we get to resolutions, we will not read those out. They will be displayed on the screen, and they were provided at the time of the notice of annual general meeting. We will end the meeting by opening the floor to any general questions. To assist with efficient progress through the meeting, we ask that questions during earlier sections of the agenda are limited to the subject matter at hand. I will now hand over to James Agnew, who will briefly outline how you can ask questions. Thanks, Jim. Questions can be submitted by using the Q&A box located on your screen. We have just highlighted this here in yellow. Please note that there may be some delay before we get to your question, so we ask for your patience. If you would like to answer your question verbally, please use the raise hand function, and when prompted, please unmute yourself to speak live. Where appropriate during the meeting, we will ask our Joint Company Secretary, Tracy Weimar, to read out those questions. I will now hand it back to Jim. Thank you, James. I will read my introduction. I will read my notes. Last year was a very good one for Aroa, the culmination of much effort in earlier years. Aroa experienced solid revenue growth and profitability off the back of the things that we described the last annual meeting. Those were greater clinical endorsement of Aroa ECM products, accelerated growth of our own direct sales, continuing cash flows from the Ovitex products via TELA Bio, and increased sales productivity. These all led to the revenue growth that you have seen and the rise in profitability. Revenue increased 23% to NZD 104 million, while normalized EBITDA reached NZD 13 million. The company generated NZD 5 million in cash at the end of the year with NZD 27 million in cash and term deposits with no debt. These results exceeded the financial guidance provided at the beginning of the financial year 2026 and marked Aroa's second consecutive year of positive normalized EBITDA. The importance of Myriad. We signaled last year that robust clinical data from studies would accelerate the growth of this product line. This is exactly what happened in the fiscal year. Myriad sales grew by 54% and did so at over 85% gross margin. This is and will continue to be the engine room of our business for some time. The market for Myriad is large, and the product portfolio covers multiple clinical indications. Succeeding here helps pave the way for long-term financial success. Last year's Myriad sales growth was achieved with the same number of salespeople as the prior year, demonstrating the improved productivity that we have been aiming for. Aroa direct sales now contribute a majority, close to 60% of our revenues. This is significantly more than just a few years ago and is a trend that we plan to see continuing. TELA Bio continues to be an important partner. In the early years, much of our revenue was derived from Ovitex products sold and distributed by TELA Bio. That provided the significant cash flows we needed to develop our own sales and marketing workforce and means that we did not need additional capital. This model continues. Clinical evidence and Symphony. Aroa ECM technology is now supported by more than 130 peer-reviewed publications involving approximately 5,000 patients. This growing body of evidence is crucial because clinicians and healthcare systems increasingly require products to demonstrate both clinical benefits and economic value. Crucially, last year, the randomized controlled trial for treatment of diabetic foot ulcers using Symphony was completed. This study met its primary endpoint, further enhancing the confidence we have in Aroa ECM technology. Once published, we expect the study to provide strong evidence to support Symphony's efficacy and positions Aroa well in the U.S. outpatient skin substitute market. Some changes to our board have happened in the time since our last meeting. John Pinion retired in October last year after a decade of service. During that time, he made a significant contribution through a formative period for Aroa with his deep medical technology expertise and valuable U.S. market experience. Also in October, Paul Shearer joined us as a non-executive director. Paul brings more than 30 years of global healthcare and medical device experience, including two decades leading sales and marketing at Fisher & Paykel Healthcare. His experience building international growth from a New Zealand headquartered medical device company is well-suited to Aroa's next stage of development. Today marks the retirement of longstanding director John Diddams. John has been an important contributor to Aroa, particularly during the COVID-19 pandemic when we listed and then the uncertainty relating to that. On behalf of the board, I would like to thank both John Pinion and John Diddams for their service, counsel, and commitment to Aroa during their time as directors. In closing, the substantial progress achieved during financial year 2026 reflects the commitment and capability of many people. On behalf of the board, I thank Brian and the executive leadership team for their leadership during the year. I also thank the wider Aroa team across New Zealand and North America for their dedication, expertise, and hard work. Finally, I thank our shareholders for their continued support. While there is still much to do, Aroa has entered this year with strong foundations, supported by a differentiated technology platform, a growing body of clinical evidence, positive cash flow, no debt, and a clear growth strategy. We remain focused on building a sustainable global medical technology company and delivering on our purpose of unlocking regenerative healing for everybody. Thank you. I will hand over to Brian. Great. Thank you, Jim. Welcome, and thank you for joining and taking the time to attend this meeting. We certainly appreciate your ongoing interest and support of Aroa. What I thought I would do is reflect a little bit on the last 12 months, and then talk about the opportunities and the challenges ahead of us, and then I'll conclude with some questions and answers. Just looking back five years, when we listed. We listed with NZD 20 million in revenue, and over the last five years, we've now surpassed NZD 100 million in revenue. A huge amount of progress has been made in the company since that time. We've gone from being a company burning cash, losing money, to now being a company that is cash flow positive, and on a normalized EBITDA basis, profitable. Last year was particularly strong. Grew the company 23% in total product revenue over the last 12 months. Very delighted with that performance. Really driven by Myriad. Myriad is the driver of growth. It's our hero product, and certainly, we're very pleased with our choice to put a lot of our resources behind Myriad, and focus on the inpatient setting in the operating room, and put Myriad in. What we're seeing there is a nice, strong trend in terms of Myriad growth. I think, if we project forward, that's a trend that we have strong belief will continue to grow. Ovitex continues to be a very solid contributor to the company as well. A very important contribution to the company in terms of helping us fund build out our own direct sales operation. If you look forward, I think this trend will continue and Myriad will continue to be very important for us. I want to talk a little bit about Myriad. Myriad is, as I said before, it's the hero product. It's the driver of growth. With Myriad, we have all of the foundations in place now, and we've proven out that this can really be a product that's very successful. We've got the clinical data, we have the sales capability that's now established. We have the infrastructure in place for Myriad to succeed. I think the other thing that's important here is, this is in a very stable reimbursement environment. We understand how this product is paid for, how it fits into the hospital setting, and we don't see that environment changing significantly over the future. We feel like we've got very strong foundations for Myriad going forward. What stands out with Myriad is three things. The outcomes with Myriad are outstanding. Single application, minimal complications, and a fast rate of tissue regeneration. We get this vascularized tissue coverage within 7- 21 days. Clinically, a very strong product. Then on the back of that as well, are very strong outcomes for hospitals. Lower cost, and we're doing that not just through the product cost, but through savings in terms of having to take the patient to the operating room fewer times and being able to get them out of the hospital quicker and have fewer complications. That's very important for hospitals, not only financially, but also operationally in terms of making them more efficient in how they can operate their hospitals. With Myriad, what is super interesting is that it performs very well in the most complex cases. If you think about where these procedures are happening, what procedures they are within hospitals, we are very focused on trauma and lower limb salvage procedures. That accounts for about 75% of procedures within hospitals. Myriad performs outstandingly well in those procedures, and we have proven that out through compelling clinical data. Over the last two years, we have published the largest study of lower limb salvage with 130 patients and shown very strong results there. Similarly, in trauma in the last year, published a similar study. What we are seeing with Myriad is very good clinical outcomes and a level of evidence here that goes far beyond what is previously been published by other companies. I think that is very important in terms of gaining surgeon confidence in terms of using our products. The other thing that is interesting about Myriad is that it performs very well in a wide range of different surgical procedures. Often you find with these products, they are particularly well-suited to a narrow range of procedures. What we are seeing with Myriad is it performs very well across a wide range of procedures. It means that it can be a product that is stocked within the hospital that can satisfy a wide range of use cases, and that is very important for hospitals to have products that have versatility and certainly limit the number of products that they need to carry. Finally, with Myriad, we have spent time over the last couple of years building out the portfolio of products so that we can address different use cases for different procedures and different types of soft tissue reconstruction. We now have a full portfolio of products that allows us to address the wide range of procedures here. I think if you look at all of that, we can feel very confident in the outlook for the future. The other thing to factor in here is that at the level of sales that we have now, $29 million, we are only beginning to scratch the surface of the full opportunity. We believe the full opportunity for soft tissue reconstruction within the operating room in the is $750 million. There is a long way for Myriad to run in terms of growth and with the offering that we have here, we truly believe that Myriad can be a market leader in this particular category. A lot of optimism within the company about where we are heading with Myriad and the foundation that this provides for future growth. Ovitex. As people will be aware, Ovitex is different from the rest of our product range. It is a reinforced tissue matrix, a product that is sold through TELA Bio, and we have built out a wide portfolio of products here, for both hernia and breast reconstruction. I think that there are two things to remember from the slide. The first one would be the clinical evidence for Ovitex is very compelling, and Ovitex brings a new level of clinical performance to hernia procedures. Historically, the rates of complication and particularly the rates of recurrence for hernia are between 10% and 30%. What we are seeing with Ovitex is recurrence rates less than 3%. That is not in single studies. That is when we look across multiple studies. On the basis of that, the performance is superior and we believe over time, despite the stalled growth at the moment with Ovitex will perform very strongly in the future. TELA Bio has challenges with contracting within hospitals at the moment. That will be a problem that is overcome, and it will be solved in three ways. Through those contracts rolling off, through TELA Bio establishing a new category outside of those existing contracts. Thirdly, potentially through legal action that TELA has taken in terms of anti-competitive behavior by the dominant player in that market. In the end, we do believe that Ovitex will prevail, solely on the basis that it is a superior product. Over time, the surgeons will adopt it because there are fewer complications and better outcomes. Again, if you look forward, the opportunity for Ovitex is very large. NZD 80 million in sales now, but potential opportunity of in excess of NZD 1 billion. A long way to run on this despite the fact that Ovitex is stalled in the short term. Symphony. Symphony is an opportunity that we have been looking at for some time. It is a complicated market. It is in the outpatient setting, and reimbursement in this particular setting is different. The historical incentives have encouraged surgeons to use products with the highest price. That has all been reset at the beginning of this year. New rules have come in, and there has been major disruption in this market, and we are seeing a short-term shakeout. A number of companies are exiting from this market. Their business models are no longer sustainable, and we have seen a lot of change in this market over the last three to six months. We think that Symphony is exceptionally well-positioned to succeed in the market now as it evolves. The reason for that is three things. Products with strong clinical evidence are going to be preferred, and I will talk a little bit about our RCT shortly. We have that. Procedures are shifting back towards the hospital outpatient department, and that is exactly where we have an established sales team. Because of that, companies that are also operating with surgical portfolios in the hospital are well-placed. They have GPO contracts in place. They are well set up with the infrastructure necessary to serve the customers in the hospital outpatient department. Where the market is moving for Symphony is exactly where Aroa is and well-positioned to succeed. While there is a shakeout in this market and while reimbursement has changed, we think it aligns very well with where Symphony and Aroa are positioned. If you look forward in this market, while clinical data has historically not been required, we are seeing that increasingly that will be a requirement in order to enter this market. We have concluded an RCT for Symphony, comparing Symphony against the standard of care. The endpoints of that study have been met. It has been submitted for publication. Just over 140 patients in that study, so a large study when compared to many of the competitors' study. That study has been submitted for publication, and we expect that to be published in the next four to eight weeks. When it is published, we will be able to talk a little bit more about that. We are very pleased with the outcomes, and we think it positions Symphony very well for the future. If you look at our outlook for Symphony, we are forecasting modest growth there. We currently have a very small level of sales. In the new reset market, we believe that opportunity is in excess of NZD 1 billion. It is a very strong growth option for Symphony, for Aroa in the future. We think that is going to really contribute to our future growth trajectory. Just thinking about outlook, I think we are at a stage now where we have proven that we can grow our product range year- on- year. We have made that transition to being profitable, self-funding. We generated cash this year, and we have a strong cash balance. Myriad on its own is driving growth, and we continue to see that grow strongly over the next four or five years. Symphony provides optionality for us, another growth engine to be developed over time. Ovitex is very important in terms of contributing revenue and a strong gross margin with no sales cost. That contribution has helped us build out our own direct sales presence. Then we have this growing body of clinical evidence and value that we can bring to hospitals that is providing a moat to protect our position as we go forward. We are very optimistic about our ability to keep on growing and the growth rate that we are growing, 20% a year. If you look forward, the business is twice the size within three years. At the margins that we have, that starts to generate large amounts of cash. Just in terms of the financial results, and Jim touched on this, total revenue of NZD 104 million, up 23% on last year. Normalized EBITDA of NZD 12.6 million. That is up from NZD 4 million the previous year, so strong growth there as well. We are growing top line, but we are also growing our bottom line. Cash flow. At NZD 10 million operating cash flow, up NZD 13 million on the previous year. Investing activities, NZD 3.7 million, so that is mainly a small amount of CapEx, and a small amount of capitalization of R&D. Finance activities, essentially leases, and then NZD 5 million of cash generated, so ending the year with NZD 27 million of cash in the bank. We are well-positioned from a cash perspective. Don't need to necessarily raise money. We are in a strong position there from a balance sheet perspective. Just looking forward in terms of guidance for this year is NZD 115 million- NZD 125 million, so it is between 13% and 23% growth. Normalized EBITDA, NZD 8 million- NZD 11 million, so similar to last year. The reason for that is a significant investment in our sales and commercial infrastructure. NZD 5 million going into supporting Myriad growth and then NZD 4 million into supporting Symphony growth. That is really to make sure that we are well-positioned for Symphony as that grows in the future. We see it as a time-sensitive opportunity. Very excited about where we are, the opportunity for the future, and feel like the last year particularly has helped us prove out the business model, demonstrate that we can grow, be profitable, generate cash. I think we are at a very exciting stage. Jim, I am going to hand it back to you. Thank you, Brian. Oh, sorry. Wait a minute. Questions and answers. Well done. Got a little bit ahead of myself there. Tracy, are there any I am happy to take questions. Yes, there have been quite a few questions, Brian, on your presentation. I am going to start with a question from Colin McArthur, which has said, "You have said a lot about the U.S. What is happening for sales in the U.K. and EU as well as Australia? Yeah. Our main focus has been on the U.S., where we have a sales presence, our own direct sales team, and we have made a significant investment there. We want to continue the success of that. Ex-U.S., we are beginning to build out a presence through local distributors. The last year has gone very well for us. NZD 4 million in sales. We have had particular success in the U.K. Great success in India as well. We are seeing probably three or four countries that look really strong. Having seen that over the last 12 months, we are making additional investments in that international business and with the recent recruitment of Michael Lynskey as our Chief Commercial Officer. He comes with a very strong global background. It is something that we are focused on. We don't want to lose focus on being successful in the U.S., but also we do see opportunities ex-U.S. We'll continue to balance that build-up. But we do think that the ex-U.S. part can become a significant part of our future revenue. Thank you, Brian. We've got a few more questions on commercial operations. This one is particularly around Symphony commercial traction. Can management provide an update on Symphony's commercial traction in the U.S., including the number of active accounts, clinicians, or procedures to date? Yeah. Look, I can probably just a few words on that without getting into the details. What we have seen over the first six months of this year is a reduction in the number of procedures being performed in that particular market, just because uncertainty from providers in terms of how the new reimbursement arrangements would work. An exit of companies from that market as well. I think it's fair to say, if you look across all of the companies that are in this market, volumes are down 30%-50%. I think that doesn't reflect the situation as this normalizes and we look forward. But that is a dynamic in the market as well. For Aroa, we remain committed to this opportunity, we really don't have much sales in this market at the moment, and it's really about putting in place the building blocks there that set us up to be successful in this market in the future. Thank you, Brian. Similarly, with regard to Symphony, this related to our FY 2027 guidance. Does the FY 2027 revenue guidance assume any meaningful contribution from Symphony? If so, approximately how much? Yeah, it does. The way we think about it is really a combination of Myriad and Symphony. It is the total direct sales number that matters. There is going to be a little bit of overs and unders between Symphony, but we are really focused on delivering that top line Myriad- Symphony combination number. With how things are tracking now, we are on track to be sitting within our guidance. Thank you, Brian. Another question. This one is regarding reimbursement risk. Following the recent reimbursement developments, what remaining reimbursement risk do you see for Symphony, and when do you expect those uncertainties to be substantially resolved? Yeah, it is a good question. There is a bunch of things there. There has been changes to how reimbursement is working from the beginning of FY 2026. We are eligible to be reimbursed within those new guidelines, within those new rules now. We are seeing that clinical evidence will become important, and we are certainly being paid at the moment, but that may change over time. We think with having completed the RCT, then as the evidence standards become higher, we are well-placed to meet the new requirements of CMS and the MACs. I think the other risk that is potentially out there is further changes from CMS and how those rules work. What we have seen recently is CMS announcing that the rules for FY 2027 and the payment will remain the same. I think that's important in terms of providing stability within the market, and I think that's also going to be important for providers to have confidence in using these products. Certainly over the next 18 months, it looks like the reimbursement rules have been settled, and we're sort of moving into a period of a bit more stability. There are a couple of changes that have been proposed by CMS, additional changes in terms of reimbursement of powder formats, potentially some reimbursement changes with respect to regulatory clearances. But we don't see those as risks for Symphony's success. Thank you, Brian. With regard to the U.S. sales force expansion, can you comment on how large the U.S. direct sales team is today and how much you expect it to expand during FY 2027? Yeah. So, we're at 55 or so salespeople. We said at the beginning of the year that we would expand the team by 10- 15. I think we're really focused on sales productivity with that team and making sure that we can get all those people performing at a high level. We're also conscious that there's a range of different resources that we need in order to succeed within that market. I think 15 would be the absolute tops. We probably won't get to that, and I think it's going to be 10 or so people that are added this year. Thank you, Brian. For Myriad, and this is a topic on Myriad growth. Myriad has been one of Aroa's strongest growth products. What are the main factors currently limiting further growth, and do you believe the current growth rate is sustainable? Yeah, it gets harder. 54% gets harder as the baseline gets higher. I think certainly it continues to grow at a strong level. I would say 30%+. It should be able to grow at that for some time. In terms of constraints to growth, I think we are now in a situation where it is really sales force productivity and awareness generally within the market that will drive growth. I think the evidence thresholds, we have met those. The value threshold for hospitals is there as well. It is really about adding people, but also adding people that where we have confidence that when we add somebody, then they will be able to ramp quickly within that market and achieve a high level of sales within relatively short time, so 6- 12 months. I think we are conscious that adding people is a big cost, and so making sure that those people become productive in a relatively short period of time is- Thank you, Brian. Now, we do have a number of other questions on operational matters. Jim, I will just pause in case you would like to proceed with the procedural matters first and then revert to those questions. I think that would be a good idea. We will have an opportunity for those questions at the-. So the first item of business is to receive and consider our financial statements from an auditor's report from last year. They are contained in the company's latest annual report, which you will have received. I take these as read. James Agnew, our CFO, and [Judith Assem], representing the auditors, are both present and available to ask any questions. Tracy, are there any questions for this section? There are no questions for this section. Thank you. Before we move to the other resolutions, to the resolutions, I will hand over to James who will take us through the procedural matters. Thanks, Jim. Jim has called a poll on all resolutions at today's meeting. We will shortly be opening voting, so I will briefly how you can do this. Shareholders and authorized representatives attending online can vote via the webinar poll. If you have lodged a proxy form and voted before the meeting, you do not need to vote again at this meeting unless you wish to change your proxy instruction. For those of you that have not yet voted before the meeting, please cast your votes when the webinar poll is opened. You will know that the webinar poll is open when a window similar to that now displayed appears on your screen. To vote, simply just select the option for which you would like to cast your vote. It will then be marked. To submit your votes, simply click on the Submit button. Until we close voting, you can change your vote. The poll results will be tallied after the meetings, and we will announce those results later today. Our share registry, Automic, has provided a report on the valid proxy votes we have received approximately two hours before the start of this meeting. We will display those results on the screen as we go through each resolution. Please note that the votes may have changed in the intervening period. We will now move to the resolutions which are up for consideration today. Details are set out in the notice of meeting, and are taken as read. For online attendees, the poll is now open, and you may now cast your votes as we go through the resolutions. Guests are reminded that as we are now in the formal business of the meeting, the opportunities for questions and comments is limited to our Aroa shareholders and authorized representatives only. I will now hand the floor to Jim, who will take us through resolutions one through to five. Jim will then hand over to Brian for resolution six. Thanks, James. I refer to the first resolution, which is for Catherine Mohr's re-election as a director of the company. The board, with Dr. Mohr abstaining, supports the re-election of Dr. Mohr and recommends that shareholders vote in favor. As Dr. Mohr is unable to attend the meeting today, she has pre-recorded some remarks, which we will now play. Good morning. I want to thank you for the opportunity to continue to serve on the Aroa Biosurgery board. For the past several years, I have become increasingly excited by the clinical outcomes that we continue to see with the Aroa ECM technology, the growing body of evidence, its potential to improve healing across a broad range of clinical applications. I believe these combine to provide a strong scientific and commercial foundation for the company's future. What is especially compelling is how that foundation is being translated into innovative products such as Myriad, Symphony, and the broader pipeline. These represent important opportunities to bring the benefits of Aroa's regenerative technology to more patients, to every body, while creating long-term value for shareholders. As an independent director, I have sought to contribute my experience in medical technology, innovation, and global healthcare to help the country navigate both opportunities and challenges. I remain committed to supporting management as Aroa continues to execute its strategy, strengthen its clinical evidence, expand adoption, and build a sustainable high-growth business. It has been a privilege to serve on the board, and I would be honored to continue serving another term. Thank you for your confidence and support. I now move that shareholders consider and, if thought fit, pass this ordinary resolution. Tracy, have you received any questions? No questions on this resolution, Jim. Thank you. I now refer you to the second resolution, which is for Mr. Paul Shearer's election as the director of the company. The Board, with Paul abstaining, supports the election of Mr. Shearer and recommends that shareholders vote in favor. I now invite Paul to provide some remarks. Thanks, Jim. I am Paul Shearer, and I am seeking election to the Board of Aroa. Some of you may know that I have been a Board member now for 10 months. During that time, I have learned a lot about Aroa, about its products, its customers, its market opportunities, and of course, our staff, and it is very, very exciting. I think Aroa has got a fantastic future, and there is really lots to look forward to. When I look at the products, we have got leading innovative products that are clinically differentiated, so they are supported by very strong clinical evidence. We have got a lot of protection from intellectual property, which is really, really important. We have got over NZD 100 million now of sales, which will enable us to scale into the future, which again, is extremely important. We have got a very large potential market that is very under-penetrated by our own products. And most importantly, we have got a very committed group and team of people that are committed to making Aroa great. I think it is a very, very exciting company with a very exciting opportunity. But of course, like all opportunities, it is about actualizing opportunities, and that is about execution. I think that Aroa has been executing very well, as evidenced by the last 12 months of results. That is fantastic. I think that for an individual, from my perspective, I think that I can help support the execution of Aroa moving forward. I have had 33 years of working for Fisher & Paykel Healthcare, which is a New Zealand-based leading medical device manufacturer with approximately NZD 2 billion worth of revenue. During my time at Fisher & Paykel, for 20 years I have been responsible for our global sales and marketing efforts. I have been responsible for around about 1,500 people. People located in over 50 countries around the world. I have lived and worked in North America and Europe, so I have got a lot of international experience. I have been involved in setting up direct sales operations, working with OEM customers and distributors. I have had a lot of experience in growing markets and developing new markets. With that experience and with shareholder support, I would very much appreciate the opportunity to be elected to the Aroa board. Thank you. Thanks, Paul. I now move that shareholders consider, and have thought fit, pass this ordinary resolution. Tracy, have you received any questions in relation to this resolution? No questions on this resolution, Jim. Then I will move to the third resolution, which is that the board be authorized to fix the auditor's remuneration for the financial year ending 31 March 2027. The board unanimously supports this resolution and recommends that shareholders vote in favor of it. I now move that shareholders consider, and have thought fit, pass this ordinary resolution. Tracy, have you received any questions regarding this one? I have received a question with regard to the auditors, from shareholder Stephen Mayne, who I note also has his hand raised to speak orally. I will read the question out first and then allow Mr. Mayne a moment to speak as well. The question is, BDO has been the external auditor for many years. When did we last tender the audit, and when are we next planning to tender the audit? Look, I can answer that, Stephen. We have had a very strong relationship with the firm of BDO, and I can assure you, as CFO of this company for the last 13 years, I am very mindful around what auditors can get away with charging us. While I have not officially formally sent out to the tender, I have definitely sought unofficial tenders for our business. To which, look, rest assured that out of all the audit providers in the market, BDO definitely are pricing their audit services very competitively. I think the more important thing is that within BDO, they have a strict cycle around rotation of senior audit partners, which they have adhered to. I believe we are now onto our third senior partner auditor since we listed back in 2020. Thank you, James. Mr. Mayne has his hand raised, so I am going to allow him to ask his question. Yeah. Can you hear me? We can hear you. Yes, we can. Yeah. Are you saying you've never done a tender and there's no current plans to ever do a tender? I know the law says you have to rotate partners every five years. That's the law. In the U.K., the law has moved to mandatory tenders every 10 years. Best practice is certainly moving that way. Long-serving auditors and no tenders beyond a decade is not really acceptable for a company capitalized at a couple of hundred million. I'd ask you to sort of at least have a plan within the next two or three years to officially run a tender. It's not just price. Shareholders are looking for quality of audit and long-serving auditors that are not charging a lot, often aren't keeping management to account on the latest sort of accounting trends and things. I would be happy to see you have a Big Four auditor, and changing the key audit matters and they are working for us, the shareholders. Not really happy with that original answer, to be honest. Thank you, Stephen. I appreciate the question, and we will certainly take those comments on board. Tracy, are there any other questions? Not on this resolution, Jim. Thank you very much. Then let us move to the next resolution, which for the purpose of the ASX Listing Rule 10.14 and all other purposes, approval is given for the issue of 377,742 restricted stock units to the company CEO and Managing Director, Mr. Brian Ward or his nominee, under the Aroa Omnibus Plan. In respect of Mr. Ward's fiscal year 2026 deferred STI on the terms and conditions set out in the explanatory notes in the notice to the AGM. The board, with Brian Ward abstaining, recommends that shareholders vote in favor of Resolution 4. I move that shareholders consider, and have thought fit, pass the ordinary resolution. Tracy, any questions for this resolution? No questions on this resolution, Jim. Thank you, Tracy. Moving to Resolution 5. For the purposes of ASX Listing Rule 10.14 again, and all other purposes, approval is given for the company to issue to the company's CEO and Managing Director, Brian Ward, or his nominee, up to 726,559 performance share rights under the Aroa Omnibus Plan on the terms and conditions set out in the explanatory notes with the notice of the AGM. The board, with Brian abstaining, recommends that shareholders vote in favor of Resolution 5. I move that shareholders consider, and if thought fit, pass the ordinary resolution. As the next resolution relates to myself as an independent director, on our behalf, Brian Ward. Jim, apologies, do you have a question on Resolution 5 before we move to I'm sorry. Thank you. We have a question from Mr. Stephen Mayne, and it is regarding Brian's remuneration, and noting that Dr. Ward has become the CEO when the company was founded in 2008. Mr. Mayne has asked if Brian could speak to a couple of points, a brief summary of your past LTI grants and whether they have vested or lapsed, as well as if you have ever sold shares in the company on market without relying on an incentive scheme to build your equity position. You can speak to that. Yeah. Okay. I am happy to talk to that. Since the company has listed, I have sold no shares in the company. Five years ago we listed and not a single share sold. In terms of performance shares vesting, we have grown the company from NZD 20 million in revenue to NZD 100 million. As at this point in time, I do not believe I have received any performance shares. Our shares have not vested. That is really, for a whole lot of reasons, we have not had the share price performance kind of despite improvement in operational performance. Do you want to add anything to that, James? No, I think that is pretty much covered. Tracy, any other questions? No more questions on this resolution. Thank you. Sorry. Right. This time, I will hand over to Brian for the final resolution. Thanks, Jim. Resolution 6, that for the purposes of Clause 36.1 of the company's constitution and ASX Listing Rule 10.17 and all other purposes, that the total aggregate fees that it may be paid to non-executive directors in any year commencing on or after the 1st of April 2026 be increased from NZD 750,000 to NZD 1.1 million, an increase of NZD 350,000. The board, with the non-executive directors abstaining, recommends that shareholders vote in favor of Resolution 6. I move that shareholders consider, and if thought appropriate, if thought fit, pass the ordinary resolution. Tracy, have you received any questions? No questions on this resolution, Brian. Thank you. We will now provide shareholders with an extra minute for poll voting to be completed. I now declare the poll closed. We will announce the results to the ASX later today after they have been tallied. We have now got time for some question and answers. Tracy, would you like to go back to some of the questions we have got and any others that are received? Yes. Thank you, Jim. There are a few more operational questions. This one is on the topic of operating leverage. Given Aroa's high gross margins, at what revenue scale do you expect to see materially stronger operating leverage and EBITDA growth? James, do you want to take that? Yeah. Look, as Brian sort of mentioned, we started to see that operating leverage come through last year. This year, we obviously decided to deliberately make an investment of about NZD 9 million. A large part of that investment is a fixed investment, so it is not representative of the cost that we need to incur every year. Very quickly what you will see next year is that we will start to return to that EBITDA margin increasing. Look, the expectations, if we are continuing to grow at 20% on the top line year- on- year, we should see that EBITDA follow through over the next two or three years back to sort of levels about 20% EBITDA. Thank you, James. The next question relates to capital-raising risk. Based on the current FY 2027 plan, does management expect Aroa to remain self-funding, or should shareholders expect any need for additional equity capital? I think we are self-funding, and we've got a strong balance sheet, and we don't expect to have to raise capital to fund operations. That said, sometimes there may be opportunities that present themselves where it would make sense to raise capital. But that's not considered part of the basic plan. We should be self-funding. Thanks, Brian. The next question is with regard to commercial leadership changes. With the recent changes in commercial leadership, what specific opportunities or weaknesses were identified in the previous U.S. commercial strategy, and what will the new team do differently? Yeah. I wouldn't say it was necessarily weakness. I think we'd grown a sales organization to 50 or so people, and we were looking to really bring all the learning that we'd had over the last four or five years and be able to replicate that across the team, and lift the general capability of the team. And I think we're at a stage now where, as we add new people, and I said earlier, we want them to be more productive. So we've been able to bring in leaders that have significantly more experience at leading much larger sales organizations, bringing new capabilities. So I think we've made that change, and I think we've brought in two senior people there. We've also made some structural changes in our U.S. operation as well. I think what that has allowed us to do is to reduce the number of people that each of our sales leaders was managing. What we've seen is that, where we've had a slightly smaller team with more oversight from leaders, those people have been more productive. I think the other thing is training. We're investing more in training as well to ensure that our people are at the top of their game and very knowledgeable about our products and the procedures. I think that's helping as well. I think there's a number of things that we're doing, but I think bringing in new leadership there, bringing in a different level of capability sets us up very well for the next phase of scaling the business. Thank you, Brian. The next question relates to TELA Bio. How is the TELA Bio partnership performing relative to management's expectations, and where do you see the biggest opportunity for growth through that channel? Yeah. I think TELA Bio, we've been really pleased with how TELA Bio has grown and contributed to the Aroa business over the last five years. Over the last two years, the business has stalled, and that's predominantly based on contracting issues within hospitals, where those hospitals have contracted for 80% of the volume through another dominant player. That has been a headwind for TELA Bio. We have seen them very committed to overcoming that challenge, and to working around that, and we see that being resolved. Look, I think we're very positive about the outlook there. There's been some recent changes in TELA Bio with regard to the board, a change in the CEO there as well. I think there's certainly, we see a very strong commitment at TELA Bio to ongoing success and to making TELA Bio and Ovitex market leaders in hernia and breast surgery. We're very optimistic about the TELA Bio partnership. Thank you, Brian. The next question relates to long-term scale. If Myriad and Symphony execute successfully, what revenue scale does management believe Aroa could realistically reach over the next three to five years? Well, I think if you just look at our growth trajectory now, growing in excess of 20% over three years, that takes you close to NZD 200 million in sales. I think that is a realistic expectation. With that, you will get significant margin expansion. Even at NZD 200 million in sales, we still have a very small share of the total opportunity in terms of the markets that we are focused on. Particularly if you look at Myriad and Symphony, where we are selling directly, there is no reason why with the technology that we have got, the clinical evidence that we have got, that we cannot be a market leader in that. At NZD 200 million in a NZD 2 billion market, it is only 10%. I think we typically 50%, 60% of that market. We have got a long way to run. Thank you, Brian. Another question relating to Ovitex. When do you expect Ovitex to resume growth, and what are the catalysts Aroa shareholders should be looking for from TELA Bio? What rate of growth do you believe is achievable? That is a good question. I think the first half of the year has been flat. They have made some changes in their sales team and obviously made a change in management recently, change in the board. We would expect to see an uplift in the second half. We have budgeted and forecast for the full year to be flat. If you think about the headwinds that they have with contracting, we are a year or so into that. The contracts are typically for three years, and so we expect to still have challenges over the next 12- 24 months. There may be a breakthrough. They have legal action in place against their competitor, but there are other factors at play there as well. Look, I think our outlook is TELA Bio could be flattish over the next 24 months, but despite that, with the growth that we anticipate with Myriad and with Symphony coming online, we think we can still grow really strongly. Thank you, Brian. The next question is more financial in nature. With NZD 5 million being invested in Myriad sales capability and NZD 4 million in Symphony sales infrastructure, do you still expect Aroa to remain free cash flow positive and self-funding through FY 2027? Yes, we do. As you noticed last year, we did leave at NZD 13 million. We generated NZD 5 million in cash flow. Yes, that did represent really good improvement in our working capital position, but you should also see at least we have a small positive cash flow this year, but it definitely won't be in the red. Thank you, James. This is regarding Symphony, this question. Once the Symphony RCT is published, what major commercial and reimbursement barriers will still remain before Symphony can scale meaningfully? Yeah, I think once it is published, the importance of getting the study published is that we can then take that to the contractors that administer the contracts for Medicare and gain their blessing of the data that sits behind Symphony. That is important for healthcare providers to have the confidence that when they use those products, they will be paid for them. That is the objective, to get the study, take it around the various Medicare administrators, and get their blessing, and then to be able to show that to the various providers. That becomes an important factor for us. Most of the patients are paid through Medicare. There are private payers as well, and we will also be taking that data to key private payers in different parts of the country as well. Again, same process. So making sure that they support payment for that product. That is a gating item for success there. In the meantime, we still are able to sell Symphony, and there are still providers that will use it despite that assurance not being in place. So there is an existing opportunity. That opportunity gets larger, and there is a wider group of people that are prepared to use Symphony once you have had that support from the contractors and from the private payers. Thanks, Brian. The next question relates to Myriad and specifically the return on investment. What incremental revenue or payback period does management expect from the additional NZD 5 million investment in Myriad sales capability? Yeah, it is a good question. The payback on that is less than 12 months. Look, we will start to see the benefits of that investment come through in the second half of our financial year, but really sort of flowing through and taking precedent in next year. Thanks, James. Another question in a financial nature. If Symphony sales remain minimal throughout FY 2027, can Myriad and the rest of the portfolio still deliver the lower end of the NZD 115 million- NZD 125 million revenue guidance? Yeah. I'd say absolutely. I think we'd said that would be a poor result for the company if we were to do the lower end of guidance, and absolutely, we have a lot of confidence that we can actually be towards the upper end of guidance if Myriad wasn't. Sorry, if Symphony wasn't a major contributing factor. Thank you, James. There are no open questions at this time. Thank you very much for all those questions. And thank you for attending. This brings to an end today's annual general meeting, and I now declare the meeting closed. Thank you for your attendance and continued support.