Ambition to build a leading market share in the world's largest healthcare market. While there is some uncertainty in the US healthcare system, this new significant contract validates Technegas's superior capabilities in lung imaging, the timelessness of demand, and our ability to execute new sales. Today, we'll cover off on a few things in our half hour together: a 24-hour overview and financial results. We'll give you a snapshot of our third-party distribution business before we get into the heart of our core technology, Technegas. The lead story on that, of course, is our growth in the US market and our beyond PE pulmonary embolism, beyond pulmonary embolism aspirations, followed by some Q&A at the very end. It's important to understand the potential opportunities for Technegas, but you need to understand also the footprint that we have. As an Australian company, we have an enviable footprint across the world. Everything that you see in gold there is where Technegas sales are being generated. We're now in 66 countries around the world. Of those 66, we're direct marketing in 17 of those. Our technology was invented here in Australia in the late 1980s, but it's more relevant today than it ever was, particularly with the advent of analytical software and what AI is bringing our clinicians. We've had over 5 million patient studies conducted with Technegas. It's a name known throughout nuclear medicine in the world. Because we have such a footprint throughout the world, we've been able to leverage our sales and service organization to deliver on a diversification of offerings to our customers in third-party business products. I'm not going to spend a lot of time on this slide, and I'm not going to steal Jason's thunder when we talk about the financials, but I will point out a few key things on there. 2024 was a significant year for the organization following the US FDA approval in earnest, following the successful announcement that we had gained US reimbursement from CMS, full reimbursement for our product. That's when our, I guess, our commercial launch really took off mid-last year. We've extended our beyond PE strategy to start new initiatives that are seemingly looking like they'll expand the use of Technegas in very dramatic ways. We finished the year, and thankfully for the support of our investors, with AUD 20.6 million in the bank. While, you know, prior to this announcement, what's probably caused the need for this meeting today was we announced only last Friday that we secured the VA five-year contract. Before that, even in January, we also announced that we'd also secured the largest private healthcare network in the US with a contract with Technegas. Between Between those, I think that warrants a great start for 2025. Moving to financials. Onto the financial results. Our headline sales revenue was $27.6 million, and that was up 5% from last year. It's pleasing to say that that is a record result in the history of Cyclopharm. Our revenue is broken down into our two main business segments. The first one, Technegas. The revenue in Technegas was up 5% from last year, up to $15.2 million, with a really strong second half that was up 14%, driven by the first US sales coming into the business. Third-party distribution, pleasingly, it was also showing positive growth, up 4% and $12.4 million. The third-party distribution business is a substantial part of our business. It's now representing 45% of our revenue mix. That's serving as a good diversification strategy to our business. Importantly, the US with Technegas, that's where the future is. We recorded $827,000 of revenue for the US with really positive exit momentum. The second half was 131% higher than the first half. Importantly, the second half was driven by the early adoption of key opinion leaders. What we know about the US market is that once technology is embraced by key opinion leaders, that embracement of technology then quickly flows through the rest of the market, which James will talk to more later. Net loss after tax was $13.2 million. That was higher than last year's $4.7 million. Last year did benefit from some positive adjustments, a litigation recovery and an impairment reversal totaling $4.5 million. If you add those items back, then the increase year-on-year is about $4 million. That $4 million reflects all of the direct investment in people and regulatory that we're making within the US business. The balance sheet closed at AUD 20.6 million, and that's a healthy balance for us to continue to execute and drive our growth strategies into the future. Onto the trading highlights within Technegas. Our past revenue is now reflecting 72.6% of our revenue mix. That's increased from last year, driven by the US Our US business, we recognize a much higher average selling price on our consumables, and that's helping to skew that percentage up year-on-year. We sold 55 system sales. They're the generators that we sell in the market compared to 58 last year. Within third-party distribution, we break that business down into two segments, the first one being our capital projects business. That is lumpy. The revenue for the second half was up 83%. Overall, it was down 35% year-on-year because those projects that we fulfilled in the second half of 2024 just were not big enough to or be comparable to the projects that we execute in the first half of 2023. That is expected within that business. It is lumpy. It does go up and down year-on-year. Importantly, though, the consumables and service revenue is the majority of that third-party business, and it was up 26% year-on-year. As we have been executing on those capital projects since we started the business in 2020, you can now see the consumables and service side of that revenue start to come through and being a material contributor to the result. Importantly as well, on the regulatory renewals, in order to sustain revenue in our rest of world market, we have maintained all of the 66 country licenses across the world. On the chart on the right, look, over the last three years, we've had a compounded annual growth rate of 10% year-on-year, and it's positive to see it's across all of our revenue segments we've seen growth. We'll just briefly touch upon the third-party products just to give you an overview. I think Jason talked about the numbers, but again, we just want to emphasize that we've started into this business because of the benefit that it's driving in getting direct into those marketplace, being closer to the customers. That not only has a benefit of adding growth into the business, but also allowing us to interact with customers in our beyond PE strategies. Like Technegas, it's a razor razor blade model. You have capital equipment, and that generates ongoing consumable revenue supported by our own engineers and training. Now to the, I guess, the main topic of discussion, our core proprietary technology, Technegas. Anywhere that Technegas is available, we're seen as the agent of choice in nuclear medicine. We show true functional ventilation imaging. Anywhere that we're registered in those 66 countries around the world, where we're established, we're listed in the guidelines as the agent of choice. We're not going to go through all of the slides in this presentation, but at the appendix section, I've referenced some of those guidelines where we see our product available. The superior clinical outcomes in comparison to CT are exponentially lower in radiation as well. What we're seeing now with the advent of new technology and AI, we're seeing a new era in lung imaging that feeds into our beyond PE strategy. This is the science behind Technegas. Now, I could spend hours on this slide. It's probably one of my favorites, but I will just point out that Technegas is so unique in that anywhere that oxygen goes in the body, Technegas is delivered there. It goes all the way to where oxygen is actually exchanged in the body in the alveoli. With that, we show true functional imaging. Now, look, I've got some fun facts on there that might help you in the next trivia night to show you how small a Technegas particle is and how quickly it is to administer because it is so small and how it disperses throughout the lung so effectively. This is, I guess, the components that drive the business itself. On the left-hand side of the screen, you'll see the Technegas system. That's the equipment that actually generates, with the consumables, the particles that are then administered to the patient. The middle section, the per patient consumables, though, are sold in sets of 50. We only sell in sets of 50 with each individual delivery to the customers. With 50, you get 50 crucibles. That is really the magic. That is what creates the bond between the radioactive component and the carbon that creates the particles for Technegas. Of course, the support that we provide, the service support, the engineering support, and the work that we do with analytical companies in image analysis. I wanted to take a moment just to talk about this concept of hierarchy of evidence. Everywhere throughout this presentation, you will see references, clinical papers, guidelines supporting any claim that we make whatsoever with Technegas. This is kind of the evolution of where the hierarchy of evidence and claims that you can make about a product. As you will note in this presentation, we are at the top. We are at the pinnacle with Technegas. We are already listed as guidelines by name. The clinical papers that are generating support the statements that we make throughout this presentation and in the marketplace. Most recently, a paper that was generated independent of the company was published mid-last year, and it was looking at the use of ventilation imaging and lung imaging across five major markets in the world. Those countries are listed in the title of the paper. This was taken before we entered into the US market. The results of that survey showed that 85% of all nuclear medicine ventilation studies are done using Technegas. The other point it was making is that one of the competitive products that, as we're entering into the US market, has been fully displaced in those markets where Technegas is available. In the paper, it talks about how the introduction of Technegas is likely to change the practice of nuclear medicine ventilation and perfusion imaging in the United States because of the unique characteristics that Technegas delivers. Getting to the US story, the largest healthcare market in the world, the FDA, and we always start with this slide. This is our indications for use from the FDA, approved by the FDA. We're best known for that second bullet point, evaluation of pulmonary embolism when paired with perfusion imaging. It's that first bullet point, the visualization of pulmonary ventilation is a catch-all. The importance of that is that very often that you'll see when a drug goes to market, they have an indications for use, and if they have another use, they'll have to go back for approval for the FDA. We have an indication that is so broad that it covers virtually every potential respiratory condition. We're already in the beyond PE market already with that indication for use without having to go back for further approval with the FDA. Those of you that have been following the Technegas Cyclopharm story have seen this slide before. The vast majority of ventilation-perfusion imaging or diagnosis of pulmonary embolism is done with CT. In the US market, that's about the market share split between the two. The reason why it's so low is virtually because they haven't had Technegas. We believe that once we introduce Technegas, that we'll be able to displace the existing radiopharmaceuticals used in nuclear medicine there. With the superior technology that Technegas can be leveraged off of, three-dimensional imaging, we'll be able to eat into that CT market because we can deliver our results with higher sensitivity, higher specificity, higher accuracy than CT at a much, much, much lower radiation dose. Where are we up to? At the close of December, we were at 17 installations. We've since installed seven more, and we've got another four going in next week. The momentum is starting to take hold, certainly in the US Of those 17 installations, there are up to 24 now. We've already generated $1.37 million in revenues, and that's up from $827,000 at the close of December. That increase of $543,000 in the beginning of these last few weeks of 2025, it's also pleasing to note that it's about 50/50 split. 50% have been attributed to new installations, and the other 50% is that ongoing recurring annuity stream for reorder points for already installed nuclear medicine departments. Largely, this has been driven by the approval from CMS. Our launch date was truly in July of last year. The contracts that I alluded to earlier, the largest government contract, the largest private healthcare only have just kicked in in the last few weeks, and we're starting to leverage off of those as well as a very, very strong existing pipeline. I want to highlight some of those names on the left-hand side of the screen there. Jason mentioned earlier the importance of key opinion leaders, and we're starting to see that bearing fruit in those regional areas where those locations are listed. We're also seeing now that we've also installed at some of those locations, we're seeing additional sites within their umbrella, within their buying groups, starting to request installations as well. The momentum is there. Understanding the US opportunity, these are the numbers that drive our assumptions. We're not, as Jason mentioned, we're not selling generators in the US We're placing those, releasing those on a $7,000 per annum. There's a one-off installation fee that goes along with when you get a site up and running. That includes our engineers coming in, doing the installation, signing all the paperwork about putting a new piece of equipment into a hospital and clinic. About a week later, we bring in our applications training specialists. The people that are hands-on using the product will be trained in the use of Technegas. With that, that's when the annuity stream starts kicking in. They're sold the first initial box of 50 consumables and then in sets of 50, and that's where that ongoing revenue stream starts to kick in. We estimate that each individual site's going to generate in the US around that $70,000 per annum basis. Now, some are going to be higher than that. Some are going to be smaller than that. What we're seeing in an annualized basis with some of those earlier installations, that's about right. We often get questions about, well, how long does this system you're going to maintain? You're going to own these systems. You're going to maintain them. How long do they last? We've got systems greater than 15 years in the marketplace. As long as we're maintaining them, we know that this technology is reliable and very robust. Half the world's nuclear medicine departments are in the US I suppose we are in the other half, but we target 2,000 of the 8,000 nuclear medicine departments, and we believe that we'll be able to deliver 250-300 locations during the second half of 2026. All right, we have a very modest cost space in the US, and we expect that to be a run rate in 2025, around $6.5 million. The margins that we're getting in comparison to the rest of the world for our consumables, the real revenue and profit-generating part of our business, is very, very high. You've often seen this slide if you've been following the story. We believe that the existing marketplace for the current nuclear medicine ventilation agents is around $90 million. We expect to displace that. Following the introduction of improved techniques of imaging, that we'll be able to penetrate the CT market, doubling that to a $180 million market potential. The beyond PE, that's where the real growth is. That's a global opportunity and not just in the US These are some of the things that when we talk about blue sky, actually, the blue sky is already here. Again, I mentioned about the hierarchy of evidence. The claims that we're making about applications beyond PE are already being used clinically. In fact, there's papers that have been generated to support those applications. This is before really that AI has kicked in. We're seeing even beyond these initial indications for use a far greater potential in the marketplace across a whole host of different respiratory conditions. Most of the time that when we see a publication come out, it's been on the back of a clinician or an end user putting a paper out. I've made reference to that of three papers that have come out only in the last few months, generated in the US by clinicians and end users. This is an example on this slide of the one of clinical activities that we're actually involved with that we're supporting. We do this in a very economical way because we're entering into markets where products are already approved. They're already being reimbursed. We've been able to achieve a great deal with not a lot of investment. The most recent one that we announced in 2024 was that seven number, seven is the Pronospect. It's a very, very large clinical trial, multi-center trial, predominantly in France, 12 to 13 locations, using Technegas as a follow-up to someone that's been diagnosed with pulmonary embolism. That's what we're best known for. The concept is there's a potential of recurrent pulmonary embolism, and their ability to follow that patient up will allow them to take them off very, very potentially risky anticoagulants or continue on as the case may be. That's been targeted at not only just the nuclear medicine, but also the respiratory physicians to get a much broader buy-in for clinical applications. Lastly, what is Cyclopharm's investment case? When you pull out the US from the investment that we've made there in those 65 countries outside the US, we have an underlying business that is cash positive. We're first in class in every market in which we've been established in with the clinical guidelines, that hierarchy of evidence confirmed in there. With US FDA approval, we've got an entrance into the largest healthcare market in the world with full reimbursement, giving us an amazing tailwind and momentum going into 2025. Our product is an annuity stream. Once established in some of those references that we made, 72.6% of revenues in 2024 were generated from our consumables. The early indications in 2025 are a great indicator of what to expect too in the US Lastly, Technegas has great opportunities in beyond PE and what we've best known for. You've seen some of the examples, and there's literally dozens and dozens of more that talk about the potential use and the actual use of Technegas in more chronic long-term conditions. That's underway, but it's already here today. I just want to wrap up before the questions, just to kind of reiterate how we started out. We wanted to pull this meeting together because of that recently announced VA contract, and we wanted to reaffirm our confidence in Technegas in the long term. The potential for this product is great, and we're leveraging off a very strong base, global base, well-known base throughout the world. I'm happy to take some questions now. I'll play quarterback here. First question here, are there any costs for Beyond PE study trials? If so, how much each year are you planning on spending? Look, I think from that perspective, we've kept the investment pretty low. Do you want to speak to that, Jason, what we spent? Yeah. The Pronospect trial, the one in France, was the biggest one as we had patients coming through, getting admitted into that trial. We did have some costs behind that, but in the scheme of things of our total expenses based this year, it was relatively low. We do expect that to pick up in future years as more of those clinical trials come to fruition. There was another question. Why was there no growth in Technegas for the year if you do not include the US? In 2023, we had an unusual situation in the supply of contrast media in the world. There was a global shortage. As a result, a lot of when we saw that split between CT and nuclear medicine, nuclear medicine benefited from that. We had an increase in those on the back end of that global shortage. I think what you saw in 2024 was more of a steady state. Is the third-party distribution non-core? Would you think about selling it? I think third-party actually has benefited us being on the ground in some of these markets where Technegas alone and some of the smaller ones would not have justified salespeople, engineers on the ground. We consider it core in being able to drive our beyond PE applications. As we get more and more evidence, as we engage with the respiratory physicians outside of our traditional nuclear medicine, we need people on the ground. I think for us, our third-party business is here to stay. Let's see. Is there a non-US market where there is scope to make a material increase in sales? Look, I think where we see the true growth in the sales is beyond PE applications. That's where we see the real growth. That's why it's so important for us. There's a question about, are we funded now to profitability? Look, at the end of last year, we had a strong cash balance with $20.6 million at the end of December. We generate profits and positive cash flow from our existing operations around the world. We have growing sales in the US that generate recurring revenues. We made a revised guidance earlier when we made our 4E announcement about profitability and cash flows. We haven't given any dates because it's a fluid nature about the US healthcare market. The board is always considering capital management and opportunities to grow the business at very high returns. We don't have any immediate plans on raising any capital. Will any of the new US tariffs affect the sale of Technegas in the US? That was, I guess, one of the driving questions that we had when we took a step back and looked at what was happening in the US market. We did exhibit caution in there. Pleasingly, when we see news from the US about government contracts being canceled, people losing their positions, I think it's quite a testament to the fact that Technegas was actually approved for a five-year commitment from the VA in and amongst all of these things that are happening. Now, in respect to tariffs, fortunately for us, as part of our ramp-up and getting ready for the US, we've landed those systems that have been built. We already have 144 in the US sitting there. Those will be tariff-free, even if there is something going along those lines. Another point to make on that, and it may be a question that comes up later, and it reflects tariffs. We've always said that at some stage, and whilst we're a proud Australian manufacturer manufacturing all of our goods here in Australia at Kingsg rove, just outside of Sydney, we've always said that we'll have a secondary manufacturing site somewhere in the world. That's just good risk management. The fact that if for whatever reason the US continues on this particular path and does move away from steel and aluminum and into pharmaceuticals, we have a clear plan, which we've always had in play. I think there's some more questions on high cost of yeah, high cost of risen in 2024, not surprisingly. How are you scaling efficiently and keeping costs from blowing out? That's a good question. I think one benefit of having a product that we've had a very strong and secure supply chain for quite some time, the volume is allowing us the ability to get better pricing. I think we're always looking at driving costs down. At the moment, we're only manufacturing at one shift. From that, we're able to flex up and down as far as the demand goes. We've gotten very strongly out of the gate in preparation for the US We are at a steady state. Not all of our growth is dependent on the US, but it certainly is a major factor in how we do our purchasing and how we spend our money. CTPA is often used because after-hours nuclear medicine is not on duty. Is that going to change? Your growth may depend on this. I mean, I talk about the market as is. And you're right. When CT came on the market, I've been involved in nuclear medicine since the 1980s. I was a nuclear pharmacist in the US before I came out to set up nuclear pharmacies here in Australia and New Zealand. When I started, CT had not even come on stream. CTA is certainly the first line of use. Nuclear medicine is primarily used for contraindications. People that have renal insufficiencies, have had allergic to iodine, maybe pregnant, women of childbearing years that they do not want to subject the massive radiation dose to that. In those cases, they very often hold those patients over until the next day. Now, look, I think we do not see that changing necessarily. Some sites still do on-call for nuclear medicine. Those market numbers that we provide you already take that into account. There's a question about how many installs will the VA take this year. Someone put a number out there, 10 or more. Look, we've already had two installs already at the close of 2024. We're about to install another one. This FSS that was announced on Friday, we believe that that's going to start to accelerate that process. I was talking to one of our salespeople this morning and there seems to be another commitment on the back of that FSS. We expect that to start to take momentum. I'm not going to put a number on that, but I think what we're seeing, despite what we're hearing in the US, is that there are opportunities for Technegas. The fact that we got the FSS across the line with all of this uncertainty is a good testament to the product. There's a question, can you share some future use cases for AI? We should probably put some images up and the amazing images that you can get from nuclear medicine when you apply AI to that. It's already been done already. Analytical software, when combined with the imaging technology that's leveraging off of Technegas, shows you the best of both worlds in many cases. It shows you function and anatomy. With quantification on top of that, with the analytical software that comes from that. In the next presentation, I promise we'll put some images up, and you'll see some of the amazing views that are already being seen right now. We're working closely with imaging analysis companies to drive this function and anatomy answers for our clinicians. What percentage of Xenon using departments are locked into fixed-term contracts, and roughly how long are these contracts for? We don't see a lot of fixed-term contracts for Xenon in the US Typically, in the US, they're purchasing via radiopharmacies. They may have commitments as far as pricing goes, but they're not commitments on volume. That's typically for all radiopharmaceuticals. The vast majority are those for radiopharmacy. They're not directly with the companies, so we're actually unique in that sense in that we're direct to the customer. We're not going through a radiopharmacy channel. Right. 4D Medical has made comments in their recent capital-raising presentation that references nuclear medicine lung imaging. Do you have any comments on their claims? They usually don't make statements about other companies. Yep, 4D Medical has made statements to the market in relation to its recent capital-raise presentation. We believe that contravene the Australian Consumer Law, Corporations Act, and advertising provisions of the Therapeutic Goods Act and the Therapeutic Goods Advertising Code. We sent a cease and desist letter to the board of 4D Medical and also reported the non-compliant advertising to the advertising branch of the TGA. We do not intend to say any further on the matter. We hold ourselves to a high standard, and we expect others to follow that. Salaries and wages spiked in 2024, as did admin expenses. Are these expected to remain steady through the next few years? Is the US team in place to deliver the expansion? I will do the second half. Jason, you want to talk about that first? Salaries and wages, as I mentioned before, that $4 million increase in the US is predominantly from the investment in the US And that is coming from people. We've got half a dozen people now on the ground in the US They're going out. They're doing installation, service support. They're doing all the activities that we need them to do in the market. There's regulatory licenses, etc., all to do with having our product licenses in the US That's where you're seeing the increase through the admin expenses. As far as is the team in place? We're growing. As the opportunities grow, so will the team there. We've got the core already in place. I guess the benefit of being in so many different countries and being operational for so many years, we know how to actually outsource where it's not value-adding necessarily to the bottom line for us. The US model itself has a lot of outsourcing and distribution and logistics, some of the regulatory side of things, some of the financial control, some of those things that we've outsourced to where our focus is delivery, is delivery, delivery, delivery. Our main growth in those resources are additional salespeople, additional applications people, and addition of the service engineers that will do the installations. We'll scale that as we go. I think that's all the questions that we have. I think we've just run over a little bit. I want to thank you all for your participation today. We look forward to sharing with you our progress as we go along. Thank you very much.