Hello, and welcome to Virtual Investor Conferences. On behalf of OTC Markets, we're very pleased you joined us for the Life Sciences Investor Forum. Our next presentation is from Echo IQ. Please note you may submit questions for the presenter in the box at the left of the slides, and you can view a company's availability for one-on-one meetings by clicking "Book a Meeting" in the top toolbar. At this point, I'm very pleased to welcome Dustin Haines. He's the Chief Executive Officer of Echo IQ, which trades on the OTCQB Venture Market under the symbol ECHQF and on the ASX under the symbol EIQ. Welcome back, Dustin. Thank you, John, and thanks everybody for joining. Good morning, good afternoon, maybe even good evening if some folks are joining from the other side of the pond. So I appreciate everybody taking a few minutes to spend some time with me. We're giving an update from the last time we had presented at the OTC conference, and hopefully you'll enjoy the update. I've got some exciting new news that the company's progressed through over the last several months and some progression on what we've done on the commercialization of the organization. So for those that are new to Echo IQ, welcome to the presentation. We're really excited about what we do as a company. And so what I might do is just a bit of housekeeping as we go through the presentation. I've got about 15, 20 minutes, and hopefully if you have questions, please type them in. I'll be really excited to be able to answer any and all of your questions. So just to get a basis for Echo IQ, right now we're traded on the Australian exchange. We just recently came onto the OTC earlier this year. The health of the business is great. Our balance sheet looks really strong. I've got about $15 million in the bank right now. We're running a burn rate between $600,000 to $700,000 a month, which if you do the math, gives me a really nice 12 months to 18 months runway. We're fully in commercialization mode, so I believe we'll start to see some really meaningful growth in revenue over the next several quarters to start offsetting. But in general, no debt to the business, no warrants against the business. We're running at about $145 million to $150 million valuation. For many of you who know this space really well, as they get into this around the diagnostic sector for cardiovascular disease, a number of companies in our sector are probably valuation multiples of where we are. We think we're incredibly undervalued at a great deal today. If you're interested and encouraged to continue to explore more with Echo IQ, I highly encourage you to reach out to me, and we'll have a conversation about where I think the company's going in the future. As an organization, we've done a really great job of bringing the who's who of specialists and management to the organization from around the world. I just recently brought in a new Chief Medical Officer, Dr. Asif Ali. He comes out of the University of Texas Health Science Center. He's down in Houston, where he is spending a lot of his time as a cardiologist, a generalized cardiologist focusing on things like heart failure and hypertrophic cardiomyopathy, as well as being a director as part of the American Heart Association, and just recently, in the last several weeks, brought on our new head of commercial, Nick Lubers. He's got over 20 years of experience in the software as a medical device space. In fact, he had the opportunity early on to scale and build HeartFlow, so many of you know CT workflow. HeartFlow had an amazing IPO just recently, and then Nick has also worked in a number of companies, including Tempus, which has grown significantly over time, so when you look at what we're doing to build around ourselves, we're also building an amazing KOL base. So you'll start to hear a little bit more as our KOLs become more active in this space. But particularly, we just recently brought on Dr. Philippe Généreux from Morristown, where he's really been focusing on aortic stenosis. And we're going to spend some time today talking about how that's going to impact the business. And then obviously, Dr. Jordan Strom out of Harvard Medical School up at Beth Israel has been an incredible component early on for the technology. And you'll see that the folks on the rest who are making up our scientific advisory board, who are really helping us focus on bringing new technology to the market. So that's the housekeeping part. So before I get started, I do want to tell a little story about why I'm so passionate about what we do at Echo IQ and where we believe this is going to have an impact. And so sometimes, every now and then, you might find that the universe talks to you. And I don't necessarily always believe that, but sometimes you have to listen when it happens. So I was actually at a family reunion just several months ago. And unbeknownst to me, I met an aunt I hadn't met in 15 years. And so where we were having conversations, she proceeded to tell me a story that, unfortunately, I think many of you may relate to. So for about three years, she was having some significant challenges. She had lower back pain, fatigue, shortness of breath. This is a late-60s, early-70-year-old woman who was a yoga instructor, rode bikes, did hiking. She's very fit. Spent about three years bouncing around the system, had an echo done. Nothing was really getting resolved. Fast forward to earlier in this year, she fell off her bike while she was on a bike ride with some friends, and unfortunately, she broke her leg, well, in the emergency room, the physician actually did a workup, did another echo, and they found, unfortunately, that she had severe aortic stenosis, and she had had it for quite some time, so I tell that story because I think it personalizes what many of us have gone through, and unfortunately, it's a story that's told across the globe far too often. Now, in this case, we know women more often than not are missed and underdiagnosed for severe heart disease. In fact, in this case, I'll talk about aortic stenosis. In fact, we were seeing literature now that's really ringing the alarm bells that something needs to be done to focus on women and cardiovascular disease. Now, I want you guys to think about that, not necessarily from the fact that all I focus on is women and cardiovascular disease, but when we think about having our grandmothers, our mothers, our aunts, our loved ones, and friends out there, we want to make sure that every person who walks in the door today who may have suspected heart disease is getting accurately diagnosed. So as a company, what do we focus on? Well, I get that question a lot, like, what do you do? And if you remember nothing in this next 15 minutes or so, because I understand we go through a lot of slides, the one thing that we really focus on is helping cardiologists to diagnose structural heart disease faster and more accurately than they do today. And that's as simple as it is. So if you're telling your friends about something you heard today, what we do is we help them become better at what they do, which is to diagnose heart disease. Now, what I do is quite complex. I don't replace a cardiologist by any means. I actually just sharpen the tool for them to be able to help them to see things oftentimes they don't see in an echocardiogram. So I'm going to spend a few minutes on this slide just so we get a good grounding of what my technology is and what we do. So we focus on. We are an AI multidimensional neural network that focuses on measurements off of an echocardiogram to help diagnose several heart diseases. And today we're going to talk about aortic stenosis and heart failure. And then I have a slide to show you my pipeline of what I believe is going to be a significant growth driver for us over the next five to 10 years. So by using echocardiograms, we know that standard of care around the world. First time you're seeing a cardiologist, oftentimes for a suspected disease, you will get an echocardiogram. It's a fairly low-cost tool, but it's unfortunately fairly rudimentary. If you look at that, these are 2D images, black and white oftentimes, of a patient's heart. And unfortunately, there's lots of things that can get missed in an echocardiogram. An image can get missed. They can be blurry. The resolution is poor, and oftentimes, cardiologists struggle to get exactly what they're looking for in terms of making a final diagnosis, well, there's a uniqueness to the way we look at this, so if you actually look at the images here on your screen, you can see that these images represent the patient's heart from various angles, but if you also notice now, there's orange dots on that. Those are not actually on the echocardiogram themselves. These orange dots are where we've trained our neural network, so our neural network is actually not looking at the images, but it's actually stripping the images away, and it's producing a number of measurements and metrics that can get pulled from this. In fact, what it does is it actually pulls off a report of what's happening within the echocardiogram. And now if you shift to the right, you'll actually see that what the neural network does is it creates a 3D version of the patient's heart. In fact, we call it a unique risk fingerprint for that patient because it is unique to the patient. But ultimately, what that is allowing us to do now is to take a phenotype. And now that patient's phenotype is going to be compared to the 1.1 million echocardiograms that has already been trained against. And the model now can produce two outputs for the cardiologist. And we do it in real time. It produces two outputs. The first output is presence of a disease. If the patient has guidelines-defined severe aortic stenosis, the model will alert the physician that it is seeing the presence of that disease, and it's present there as guidelines-defined. The second output, which is the most important piece of our output, and it's most unique to us and unique to the marketplace, is we also provide the physician a phenotypic risk score, and in this risk score, we stratify it by three simple steps. It's a traffic light symbol, red, yellow, and green, as red is severe, yellow is moderate, and green is mild, and mild effectively means there is no phenotypic risk for aortic stenosis or minimal risk, but what we do for the first time now is we give to the cardiologist what they're trying to do from the echocardiogram themselves, and they're trying to make the calculations in their mind. What is the phenotypic risk? We can do that for the cardiologist in real time, directly on the workflow for them. When we start to look at that severe phenotypic risk, this is where women start to present themselves in this population. About 20% of patients today get missed or underdiagnosed for severe aortic stenosis. The disproportionate number of those are females, and they're found in this severe phenotypic risk category. Why? Because they present differently. They oftentimes have fibrosis around their valves. They don't have the calcification that you might see from a man, which is much harder to see on an echo. You may see that they have different symptoms that they walk into the cardiologist with, which will drive them to actually look at different outcomes. They may have what's called low flow, low gradient, which again is hard to see on an echo. But the sensitivity of our technology is such that we can pick these patients up and deliver them to the cardiologist so that they can make an informed decision about the next clinical step. In fact, we do this in real time. We have an area under the curve of 0.986. So effectively, if you're thinking about that, that means 98.6% accurate in diagnosing. In fact, I'm going to show you clinical evidence that shows that over our large clinical trials, we have four of them that we've presented and published, that we get 100% accuracy in diagnosing severe aortic stenosis. So the key takeaway here is that we help the cardiologist to see what they just can't see on an echo. We do it in real time, meaning as they're working on the echocardiogram, I present my results directly to them. I work in the workflow that they work in, and I can do it incredibly accurately. So what does that mean for the business? Well, right now, we're pretty excited about the opportunity we have. We've commercialized our first solution, which is for aortic stenosis. FDA cleared in the late part of 2024, and we just introduced it and launched it in the first quarter of 2025. We believe as a company, we have unique opportunities here. We work off of real-world evidence. We've been trained now on over 2 million echocardiograms, and you look at all the data that we've combined with the model itself. We have seamless integration across the clinical workflow, meaning that I can sit agnostically on any other software that's in the hospital today. I don't replace software. I don't add hardware. I simply integrate directly where the physician is doing their work. We have clear reimbursement pathways available to us as we continue to work through with CMS and the AMA. Heart Failure already has a code, and Aortic Stenosis will work directly on that code for our subscription model. Why would we care in the investment community? Obviously, the markets have to be large. Market size in this market is very large. Stenosis is large and growing, well over $10 billion and growing at 8%. Heart Failure is multiples of that and growing around 4.5% to 5%. Why are these markets growing? You can just look around the United States population and see that, one, we have an aging population. Two, we have the newly coined type 3 diabetes, which is obesity that we see at an alarming rate. Obviously, there's a number of medications and solutions coming into the market to help with that, but we see we have a number of patients. In fact, one in two patients in their lifetime will probably be diagnosed with heart failure. So we know it's a significant impact on the overall health system and patients in general. So why do we believe that we are poised to really impact the market significantly? Well, I have taken a different approach to bringing a technology like this to the market. I'm not comfortable with just validating an AI solution. We should validate it and then replicate it multiple times across many clinical sites. And so you can see here, this is just four examples of the studies that we've been able to conduct with the technology. And I won't read everything on the slides, but I will have you look at the size of the patient populations that we run on our clinical studies. And then you can look at the bullet points across where you see 100% accurately in diagnosing severe aortic stenosis and/or the fact that we can actually effectively do this both in international as well as US cohorts. So we continue to have the confidence that the technology not only works, but it can be replicated in the wild in real-world settings. We are currently commercializing as we speak. The Beth Israel Deaconess Medical Center is our flagship site. So we were one of the first to integrate with Beth Israel at the Harvard Medical Center. You can see that for us, this is a very large teaching institution that does a significant number of echocardiograms a year. We've also integrated into six other hospitals as we speak with around 40 or 50 hospitals that are currently in the pipeline and late stage discussions for subscription model integration. So we're continuing to expand and accelerate our technology in this space today, and we believe that we're going to have a moment for inflection into 2026. We've been incredibly successful in 2025 in delivering across multiple parts of the business. We've strengthened our IP. We've got patent pendings across the technologies themselves. We've established and working towards miscellaneous codes and category three codes for reimbursement. And we're starting to partner with a significant number of strategic partners across the cardiovascular space. So what I'm excited about for the future, I'm going to show you two slides on this. And it's actually perfect timing because I just received last week my final validation study that we're working with the Mayo Clinic. So I'm happy to share that data with you. But this just level sets us on our second solution coming, which is heart failure. Heart failure is a significant market opportunity. And unfortunately, it's a very challenging disease to diagnose. In fact, in this original validation study for us, I'll just show you the three bar charts. If you look at the left side, you see about 46% of patients in this very large data set. So there's about 442,000 training echoes in here. You can see about 46% of patients were actually diagnosed correctly for heart failure. When we did the original validation for our technology, we were able to detect 86% of those patients effectively for heart failure. And this is all classifications of heart failure. And then we did something unique by adding the physician's expertise in here. And you could see we got that to 97%. So we were quite confident in our validation set that heart failure was going to be a model effective in the real-world setting, which led us to a pre-sub submission with the FDA, where we agreed as Mayo Clinic to be our validation partner to finish the study prior to an FDA submission. So we just received this data last week. I can only share with you top-line data because we will be using this data to form our submission with the FDA. But really exciting and encouraging news. When we ran the validation data, this is with the Mayo Clinic. We did 17,000 individual echoes to identify all classifications of heart failure. You can see our sensitivity analysis came out at top-line at 99.5% and a specificity analysis of 91%. This exceeded all expectations for the organization itself. We also had the opportunity to continue to look at subgroup analysis to make sure that men and women were equally treated in this cohort. The answer to that is yes. This has led us now to a very significant opportunity for us to submit to the FDA for our final FDA submission and clearance, which will be going in later this week. We anticipate with that to obviously have some significant milestones in 2026. As we submit to the FDA, we file under a standard 510(k) process, which is typically, for those that know, around a 90-day review time. Obviously, that can fluctuate depending on questions from the FDA. But we anticipate an FDA clearance sometime in the early part of 2026, which will now effectively have two solutions in the market in 2026. So the company is poised for an inflection point in 2026, not only to deliver two incredible products into the market today to help both for aortic stenosis and heart failure, but because one of our unique opportunities within the business is that I have access to one of the largest data sets in the world, the National Echo Database of Australia. There are 2.2 million echocardiograms in that database today. We have partnered with the National Echo Database of Australia to train our model exclusively for any commercialization opportunities there. And you can see the pipeline opportunity has now been opened up to us as we de-risk the business for our second solution. So you'll see from us in the next couple of years, hypertrophic cardiomyopathy as a research and development project that has advanced pretty significantly. Pulmonary hypertension is continuing to evolve. And then mitral valve regurgitation is being explored as an opportunity. A fourth pillar that has just recently displayed itself is cardio-oncology as we start to look at those patients who have chemotherapy-induced heart failure. So there's an opportunity for us to really work across the spectrum because I have that access to that database. It uniquely sets me up in a position within the marketplace to have longitudinal patient outcomes data, mortality data, as well as giving up a phenotypic risk score across multiple different cardiovascular disease states. So again, we're not only poised for success early on. I think we're set up for a very nice opportunity over the next five to 10 years to continue to develop a platform of AI solutions in the cardiovascular space using echocardiograms. Now, what does that mean for us? Well, we're on a commercial pathway. We've got three strategic pillars that we're focusing on now. The team is building out a very encouraging pipeline for us. Obviously, we start with hospital integrations. Because of the way we integrate, we are a software solution that sits on a cloud base. We use a SaaS platform. So for that, we are SOC 2 and HIPAA compliant, which allows us to integrate directly into the hospitals at a very seamless integration. In fact, we can do that at a fairly significant reduction in time simply because we are not bringing hardware in. We're not taking patient identification information out. We're not working directly in the EMR systems. So we can integrate very effectively into the hospital systems, and we can do it very quickly. Obviously, the second part of that is to deliver against a revenue model. We're using a subscription model now. The subscription model is tied to reimbursement. As I said earlier, we're working directly on aortic stenosis with the AMA as well as CMS to try to determine what kind of category CPT coding we will have. Right now, we're using a miscellaneous code, 93799, and it's actually working fairly effectively at a $150 reimbursement. But we anticipate to see a CMS category coming in 2026. The great news about heart failure is we actually have an existing code in the market today. So we believe the usage of that code will be available to us pretty early after we get FDA clearance. That code is currently reimbursing at around $250 to $300. And we anticipate to have opportunity for that code usage in 2026. So we're moving our sales cycle very quickly from a free trial period to a subscription model to directly into a subscription model in 2026. So we'll see an inflection point happening in 2026 that should show accelerated revenue growth and accelerated growth of integrations across the U.S., systems. And of course, our pipeline is slowly starting to become de-risked. The heart failure data from the Mayo Clinic is giving us confidence for an FDA submission, which we will be doing this week. And then we anticipate to start to really advance our development pipeline. And you'll start to see a number of these start to materialize in 2026 and 2027. And that should start to accelerate all of our opportunities as a business going forward. So it would be silly not to think about what we're going to do with the business in the next several years. Obviously, our ability to scale is significant. We can scale both from integrations as well as the opportunity for reimbursement and revenue. And then, of course, I can develop the pipeline. Well, the right side of the screen is important for us to consider to keep options open. We know there's a number of licensing opportunities with strategic partners out there from both the device manufacturer as well as pharmaceutical companies. If you think about aortic stenosis, this is a valvular disease. A number of companies that are working in this space that put valves in would benefit greatly from finding more patients. And obviously, we're working with a number of them to look at opportunities. Pharmaceutical companies are quite interested in heart failure. As you know, a number of large pharmaceutical companies have heart failure medications. Obviously, finding more patients, in fact, 50% more patients on average, that's an opportunity for them, and we're working directly with a number of the pharma companies to determine what kind of opportunities there may be used in the future, and then, of course, we're talking to some of the large hardware and service providers that are out there to look at whether or not partnering directly on their platforms, whether it's on the Echo machines themselves or directly into some of the PAC systems, so these large manufacturing of hardware and service providers are quite interested in the technology, so we believe we've got lots of opportunities to move ourselves forward. We believe we have a very successful future for us in 2026, where you'll see significant revenue growth, and you'll see some opportunities for the pipeline to materialize as we go forward. I talked fairly quick, and we got about 21 minutes in. I am super excited for any questions that the folks online may have. We can see if there's more after the questions start coming in. I do see my technology skills are good. Cool. We got a few questions coming in. I'm going to go ahead and read the questions out loud. Hopefully, I can provide an answer for many of you around revenue guidance. I appreciate that question coming in for 2026 and 2028. You'll see that come from us in the early part of 2026. We have not given revenue guidance to the street yet. And we will be doing that in the early part of 2026 as we start to build out the business. So around this question is, how does EchoSolv's performance in aortic stenosis compare to current human reading across the BDMC international cohorts? Great question. So when we see on average, when we run this, the beauty of doing a technology like this is we can actually run it against retrospective analyses as well. And so when we do that, we actually know the outcomes of the patients. Of course, we blind that to the model and then we run the model. And on average, in aortic stenosis, we find about 20% on average more patients than the human reads do themselves. And oftentimes, those patients are women. And oftentimes, those are low flow, low gradient, paradoxical patients that are oftentimes much harder to read on an echo. And the AI is sensitive enough to pick those patients up and actually provide an accurate diagnosis for them. So around 20% of the patients coming in across a standard echo lab will get missed for their aortic stenosis. So around the milestones for 2026, I appreciate that question. So 2026, I think you're going to see an FDA clearance come in the early part of 2026. You're going to hear revenue guidance from us in the early part of 2026. And then I think you're going to see a pretty significant revenue target and then revenue acceleration in 2026. So for us, the milestones are going to be pretty significant. Having the second solution in the market creates a platform opportunity for us. So watch the space in the first quarter for revenue guidance as well as the FDA clearance for our heart failure solution. We believe those are going to be significant milestones for us. We'll also be announcing a couple of very large new institutions coming probably in January of 2026 as we're finalizing contracts there. So again, our opportunity here is to not only look at major teaching institutions and large institutions across the U.S., but also to bring on some of those more hospital-based and cardiologist-owned clinics as well. So you'll start to hear us provide dashboards around how we're progressing there. And then there's a question around our go-to-market strategy. And are you building a sales force and working with partners? So the answer to that is all of those are yes and yes and yes. Our current go-to-market strategy, we have a contract sales team currently now that we are covering around 70% in the United States. I pay them on a commission basis there to keep my costs low. Really, these are opportunities for us to bubble up very hot leads to our team. As we brought on our new Head of Commercial, we are building out a sales force to plug the gaps. We've run heat maps across the U.S., We know where the large concentrations for aortic stenosis and heart failure remain, and we'll be putting individual sales members in those spots to ensure that we're getting good, strong regional coverage, and then, of course, we're working with a number of partners in this space. As you look at the way we can integrate, we can actually integrate directly on a number of platforms. So as we work with partners in this space, we can actually utilize their platforms to put our technology in. And you'll see that from groups like SARC Medic where we're working directly with them to be able to sit directly on their platform. They service around 300 hospitals, and we can work directly with them to have their clients have opportunity to have the access to the tool instantaneously. So we're working directly with a number of them and building out a team. We're very clear on targeting our customers so that we don't find ourselves chasing every single opportunity out there. We're looking very specifically at those that are focused on aortic stenosis and heart failure and those that have opportunities to integrate very quickly. So you will see that come from us over the next several quarters. As you're starting to look at what KPIs, that's a great question. I appreciate that question. I'm very much focused on KPIs. You'll start seeing from us in 2026 a dashboard that will show a number of integrations. That's really a number of hospitals we're working on, both from early leads all the way through to closed and signed contracts. You also see a number of echocardiograms that we're going to be running every quarter. This gives us an indication of kind of the size and scope of the business because, obviously, as you integrate into a hospital, you want to start to see penetration within that hospital system across all cardiologists. You start to look at a dashboard showing a number of echocardiograms we do by month and by quarter. This is a really good indication for continued growth within each of our institutions. Then, of course, you're going to start to see revenue. You'll see the KPIs coming from integrations, from a number of echoes, as well as for revenue to start building out our successful progress quarter on quarter. If I'm looking through, I feel like I've answered all those questions pretty thoroughly, I hope. If there's any other questions, go ahead and send them in. I think I'll close with this. As we start to continue to look at our business, we feel very confident that 2026 is a year that you're going to see acceleration from us. We built the business in 2025. We introduced a technology into the market in 2025. I think the second solution is now positioning us for a position to really start to accelerate. And as I've come on the business in January of just this year, we've been able to achieve a significant number of opportunities in the business. We've de-risked the business significantly from opportunities for us to consider where we're going to go and how we have the FDA solution for heart failure coming. Oh, another question just came in. Considering Uplift. Love it. Yes, of course. And we're having a number of these opportunities for us now. For those that may have had an opportunity to go to Piper Sandler Conference, we just recently presented there at the conference in New York. I will be presenting at the JP Morgan Conference in January. Encourage anybody on this call, if you want to come and set up some time, we've got a room for a couple of days. The meeting slots are filling up quick. But be happy to share with any of you kind of what our U.S., strategy looks like. As we continue to build the business, I think it makes sense that we'll consider looking at the U.S., whether we do a PIPE or whether we actually do an IPO in the U.S., Those are things, obviously, we'll be working with a number of our banking friends and analysts and consultants. But right now, I think it makes sense as a U.S., based company now going forward that we should consider looking at other opportunities for listing in the U.S., So consider that something that will happen over the next 12 months to 18 months. And for anybody interested, happy to have a conversation with you as we start to introduce ourselves to many of the institutional and large U.S., banks going forward. All right. And it's a surprise. I didn't get any questions on, are we raising money or needing any capital. I'll answer that one myself. I love being in a position right now where I'm not coming with my hand out. We are well-funded. But I want to introduce myself to everybody so that you know when we start to accelerate and grow, I think we will be looking to raise capital again. And hopefully, that'll probably come in the form of an IPO. But at this moment in time, my job is to deliver for each and every one who becomes a shareholder that I'm delivering the value, driving share price up, and ultimately delivering the revenue that we set out for. So watch this space. Watch us in 2026. I think you'll see some nice acceleration within the business, early milestones coming, and then revenue to follow pretty significantly in 2026 and obviously exiting into 2027 in a very strong position, so I think I'm going to stop there. I did pretty good, right at 29 minutes. I think I'll stop there. Thank everybody for your time, and if, of course, you have any questions, I'm always available and happy to set up a call separate from this, but I appreciate everybody's time and have a great day.