FDA submission and the successful completion of the company's institutional placement. Management will also discuss these recent developments and the company's commercial strategy, as well as key priorities for the period ahead, before opening the session to shareholder questions. After the presentation, we'll commence a Q&A session, which will include some written submissions from the audience. Please feel free to send in your questions via the question pane in the webinar control panel. We have had a number of questions already submitted, so we'll try to get to as many as time permits. Finally, a copy of the webinar will also be available on Echo IQ's website and social media platforms later today. For now, I'd like to throw it over to Dustin to kick things off for us. Dustin, the floor is yours. Great. Thank you, Alex. It's so great to be back on a call with everybody. Looks like we had a great turnout, that tells me there's still a lot of investor sentiment out there and excitement for the technology, I really appreciate you guys joining in. We'll try to keep our talking to slides to a minimum, then we'll open up for Q&A. What we've done in the past is if we don't get to all of the questions, we'll do our best to try to circle back around and get as many of the questions answered as we can. Look, I think we're excited to have the conversation with you guys. This is the end of the fiscal year for us in Q4. Obviously, we're going to talk a little bit about the state of the business. It's super great for me to actually be able to introduce Matthew to each and every one of you for the first time to get a chance to meet Matthew, he'll talk a little bit about our cash position and where we're at. Then Nick on the commercial side, I thought it was a great chance for him to come in, talk to you a little bit about where he sees the business going forward and really about the confidence that he sees. I think he and I both spend a lot of days talking about how exciting it is for where we're at in the business and what we see coming. Hopefully, that'll get you guys excited as well, then we'll open it up for Q&A. If we can go to the next slide, Nick. I think one of the things that's pretty exciting about where we are in a quarter, hopefully you guys are seeing the same as shareholders and maybe some of you as potential new investors, is that when we start talking about the business, hopefully you guys are getting that feeling from us, that we really try our hardest to make sure we deliver what we say we're going to deliver. I think in Q4, it's really been no exception about how we've started to grow the business, where we've started to look at partnerships to help us excel, where we've invested in the R&D and the potential clinicals to accelerate us further. At the end of the day, really it's about making sure that we've got the right capital to get us through for the next coming years. As we start to look at going into this next quarter, which is fantastic. Matt will walk you guys through a little bit about the capital raise, but we had an incredible opportunity to raise AUD 110 million just several weeks ago. That really puts us in a position of strength to really start to look at our commercialization. You're going to hear from Nick. We're going to talk a lot about how we go from that booking to billing with customers, shortening that integration time down. We've got incredibly skilled team out there right now who is putting those contracts on the table. Our R&D team is working really hard to get some new products out there. At the end of the day, it's going from when the customer actually signs a contract to when they can use the technology, getting that time shortened. That's going to really help us with some of the capital here to get some of that across the line. One of the things I think Nick's going to talk a lot about is the fact that if you looked in the quarterly, you'll see we've got about 70 customers that are in one phase of a contract or another, which represents about 300 hospitals. You can see the scale at which we're starting to grow this business. I'm a sales guy at heart. It just makes me super happy to recognize the sales team for all their efforts out there in this last quarter. I think you're going to start seeing a number of these deals close at a rapid pace here as we go through the next several quarters. Obviously for us, we recognize now that the most important thing for us is how many echos we're doing. You can see we had a really strong quarter of number of echos, and we'll talk a little bit about what those echos are now and what those mean for the future as we move from these integrations into the billing phase for many of the customers. What'd you see from us? A strategic partnership from Pro Medicus. I think everybody recognizes the value of that. I think I was probably hinting to a number of you guys in the last several quarters that I thought this was a great opportunity for two companies to come together. Not that I had any crystal ball to know that we were going to get it across the line. I think what we really saw is that between Pro Medicus and Echo IQ, really two leaders in the space in cardiology, both in the area of growing within cardiology, it just made sense. I think Sam and the team over there also recognized that as we started to put the deal together. Right now we're working through that diligently with the two teams. Obviously, there was a capital component to that, which was part of the AUD 10 million up front and then AUD 10 million later after the heart failure piece. The most important piece to me, I think, is the strategic partnership, where we start talking about revenue share and the ability to work together as teams. This is really an opportunity for both companies to grow in this space very well. We'll have more on questions on that, I'm sure, at the end of the call. The other part of the quarter, I think this one landed for you guys, and probably many of you saw it, but I think our job now is to demonstrate what this really means from a cardio-oncology perspective. This is a first of a kind study that's being done right now with the Mayo Clinic. This is really passionate for me, and I think it's really going to be an important opportunity for the business in the future. In the space where you're imagining somebody who's going through cancer treatments and the fear of one of the medications they're taking to create cardiotoxicity and not really having the ability to detect, to understand what type of heart and cardiac damage is happening, we believe that we're going to have a solution here, and the study will hopefully prove that out, that we can actually identify those patients who are having some cardiac damage early in the process and either help them to switch medications or potentially, in that case, stay on the medication if they're not seeing any significant impact. This is really a large opportunity for us, and we'll spend the next couple of quarters giving you guys an understanding of the TAM and what that actually looks like going forward. It's a really exciting opportunity to branch out beyond just cardiology. I think the third piece on this that I wanted to highlight is the Advara HeartCare data that we just acquired. One of the things that you're seeing in the sector today, and I don't want to ramble too much on this, but if you're looking at the sector, and I've had a lot of folks over the last week kind of talk to me about what's happening in health tech, what's happening in AI. Is there a concern? What's happening in the sector? We see a few other companies that have had a few challenges in both the U.S. as well as in Australia in this kind of similar sector. I look at this and say, well, then you actually really have to think about how you create your competitive moat and what is it kind of a company you're going to be when you're an AI company. I think in the future, the companies that are going to win in this space are those that have access to the data, and they really have access to exclusive utilization of data. I think this acquisition of having the Advara data, which is, we believe, probably one of the second largest databases in the world, is going to give us that competitive advantage. When you think about having that relationship we have with NEDA and then having this new relationship we have with Advara, it really starts to separate us from many of the other companies that are in the same space or in the same sector. As you're looking across the sector, I think we differentiate ourselves pretty significantly from the technology itself, from the competitive mode of having this kind of really interesting, massive scale of data that's at our disposal, and then, of course, looking at the way that we frame it around our IP and our protection here. I think as you're looking at the sector, it's going to really start to emerge out that some of the companies will differentiate, and this is where I believe we're going to be significantly differentiated going forward. Again, we've had a pretty busy quarter. I think it was a really exciting quarter for us. Obviously culminated with the capital raise, which gives us a chance to really start to focus on that commercial effort, which is where you guys are going to ask most of the questions, I'm assuming, going forward, which is, how do we start looking at capitalize on that from a revenue perspective? What does revenue ramp look like into the last couple quarters of this calendar year? Of course, what does that look like going into 2027? We'll spend a little bit of time talking about that in the Q&A, I'm sure. What I want to do now is we just kind of give you guys a warm welcome to Matt. Matt has joined us, which I think is a phenomenal addition to the team. I'm going to kick it over to Matt to introduce himself and then talk a little bit about where we're at from a balance sheet perspective. All right. Thanks, Dustin. It's great to be part of the Echo IQ team and participate in my first quarterly investor webinar. A little bit about me. I spent my career in cardiology and med tech, but on the finance and strategy side. For 20 years, I was an equity research analyst covering medical technology with a heavy focus on cardiology, most recently at Citigroup. About 10 years ago, I moved into operating roles at Johnson & Johnson Medical Devices, then later at LivaNova, where I led strategy, business development, investor relations, communications, data analytics, and IT. What attracted me to Echo IQ, as Dustin said, we're one of the few truly AI-native businesses in med tech. We offer a unique technology in a key segment of the cardiology diagnostic chain and have what we believe are very strong moats that include proprietary data, regulatory positioning, and increasingly hospital integration. Nick, let's now turn to slide five and what everybody really cares about, the cash numbers. We ended the June quarter with AUD 8.7 million in cash on hand. Following the completion of the institutional raise at the beginning of this month, we received net proceeds of AUD 103.9 million. That takes our pro forma cash to approximately AUD 107.6 million. Looking on the left at the quarterly cash burn profile, our operating cash burn has remained relatively consistent over the last four quarters in a range of about AUD 2.5 million-AUD 2.7 million a quarter. That provides a good barometer of the underlying cost base of the business before we enter the next phase of scaling. The key point is we have a really strong balance sheet relative to that historic burn rate, and that capital gives us the capacity to invest from a position of strength across commercial execution, implementation capabilities, product development, and it also will support preparation for the launch of EchoSolv HF, subject to FDA clearance. The takeaway from this slide is pretty straightforward. We exited the period with both a strengthened balance sheet and a stable cash burn profile, which puts us in a strong position to execute on the commercial opportunities ahead, which is a perfect segue to hand the call over to Nick to discuss our commercial progress. Greatly appreciate that, Matthew. He's been a welcome addition to the team. I think by the next call, the next one of these that we do, you'll see who won out over do we wear ties or do we not wear ties to these kinds of meetings. Two-thirds of the vote is for without. A welcome addition because Matthew's a resource that we can tap into that brings vast experience, as he indicated, across the spectrum of everything we touch and every opportunity we have. That is a nice segue into the foundation that we've laid gives us a great opportunity to accelerate the commercial trajectory based off of the previous quarter and a half of operation. We've started to see some really significant growth. I think if you did read the report that we put out, we have over 70 facilities active in our pipeline. You kind of may question, how do you have five area sales directors and you continue to execute on a On a pipeline development like this, I can give a couple of examples of this. We have a relatively new hire in Florida. The first account review we did commercially as a team, she came to the table with 32 prospective qualified opportunities. This is within the first two weeks of employment, and it speaks to the diversity of background that we're bringing into this commercial team. Hers, being in structural heart, aligns very nicely with severe aortic stenosis. I think if you look at some of the guys that have been here a little bit longer, there's a ton of interest around what we're doing, particularly in the aortic stenosis and structural space. The opportunity to distinguish a warm lead from a hot lead has become a priority for us. If I can give you an example, we've got a road warrior out there, Dave, that was in the greater Chicago area, has a pretty significant opportunity, full of bureaucracy and sincere interest, but knows it'll take time. That kind of warm lead was capitalized into an introduction on the way back down through Indiana that you need to meet with this hospital, this particular physician, and you need to do it as soon as possible. No later than 6:30 A.M. this morning, Dave is engaged with this physician. This physician says, "Super interested. This is exactly what we need to do in order to make this move quickly here." Warm lead up north, a little bit further south is a hot lead, the team is starting to distinguish between those pretty consistently. Really what happens is you build these personas as to this is how we can start to segment our business and grow it from a pipeline perspective, grow it to close. The other thing that we have within that is the opportunity to multithread. This isn't just the sales team alone. You'll see that we have developed a new streamlined installation pathway because what we're focused on is book to bill, or as I like to call it, that time to revenue. There are some third-party dependencies. There are some healthcare institutional policies that always take time. Our lead implementation engineer is a solutionist, and what I mean by that is if there's an avenue for us to install in a facility quicker, he has identified that, and that becomes part of our commercial messaging. We have sales expertise at the start. We have clinical expertise. We've hired a fantastic advanced cardiac sonographer that is joining the majority of the commercial calls to answer the deep dive questions around echo measurements. We have the technical excellence. You multithread these opportunities, you multithread these engagements. It's multiple touch points. It stays top of mind. It's allowed us to uncover three enterprise deals. A lot of the larger healthcare systems right now in the U.S., from an enterprise perspective, are taking a top-down approach. With this top-down approach, you find the right clinical champion, you understand the process, you execute on it, and the execution with that top-down approach is you do that perfectly at Stage 1. That opens up, as you can see here, if we execute on all three of these, over 300 hospitals will have access to the technology across multiple enterprise deployments. What does all that lead to? Along with the new pricing programs that we kind of gave a hint to the last call we had with EchoSolv SHADOW and EchoSolv VIEW, we've got roughly a five-time increase in the number of pricing proposals we have out, as well as contracts in redline review. Contracts in redline review to the point that we've added counsel to help us get through these, turn them around. Our goal is anytime we get a response from a customer, we have a return response in 48-72 hours, all progressing as we would expect at this stage in our business. Laying the strong foundation, essentially, if you can think of it, the tinder before the fire is lit. The two things that have really driven the engagement and gotten us to this five-time level are the EchoSolv VIEW and the EchoSolv SHADOW pricing programs. They're very specific land and expand strategies. Both programs, and this is what differentiates us in the market from an echo perspective, and I'm comfortable leaning into from a cardiac imaging perspective. Both of these programs work at scale and work immediately. If a health system says, "How do we know you can perform on our patient population?" One, because of the diversity of data we've uncovered in both of our validation papers or both of our validation research, but two, we can prove it. Just get us installed on your PACS, get us installed on your sonography machine, and we will run that. If you're more comfortable taking a look back at retrospective data, we'll run View, give you a historical validation, and that way we can say, "This is how we're going to plug into the clinical workflow prospectively." If you want to run it in the background for 30 days and make those decisions in real time, we report out every two weeks what we're finding, and that allows us to develop the clinical actionable items prospectively. Both of these models are built to flip into subscription annual or two-year subscriptions. Again, happens in real time, which is something that the customer base is not used to because if you want to take 10,000 DICOMs and process those, you're probably looking at least a month's worth of work. We get installed, and these reports start to happen within days. New programs, simplified implementation process are these pathways that are going to allow us to accelerate. You can see from the data and the growth that we have from a pure echo perspective, I know some of the questions out there are going to be, where is this coming from? It's not single center. It's at the facilities that we're engaged with and are using us in a multitude of levels. Most importantly, what this thing is doing is you don't reach these 10,000+ type of scale, again, with a DICOM only approach. This measurement-based mixture density network that we operate on is a huge competitive advantage. The team feels that. The customers are starting to understand that message. You always get a little bit of head-scratching as to, "Wait, so I can get you guys installed, I can take a look back at my clinically actionable patients, look at how we've done, what we would do if a patient is flagged as a high phenotype and doesn't meet guidelines, and then move that into a prospective model. I don't have to do anything, you guys just install, and you tell me how we're doing in real time over the course of the next 30 days." This is what is going to create stickiness and adoption for us. How that's being demonstrated within this Echo growth is these centers started out as single centers, small individual readers. What's happening is, through our clinical follow-up, adoption is starting to spread not only with the original institutions, but into ancillary facilities. If you could think about it's almost enterprise deployment happening in real time, which is a huge advantage. I can tell you, every one of these Echos on here is currently in process of active book-to-bill process into how quickly can we recognize revenue within these, based off all the work that has been done. The point of this slide is the stickiness is there. What we've done from an execution standpoint across the team is resonating with our customers. The messaging is working. The training we're providing on what to do once we've produced an analysis is resonating and increasing confidence within the physicians that we're working with within the health systems that they are employed by. Again, what does this mean from us from the start of this trajectory and what I believe is going to be our most significant commercial progress through the end of this year and set us up for a fantastic 2027? This is really a signal that from start to finish to this point, we are building a best-in-class team across the board because they are solution first. When you have a solution first team, that naturally turns into a winning culture. As we start to push more and more deals across the finish line, that's only going to amplify. We've got the pipeline depth to begin to close more and more deals, we can expect that through the end of the year. We've identified both pathways from an implementation standpoint and a contractual standpoint to lower the barriers of entry into what is always and historically been a bureaucratic system in the U.S. healthcare market. The fact that we are growing within the institutions that have access and are currently using us is the proven utilization. All of these models, whether it is land and expand from EchoSolv, view and pilot, or land at a primary institution, establish a primary clinical champion, and then expand the user base across the network, that strategy is working on all fronts currently. This foundation, as we'll bring on a few more area sales directors, some extra clinical support, is going to set us up nicely to capitalize because the messaging is locked down. We've got a product in FDA review, and we're fully prepared to capitalize on the process regardless of what the EchoSolv platform is. I promised I would not take 80% of the time, so I was a little bit quick. Thank you, Nick. Well, hopefully everybody felt the same. This is what I love having a conversation with Nick in the middle of the week because he just gets me that much more pumped up and confident about where we're going. Hopefully you guys are seeing that we're building a best in class across the board in terms of every single person we bring into the team is a multiplier to what we're doing. I think you're going to see that as the next kind of couple quarters unfold. What does that mean near term milestones? Then we'll jump into Q&A. Obviously, everybody's on the call saying, "Well, what's going to happen with the FDA?" I'm happy to address that now. We're anticipating to have that clearance happening in the next several weeks. We've obviously put some positions around what we think is happening from an FDA's perspective. I will give this as my external voice to every one of you. We have left every single last call we've had with the FDA over the last few weeks as confident as we have ever been from the submission of the application. I think that signals to us that we're very comfortable with the conversations that we're having with the FDA right now. We're doing what's kind of the final bits and bobs that the FDA is working through that with, I think the final pieces of going in this week. I think we're in really, really good shape. We're very comfortable and confident. We have seen a number of other companies that have gone pretty deep into their 510 clearance reviews, and that's kind of been the timelines the FDA has. That brings me some comfort, but I'm an impatient person, and we really want to get this one across the line because our customers and patients are waiting. We have the high degree of confidence here. Everything that we believe the FDA needs is in their hands now, so hopefully we'll be hearing something very quickly from the FDA over the next several weeks, and more information will come on that. I think another piece that's really interesting, and I saw a few of you have done some deep dives into the very long CMS paper that was out around Software as a Medical Service. I think this is actually something that's going to be very, very beneficial, as we start to work directly with CMS, and we've been working with them over the last several months. Nick and I have been back in D.C. several times now. We believe that the way this process is moving forward actually is going to be very beneficial to programs like Echo IQ, where you're looking at disease agnostic, but modality specific type of reimbursement. You can imagine a world where CMS is starting to move towards these reimbursement codes focusing on AI diagnostics for echocardiogram. Instead of worrying about whether it's heart failure or aortic stenosis, it really is are you using an AI-assisted tool when you're using an echocardiogram? That's exactly the positioning we're taking. We're continuing to work very closely here with CMS. We'll be back in D.C. again very shortly, during this open comment period. We think that this actually has opportunities to be very, very beneficial to Echo IQ in the short term, but actually really for me, it's the positioning I've taken with you guys as I've had a few of you on calls and talked about over the last several months. It's the positioning I'm taking in terms of the long-term future-proofing of the business. If we can get to a point where there is a built-in reimbursement for an AI technology on echocardiograms, that allows things as our pipeline develop for echocardiograms such as pulmonary hypertension, hypertrophic cardiomyopathy, all those things as we start to bring those to the market, we'll already have some built-in reimbursement. More news to come here. We're in the open period now of comment for CMS until the end of August, we will be an active participant in that. I do think we are putting ourselves as an industry leader in this space. You'll see more and more information coming over the next several months as CMS starts to work on their decision. I think on an R&D update, I'm pretty excited about this. We're going to do an R&D update on a broad scale sometime later in this year. I think it'd be great to kind of lift the curtain up a little bit and let you guys see what we're working on. You guys have seen our slides. Obviously, the cardio-oncology study has kicked off, we know that that's up and running. With the advent of acquiring the Advara data, that's allowing us to really accelerate things like mitral valve and tricuspid valve regurgitation. This is a huge unmet need in the market. We think there's going to be huge opportunity there, and we'll share a little bit about our thinking about how we can progress that. Then of course the pulmonary hypertension, hypertrophic cardiomyopathy, all of those are still remaining on the list for us to continue to evaluate as potential disease states coming forward. One of the areas we are looking to put some of the capital to work is to make sure that we've got parallel teams working on our R&D team so that we can make sure that we can go from concept to validation study very quickly, and then ultimately into regulatory submission on many of these different disease states. Stay tuned on that. More to come. I think the big question for everybody, revenue ramp. I think you heard it from Nick. I think you heard it from Matthew. Our goal here is the second half of this calendar year is to really start to push hard now from a time to revenue perspective. All of these customers that are in the process now and those that are using the technology are moving directly into the paid subscription programs, and you'll start to see that revenue ramp build very quickly for us. As many of the analysts have covered us going forward, they've all showed various models on the financial model, and I usually say generally, I'm aligned to the ramp that they put. I just think that we have the better opportunity to beat many of the revenue targets, and that's our goal to do that. Stay tuned for that, but we've got some serious near-term milestones coming for the business between now and the end of the year I think are very significant. Of course the heart failure one kind of being the culmination of that. Of course, as we continue to scale the business and grow, I think there's opportunities within even the ASX as we start to be growing our market cap. There's lots of interesting things happening here. I'm going to stop because I'm sure there's way more questions than we'll be able to get answers to, I'd love to then jump into the Q&A and kick it back to Alex. Thanks, Dustin. As you mentioned, we have been inundated with questions. Again, really appreciate you all sending those through. We'll try to get through as many as time permits. Dustin, I'll start with you. Has the FDA issued an additional information request on the EchoSolv HF submission? Yeah. The easy answer to that is no. In the review of the FDA, you always get questions, right? You get questions at day 60, you go through your kind of review process there, you go back and forth with the FDA. One of the things that we were really super keen on is really the fact that, you guys all saw this and we talked about this, the unprecedentedness of the data itself, right? Seeing 99.5% on a sensitivity analysis. I think what the FDA has really been focusing on here is let's make sure this model works in the real world. Let's make sure this model works in every way, shape, or form. The beauty of that is because we work with the Mayo Clinic, we have all of the different analyses that you would ever want to do on a model like this. The great thing as the FDA is asking questions, we can produce those analyses very quickly. I think we've been going back and forth with them. I think the FDA is very satisfied that this model is going to set a new standard, is going to change the way we think about AI models because, again, we're setting a significantly higher bar for what it's going to take to get an AI solution across the board in this space. The short answer to that question was no. The long answer was it's the FDA and you're always getting requests from the FDA for various bits of information. The great thing is the team has had access to it, and I will say the Mayo team has been phenomenal. Maybe a little bit slow, but phenomenal in being able to get all the analyses and everything done that the FDA asked for. We're in very good shape, very confident, and we believe that this one is an imminent opportunity for us. Thanks, Dustin. I'll turn this one to you, Nick, if I can. What proportion of the 10,200 echocardiograms were processed under paid contracts versus View and Shadow evaluations? The Shadow and View programs, we gave a brief preview on one of the previous calls. Those are all relatively new. I wouldn't expect any of those. Those are going to be our next near-term contribution. We're focusing on book to bill. I can tell you all of those numbers from a 10,000+ to a 20,000+ perspective are actively, we skip that kind of integration process, and we're actively in negotiations from a revenue perspective for that total volume. We're going to see revenue tied to both the new pricing programs with Shadow and View, and then we're going to see it with our existing customer base turn into commercial models that are only going to accelerate the growth across the system. Thanks, Nick. I'll turn back to you, Dustin, if I can. What is the expected timing for PME definitive documentation, and are there any conditions outstanding? Yeah, no, we're working through it. Like anything when you hopefully there's not a bunch of lawyers on this call, when you get a bunch of lawyers working together, obviously you end up with lots of red lines on stuff, we're working through it of course. Yeah, no, this is a great agreement. I think that the strategic partner agreement is the one that we've got to get right. Both companies have sat down, I know Nick and the team had a meeting even earlier today with the Pro Medicus guys. It's really about making sure that we make really good decisions about the customers who talks to the customers, how do we make sure that we're engaging with them appropriately, what does the contracts look like. All of that stuff's being worked out. All that just takes some time. In reality is we've got a really good foundation. Nothing can be certain about here at this point. I think we're just working through the little bits and bobs there on this, I think we had probably said we'd get something back to the market pretty quickly, again, we want to get this right rather than get it done fast because it really is a benefit to both companies. I can't stress that enough. I think both companies massively benefit from this partnership, I want to make sure we get this one right so we both can be successful. Thanks, Dustin. Matthew, I'll introduce you to the call now. When does management expect the first customer receipts to appear in a 4C? Yeah, Dustin alluded to this pretty strongly. What we expect, we're going to start in calendar 2026, so next six months, and not just start, but we expect to ramp during the next six months. That's about as granular as we'll get. Thanks, Matthew. Dustin, I'll turn back to you. We just had a couple questions pertaining to the CMS reimbursement. It would appear that the news, well, I guess while the transitional arrangements maintain current payment rates for established players for now, it sounds like the CMS changes to payments have introduced uncertainty regarding the potential revenue available to EIQ. This particular person's interpretation of the intended changes is that CMS is looking to move to a cost plus type arrangement. Are you able to shed any light on the likely outcomes? Yeah, obviously, I'll say I'm looking in a crystal ball on this one because obviously I'm not actually sitting in the room with CMS making the final decision, but I will tell you, we have an active participation at the table with CMS, and I can tell you, I think from our view, while it's incredibly complex, and look, I can't remember how many hundreds of pages that original document was from CMS, but I know Nick and I were going through it at one point going, "Geez." At the end of the day, it's complex. What we really see as the benefit here is when you start moving to the terminology changes, and it's actually a very significant change as Software as a Medical Device versus Software as a Medical Service. That really starts to give CMS some latitude to think about how they're going to put pricing in place and how they're going to look at reimbursement. From our view, again, I think this becomes much more of a platform-focused view. I think that is actually really, really going to be beneficial for Echo IQ. While it may be complex to read now, and it may be a little bit kind of sausage-making as they're going through this open comment period, I believe, and Nick and I both believe as we've been able to sit in Washington, D.C. with them, we think this is going to be a really actually a positive for Echo IQ. Look, the reimbursement that they're talking about now is between $3 and $400. When I start to think about that and the opportunity we have and the size and the scale of echocardiograms in the U.S. being around 20 million-25 million a year, and for the cost base at which we have our technology priced at, this actually is a very, very attractive reimbursement for us. I think it's economically viable for the health system. That's an important one, especially when you get down into the CT world and some things where other tests are much more expensive. You obviously have to worry about whether CMS and the government can continue to maintain those payments. I think between $300 and $400, there's a health economics argument to it, and there is a budget impact argument to that. I think it makes sense for us, and stay tuned on this space. Lots of moving pieces, we feel very confident this is going to be a positive for Echo IQ. Thanks, Dustin. Nick, I'll bring you into this one. There appears to be a range of price points for different tools pursuing similar diagnosis. Will the increased uncertainty reimbursement slow the potential uptake of EchoSolv? No, I don't think so. As Dustin alluded to, first, I think our pulse on that has always been pretty good just due to the engagements that we've had. Relative to a competitive standpoint in this space, what this'll force health systems to do is to ask better questions around the technologies that they're considering, right? When you look at what CMS, CMMI, what these programs want to do from a holistic cardiac perspective, primarily the focus is always on heart failure, it is to do better care at scale, so to speak, in the right way with good results. We're already seeing more mature questions come from the customer because it's part of the sales process, the health economics and reimbursement questions, and everybody has their eye on this. As Dustin mentioned, we've already had our finger on the pulse relative to this. This is more of a tailwind and an exciting opportunity for us. I don't think it's going to have the impact on us. I think it is going to cause health systems to ask better questions, deciding who they want to partner with. Thanks, Nick. I'll turn back to you, Dustin. Just on heart failure, the delay versus EIQ's stated expectations regarding the timeline for approval has been explained as largely being a function of general backlogs at the FDA. One investor has suggested it might be a function of the very high sensitivity and specificity outcomes, noting that the outcomes from Mayo were superior to those expected or modeled based on NEDA. The investor goes on to suggest that some follow-up trial work might be required. Is there any merit to that potential explanation? I think it's astute observation in terms of the unprecedentedness of that data itself. Of course, when you put that data in there, you've got to be able to have the documentation to support it. In terms of doing additional clinical work, I think that's highly unlikely, and given the conversations we're having, I think that's unlikely. Especially as we've started to do new analyses in that to show all the different various ways that the model actually is producing the output, and it's a reproducible output, and obviously that's the most important thing from the FDA is not only can you do it in a validation set, but can you reproduce this? I think many of you guys have probably seen the original heart failure validation from our original work with NEDA, and then you saw the validation from the Mayo Clinic. All of that analysis has allowed us to demonstrate that we can reproduce the model's output, as Nick says, at scale, but also to reproduce it at the same level of sensitivity and specificity. Even when we try to do things to blind the model from different angles to even show real-world setting the model works. The idea of doing another clinical, highly unlikely. I think what we've produced to the FDA now is the various forms of analysis that we've done, and that's why you use somebody like the Mayo Clinic who can do all that high-level analysis for you in the initial run of the validation. No, I think right now this is really just getting everybody comfortable. While it is a factor of the FDA being a little bit slow, it's also just a process of having what is probably now an industry-leading new kind of gold standard for AI diagnostic. Thanks, Dustin. Nick, there appears to be some sort of an understanding around Echo IQ's relationship with Mayo, and it's essentially access to the VALIDATE program. Is that accurate? I'm going to turn part of this over to Dustin, relative to the Mayo opportunity and the partnership with us, it's nothing but upside. It's pretty broad, and we have a specific strategy to execute on from a commercial perspective once it's go time. Dustin, do you have anything you want to add to that relative to the VALIDATE program? Yeah, I think the VALIDATE program is the program we actually have, which is doing the clinical work, and then you have the MCP commercial agreement, which is the Mayo Clinic Platform commercial agreement. It's actually two separate agreements that are in there. We started with a VALIDATE program agreement, which was to just get the clinicals done. I think I probably shared with a number of you on different calls in the past, it's the first time in my career I've actually had an institution come to us prior to an FDA clearance on a product and say, "We want to get a contract in place." That was the commercial agreement under their Mayo Clinic Platform, which is their MCP. Part of the question is correct. We do have a VALIDATE, which was the clinical validation, and then the second new contract is the three-year contract. It's a commercial agreement contract under the MCP deploy, and that has the potential for an additional three-year expansion on the end of that. That is a first in my career time when I've actually had somebody do it prior to somebody getting an FDA clearance on a product. It just shows that their validation work got them pretty excited about what the heart failure solution could do within their clinic. Thanks, Dustin. We have a few more questions to get through, guys, before we wind up. At the same time, Mayo's Anumana business is pursuing competing technologies. Could you perhaps put some color around the nature or extent of the Mayo relationship and the potential conflict there with Anumana? Want to do that one, Nick? Sure. I'm very familiar with the Mayo relationship with Anumana. From a competitive space, again, whatever happens with them and what they work on from a platform perspective and what they validated with Mayo and what they've been able to push through from a reimbursement perspective relative to those platforms has to go through echocardiography. Right? At the least, it's a nice feeder opportunity. At the most, it is going to reinforce that if you look across all cardiac imaging modality from ECG at its ubiquitousness in inception, you go through echo, and then echo determines where you go into any other cardiac imaging modality. I don't think there's any type of a threat from that. I know those guys very well. I think they are some of the smartest people in the room with what they do, and it does have the potential for us to be very synergistic at times if the opportunity presents itself. Thanks, Nick. I might turn this one to you as well. Would you be able to provide just some color on the deployment of EchoSolv into Mount Sinai, such as availability to clinicians and subsequent uptake? Further to that, what are the commercial features of this deal, and when should we expect to see some revenue? Those are all fantastic questions, and it's all stepwise. As Matthew and Dustin have alluded to, as we start to experience this trajectory at the back half of 2026, from a revenue perspective, Mount Sinai would fall within that. From an implementation perspective, as I mentioned, we partner with the institution as to how specific do we want this rollout to be before we generalize it across the enterprise. I can tell you from our previous experiences, they are following the roadmap that we believe is most successful. We've got a world-class physician from an echo perspective in the structural heart arena leading this charge. He's going to help us validate that. If you want to take a train the trainer and a clinical champion type approach, we expand within the system. We're going to do that on multiple fronts as well. This is just the beginning of that relationship. It is active. We are cleared for go, and this is one of the most exciting current opportunities that we have available to us. Thanks, Nick. Just Dustin, on the PME agreement, what are the outstanding issues that require resolution before the definitive agreement is finalized? I'll probably characterize it as the convertible note agreement is pretty much done, buttoned up, and finished. The strategic partner agreement has a few more things we want to iron out in terms of making sure we give Nick and the equivalent partner on the PME side as much latitude as they can when they're working with customers to get the deals across. We're finalizing much of that now. A lot of that is just creating the space within the contract for our commercial teams to work really closely together. You can imagine in this case, what you want to get right is that we know who's going to call on the customer, we don't confuse a customer, and we make sure that we close the deals as fast as possible with every customer, whether it's a PME customer or it's an Echo IQ customer, and we're walking PME into the office and potentially bringing in a new PACS solution. Most of that stuff is being ironed out now. A lot of it is just instructional pieces within the contract and I think that's probably where we're at. A few more of those meetings will probably iron out the last little bits and bobs there. Really we're going to be off to the races. This is really a great opportunity. I think integrating fully with Sam and the team on their Visage 7's platform is really going to highlight the benefit of having an AI-enabled tool directly embedded into a PACS to allow those customers access right away. Bear with us a little bit longer. I want to get this one right because when we get it right, then everything on the operational side and the back end just runs smoothly. Nick and I have done this a number of times in other previous lives, so we're very comfortable with it. We just want to make sure we get all the wording right so that the operational part of it is smooth and seamless from the execution. Thanks, Dustin. We have a couple questions to finish. Just following on from that, what was PME's rationale in deferring the second tranche to after the FDA approval on heart failure? There has been some suggestion that that might imply low confidence in approval in terms of in PME's management's mind. What are your thoughts on that? Yeah, I probably look at that slightly different. Of course, being able to sit at the table, we have different conversations. I think reality is that is a smart and prudent approach from anybody who is making a strategic investment. Obviously you want to de-risk your investment. I think you would all probably do the same, and I am sure there is a few of you sitting on the sidelines waiting for the clearance before you come in and buy some shares. Totally get it. Makes sense. You would de-risk your investment. Sam is a smart guy, and that makes sense. Again, this deal was never about the money, to be honest. While that is always a nice thing to have, it was always about the strategic partnership. We focused more on making sure that that partnership was grounded and really the belief that the two companies could be successful together. Yeah, I look at that more that that was just a prudent and smart investment decision more than it was anything else, and I think that is how we looked at it. Really it is really focusing on how the two companies strategically partner together going forward. Thanks, Dustin. We will have two more questions and then we will wrap it up. Nick, I will turn this one to you. Is the 4DX experience a useful analog for EIQ? Well, that's a good question. The short answer is this: We're going to set a standard, and that standard is going to be specific to us. I think they've done some pretty good things from a visibility perspective. There are things that when you see other companies that are having different levels of success, you want to emulate those. I wouldn't say there's a direct just because of the spaces that we're in. I think that we want to keep an eye on anybody that's marketing well, anybody that's growing well, and anybody that's executing in a similar space. They touch all those buttons. More than anything, we're going to focus on what we know we need to do in order to execute. For the next six months, that is time to revenue. Thanks, Nick. Just one final question for you, Dustin, to finish off. Commercial uptake of a new and superior technology has been glacial, so why will Echo IQ's experience be any different? Well, that's a great question. Hopefully you're going to see that it starts from the top, and I think management matters. Direction and strategy matters. Experience matters. Being on the ground matters. Then you put this type of technology in the right place at the right time. If you look at what's happening in the ecosystem today, there's really two major tailwinds that are coming our way. You've got early TAVR program happening. If you think about aortic stenosis today, and if you do some of the clinical reading and you really get into it, you're seeing that the data is very clear now that asymptomatic aortic stenosis patients should really be considered for a TAVR, and that's a valve replacement. Now I think the data's even now suggesting that that moderate patient should be really highly considered for a potential opportunity to have a TAVR. The science is moving in that direction, and I've told you guys this all the time, I will always take luck over being good. We happen to take luck and be good at the same time. We've got the only solution in the market that's going to give that phenotypic analysis for that patient to help those physicians start to understand where those patients are on their journey for aortic stenosis. As that clinical science starts to evolve into that early TAVR space, you're seeing CMS already start to acknowledge that. We're going to sit right there and we're going to help these physicians. If you look at our clinical advisory team, you're going to see that we've got some of the world's best interventional cardiologists sitting on there who happen to do most of the TAVRs in the U.S. Obviously that makes a lot of sense why we would be having those guys on our team. You take that moment there, you take the moment where you've got the CMMI project, which is happening directly out of the White House. This is an ambulatory services program that's going to kick off in 2027. There's budget already behind it that's going to focus specifically on heart failure in the U.S. Why? Because heart failure is massively underdiagnosed. Heart failure is one of the highest healthcare expenditure that is being exposed in the system, and the government wants to find a way that they can interject. One of the ways they're looking to do this is doing some AI solutions at scale. What do we do? We do it at scale. We do it at the point of the initial diagnosis, which is an echocardiogram, and we can scale in those areas of the country where you're not always going to have access to the biggest institution. Imagine a rural clinic in the middle of Oklahoma. That patient who can get an echocardiogram should still have an AI tool run and should still get the diagnosis for heart failure accurately so that they can get referred on and get onto guidelines-directed therapy. You've got these two tailwinds pushing us. You've got the best-in-class technology. I would argue we've got the best-in-class team to deploy on this, I think you've got the management team who can lay the strategy and really start to focus on execution. I think all of those are things that maybe other companies haven't put all the pieces together on, I think we have a special, unique opportunity here to capitalize on it. One of the things we do really well is when an opportunity comes, we capitalize on it. Fantastic, Dustin. That's all the time we have today. Thank you to Dustin, Matthew, and Nick for presenting and taking the time to answer some questions. Thank you also to our attendees and those who submitted questions for the Q&A. Apologies if we didn't get to your question. We were inundated with questions. I really appreciate your engagement on this initiative. As mentioned earlier, a recording of the webinar will be on Echo IQ's website and social media platforms later today. Dustin, before we go, do you have any final comments to leave with us? I think my final comment is I want to thank everybody for the enthusiasm around the company. I appreciate everybody. I didn't see all the final numbers, but for those that have been sticking around from the early part of the story, thank you for the continued support. For those that are new to the story, thanks for joining us and thanks for coming on this journey with us. There's a lot of near-term milestones coming that I think we are only at the beginning of the growth of this company, and I think that's the exciting part of where we're at today. Fantastic. Well, that wraps things up for us. Thanks, everyone. Have a great day, and all the best