Thank you for standing by and welcome to the ImpediMed Limited Quarter Four Results Conference Call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Ms. Parmjot Bains, Managing Director and CEO. Please go ahead. Thank you. Good morning and thank you for joining us for the Q4 2024 financial year results. I'm pleased to be here with McGregor Grant, our CFO. Today we've got four main points to highlight. Firstly, the Q4 achievements. Secondly, that we retain key leadership in the valuable growth market. Thirdly, that the new board and executive team have set the strategy and are now driving meaningful change. And finally, that financials, both revenues and costs, are heading in the right direction. We believe we're generating very positive momentum in the business and are very confident about our opportunities and our path ahead. In terms of the key achievements for Quarter Four, I just want to highlight a couple of these. Firstly, in terms of total units sold, we sold 38 of our units, with 23 sold in the U.S. market. This is reflecting the growing acceptance and demand for our technology. In terms of expansion into major networks, within the U.S., we expanded into three major networks, now deploying multiple devices that build on our current installations and further solidify our market presence. We have discussions underway now with a number of large networks, and both are very encouraged and very focused on the execution with these systems. Lisa Prahl, our former VP of Sales, is now focused on key accounts and renewal and is driving and supporting these activities. In terms of our forward-looking view, our lead pipeline, our lead pipeline grew by 168% this quarter and by 380% since quarter one of financial year 2024. This growth is driven by our robust marketing strategies, active participation in industry events, and effective sales lead generation activities. With the focus of the team over the last 6 months towards U.S. BCRL sales, we now have 18 ImpediMed sales and CPS team members who are responsible and accountable for driving leads and sales, along with the leadership team who is out supporting them in the field, including myself. There are now 11 dedicated members of the sales team, in addition to s clinical support team members who are both supporting lead generation as well as device implementation and utilization in the U.S. As an example, the 2 new business development reps who joined recently are now making 30 unique customer touchpoints a day to drive lead generation. We have been working very hard on reducing that six-month sales lead time and are seeing some positive momentum in the last quarter, but we will continue to monitor this and have a dedicated new contracts lead and dedicated customer support for IT review and assessment and implementation. A lot of these leads over the last quarter were also driven by key event attendance. Our presence at these key conferences such as ASBS, Miami Breast, and that first-time attendance at the National Consortium of Breast Centers and Association of Community Cancer Centers has been crucial. These events are vital for networking, building relationships, and generating leads. We're now getting ready for the next full season of events. Patient test growth is really key, and saw a 6% increase in patient tests, which really indicates that growing utilization of our sales units with a three-year CAGR at 21%. In terms of U.S. contract renewals, on average, the price of our renewed contracts in the U.S. increased by 38%, with that continuing to turn 3% globally, which demonstrates the value that our customers see in our platform. We have done some work on cleaning up U.S. dormant devices, which is reflected in the U.S. numbers this quarter. But note that that 38% of renewal, average contract renewal price, does indicate that customers are committed to these devices and see the value that these are having. The New South Wales data, which was highlighted in the deck, demonstrates the patient and health systems impact that early detection can have. We're working on sharing these findings within the U.S. healthcare system, both with payers and providers. In terms of reimbursement coverage, we remain at that 140 million covered lives. While our goal was 85% coverage for this quarter, we continue to work with these payers with our efforts in publications, real-world evidence generation, and guidelines development with key opinion leaders. We have a dedicated in-house reimbursement team, which is essential to navigating the processes of each payer. Again, our publications, real-world evidence generation, and our work with KOLs on generating guidelines will be critical to support this increase in payer coverage. In terms of clinical publications and achievements, I'd like to note a follow-up PREVENT publication. Data from our large randomized PREVENT trial continues to support patient care models with a new significant publication in the Journal of Surgical Oncology. The study, titled Timing of Breast Cancer-Related Lymphedema, highlights that the risk of lymphedema persists for years and can progress to chronic breast cancer-related lymphedema years after surgery. This study was co-authored by our investigators as well as our Chief Medical Officer, Dr. Steven Chen. We are highlighting and publishing this and sharing it with our key opinion leaders and to our clinical teams. In terms of, we retain leadership in the BCRL market. Our SOZO digital health platform using L-Dex remains the only FDA-cleared technology for BCRL detection and management. It sets the standard and reinforces our leadership position. This platform technology is being utilized by multiple stakeholders in the BCRL prevention and treatment journey, all the way from the breast cancer surgeons through to plastics, and we continue to expand on this customer base. As we noted, the PREVENT trial continues to be confirmed with real-world evidence. Real-world evidence is absolutely critical. The PREVENT trial previously demonstrated a significant reduction in chronic lymphedema progression to 7.9%. Emerging real-world evidence that we saw in the last quarter in the U.S. and Australia supports that the clinical and financial impact of early detection is significant. Real-world evidence has demonstrated breast screening and an integrated care model can reduce that lymphedema rate even further to 1% or 4% from a baseline of 20%-25%. This generates a significant patient impact and health system impact. These are independent pieces of work. We wanted to also highlight a recent New South Wales economic evaluation of a lymphedema pilot program that demonstrated a 712% return on investment, translating to an estimated program NPV of $52 million. This model of care was implemented across New South Wales since 2021, across 13 local health districts and 31 clinical sites with 25 SOZO systems, and highlights the significant clinical and economic benefits of our technology and an integrated lymphedema prevention model of care. Patient testimonials from this trial underscore the life-changing impact of our technology. We are committed to achieving similar outcomes for all patients and all healthcare systems. In terms of guideline support, multiple guidelines continue to support early lymphedema, and we are continuing to work and support through the guideline development to facilitate clinical and payer adoption. In terms of our leadership team, McGregor Grant and I are now confirmed as MD and CEO and Chief Financial Officer and Chief Operations Officer, respectively. We will continue to drive growth and strategic focus. We are excited to welcome Fiona Bones to our board. Fiona brings over 20 years of global experience in finance, corporate governance, and systems transformation, having held significant roles such as Vice President of Finance and International Controller of Google, which she currently is. In terms of our strategic focus, our primary focus remains on addressing breast cancer-related lymphedema. As I've noted, we are supporting both through clinical and patient awareness publications and real-world evidence. We are laser-focused on accelerating our progress towards break-even with our US sales. In terms of product development, our interim Vice President of Product Development, Andrew Grant, who has come on from the board for an interim period, is leading our product development strategy and focusing on our key initiatives such as the Version 6.0 software release, SOZO Pro, and the development of new indications, which includes addressing the leg lymphedema market, looking at the oncology body composition market, and then assessing opportunities elsewhere such as acute fluid management with the HF-Dex. Andrew will transition back to a non-executive director by the end of September with a finalized development strategy in place, and we will share that with the market in time. I will now hand over to McGregor to provide an overview of the financials. Thank you, Parmjot. As Parmjot mentioned earlier, this quarter saw the financials, both revenue and costs, heading in the right direction. During the quarter, ImpediMed recorded recurring revenue of $2.9 million, a 12% increase compared with the $2.6 million in the quarter ended March 31 2024. The company sold a total of 38 SOZO units during the quarter, of which 23 were sold in the U.S. This compares with a total of 18 units sold in the preceding quarter, of which 13 were sold in the U.S. The value of new contracts signed during the quarter, which we refer to as total contracted value or TCV, was $3.4 million compared with TCV of $2.2 million signed during quarter three, FY2024. Contracts in place as of June 30 2024 are expected to generate core business Annual Recurring Revenue or ARR of AUD 11 million for the 12 months to June 30 2025. This compares with ARR as of March 31 2024 of AUD 10.1 million. During the quarter, the company had net operating cash outflows of AUD 4.7 million compared with AUD 6.3 million in the previous quarter. The operating cash outflows in the quarter included severance payments of AUD 0.6 million. Cash and cash equivalents at June 30 2024 were AUD 24.6 million compared with AUD 30.7 million at March 31 2024. As previously announced, we have implemented measures to more tightly manage cash flow and establish greater cost discipline in the business. As a result of these and other changes, the company anticipates annualized operating cash expenditure in FY25 will be lower by 10% compared with FY24 after allowing for one-off costs and other normalization adjustments. So with that, we will now open the call for questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Tom Godfrey with Ord Minnett. Please go ahead. Good morning, Parmjot and McGregor. Thanks for taking my questions. Can you hear me okay? Yes, thank you. Great. First one for me, I just wanted to pick up on the two-year strategy slide. I was just wondering if you could give us a bit more detail around the break-even target. Are we just assuming progress on break-even in FY 2025? And maybe if you could give us sort of a bit of help with what level of the cash flow or P&L you're speaking to. Is it free cash flow break-even, EBITDA? Just any additional detail? Yeah, we're talking free cash flow. And so just to clarify, on the slide that talks about the 12-month priorities, the head of box says break-even, but during the next 12 months, we are working on progress towards break-even. And on the two-year priority slide, we talk about the goal of reaching break-even. So that's more of a two-year timeline that we see for progress towards cash flow break-even. Got you. So FY2026 is a better sort of guide. Yeah, exactly. A two-year time horizon. Understood. Thank you for that. That's almost sort of all things being equal and further view. Got you. No, thanks, McGregor. Understood. Second one for me was just around Chen and Parmjot. You made some comments just in your opening remarks, but gross adds of 23 in the U.S. for the quarter, net of 15. Can you just sort of speak to that ongoing cleanup of the legacy install base in the U.S. and the eight units that did churn? Yeah. Oh, go ahead, McGregor. Oh, okay. Yeah, Tom. So there are from the past, there are quite a number of units that have been installed, well, actually a relatively small number of units, actually, in the context of the whole installed base. But there are a number of units out there that have not been deployed or have since stopped being used. And so there's a cleanup that we've been doing. And what we've seen in this quarter and the last quarter is really just the effect of that. They really come up as these accounts have been coming through to renewal. So there might be some systems where a number of devices have sold, but only a smaller number were implemented. That's now been run through the system, and that's what this is seeing here. It won't impact the revenues. Got it. That makes sense. And so when you say it's been run through, we shouldn't expect to sort of see it at that level in coming quarters, Parmjot? No, no, no. Chen remains pretty low. That 38% increase in average recurring revenue as the contract renew is really an indication of the customer's decent value in the devices. It's just a couple of one-offs that have come through that we aren't projecting to see going forward. Got it. No, that's clear. And the 38% was great to see. Last one for me was just around slide 21 where you talked to the Texas Oncology that added an additional six devices from an installed base of two. So they've effectively quadrupled their number of SOZOs. A state where, to my knowledge, you don't already have critical mass at this stage. Maybe if you could just sort of speak to the value proposition there. Are they sort of looking forward to what ROI could be? Just any additional comments, Parmjot? Yeah, no. This one's actually super exciting, and I just spent a bit of time in Texas in April. It is a group in Texas that is fairly dominant in the market and is now looking at rolling out a broader program. They are making sufficient revenue and reimbursement based on the current model, and they're really looking at rolling this out across their system. So we are expecting this system to expand further and really laser-focused on helping them get adoption, uptake, and reimbursement. So even with that lower reimbursement rate, they are seeing sufficient revenues to drive revenue growth, but also just best practice patient impact. So very positive about this one. And when we can share kind of names and more information, we will do. So for right now, we're just focusing on implementing and getting uptake. Got it. No, that's great. Thanks for taking my questions. Thank you. Your next question comes from Shane Story with Wilsons Advisory. Please go ahead. Good morning, everyone. I'm just noting that increased pricing on the renewed contracts. I wonder what proportion of contracts are expected to go through that process over the next 12 months. The contracts are generally three years in life. So I think mathematically, about a third of them will come up for renewal during the next 12 months. So internally, we are focused on continuing to achieve that level of price increase as we renew. I'm assuming that when they are recontracted, they're going through with a similar level to that that is associated with the new TCV coming into the business at this time. Yeah. That's what Lisa's achieving. She has a target of that 40% as well. She is getting that 40%. I'm really targeting that higher TCV, particularly as these states increase reimbursement, but also they see the value of the device. Thanks. And when I see just the commentary that you've shared here on pipeline development, you've given some percentage increases. But I was hoping that you could might frame that in a, I guess, a way that might help us a little bit with the model. For instance, I mean, if you looked at that funnel as it sort of stands today, what sort of potential TCV would be sort of across that portfolio? Conscious that not all of it's going to land. I'm not sure I quite fully understand the data you're trying to get at, Shane. Well, just to try and put a more quantitative sort of or more of an absolute sort of number on the amount of business that you're sort of in the running for or targeting or sort of having sort of progress, I just didn't find the percentage increases particularly useful. Yeah. So last quarter, we put our average recurring revenue was $1,400 in the US system. And so we're looking at growing that as a base and then really that lead pipeline as states get higher reimbursement, really increasing that from a contract value. So times that by three years, 12 months. But really, as we get into new devices, increasing that up, the value of that $1,400 ARR up. And then finally for me, you mentioned that the goal, I think, on reimbursement was sort of 85%. I mean, we would just say that that got to, I mean, that 140 million covered lives seen that number for, I guess, a month or so now. But I mean, maybe if you could sketch out for us the next sort of six and 12 months in terms of where you think that number can get to and how much incrementally above that 140 million, how much that sort of means to the outlook. Yeah. Well, we're trying to get to 85% coverage. So we're really trying to get significant growth on this one. So right now, we've got 16 critical mass states at 80%. The key for us is getting some of the larger payers on board. And then it'll leapfrog up. So it's kind of hard to give a sense of the timing. But we are working with Chelsea and the reimbursement team is working with both a couple of additional national payers, but also some of the local payers that still need additional kind of data. What we also are doing in parallel, though, is with as large health systems come on board, they can go in and request coverage for their patients as well directly to the insurers. So it's actually a multi-pronged effort. It's actually right now, we're kind of indicating still that 85% target, but it's chicken and egg. As these payers decide to adopt, for example, in Texas, they can also reach out to get coverage locally. Right now, 85% is the number that we're putting out there in terms of covered lives to try to get out. Thanks. I think I may have asked four or five questions, so I might stop there. We'll speak later. Thanks. Cheers. Thank you. Your next question comes from Peter Gregory, who is a private investor. Please go ahead. Good morning, Parmjot and McGregor. Thank you for taking my call. I'd just like to follow up a little on the renewal question that's been asked before. Can you let me know how many units, US units, were due for contract renewal in last quarter and how many were not renewed? We don't have that data to hand, Peter, but we are having a high degree of success with the contracts that Lisa is working on to upgrade or to renew. As we mentioned earlier, about a third of the installed base will be up for renewal during the year. We expect to see significant numbers of unit renewals. I think you've just I think you said this before, but you're expecting a 38% increase in contract value. So that'll be a significant increase to revenue over the next 12-18 months. On renewals. On renewals, that's right. Yes. Yeah, yeah, that's right. And these are contracts that are being renewed that were originally written at a time pre-reimbursement. And so we're seeing some of the benefit of a post-reimbursement world coming through in the pricing. Whilst I expect we'll continue to see that benefit through FY2025, we need to be conscious too, though, that at some point, we may not continue to get that 38%. But I think that's still somewhere down the track. Yeah, because there's contracts, yeah, as you come up that'll be high value. But for the immediate time, we are targeting that 40% on all of these contracts because they're pre-reimbursement contracts. Yeah, that is good to see you're monetizing the existing value. That's great. I'm interested in the utilization of each device. To me, that's a measure of commitment at the point of patient interaction and significantly increases the positive word of mouth that you get amongst the practitioner cohort. It looks to me like there's been an increase in the number of units placed in the U.S. since the NCCN guidelines released of about 17%. But from my work, it looks like the usage per machine has gone up about 5%. Does that sound right? And is that in line with your expectations? Yep. So some of them, definitely, because there are some devices that will be used more than others. Because if you're putting in a program model of care for some of these systems where there's now nine devices, they will have different utilization based on where the patient's going. So the brief might have more, and then the rehab site may have less because you're putting in a program model. So that's probably what we'd expect. But we do need to see we are driving home. And so we do look very rigorously at those numbers. Our CPS team that is now being tracked on device utilization to make sure that we're very clear that the program is being implemented and then what device utilization is happening and occurring. And so we now track that on a monthly basis, and we're very closely with a team to drive it. We would want higher. I mean, our target clearly is to get more patients on this device. We are focused on that to try to fix that one up and go higher. Okay. That's good. I'm interested in the 200-odd machines that were part of the AstraZeneca clinical trial. What's happened with those machines? Are they still in use, or have they come back to ImpediMed? Yeah, they've come back to ImpediMed. There are units that are available. There is some refurbishment that needs to be required if we're to use them and sell them as refurb units. So that's certainly an opportunity that we're exploring. Okay. So machines are available. Effectively, their cost is already paid for, isn't it? So there'll be machines that go out without any cost. Well, they need refurbing. So we do refurb them. There is some cost to refurb them, yeah. We do. And there are some companies that are kind of interested in picking those up. So it's part of, yeah. But we've been refurbing in that handout. Okay. So there haven't been any of those that have been retained by the hospitals that had them before? No, no. A lot of it was in Europe. But no, they've come back in, and that trial was done. So it was really run by AstraZeneca. So they pretty much stayed to be on the device rather than the hospital. Okay. No, that's good. Just a final question on leads. I think at the last conference call, you indicated the leads were about 450 at that stage. And I think I saw on the deck it's gone up by 130%, which means you'd have a pipeline there of probably around the 800. Is that right? No. There was an opportunity. So what we've done is we've just gone we've cleaned it up, reset, validated opportunities. It is significant. There is a significant pipeline there now that 168% gives us a very good base to go out and to validate and then sell to them to go out and execute on. So it is definitely a significantly healthier pipeline. And Tim is incented, and the whole team is incented around building that more. I would like it to be higher, which is why we've got the BDR reps in there. And then now what we're also focusing on is getting those leads converted into sales. And so right now, it's that six-month sales lead time. We track that very closely every month. Can we close it faster? We did see a big dip last quarter, but we've got to watch it to see if it's real. It is getting a significantly better leads pipeline. It's very, very encouraging and very positive. We just focus on execution. Parmjot, now that I guess the NCCN guidelines are pretty much out there and well understood, are you seeing a speeding up of the time from lead to placement? We did last quarter, but we're just seeing if it was a one-off or if we're tracking on a trend. Yeah. So watching it closely. They still have to go through budgeting and IT and customer implementation. So yeah, laser focus on it. We've got a contract person who now is turning these contracts around. So for at ImpediMed, what our primary focus is, and we meet weekly, everything that's in our control needs to be managed and back up to the customer so that we can kind of turn things around. So really focused on getting that lead time down. Okay. That's good to hear. That's it from me. Thanks very much. Thank you. Your next question comes from Ian Hyde, who is a private investor. Please go ahead. Morning, Parmjot, McGregor. Congratulations on getting your appointments confirmed. So well done for that. A few quick questions. Back to the number of devices in the U.S. on old contracts, just do you have a number around how many are actually still on the old contracts rates out of the 570? Well, they will vary, right? I think, sorry, they're not like an old contract. I think the pricing over the years, as we looked at all this, has varied a lot. So they're just on previous contracts. And as I said, a third roughly, we kind of model a third as up for renewals. Pricing really has varied across the years. So it's probably not an old contract. They're just varying contracts. Sure. Okay. It'd be good if at some point we get some more clarification just about what the potential uplift in ARR could be around those when they complete at some point. But other than that, just quickly, NCCN Instos, has there been any progress made with finally getting all of those signed up, or that's still work in progress? We're still working on that for the NCCN centers. So that's what Lisa now is VP of Sales. We've also got the key account managers that are in each of those states where the NCCN centers are focusing on that. So Lisa, just with Tim coming on, has just focused across over to these IDNs. And that's one of her key metrics is really getting out there, getting the NCCN centers. There's probably some bigger accounts that aren't necessarily NCCN that are higher priority, but they're on the list. We want to get some of the big ones that the discussions are on underway and prioritized. And then NCCN is one of the ones on the list. Sure. But I can understand that there's likely a bigger fish to fry, shall we say, than some of the NCCN stays. But on the other side of the fence, having the NCCN installs all locked up, because I know previously in conversations with hospitals that they were saying, "Well, not every NCCN institution has got it, so why should we have it?" And I know that was a while ago, but I guess it's more of like a qualitative issue at the moment looking at shoring up that everyone needs to get here rather than what's been happening. Yeah. And I think there's a couple of guidelines that are key, really. The NCCN from the survivorship, but the National Association of Breast Cancer in FPBC, they've also got guidelines around survivorship. And so there's a number of angles that these centers will look at. And so we're kind of working on just making sure we've got support from all of these. And then targeting these centers that are looking at survivorship is really key. But you're right. It's totally on the list. And yeah, absolute priority. But larger ones, priority is the big accounts and then as well as these NCCN ones. Sure. Okay. Thanks. McGregor, just some quick questions on numbers. So with the cost reductions, is that primarily going forward going to be just around staff costs? That's the biggest component of it. We have looked at consultants and other discretionary spend and pulled some of that back. But the lion's share of the savings are around staff costs. And we've done a combination of reviewing salaries and roles and reducing positions, but we've also increased our focus and resources on the front end of the business, selling end of the business. So as Parmjot mentioned, we've got 11 dedicated sales supported by seven clinical support people as well, plus other people who are directly involved on the customer-facing side. So we've refocused the team more towards the front end of the business. But the number we're talking about there, that 10% saving, is a net of all of those things. And yeah, the majority of that is staffing costs. And I guess we're not going to cut ourselves to growth. We actually have to focus on growth since the marketing spend remains critical. Sales team focus remains critical. So what we've done is, I think, just clean up some of the cost base. McGregor and I have been running out of Australia significantly cheaper than previous management. We took some of those senior executive roles out, brought the team up a level. So just they had some significant savings. So yeah, a lot of it was salary, but really trying not to touch the marketing spend and the investment in generating these leads and anything that's customer-facing. Sure. Okay. Thanks. So just with actual numbers, so for this quarter, staff was AUD 5.6, which included AUD 0.6 severance. Do you have a number around what the staff costs for the current quarter could or would be as they're now running? So if you get a handle on looking at the details of the 4C going forward. Look, I think if you take the fourth quarter number adjusted for the severance piece of it, you've got a good starting point. All right. Without giving you the forecast, the staff costs this quarter should come on the 4C, say, AUD 5.8-ish. In that order, yeah. We're not forecasting numbers, though, Ian, but it's in there. No, it's in there. Yeah. Sure. Okay. And you touched on it, but with the headcount that you've got now, Parmjot, you're happy that everyone that you've got in the places they're in are enough to operate the business and expand for, say, potentially one or two years without considerably changing that? I mean, I understand there might be some tweaks here or there, but what you've implemented with all your change management, etc., we're now set for some predetermined time to actually run and expand? Yeah, I think so. And the only challenge, I think, will be if we've got a lot of leads and we can't chase them down, which would be a real positive thing. So I think right now we're good to go. And each team is really driving sales and marketing. And absolutely, we've hired and we've got the right balance of team, the right skill set of team, the focus and dedication, and really comfortable now that we will drive some significant progress in this business. Sure. Well, I mean, from my take, the seeds have already been sown. So thank you very much for all the work that you guys have done. It's obvious looking at all the activity. And hopefully, this quarter, we really start to see continued progress. But sorry, one final question then on progress. We've just had Fiona appointed on the board. At some point, somebody else with expertise will be coming on, or that's the plan? Not at the moment. She's taking over the audit and risk committee. So that's three non-independent non-execs on the board. Andrew will step out and go back onto the board as executive. I think right now, from a finance and funding perspective, we don't envisage growing the board. We've reviewed board kind of salaries as well at the same time. Right now, I think we've got the board that's kind of optimized around what we need to drive growth for the business. Sure. Thank you, Dave. Thank you. All right. That's all from me. Thank you very much. Thank you. Thank you. Your next question comes from Grant Percy with Yellin Up Equities. Please go ahead. Yeah. Good morning, team. I've just got a question from the Q123. ImpediMed announced that they had a master agreement signed with a large Michigan IDN that had 20+ hospitals, and the pricing was at $2,500. Have we placed any units with that IDN? Yeah. Yeah. Michigan. So yeah, definitely. It's exactly MSAs of that 23 of the IDNs around the U.S. And so that's 23rd and 26th have it IDNs. So Michigan does have systems in with these IDNs, and we're really looking at growing Michigan. If you look at the landscape, about 75% of Michigan breast cancer patients are with a small group of IDNs, so they're highly concentrated. And so we are really right now laser-light focused with Jim as our sales rep in there of targeting these IDNs. So we do have them in there. I know Michigan's been top of mind and actually has been one of our focus areas in this last quarter and working with Jim to kind of drive that sales in Michigan. Okay. We didn't get any in the last quarter, though, but with the next quarter, it is a key area of focus. Okay. Previously, I think you said you had working on leads of 300. Is that the number that we should be using? I've brought them back now. It's higher. 22? Yeah. No, it's now we've got a higher leads pipeline. So we've kind of validated leads down to opportunity. So the ones that we're now presenting are ones where we're very comfortable that there is an opportunity there. It's actually higher than that. So 168% growth, pretty substantial pipeline out there now. We're not putting the number out, but it is a number. Okay. That's all my questions. Thank you. Thank you. Your next question comes from Hamish Jones with Beaches and Bays. Please go ahead. Hey there. Just taking a look at your cash balance of AUD 25 million in current burn rate and the two-year timeframe to break even, it's clear that you're going to need to raise capital in the next 6-12 months. Can you just think through, or can you just talk through how you're thinking about the time and quantum and what other evidence may be available for your turnaround within the business from an operating perspective before you, I guess, pull the or press the button on that, if that's possible? Yeah, sure. I mean, we don't want to really get into the specifics of that, but clearly, we're focused at the moment on demonstrating momentum and growth for the business. I think this quarter is one that is showing that growth. We would like to build on that as our goal before we take next steps. But I think that's something that the board is considering very carefully. Yeah, obviously, the idea will be that we've got some really good growth and that what's in the pipeline converts, and we can communicate that to the market and build confidence. As Parmjot mentioned too, we'll have by September, when Andrew finishes his work, we'll have greater clarity on our product roadmap. All of these factors will feature in our thinking as to that subject. Yeah. I guess, how much appetite do you have to kind of run down that cash balance within six months of available headroom? I guess there's a trade-off between running the business and building this evidence set, which you can then use to show that your initiatives are taking hold and you're generating the flow through from the pipeline into kind of converted sales versus the cash balance just getting lower and lower and lower, and you're running out of runway eventually. I guess it's just helpful to understand how much risk tolerance you have to having less than one year of runway, I guess. Yeah, sure. Sure. I mean, that's a very important balancing act that we have to play. And it's something the board is very conscious of. But it's not really something we want to speculate too much on this call, but we're certainly aware of the variables that go into the decision-making there. Yeah. I think the momentum is really very positive. And I think our focus is just executing on that and demonstrating execution to the shareholders, to our customers. And so that's really the key at the moment. That's why also shortening that sales lead time is key. It's a six-month lead time. We've just got to try to ramp it up and accelerate it to try to bring this lead growth faster into the business. Because effectively, as a launch, and you're right, you need money for a launch, right? Product launch. A year ago, there was no NCCN, and there was no payer coverage. So really in the launch phase of a product in the U.S. market that needs to kind of be invested in and drive growth. Yeah. Okay. But I guess it would be useful to know whether you're still focusing on building the evidence set of improving operating performance and of sales, whether you think that there's enough evidence already to kind of press the button on the capital raise? I guess maybe from taking the question in a different way is how much risk is there in a kind of a 3-month window of you pressing the button on the capital raise versus getting another data point in terms of published results? The board. I think that's something we will have to define at the board level. Yeah. Dangerous to speculate now. It's clearly a topic of discussion. As a board, we look at the data and make a call on this. Okay. No, that's great. Thank you. That's just helpful thinking. Thank you. There are no further questions at this time. I'll now hand back to Ms. Bains for closing remarks. Brilliant. So thank you yet again. Thank you very much for your questions and continued support. We're really looking forward to continuing our momentum. We are very confident. There's been a lot of work in the last six months. We really do believe we will accelerate the launch of this BCRL and education in the U.S. market. The Australian data was incredible. Just I don't know if you take the time just to read the patient testimonials. Really did show that early detection with this technology made a meaningful impact to a lot of women's lives. Really, we're starting to see that real-world evidence in the U.S. And that, I think all of us together will drive momentum and change as this does become that standard of care. And so lots of very, very encouraging discussions underway with large payers in the U.S. where this is starting to get reflected. So I think as we've kind of noted, and you've all noted, we're really working on showing that momentum as fast as we can. And the whole team is really lined up and knows where to go. The whole organization is really focused around those goals that you've seen and we've shared. And looking forward to connecting again soon. That does conclude our conference for today. Thank you for participating. You may now disconnect.