Welcome to the Mach7 fourth quarter FY 2025 business update. My name is Françoise Dixon, and I'm Head of Investor Relations for Mach7. Today, I have the pleasure of introducing our new CEO, Teri Thomas, who will provide an overview of our Q4 result and of her first month in the role. We will then open it up for questions, which can be submitted via the Q&A text box at the bottom of the screen. I'll now hand over to Teri. Thank you, Françoise. Can you go to the next slide, please? All right, so first of all, I think most of the people attending this will be familiar with what Mach7 does. However, we deliver advanced data management and diagnostic viewing solutions all over the world. Really cool technology. I'm not going to focus a lot on what our technology is in this update. However, as I get to know the company, I'll share a little bit about who I am, what our financials are, and some of my observations in this first month. Next slide. So first of all, yes, I'm the new CEO. I feel weird looking at a slide of myself talking about myself. However, I've known some of you from my time with Volpara. I was the CEO of Volpara during a time period in that company's life which was quite pivotal. It was burning cash at around $10 million a year. We set a target of hitting cash flow positive in two years, and we achieved that target in one. With the acquisition of Volpara by Lunit in 2024, I took on a dual role of CEO of Volpara as well as Chief Business Officer of Lunit, which is based in South Korea. I grew up in healthcare technology with 20 years at Epic, which is a global leader in electronic medical records, departmental systems, and just about any kind of technology for hospitals and clinics, except notably Epic does not have imaging software. I'm super excited to lead Mach7 in this next level of innovation and growth for the company going forward. Next slide. First of all, looking backwards a bit, our Q4 fiscal year 2025 financial highlights. Our CAR was $30.2 million. Our ARR run rate was $23.5 million as of the 30th of June, with Q4 sales orders of $7.8 million, fiscal year 2025 sales orders of $29.1 million. I love that the company's been operating cash flow positive for both fiscal year 2025 overall and Q4 2025. Actually, Q2, Q3, and Q4 were all operating cash flow positive and would be total cash flow positive. Q4 dipped from total cash flow positive largely due to our buyback. We have great cash on hand of $23.1 million as of 30th of June, and I love that we have no debt. As I mentioned, on-market share buyback continued through the fourth quarter with approximately. I don't know what happened there. Zoom dropped me, but I'm happy to be back. Sorry about that. The good thing is that was actually the end of our Q4 2025 highlights. Why don't we just go on to the next slide? First 30 days. Now, Epic's mission is do good, have fun, make money, and I've adopted that as my personal mission. When I look at our first 30 days, that's actually underscored a lot of what I've been doing with Mach7. The first thing that I did was actually speak with the Mach7 employees, including leadership, but also down to interns. Every level, I spoke with each of our staff to understand what the business looks like through their eyes, as well as their opportunities to amp up our growth, improve our culture, and what are the things they love about the company, the software, and the business overall. Going into understanding all different areas of the business, deeper understanding of the technology, deeper understanding of our customer mindset, what our customers are liking about our software, and opportunities for us to improve our processes and our execution led to some changes in our leadership team. It's important to me to have the right people to drive a strategy that's aligned, that is empowering, and that is very growth-oriented. You will see that we've had a couple of changes with a few people exiting and a new person joining on August 4th. I'll go into that a little bit more. A key thing is I have a fundamental belief that you have to create compelling value that people will pay for. In order to do that, you actually have to understand who are the people that buy your software and use your software. One thing that I've been communicating regularly at all different levels of the company is the importance for us to get into the minds of our customers and chuck on their shoes. With that said, one of the things that I think was an immediate opportunity for us is to engage much more closely and collaboratively with our customers in a way that we actually can get into their minds and step into their shoes, really get to know them, form deep relationships that are based on shared understanding of their world, their pain, and areas that they can improve. Therefore, in the first 30 days, we've overhauled the part of the business that engages with our customers into a completely different approach in which we designate individual staff assigned to individual customers and create those relationships. Each of these things in the first 30 days has really meant to do some of the foundational work to position Mach7 for long-term growth, but also customer excellence. We want customers to be feeling like we're their best vendor. Next slide. Key priorities. First of all, innovation is extremely important to any technology company, and driving a culture that looks for opportunities to innovate is extremely important for our future growth. We have appointed Paul Jensen as our Chief Innovation Officer to help accelerate innovation all the way across our company, from roadmap to leveraging AI to improve our processes and get more productivity and better outcomes per employee, all the way through to working with me on the best sales and marketing approaches. I have a person who is very, very customer value-aligned, as well as very metrics-driven. Deliver compelling customer value. This, to me, is a complex and really, really important set of strategic work where we need to ensure that we are all deeply knowledgeable and aligned about who is our ideal customer profile, how our software aligns with the needs of that ideal customer profile, and then focusing our efforts in marketing, focusing our efforts in sales, and ensuring that our product roadmap underscores providing ongoing and increasing compelling customer value. The sales and marketing flywheel is something I personally believe a lot in. When you can engage with customers in a better way, you can create a strong following, you can create positive references that fuel your marketing, that enable sales to be able to both grow in terms of your forecast, your pipeline, but then also give you positive references that can reinforce your differences in the market. Investing right away in that sales and marketing and customer flywheel is going to be a foundational element of the strategy that we have started executing right now, but will provide more guidance to the market about in coming months. Next slide. This is huge. We have completely and utterly changed how we engage with our customers from having a number of distinct roles that reported up through individual people responsible for support under a ticket-based approach versus implementation and services. Instead, we have created one cohesive, connected customer engagement team that are operating under these six guiding principles. First of all, these are in rank order. Number one, top most important principle is customers' long-term success being our true north star. Now, making sure that the long-term element is really important to us because sometimes it means you say no in the short term to ensure that you release software that is stable, that is well tested, that will meet all of the requirements for our regulatory audits, etc., but then also ensuring that you have the tough conversations with customers if need be in the interest of their long-term success. That is the key driver under everything we do with our customers, and we want our customers to know that we're a partner for them in the long term, not just the short term. Growth mindset is going to be a part of every bit of our company. How we engage with our customers in terms of growth opportunities for our customers, giving them feedback on how they're using the software and how they can more fully leverage the capabilities of the software, helping our customers grow their footprints as they expand their reach in the industry, but also driving a growth mindset into our own staff, creating career pathways as people learn and create more expertise, leveraging knowledge bases, leveraging AI, but then ensuring that we can hire and retain the kind of people who are hungry and want to grow their careers is a big part of our customer engagement approach. I do love lowest friction wins. We should make it easy for our customers to grow, easy for our customers to do the right thing, easy for our customers to use our software. Creating that, getting into our customer's head experience, what is it like to place an order with Mach7? How is it to engage with us? How is it to engage with us at a micro level as a radiologist or an ophthalmologist accessing images through Mach7, but also broadly? How is it for a CFO or a CIO to engage with us when it comes time for renewal? Making sure that we make it as easy and simple as possible to be a customer of Mach7 is our number three guiding principle. The fourth, stay connected and have fun, is also really important in terms of long-term relationships with our customers. If a customer has an issue with the software, instead of them initiating a ticket that goes to a faceless bank of people to respond, they'll be able to either call and get a person on the phone or submit a ticket to a team that knows them. They won't have to explain, "I'm UCSF, and this is what version I'm on, and this is how much expertise we have, and these are our interfaces, and this is our whole story," because the people that support them will know that story. Ideally, they'll get to know the main contacts at our customer sites, and in the very best situation, they know our main customers' kids' names and kids' pets' names. Have fun. I actually want people who work for Mach7 to be proud and enjoy the time that they spend because reality, we spend far too much time working to not enjoy what we do. We're building opportunities for fun, including even a flight theme in how we engage with our customers. We do have a concept of an Airboss and a Tech Viper. We want to acknowledge the expertise that we have and engage with people in a way that they feel seen and heard and can enjoy and have some really bad puns. Now, compelling value drives forever customers. I'm keying in on the word forever. I don't want customer engagements that are surface. I don't want, "I've got a great relationship with Glen over here." I want Glen and everyone who works with Glen to understand clearly the value that we provide. We can be proactive in communicating with that and extracting that value story from our customers so that when it's time to renew, there's no question. Everyone understands the value that you get from the software. The concept of forever customers is an expectation for me going forward with our newly reorganized customer engagement team. The last part, and this is the one that's most in process right now, is articulating and being able to set expectations with each other and our customers about what is the Mach7 experience. What expectations should our customers have related to implementation timelines, support tickets, proactive communication? What can we do to make sure that customers know what they're getting from Mach7 and then hold each other accountable to delivering on that Mach7 experience? Each of those is pretty well laid out, and the one that we're still working on is our consistent Mach7 experience, but I'm excited to see the work that the team's done so far. Next slide. That's the end of the slides. All right, cool. I thought we had a wrap-up slide at the end. That gives you a sense. First 30 days, a lot of exciting stuff going on. There will be more that we release about our strategy as we dig into the roadmap and we get into the minds of our customers between now and, I would say, September, October timeframe. I'm excited about the work that we're doing so far and excited about the potential of this company. Back to you, Françoise. Thanks, Teri. We have quite a few questions coming through on the live chat, but we've received some in advance via email, so I'm going to start with those. The first few come from Peter Cooper, and I'll read them out one at a time. I would note that he began his email with, "Hi, Teri. Welcome to Mach7 and good luck for the future." Thank you. Question one is, "What is the status of the VA implementation and any follow-on contract extensions? The VA engagement is their National Telemedicine Program, and we are doing really well. We've got a team of people that engage with them on a daily basis. I've met the key people that are involved in this, and it's progressing. It's big, it's complicated, and we are one of a number of vendors that all have to come together in order for this solution to go live. However, what I can say is our team is optimistic. Our main contacts at the VA are quite positive as well, and we see good progress with our prime contractor as well as the other third parties that are involved in this. I expect that we'll be able to release more information when they go live, which we expect to be later this year. Thanks, Teri. Our second question from Peter Cooper is, "What is the prospective new contracts pipeline looking like? We've got some really exciting prospects in the pipeline. I have a sales background. I've done more sales than anything else in my career. One of the first things that I did, and I'm doing ongoing, is really, really dig in on our sales activities. Now that we've got this new customer engagement approach in place, I feel like we've got great infrastructure to build that part of the sales, marketing, and customer flywheel. Now I'm giving a lot of attention to sales. I'm personally a big fan of high conversion rates, and I would rather do a ruthless qualification process to ensure that we've got really good product-customer fit than play the numbers and have a massive pipeline that might not be the best fit for us. One of the areas we're going through is deep scrutiny of the pipeline. I'm getting to know some of our prospective customers to understand what they're looking for and why we're the best fit or not, and ensuring that our sales team is well supported with engagement actually from our Head of Product as well. In our executive team changes right now, our Head of Product is co-leading the sales team with me to ensure that we have a really, really deep and thorough understanding of both the customer world or the prospective customer world and the functionality of our products. That said, I'm still 30 days in. I don't have a ton of direct experience in this area yet, but it's an area that's getting a lot of attention, and I'm quite optimistic. I do, by the way, feel like this is an opportunity area for us as a company. We can improve sales, and we can improve marketing, and we can improve our pipeline. It's not where I want it to be, but it's getting a ton of attention. Great. Thank you, Teri. Related to that, Peter asks, "What are the contract extension prospects looking like? That's always a big broad question. We've got lots of contract extension requests and a good track record for customers renewing and continuing with us, as well as a lot of our revenue growth has been expansions of existing contracts. I expect that will continue. It looks pretty positive. The work that we're doing to overhaul how we engage with our customers, and the fact that I did this really, really quickly with our senior team, has meant to bolster and protect that current customer revenue to build a space to grow sales and build a space to be able to create a broader strategy. I feel really good about it. I don't see major customers at risk. Our churn is low, and I expect that to continue. Great. Thank you, Teri. We've also received a question via email from Mike Goodson. He asks, "Has the five-year contract with the Hamad Medical Center announced in May 2020 been renewed? We are working through a renewal with them right now, and it looks positive. Great. Thanks, Teri. I'm now going to turn to the live chat. We have a bunch of questions. Our first one comes from Ian Wilkie at Morgans. "What have you found after speaking with customers on what they like about the product/service, and were there any key areas which may be lacking or missing? All right. I did do a roadshow to visit customers before visiting each of you. By the way, I'm in Sydney. I'm looking forward to meeting some of you in person. That customer visits was a top priority for me. I've spoken with several customers directly and asked them, "What do you like most about Mach7, and what do you see as the biggest opportunity areas?" It was actually really fun because customers said, "Your software is solid. It's easy to use, and it's fast." Those are really important. In fact, even before taking this job, that was one of the first things that I did. I needed to know the software works. I needed to know that the software was something that people would use as reliable, doesn't have all kinds of problems. There are always improvements. There are always things that customers would love us to do. In general, customers said, "We really like it," including radiologists, including people outside of radiology, and especially our eUnity Viewer from the Client Outlook acquisition. Ease of use, the fact like one of the quotes I got from a customer is, "Your alternative said that they needed to provide the users with anywhere from 6- 18 hours of training. We were comfortable letting them turn on your viewer with no training at all, and people were fine." I thought that was quite powerful in a time when you've got a shortage of radiologists, and the last thing they want to do is be taken out of patient care, taken out of reading volumes of images to get training on technology. I thought that was massive. Biggest opportunities for us, which reflect my 30-day priorities, is our service. Not having a relationship with individual people, not knowing who to call if there's an issue, some of our response times, those are areas of improvements for us, and I've actioned those as a top priority. Thanks, Teri. We have another question from Peter Cooper on the chat. He asks, "How will the new customer-employee alignment structure impact on acquiring new contracts or customers? I think it'll help us tremendously. It's going to go. We're flipping this from probably our biggest negative to one of our strongest differentiators because most of the vendors we're compared with do not give a designated team to a customer. For us, every one of our customers will have a flight crew. They'll have a team with a variety of experiences from technical and non-technical, newer and more experienced, assigned directly to them so that they know the individuals that they can connect with instead of a faceless bank of support ticket responders. I think this will help us with sales, and I'm actually getting on the phone with prospects to talk with them about it. We now have a couple of questions from Ian Wilkie at Morgan's. "This may be early days, but based on customer and employee discussions, is there any segment of the market you think may have been overlooked or under-targeted, which presents a good opportunity to pursue going forward? I would say no. The reason I say no is I feel like the Mach7 previous strategy has been to be open to all opportunities. It could be an imaging chain, it could be an academic, it could be an integrated delivery network, it could be veterinary providers directly versus through channel partners or other third parties. I feel like overall, we've cast the net very, very broadly. One of the challenges with that, though, is from a product roadmap perspective, it's hard to compete against every possible vendor that might service any one of these types of customers. Rather than going more broadly, I actually want us to narrow our focus to ensure that we know where we can absolutely win best and strengthen our remote. Mach7 services a ton of different types of customers, and it doesn't mean that we're going to decline working with a veterinary practice, for example. However, what we do need to do is strengthen our standing against specific competitors in the center of our target. We need to get real crisp about who our ideal customer is and ensure that both the way our company engages with that type of customer, but also our products and our product roadmap are outlined in a way that we know we are the best choice going forward and that that's a big enough segment that can support our growth and profitable outcomes that I expect us to get to. We have another question from Ian. "How do you feel about the forward pipeline, RFPs, contract negotiations, when you stepped into the role?" The second part to that question is, "Will Mach7 look to go elephant hunting, or is the focus at least in the near term still on the mid-market? I'm going to decline answering about elephants right now, even though I know that's associated with who I am because I do love the elephants. I'm not quite ready to tell you that'll be part of the strategy that we work on and expect more of an answer to that in September, October. It's a little bit too early for me to say if elephants are going to be our focus or if there's going to be some other type of customer. This is an area that I'm giving a lot of thought and attention to, and I want to ensure that we pick what we think is going to best support our growth. When I say growth, profitable growth. It's not, "Let's just go after logos at any cost. Let's not just go after the numbers and hope that the profitability comes later." I am a strong fan of profitable growth. Elephants are good for that, but stay tuned. Our next question comes from James Middleweek. "You have talked generically. Can you give some specific observations on the strengths and weaknesses of this company? Okay. On key strengths, absolutely ease of use of the software and flexibility of the software. When we're at the software level, there's some amazing things that you can do with Mach7 that you can't do with anyone else, which is great on the VNA side if you are an academic medical center or a complex IDN that has some really special needs. For example, the Hospital Authority Hong Kong, there are things that we do that there's absolutely no possibility that they could do. Some of these items are strategic when you look at AI and organizations potentially leveraging the data for AI. We do give some data control aspects that most of the other vendors don't do safely within bounds. There's some interesting key strengths that I'm looking at teasing apart and seeing what can we do to build on a broader strategy that enables those that have really complex needs to be able to do more. A key element of that specific strength is our true vendor-agnostic approach. So many of our competitors will say, "If you're using our VNA, you also have to use our viewer. You have to use our PACS. You even have to use our equipment." When you look at, Agfa, there are a lot of the big box vendors that move fairly slowly and want to keep you entirely within the ecosystem. We don't believe it's realistic to actually do everything from one vendor. In fact, a customer said to me last week that they threaten the other vendors by saying, "We have Mach7, and Mach7 will enable us to be able to switch you out," which I think is quite fun. There are some interesting product strengths and some unique differentiators that we're digging in and honing a little bit more. Biggest opportunities for us, really, the engagement with the customer is huge. That was a top priority. Building, I know it sounds general, but it's actually really important, building a culture of innovation in which we can attract and retain and grow staff who are innovative, making sure that we can increase or speed up our delivery of new technology. I think there are opportunities for our company overall to be more efficient in how we engage with each other and our customers. Probably can't get more specific than that at this point, but watch for a more concrete layout of this information as I finish the review. Thanks, Teri. Our next question comes from Jesse Livermore. "Is there any risk of the VA program not going live? There are always risks in anything. You know, I cannot promise the future. I I was thinking about we didn't have a standard disclaimer at the beginning of this presentation, but you know they always say that forward-looking statements. What I can tell you is that we are hovering over it closely. We've got a team of people that are focused on the NTP program, and we've brought in not just your normal implementation kind of resources, but also some technical resources so that anything that we can do to mitigate that risk, we are prepared, we are engaged, and we're providing a rapid response. As I said, I feel pretty optimistic about it. I have no reason to believe that it's not going to go forward as expected. However, there are always risks, particularly when there are other vendors at play. Our next question comes from Andro Rubiero. "Welcome, Teri. What are your thoughts on our current KLAS ratings? They suck. I said I wasn't going to say that, but I read every single KLAS comment. I flew to Salt Lake City, and I met with the CEO of KLAS. It was one of the drivers behind reorganizing how we engage with our customers. There's a massive opportunity there. We've got good people, good knowledge, good intentions, but we didn't have good systems in place to ensure that we would provide a good experience, and we didn't have the right leaders driving that. We made changes, and I fully expect—in fact, I talked with the CEO of KLAS, and I said, "I expect to get the most improved award." I'm a realist. We've got work that we can do there, but I'm confident that we're going to be able to improve those scores. I know KLAS real well. I've known them since they began. It does have an impact on sales. When I say sales, marketing, customer flywheel, the KLAS scores are part of it. I could tell you, "Oh, they're not that bad," but my goal is that they're going to be tops, really, really strong. That's in the center of my bullseye in terms of early changes with our company. Our next question is from Ross Marples. "Hi, Teri. Welcome. Does Mach7 have an expected timeframe to consistent and growing NPAT/earnings per share? I don't think I can answer that in my first month in the seat yet. I'd like to postpone that one until I can come back with an engagement with the board and a little bit more knowledge of the company. Our next question is from Giuliano Salatena. "Does the current product suite require a period of significant R&D spend, or do you believe the current products are competitive in the marketplace? I believe the products are competitive in the marketplace for certain types of customers. One of the things that I'm evaluating as part of our broader strategic review is that ideal customer profile and how much investment do we need to do to ensure that we're competitive in the biggest growth sectors. We continue doing work with Amazon and migrating to the cloud. There's some great work going that has to continue. Figuring out from a roadmap perspective and what we need to invest in the company to really unlock substantial growth is an area that will take another couple of months. Our next question, we have another question from Jesse Livermore. "Mark, the previous CEO, had said a period of catch-up development costs would be required because the product set was lagging competitors. Do you also believe this? There certainly are some opportunities for us to improve our products and our competitive positioning. Again, though, it comes down to who we are competing with. Right now, we compete with everyone. Then who's our ideal customer that is the center of our bullseye that we want to ensure that we have maximum value alignment. I don't want to compete fully against everyone. I don't want to come in with us trying to be everything to everyone. Focus, I think, is the key in determining what are the best places for us to invest further R&D. The other thing I'm looking at doing is expanding the R&D that we do in lower-cost areas. We've got a team of people in Malaysia, and I flew out to meet them, and they're excellent, and they have great product knowledge. One of the areas for us to leverage more fully in the future is a much lower-cost development base out of Malaysia. That's an area we're looking at expanding. Again, when we've determined exactly what our focus is going to be for our ongoing strategy, especially as it relates to roadmap growth and the competitive positioning, I'm looking for ways for us to execute on that in the most effective and lowest-cost base possible. Stay tuned. We now have several questions from YSim at Jefferies. The first question is, "What is the go-to-market strategy and who are our target customers? My assessment in the first 30 days is that our go-to-market strategy has been very broad in that anyone who's looking for a viewer or VNA, we try to participate regardless of their size or approach. What I'd like to shift going forward is to a more focused go-to-market strategy in which we identify our ideal customer, and we focus our marketing efforts, our prospecting, and our sales approach and collateral around that ideal customer. That's a part of the work that's currently underway, so I cannot tell you who our ideal customer is yet. I can tell you I did pose this question to several of our leaders, and each gave me different answers. We've got work to do, but it's positive because we've got happy customers of various different types. For me, this is one of the key things we need to do to improve our win rate: focus and ensure that the maximum account-based marketing and sales resources are well aligned with the type of customer that's the best fit for who we are. There are a number of candidates who are happy in terms of types of customers. For example, we've got telemedicine or teleradiology chains that want something that's inexpensive and simple. Our viewer is great for that. We've also got, historically, some of the elephant-style contracts that have been the integrated delivery networks anchored often by an academic medical center who have very unique needs. If that's going to be our focus, it'll likely require some development. We're doing some work on this, and I expect that in the September, October timeframe, I'll be able to share with you more of who's our focus and how we're going to target them in a more cohesive go-to-market strategy. Okay. Our next question from YSim is, "Why was ARR flat quarter on quarter? I think I'm going to give this one to Dyan because I don't have the history. Can you hear me? Yes, ma'am. Good morning. For quarter on quarter, we did have some attrition in the fourth quarter, and that offset some of the additional ARR that we received from the expansions and the increase in renewals that we had in that quarter. Thanks, Dyan. Our next question from YSim is, "What is the status of the Trinity contract? When does it renew? Is there a risk of not retaining them as a customer? There is a risk. Trinity remains a customer of ours, and it was one of the first customers I called. I did meet with them and speak with them about their engagement with us versus Prometheus. I did learn we've got somewhere around 9 or 10 customers that happily have Prometheus and Mach7 side by side, and I do believe that there is a potential for us to stay engaged with Trinity and continue to provide value. However, our team hadn't been very actively engaged with Trinity, and some of this goes back to our customer support approach. Trinity was a key input point in my decision to make changes in our executive team as well as our customer engagement strategy overall. I have shared with them that I took their feedback quite seriously and want to keep them as a customer. Time will tell. We do see a potential future with them. As I said, they remain a customer, but I cannot commit one way or the other about what they'll do in the future. I can tell you I'm putting a lot of effort into it because I want to keep them. Thanks, Teri. Before handing back, I'll pause for a moment in case there are any final questions that come through on the chat. We have no further questions, Teri. I'll hand back to you for closing remarks. All right. You know my assessment of Mach7 is it is an overall stable company that provides value, that has good software that works, but it's not perfect. That's good news because that means that there are things that we can improve that will, I believe, pay dividends. I shouldn't say that in an investor call, right? That can drive growth and lead us to be a stronger, more profitable company in the future. I see massive potential. I'm excited about our future. I'll tell you, I'll take good care of this company. I do care about the staff. I care about the customers. I care about investors. One of the first things I communicated to our staff is the fact that I really need to take seriously the fact that we're a public company and I have a fiduciary duty to provide return on shareholder value. I needed all of our staff to understand that we have to balance the needs of our staff, the needs of our customers, and our investor community because you own us. I understand and recognize that. I have an approach of transparency to make sure that we're all aligned in this growth strategy going forward. I'm very much looking forward to engaging with some of you as I meet with people in person here in Sydney and in Melbourne and in future webinars and meetings. I'm excited about seeing where this company can go. I thank you for your trust in me.