Morning everyone, thank you for joining us. I'm Wei from Homodeus Research, today I'm joined by Teri Thomas, CEO of Mach7 Technologies, a global healthcare software company providing enterprise imaging solutions to hospitals and health systems around the world. For those less familiar with the name, Mach7 develops the software infrastructure that lets clinicians securely access, share, and manage medical images from radiology to the emerging frontier of digital pathology across sprawling fragmented healthcare IT environments. We think this is a genuinely interesting moment to be looking closely at this company, here are my three key reasons. Firstly, the strategic reset. This is starting to show up in the numbers. Following a comprehensive operational overhaul, Mach7 has turned operating cash flow positive in second quarter and has sustained this into the third quarter, all while carrying zero debt and a healthy balance sheet. That's a meaningful different financial profile to where the company was 18 months ago. Secondly, we now have a proven turnaround and scale-up leadership in the seat thanks to Teri. Teri stepped into this role mid-2025 with a background built exactly for this stage of Mach7's journey. She spent 20 years at Epic, the dominant U.S. electronic health records company, joining it when it had under 100 employees and stayed through until it became a global healthcare IT powerhouse of over 10,000. This has given her a playbook for scaling the healthcare software business, beyond that, she also did some work with Volpara Health Technologies, which was also previously ASX listed, VHT, leading a corporate turnaround focused on cost discipline and a sharper U.S. commercial strategy. Thirdly, the macro backdrop. This is a tailwind, not a headwind. We've seen that enterprise imaging marketing is forecast to roughly double by 2030, and with the vast majority of hospitals now embedding AI into diagnostic workflows, Mach7's pushing into this AI-enabled imaging and digital pathology positions to ride the structural growth themes coming through. A company mid-transformation under a CEO with a directly comparable track record of delivering exactly that kind of turnaround, sitting in front of a large structural market opportunity. With that, I'll hand it over to you, Teri, and we can dig into where things stand. Thanks. Excellent. What a great introduction. I feel like I'm done. I'll take a few minutes for those who aren't real familiar with Mach7 and share a little bit more color to that excellent introduction. A few slides. First of all, as you mentioned, hospitals have an electronic medical record system that gathers together words and numbers, but pictures are far more complicated. They're much bigger files. They're harder to manage. There's a complex set of pixels and metadata, and so that is really the space that Mach7 thrives in. That's what we were founded in. Our goal is really to collect and organize all of the pictures that are increasingly important in telling the story of the patient. From pixels to point of care, that's our focus as a company. As you mentioned, there are a number of genuine tailwinds. The enterprise imaging market is large and it's growing larger, roughly AUD 2 billion today, projected to head towards AUD 4 billion by 2030. The diagnostic modality associated with pictures is becoming more and more important, but at the same time, the people that interpret those pictures are getting scarcer and scarcer. We've got a real pressurized workforce without enough radiologists, technologists, and all kinds of specialties associated with interpreting these complex pictures, together with what some customers have described to me of help make some order out of our pile of spaghetti of imaging systems. Open APIs and EMR interoperability are becoming more and more important and expected, and those two first elements really tie together because people sometimes don't realize that a radiologist, for example, their life isn't just about how quickly can I bring up an image of a chest X-ray, but it's how quickly can I bring up the image of the chest X-ray and the ultrasound and the endoscopy and the CT or the MRI or any other number of pictures, even down to the point of pictures patients snap on their smartphones. Interoperability, data integration and putting it all together in an organized way for users to be able to see it, but then organizations to be able to actually leverage that data for better insights about their patient populations, clinical trials and research, and even generating their own foundation models and own AI is a new area that we didn't even talk about four years ago. Of course, the other kind of negative part of AI is cybersecurity is becoming more and more of a critical area for healthcare organizations to focus on, especially in the United States. They're massive targets for cyber criminals, and security is in the top two, top three things that keep CEOs awake across our customer base. Finally, and this is something I speak to, also just looking at where our future's going, and the resiliency that's necessary for our customers to ensure when they're caring for these patients, that all of their images are available, whether they're in the cloud or having them on-prem. There are good reasons to do both. As some of our customers who wrote me little thank you notes when AWS was down and other cloud providers, which essentially are just data centers in other places, having a really strong hybrid environment that protects your ability to access those images whenever and wherever you need them at the lowest price point possible. These are industry trends that Mach7 is well leveraging for our future and our growth and underpinning our strategy. How Mach7 does this, historically, we were founded with the vendor-neutral archive. That was what we were known for, the Mach7 VNA, being more vendor neutral than a lot of archives out there because it's not an outgrowth of an existing PACS product. It's actually a way to pull together images from lots of different PACS systems and lots of different sources. Then we acquired Client Outlook, which provided an industry-leading enterprise diagnostic viewer that is incredibly fast. When you put eUnity and the VNA together, you have the building blocks for a good deconstructed PACS system, the ability to organize images and access images, our customers want and need more than that. Last year, we announced Flamingo Architecture. We signed our first customer for our first Flamingo module back in last year, fiscal year 2026, quarter two, and that customer is now live. We have a number of new products coming off. It's not just a roadmap, but it is live. We are validating additional modules with key early adopter customers right now, expecting a growth of the Flamingo product line throughout fiscal year 2027. A nice thing about the Flamingo Architecture is that we are enabling our customers to solve problems in a modular way. We don't require a big rip and replace. We can help our customers keep some of their existing systems in place, allow the fluidity that's necessary as technology is evolving very quickly. A big opportunity area for us within that current customer base is working closely with some really well-known names, Mass General, Penn Medicine. We're really proud of close relationships with our customers, our development approach is that a product launch is not complete until we have paying customers who are happy with the new product providing references for our future customers. Watch for more Flamingo modules coming out throughout fiscal year 2027 as we engage with these early adopter customers and pull the pieces together into that comprehensive digital EMR of images. Teri, before you go on. Yes Do you mind if I just get you to switch back to that slide for a second? Sure. Explain to us quickly what a VNA is and what eUnity is. Sure As well as why it's important to have a neutral archive and what makes Mach7's more neutral than others? Sorry. Sure. Yeah, that's fine. Thank you. A vendor-neutral archive is one underlying base that can ingest images from lots of sources. I've actually visited over a dozen of our customers and spoken with dozens of customers about their use cases, the key thing is that you've got sometimes hundreds of different systems that generate images. Many of them, in fact, most of them have, here's where the image goes, here's how you view the image, and it works for this specialty, maybe endoscopy, maybe CT, maybe radiology, but it could be dentistry, ophthalmology. There are lots of different sources of images. Some vendors will say they have a vendor-neutral archive, but really it's an archive of the images that come from their hardware. Maybe they're Philips or they're Agfa, and they generate a number of images from different sources. The difference between what we do and some of the others is that we are truly vendor-neutral. We will take any types of images from any sources and put it into one comprehensive foundation, which then we can layer on things like our first Flamingo module that enables orchestration of those to figure out when someone's looking at one type of image from one source, is there another type of image from a different source that might make that patient's picture more evident, provide additional insights? Where should things be stored? Formalizing, wrapping them in DICOM, and managing the metadata associated with each of these images so that you can provide the most comprehensive view of that patient's full imaging story. We store it in the vendor-neutral archive, but the eUnity Enterprise Diagnostic Viewer allows a user to use one viewer to access a number of different types of images. It's somewhat sensitive to, well, what are the needs of this user? For example, I've anecdotally had people open up MyChart, which is a patient portal that's very frequently used in the United States. I'm seeing it come out a little bit more in Australia and other parts of the world. This is something a patient can use to see their records. Increasingly, people are letting patients look at their own ultrasounds when they're expecting a baby, for example, or an MRI. You don't want to give the patient a really complex image viewer that enables you to modify things and color them and cross things out, which you might do for somebody who's a specialist. A lot of patients that I speak with when they open up MyChart are actually using the eUnity Enterprise Diagnostic Viewer, and that's an appropriate view normalized for what a patient might look at. Similarly, if a surgeon wants to see images that come from cardiology or ophthalmology, they can open the Enterprise Diagnostic Viewer eUnity and see this all in one place. The cool thing about it is it doesn't require you to load specialized software on your device like most of the specialist viewers do. It's a zero footprint, 100% fidelity, FDA-approved diagnostic viewer that you can do by clicking literally on a web link. Very easy, especially in the growth of teleradiology. People are reading images from all kinds of places, home, the beach, and they use our viewer for that, and it's quick. Did that answer the question? Excellent. Thank you. That's great clarification. Yep, no problem. I've hit on a couple of these things. I come from a sales background, for me, differentiators are incredibly important. We need to lean in and build on our differentiators, everything we do in terms of new innovation needs to provide differentiators. For us, a couple key differentiators I've already talked about, that independent architecture, that we're not tied to specific modalities or specific specialties, but that true neutrality. Customers tell us it gives them the ability to swap different technology in and out because they've got that stable base with our VNA, and they've got a universal viewer for everyone to look at those images. Data independence and giving people access to their data to use that data, especially as I mentioned earlier, customers are talking with us about creating their own AI, creating their foundation models, doing research. When you've got that data pulled together into one place that you can massage and use, that's one of our strongest differentiators. Security and compliance is kind of table stakes. Speed and performance is critical, but that price to performance value, I would say, is probably another really, really big differentiator for us. The other one I'm quite proud to say we're independently rated quite above industry average on security, and that's one of the things that can block someone from buying software and is incredibly important and rising in importance going forward. Security seems so important these days, especially in the day of AI, right? Exactly, yeah. The bad actors are getting more and more skilled, unfortunately. We're in blackout, so I'm not going to go into a ton of detail, but I know for these you need to get some baseline. We've been working hard on improving our recurring revenue and predictability of our revenue. The other thing that Wei mentioned in the beginning is one of the first things as part of our reset was resetting some of our costs. Our cost down 6%. We've got cash in the bank. We have no debt. The reset really shows up in the shape of the business. That strong recurring revenue base is a great foundation for us to build on, and cost discipline being one of the very first things that I focused on with my refreshed leadership team as we now go in the direction of focusing on growth. I mentioned in our strategic review and our new strategy going forward, a move from archive to architecture, and that's part of where the concept of Flamingo came from. It's not just a product line, though. It really is going from a strong operating model, a redefined and disciplined cost base, a completely revitalized, completely overhauled commercial engine, a much stronger and customer-aligned roadmap that's anchored in compelling customer value. That's really the order of the reset that we've done to really create a strong foundation for profitable growth. Moving forward with our execution focus for fiscal year 2027, a big focus on sales momentum. A lot of this is with an improved pipeline, both through expanded marketing but also a much stronger partnership engagement model. A stronger delivery model with our customers. I've talked about the Mach7 Loop, the concept that if you do a really good job with your customers, that that's where everything starts. You create compelling value. You create happy customers. They provide marketing material. We don't so much want to brag about ourselves. We want to brag about the cool things customers are doing with our technology. That then enables stronger, more trusting relationships that facilitate sales. Sales brings in more money that can drive more differentiators, a stronger roadmap, compelling value, and it's a flywheel. For us, leveraging those partners, a stronger delivery. We did something of the word archetype in here, which might be a little bit confusing to some people. We've actually analyzed our customer base. We've looked at what are the things our customers have in common. We've got a very diverse customer base, from veterinarians to big academic medical centers, big integrated delivery networks, teleradiology firms, and we've actually clustered them into different types of customers with specific software needs and specific value propositions. We've created designated teams that get to know those customers and get to know what those customers have in common, get those customers together for networking, and make sure that the development that we do is aligned with the specific needs and the desired outcomes of those different types of customers. We even are connecting our developers directly with customers, and that's unusual in our industry. One thing I learned at Epic is that developers make thousands of decisions, and if they don't understand the end user's world and how that software's going to be used, their decisions won't be as strong, and you'll end up with this process of delivering software that doesn't meet the mark, and then having to refine, and then sending it back, and then refine. We're shortening that cycle, getting developers connected directly with our customers. That customer engagement, customers love it. That it is part of that overall flywheel, or I call the Mach7 Loop, to be able to provide faster and better innovation that provides compelling value, that drives happy customers, that supports sales, that is under the undercurrent of all of the growth that we do, but with that cost and structural awareness. We're very careful to make sure that we're calculating ROI into everything we do, in every expenditure that we do in alignment with our culture code, cutting waste, embracing AI. Really in the end, a cost structure, strong leadership, improved pipeline, and an alignment for growth. That's where we are heading into the next year. Yeah. Well, that cost structure part, I was very impressed by that actually. I think we had a bit of a conversation about this previously, but I think a lot of that cost discipline has come through without the use of AI at this point in time too, right? Yeah. When I came to Mach7, we didn't have a lot of AI in place, but I tell you, we are embracing it heavily. We've set a standard of AIQ across our organization that all of our staff will need to reach a minimum kind of AI competency. My belief is that you really need to embrace every edge that you've got, and there's some amazing tools out there that we are leaning into quite heavily, and that will drive a lot of the increased accelerated delivery of Flamingo modules in particular. It does sound like you're putting a lot of structure around the go-to-market too, which is really great, because I do feel that prior to you joining, it was a bit of a shotgun approach in terms of how the sales cycle was working. Yeah It sounds a lot more disciplined and structured right now. It is a lot more disciplined. Absolutely. Excellent. We'll go into the Q&A part of the conversation. Thank you. That was actually a really great presentation. The first thing that I want to talk about is a bit more about you, Teri, because what I think makes Mach7 really interesting right now, and I'm sure everyone will agree with this, it all comes down to execution for businesses. I think your background is one which is very interesting and we've already started to see early signs of what you've been able to do in the 12 months that you've been here. Can you tell us a bit about your background and your key learnings from your time at Epic? Sure. Absolutely. This is a very simple thing, I do tell people that the Epic red, that's the color of their logo, does a little bit run through my bloodstream. Epic's mission is do good, have fun, make money, I've adopted that as my personal mission as well. The make money part also is about discipline. I did go back mid-career. I trained as a nurse because I really wanted to understand the reality of the patient and the clinicians on the frontline firsthand and not just focus on the software around it. I learned that the best way to win customers isn't just sales alone, but really that discipline of consistent delivery, that rigor, that you pay attention to where the money flows. Not just the money coming into you, but also the customer's world. Epic had a sales team that wasn't traditional at all. It wasn't people that were commission-carrying. You had people will hear legend that there are no salespeople at Epic. I would say in some way that's true because the people that sold really were focused on creating value for customers. They were implementation in customers success people. In fact, that's how I got into sales to begin with was coming from implementation. The company really focused on making customers happy. I'm bringing that mantra into Mach7 as well. Everything we do grounded in customer value. The other mantra that you hear a lot at Epic that I've been repeating heavily within Mach7 is execution must equal reality. This is about clear communication, delivering on your commitments, and building a very accountable organization. Accountable to what we say to each other, accountable to what we say to our customers with that rigor of being careful about commitments, meeting those commitments. Even how we engage in development with our customers now is far more open. I was even in a call today with a customer with our development team, we learned about some requirements, we said, "Okay, before we're going to answer that question about the date, we need to make sure we know exactly what we're doing. We've locked it down, we know that whatever we tell you, we will deliver." It's a little more rigor than I think many companies in our industry do, I think it's one of the key reasons that Epic was successful. You asked about background broadly, I spent 20 years at Epic, I would like to talk about Volpara for a minute because that's actually part of why I'm here at Mach7 is what I learned being CEO of an ASX-listed company. I barely heard of the ASX before I moved to New Zealand and met Volpara. I learned a lot about what were the elements from Epic that I could apply to a public company. A number of that customer success-led playbook, the fundamentals about building a recurring revenue base, building in customer advocacy, even building a customer fan base with an engagement model. The discipline to the cost base up to the point where Lunit acquired Volpara. Those are very generalizable from a big private company, which used to be small, to even a smaller public company at Volpara. I feel comfortable that those same fundamentals apply very well with Mach7. Earn the trust of customers, let their advocacy open the doors for us, reinvest in the product. That Mach7 Loop, I know it works, in healthcare, building that trust really will compound and drive the growth. That's my focus. Perfect. I do think that both of your experiences at Epic as well as Volpara, the growth as well as the turnaround within med tech, who's better placed to do it at Mach7. Well, it was fun, and I'm having fun now. It's gratifying work. The next question is: where do you see the greatest opportunities for Mach7? As a follow-on to that, what incentives are in place for the key management and executives to continue to make Mach7, take it to the next level and tap into those great opportunities? Excellent. I think right now is a really great time in the imaging market. We are in this replacement cycle where a lot of U.S. healthcare systems are running older monolithic imaging systems that were designed 15 or 20 years ago, before cloud, before AI, even before the imaging volumes really started to explode. We've got all of these healthcare organizations that are facing a growing radiologist shortage. Images that have become really critical to diagnosis and treatment have to move across sites and specialties, and there's an expectation that they'll be seamlessly integrated into a clinician's workflow. I also see this opportunity right now with AI. The AI tools really demand some clean and trustworthy accessible data, and the old architecture really struggles with that. For me, market opportunity, it only matters if you're organized to well capture it, and for some years, Mach7 just wasn't. That's what the reset was about last year is fixing that and getting us to the point where we've got a viable commercial engine, a solid product roadmap, a refined cost base, and that goes into the second part of your question. We've got a short-term incentive program for all of our leaders tied to not only the growth deliverables for our company overall, but also making sure that each of the players in my leadership team has clear alignment on their top priorities that address that opportunity ahead of us. Making sure we keep our cost base under control, making sure we execute on the Flamingo modules as our part of our roadmap, and a key part is making sure that we keep those customers engaged and happy. All of it falls apart if we cannot do that. That is our top priority and that drives the rest. It's the top of our culture code, which spells the word CLIMBS. Customer first, customer long-term success drives every decision that we make. By the way, we are a learning system, which of course fits with embracing AI and using change as our oxygen. We're innovative, we build really great stuff, we move without complexity, and everybody sells. That's really our culture code. We build those elements into the incentives for all of our leadership, including our executive leadership team and our senior leadership team, as well as certain key people that are involved in delivering on some of those innovations. In the end, our opportunity is really to be that modern data foundation that these organizations with aging imaging infrastructure can move to, embracing our vendor neutrality, but then embracing a new modularity that Mach7 didn't have before. A hybrid design so that folks can be on cloud where it makes sense, but on premises where it's appropriate too. There are some CFOs out there who have a lot of cost pressures, and cloud's not always cheapest and it's not always best. Even understanding what image are you likely to look at, should it be in more expensive, readily accessible storage, or should that go somewhere kind of deep freeze, cheap, unlikely to be used, might take a little longer to get it? Those are things that our customers need that we're embracing, again, in that customer-first design approach. Ultimately, our Flamingo strategy enables our customers to modernize in a piece-by-piece way instead of a really high-risk rip and replace. Some are doing a big rip and replace, and that's fine. Even for them, we can be that steady base that can enable them to move technology safely. To us, being careful about our own spending, but also being careful about our customers' spending. All of our new Flamingo modules are meant to save money for our customers. Very aware of their costs, very aware of where they might be going and what's a cost-effective way to do it so that we can be their advocate as they try to navigate through an environment which has a lot of financial pressures. We manage imaging for some of the bigger, more respected health systems in America, and we want to deepen those relationships, but also embrace some of the new innovative players, like the growth in teleradiology. Yeah, our leadership team is now very well-aligned and executing on it. Yeah. I think it's great that your incentives go beyond just monetary and are really embedded into the culture. I think that's really important to drive not just a financial incentive, but to be as part of the thinking of the people. That's a really great strategy that you've got there. Maybe the next question is just in terms of AI and how this will transform the U.S. healthcare. I'm actually thinking about when I hear a lot of other software companies talking about AI, and they talk about who owns the data lake and who has the most data. I'm thinking about what you're talking about with the vendor-neutral archive. That really means that you've got the lake and people- Yeah can actually read from the lake. Yeah. It almost feels like Mach7 was designed for the AI age even before it came about, given how neutral that the archive has been and the roots that it comes from. I'd like to hear your thoughts on this. I do agree. I think AI does a couple things at once in imaging. It makes every image more valuable. Algorithms that can find things easier, triage things, draft reports, that's demand and that data behind it, the need for that organized data goes up, not down. It also exposes Embracing AI, which we all need to do, but there is some lagging in radiology, and that's because of trust. AI is only as good as the access to the data that it interrogates, and most hospitals still have lots of images locked in proprietary silos, inconsistent formats, spread across departments and specialty systems. As I mentioned, some of our customers have hundreds of imaging sources. Before AI can transform the care at scale for an end user, healthcare really has to solve a basically data plumbing problem, and that's what a VNA is meant for, especially a true vendor-neutral archive versus just a place to put a specialty system data in another redundant place. That's something that a lot of people don't understand until they really dig in and start looking at the complexity of healthcare not being just a radiologist reading radiology images. You've got teams of people that are involved in care, and they demand and expect access to all kinds of data. The other thing that's funny, though, is big picture. When I sat back even deciding should I take the job with Mach7, I was familiar with ChatGPT. I worked as chief commercial officer for Lunit, which is an AI diagnostics company. I was coming from the world of AI. AI was a day-to-day thing that I considered quite regularly. What's the impact on the world? My bet is that the future is going to be very, very different for all of us. As AI matures, applications will multiply, and they'll change fast. However, instead of teaching users to learn the user interface of a given system, eventually AI will really mold the needs of the user. AI will become a consumer at an end-user level. That really is a great foundation for a company like Mach7, and it's part of what attracted me to Mach7 is that durable strategic position, that layer that every application will rely on that can retrieve, organize, and serve up the data will become more important than a user interface that a given specialty application is working hard to create. To me, I'm thinking about where our industry will be in five or 10 years, and us being the EMR of images and gathering all of the data that we can positions us to be able to actually surpass a number of those systems that have really elegant user interfaces that I think in the future will become, in some cases, irrelevant. It's interesting now, too, that we are seeing a lot more of these algorithms being approved by the FDA. I think that's really when we start to see the culmination of AI becoming a lot more important in real use cases in diagnostic imaging as opposed to just a nice-to-have theoretical on a look-forward basis. Yep. Yeah. Yeah. It's huge. Last I checked, I haven't checked lately, but it was over 1,500 algorithms for AI diagnosis in imaging alone. Were FDA approved. There's another fascinating thing that I don't know if people know in Australia, but that the process to get FDA approved. Our diagnostic viewer is FDA approved, so there's quite a barrier of entry. There's quite a moat there. It's not easy. It's expensive. There is a way to be able to create AI without having to go through that whole FDA process. That's if a large healthcare organization wants to create their own foundation models and generate their own AI for their own use, they can actually do that without having to go through the whole FDA process. I learned at Lunit that the quality of the AI is directly related to the source data that it's created on. For example, in Korea, in mammography, Korean women tend to have smaller, dense breasts than women in Chicago. A customer that's buying AI that was created in Asia might not apply as well to a population that has a higher BMI and a fundamentally different genetic base. When you look at that trust issue in AI, if we can enable, Mach7, our large healthcare organizations to organize and access their own data to create their own foundation models and their own AI, it may be that that is a way for them to get past that trust point and comfortable with broader use of AI. Currently there's a ton of AI, but it's actually still not massive use in the United States healthcare industry, somewhat due to the FDA hurdle and the costs associated with it, but also somewhat due to that trust issue and the fear that if somebody uses AI and it's not trained properly or it's providing insights that aren't valid, that could expose litigation exposure, malpractice worries, or even simply slowing people down with having them have to chase things that aren't necessarily valid. I think in the future, there will be some other interesting avenues to embrace the technology, and we're positioning ourselves to provide the access to that. That sounds like an amazing opportunity. Some of the AI companies that I've spoken to, you've mentioned the background of the- Yep ethnicity of the patients, but also even down to the level of the different machines that they're using can produce different signals. I was surprised. I went to a presentation that they showed mammograms, and it was the very same raw data processed by eight different generations of the same GE equipment. They not only have the equipment that actually does a mammogram, but they also have a processing layer that tries to kind of highlight things and show different contrasts. Like your camera when you're adjusting the settings and looked like different breasts, and yet it was the same underlying raw data. You have to go through an FDA process for every one of those little tweaks. It's very difficult. It's very expensive, and we're in an industry that still doesn't want to pay much for AI. Yet, of course, we all know that GPUs are expensive, NVIDIA's killing it. There's going to have to be some shifts to deal with the demographic pressures, how to use the technology, and again, it keeps coming down to trust and cost. We're well-positioned to help smooth our customers through into a good strategy in the future. We're early. Yeah. There's still a lot of work to do. I guess AI can be a huge rabbit hole and we could probably go on for hours on it. It's true. I guess, in short, it does sound like a huge opportunity for you, especially with that VNA. Last question from my side is, what are your strategic priorities as we go into FY 2027? Yep. You'll appreciate I'm in blackout ahead of our full year results, I'll keep it at a general strategy level. We really have three main priorities. One, as we come out of the reset year, shifting our focus to growth. Fiscal year 2026 was a heavy transition year, a deliberate shift away from more lumpy capital deals towards a recurring revenue base, improving our processes, our underlying technology, customer-centric execution model, embracing AI internally in our own AIQ, looking carefully at the systems and ways of working to make sure that we've got a really strong AI strategy and teams to provide a really strong foundation for our future growth. The reset addressed a lot. We fundamentally rebuilt a lot of the company from the inside out, and now we're very focused on building our pipeline. We're expanding our marketing. We're doing some new brand updates, a big investment in our partnerships, using those partnerships to increase the pipeline as well. I know more than anything, the proof or the green shoots that someone described to me of, has our reset worked, is all about delivering new revenue, new logos [CAR]. We'll be very focused on that as the first priority. Second is really completing that product shift from archive to architecture. Shifting from being known as the VNA vendor, which is kind of a big project, big system, and a really beautiful, lightweight, quick viewer, to a modular imaging platform that health systems can build on, that's sold through this customer success-led motion where we have happy customers being our best salespeople. Getting that area going forward and really changing how people see us in the industry. The third, and that's part of my do good, have fun, make money discipline. We've rebuilt our leadership team. We've reset our cost base. We've delivered positive operating cash flow in Q2 and Q3. We intend to really fund our growth from a position of strength, not hope, with a lot of rigor. Everything ties back to why this matters, which is keeping our people engaged in the mission that we have or the responsibility that we have to provide faster access to the right images at the right moment that can impact a patient's diagnosis. That, in the end, keep our staff connected to the patient at the end of everything that we do. I do believe that companies that stay anchored and don't lose track of, who are you serving, really, and it's the world of our customer. That's really what builds a company that's going to endure, that attracts passionate people and can execute at pace. That sounds like a good framework for a strategy overall. Just as I said it was the last question, a few more did come flooding in, I hope you don't mind. I don't mind entertaining one last question. Sure. Which is just around Pro Medicus, the relationship. Is it complementary? Competitor? How we can think about, I guess, the landscape of where you sit relative to them. Sure. I respect Pro Medicus. I used to call us frenemies. That is that we've got a lot of overlapping customers where they have Pro Medicus and they have us. There are some things they do better than us. There are some things we do better than them. I'll tell you though, they were very well-organized to capture that market opportunity, and they executed far better than Mach7 did in the past. Hats off to Pro Medicus. Their product was strong commercial engine, good pricing discipline, good delivery model, their focus on implementation. I think Mach7 just simply didn't execute at the level that they did, and we've spent a lot of this reset year fixing a number of those things, rebuilding our sales organizations, building a partner program, getting more of discipline with our pipeline. Even the modular product is a very different approach to Pro Medicus. They're kind of rip and replace, go in big, very big projects. They control it pretty end to end. We're not going to compete with them on their ground. We are happy to come in and give people an affordable entry point. Those that can't afford Pro Medicus can afford us. In the end, if you step back, their growth trajectory and their pure products are not terribly different from Mach7. They've got a great fast viewer, so do we. They've got a really nice PACS offering, and they've got some more specialty depth than us, but we've got more broad data discipline, data depth. We can pull things in from sources that people wouldn't bother putting into Pro Medicus. We each come at it from a different perspective. They focus on delighting the radiologist. We're very focused on comprehensive data ingestion. They can keep delighting the radiologist within our customer base. We're going to pick up the ophthalmologist, the dentist, endoscopy, EMR integration. We're going to focus on the world that's much broader than the piece that does Pro Medicus. At some point, though, I respect them and I expect that you'll see some success from us. I follow them carefully and, again, I like to learn from them. They're a great company. To your point about being, well, frenemies or? There have been cases in the past where hospitals or healthcare systems have used both Pro Medicus and Mach7 within- Yeah their workflow, correct? Yep. There's over a dozen customers that use both right now in our customer base that I know of. I've talked with several of those customers, and they're quite happy keeping both. Now, do I drool a little bit about the size of their deals? Sure. Give us time. It's okay. You're starting from a lower base, there's more upside, I think. Correct. Yeah. Way lower base, yes. Excellent. Well, that's all the time that we have for today, that was a great introduction to Mach7, we've learnt a lot about the company and the turnaround and the leader who's behind it. Thank you, Teri. Thank you for your time. It was a pleasure. Thank you so much for having me. Great. Thanks everyone for joining. Take care.