Good morning, everybody. Thank you for joining Volpara's FY 2021 Results Investor Webinar. Joining us on the line today is CEO, Dr. Ralph Highnam, CFO, Craig Hadfield, and Executive Vice President, U.S. Sales and Marketing, Jill Spear. Before we hand over to Ralph this morning, please be advised all attendees are in a listen-only mode. Today's event will include a presentation followed by a Q&A session. To ask a question, you can either type it in the Q&A panel below or press raise hand to speak with Ralph, Craig, and Jill. We'd also like to remind you that today's presentation is being recorded. I would now like to hand over to Dr. Ralph Highnam, CEO. Please go ahead. Cool. Thank you, Trina. Thank you for taking the time this morning to hear about our strong FY 2021 results, which for us was April 1st, 2020, through to March 31st, 2021. As you go through these results, you can see the screen we're sharing. You can see the financial presentation, which was loaded up earlier today onto the ASX. Volpara is a health technology company whose integrated breast care platform assists in the delivery of personalized patient care, whose business model is predominantly based on software as a service or SaaS. We're on a mission to save families from cancer. As Trina said, I'm joined today by Craig. Also, by special guests from South Carolina, who's going to perhaps wave there, Jill, at the top there, our EVP, Sales and Marketing U.S.A., Jill. Both of those and myself obviously will be available for questions at the end of the report. This is our sixth annual report since becoming a public company, and the first one as a larger group following our acquisition of CRA Health in early February 2021. We've lots to cover today, including running through some of the highlights and high-level FY 2021 numbers and doing a deeper dive with Craig, our CFO, running through our business update, introducing you to Jill formally, and then doing some Q&A. Okay. FY 2021 was, of course, the year of COVID, and we're incredibly grateful that none of our staff appear to have been seriously affected by COVID at this point, and that we completed the year so strongly with our biggest quarter for additional ARR yet, taking us to just under NZD 28 million of ARR. That was a 55% increase, including a 20% organic increase, despite COVID. That all bodes very well for the future, because now, of course, we're focusing more on the accounting revenue, which has been fully audited now by PwC. Total revenue reached just below NZD 20 million, up about 60% compared to last year, including a big jump in the all-important subscription revenues. That growth, despite COVID, shows the resilience of the industry, the demand for our products, and the strength of our various teams, and we're very pleased with the overall strength of the year and the team we now have in place with that FY 2022 focus on risk and genetics, which we've talked about previously. Now, behind the scenes, we've done a lot of work on making the company much more scalable. That means digital marketing, digital sales, reduced cloud costs, software that's easier to install, maintain, and update, and so on. Those changes are really starting to be seen now in the numbers presented now on the screen in front of you, with a 14% improvement in the net loss and the gross margin now being over 90%. To give you an example of that work that we've been doing behind the scenes, we recently updated 30 breast density customers within a matter of hours compared to previously needing weeks to do that process. That's all great work by the team here in New Zealand and elsewhere around the world. All that work then, often invisible to outside people, has set us up very well for the future. Yeah. Before I ask Craig to do more of a deep dive, let me just talk about the impact of some of the investment we've made this last year. The key to our success is selling a suite of tightly integrated products, all based very firmly around science. The power of these products comes out in a platform where they can all talk to each other and gets a very easy flow of data moving between the two. For example, the breast density goes to the risk model, which flows into a patient letter. That was made for a really compelling offering to multiple customers this year, and that's really come over now in terms of our results, but also then in terms of some highlights up here of some of the product updates. You're seeing up here we've made our breast density product much more robust thanks to the data we've collected. This is robust to fingers in the image, robust to weird things like implants and so on coming into the image. We can do that purely because of all the data we've now collected in the cloud. We've upgraded our analytics solution multiple times to meet customer needs, and we've really started to develop our risk products and the connections to the genetics company over this last year. It's the uptake of those products and the sales and dynamics that we've been seeing in the market during FY 2021 that has us really focusing now on risk and genetics this coming year. Albeit we are still launching more consumer-facing products later this year, such as Project Thumb, which we've talked about previously, which allows women easy access to their images and therefore easy access to critical information around their breast density and breast composition. The aim of all that work, of course, which we started in June last year, is to end up with women actually demanding Volpara quality care. I'll just go on to the next slide. Let's just touch on some of the other achievements over the year. Yeah, we've had obviously the acquisition of CRA, which is going extremely well. We're very pleased with the whole dynamics around that. We've become leaders in risk and genetics, not only partnering with deCODE genetics, part of our strategy around scaling is to partner more. It's great to see some of these deals getting signed and coming through and actually paying commercial dividends. We had our first public screening program going live over in Australia, and the second one signed up. We don't often talk about patents, but at this FY and at the AGM, we always talk about patents because they are critical to our future, to defending our turf, and opening up new markets. We've had some outstanding new deals over the last year, won lots of awards, and we've seen some outstanding new results come out of DENSE trial over in the Netherlands. That's the 10-year randomized control trial, which has shown really significant reduction in interval cancers thanks to the use of our software and breast MRI. Very rewarding to be part of that project. Look, all in all, it's been quite some year, also against that backdrop, of course, of COVID. With that, I'm going to hand over to Craig for a deeper dive into the full year numbers. Thanks, Ralph. I'm going to touch on a few of the key financial points within the presentation. Just a reminder that all the numbers I refer to are in New Zealand dollars, unless I state otherwise. Trina, if you can just go back one slide, please. I'll just touch lightly on this one. On the bottom in the middle, you can see that we maintain a strong cash balance, over NZD 32 million at the end of the year. As Ralph said, we've done a lot of work making the company a lot more scalable, also while maintaining strong growth, which obviously bodes well for the future. If you just come to the next one, Trina. Here I'll just focus on the overall net loss, and also the normalized non-GAAP EBITDA. The net loss for the year after tax, we've decreased by 14% year-on-year to NZD 17.5 million. That's an improvement from last year's NZD 20.4. Our normalized non-GAAP EBITDA loss has improved by over 20%, moving from NZD 15.7 million last year to NZD 12.4 million this year. On the following slides, I'll go through in a bit more detail the reasons for those improvements on both of them. One of the main reasons for the improvement, obviously, in the net loss is the increase in our revenue. As you can see on the top left, our revenue's improved from NZD 12.6 million to NZD 19.7 million. That's up 57%, or 63% in constant currency. Importantly, our subscription-based revenues continue to show strong growth, almost doubling during the year, up from NZD 9.1 million last year to NZD 18.1 million this year. You can see that in the middle at the bottom there. Recurring revenue has obviously been vitally important to us as a business in a COVID-impacted year. As a lot of companies that were reliant on capital sales will have struggled at various times during the year to secure new deals in a virtual world. In comparison, Volpara's revenues and cash receipts have remained consistent and strong throughout the year. The two pie charts on the bottom left, you can see that Volpara's revenue contribution has changed quite a lot between subscription and capital in FY 2020 to FY 2021. Before the acquisition of MRS, Volpara's capital revenues had materially reduced in the preceding four years. You can see that in the middle graph there, the dark blue, albeit off a low base. When we added in MRS, you can see that capital sales in FY 2020 increased significantly again to the point where capital sales made up almost 30% of our total revenue. As part of the integration into Volpara, MRS's business model was changed to subscription-based, and this year we started to see the benefits of that change. As we saw with Volpara, the change took about 18 months to bed in and for the subscription revenues to catch up and overtake that lost capital revenue, and I think we're there now. If you look at CRA revenues, they're almost entirely subscription-based, so we've not had to make any material changes to their overall business model. Today, over 90% of the group's revenues are recurring, and we look forward to FY 2022, where that split should move closer to 95% even so, an improvement on FY 2021. What this does is this provides the business with a high degree of certainty over our future revenues as well as cash flows, allowing us to plan ahead with a lot more confidence. If we take a look at the operating costs, they've increased 8% during the year from NZD 36 million to NZD 39 million. Excluding CRA, those costs have increased 4%. You might remember that at about this time last year, the business was restructured. This resulted in a number of cost savings that we realized in FY 2021. These cost savings were slightly more than offset by the inclusion of MRS for the full year in FY 2021, versus only 9.5 months in FY 2020. You can see in the graph on the top right, which shows the expenses split. That mix was largely unchanged except for a reallocation between sales and marketing to product research and development. In FY 2022, we'll continue to strategically invest in our people to help drive growth but also continue to build out the scalability of the business. The graph on the bottom right represents our net operating cash outflow. Post the acquisition of MRS, so in FY 2020 there you can see that increased to over NZD 16 million. In FY 2021 and as we forecast, we started to see cash outflows trend downwards consistently quarter-on-quarter, with an overall improvement for the year of 16% to NZD 14 million net operating cash outflow. One of the key metrics that we call out on this slide is our gross margin. As you can see there, it's continued to trend upwards, where we are now over 90%, over 91%, in fact. We should expect to see that gross margin remain over 90% throughout FY 2022. This has been driven by a number of factors, including significant Microsoft Azure cost savings, as the business matures, which we should see further reduce in FY 2022. We've also been able to offer a lot more remote installations, and we're also moving away from hardware almost entirely. Previously, we did used to have some on-premise hardware. That no longer is required. That's all part of the work that, as Ralph mentioned earlier, we've been doing to make the business a lot more scalable. On the top right, you can see Volpara's group ARPU, which has increased over the past 12 months, including the impact from the acquisition of CRA in early Q4. We've increased that ARPU from NZD 1.04 at the start of the year to over NZD 1.40. That's an increase of over 30% year-on-year, the majority of which was the result of organic growth. The ARPU we see continuing to increase, as most new customers added generally have an ARPU well above NZD 1.40. In Q4, the deal sizes ranged from NZD 1 to NZD 5.65, with an average of over NZD 2.50. Furthermore, remember, any additional product upsells results in an increase in that ARPU as well. There's a large focus on our existing install base. Just the last graph I wanted to touch on, which is not a financial graph, is that one in the middle. That's the number of images that we have in the cloud. As you can see, that number has increased quite dramatically. Last year we had about 25 million this time last year. Now we have almost 40 million images. It's up 14.5 million images in 12 months. We saw a large drop of inflow in March, April with COVID, but that number quickly rebounded in June onwards, to the point where we continue to run above pre-COVID levels. As we've mentioned before, this provides us with a tremendous asset, which, combined with the information we have access to from Volpara Patient Hub and now CRA, we can and have been using this information for product development to help improve existing products and also for future product development. With that, I'll hand back to Ralph to give us a bit more of an update and introduce Jill. Thank you, Craig. We noted earlier the compelling nature of the platform and data is flowing easily between all the products. This is the slide most of you will be very familiar with now. If we just do reiterate some of the things we're going to be doing this coming year, and some of the news. In Q4, for example, we had our biggest deal yet for VolparaLive, which is real-time quality control in the patient room. Obviously, we brought CRA for their risk and genetics expertise. We're going to be making the risk component of Volpara Patient Hub best of breed by integration of CRA in due course, their software into that in due course. The last thing I just wanted to touch on here as well was the use of Project Thumb, which is where Volpara Scorecard or Density, as we used to call it, will be generating density scores and images. They'll be flowing straight into Patient Hub and straight into the patient letter. Instead of having a patient letter full of bland text, there'll be text plus pictures following the adage that a picture can tell a thousand words. That can really help convey to women the importance of breast density and breast composition. Obviously, a big year ahead for us in terms of sales and marketing, but also in terms of product development. We, as a company, are totally committed to R&D and keep on innovating. We have, as we've talked about before in investor calls, we do have some competition come into various spaces around us. It's the platform that stands us apart, the integration that stands us apart, and the continued innovation that we keep on doing, which will really lead us into helping more and more women with better and better products as we go, especially using all that data, which Craig touched on a bit earlier. I'll note here that we're still waiting to hear from the FDA around their breast density ruling, which we expected in October last year. As far as we're aware, the last update we had was January time. The FDA was still very actively looking at it, we're still waiting for the Biden administration really to settle in before we see any more movement on that. As soon as we hear anything, we will let you all know. Okay, you're going to start to see this slide a lot more. One of the marketing aspects you're going to see us talking a lot about, Jill might touch on it a bit later today, is the fact is a lot of what we do is objective and it's the truth. Breast density scoring, we go all out to generate an automated, objective, true measure of the breast density. Yeah, you can see our marketing very much focusing on science and using science-based evidence to help women get the best care possible. Some of these numbers are critical. The 3,600 technologists out there using Volpara Analytics now to monitor performance. That's the kind of number which shows the momentum we have in the market. It's the kind of number now which gives you critical mass and allows you to do really world-class benchmarking to compare all these people. Part of our success around analytics is the bottom right-hand corner there. You see the vendor-neutral approach. We have competition coming in at certain angles about what we do. They tend to only work on one X-ray vendor, whereas we work on GE, Hologic, Fuji, Siemens, whatever it is. That will really stand us apart going forward, and it makes us very future-proof in many different ways. Of course, those patents, the all-important patents, they help protect us, but also help protect the markets which we've done so much to actually generate and get moving over the last few years. I'm not going to go into a lot of detail up here. You can read it. Yeah, FY 2022 is a big focus on risk and genetics. That's where we see tailwinds with the CDC, CMS, and other organizations in the U.S. in particular, pushing towards personalized care and therefore more optimized breast cancer detection. Again, the flow of the products and benefits all give that more compelling offering to the clinic. The ultimate aim of the company is really to move it from detection to prevention and get to a point where we can predict with great accuracy, monitor the breast with great accuracy, and indicate breast cancer very early. Again, going back to one of Craig's points earlier, that all requires AI and data, data, which we are in a unique position to really be collecting. It's a theme word we've used several times today, but I'm going to stress it again. Just know our continued investment to making the business more scalable as we grow. That background work is obviously critical to the health of the business and really maps out our path ultimately to profitability. Let's just go through some of the outlook. This year, new sales growth will certainly be easier than last year during COVID, but a major focus of ours will again be the install base. We have a phenomenal install base covering 32% of the women that go screening in the U.S. I think we all recognize we need to get much more cross-selling going on. As I say, it's been a joy so far to see the focus that Jill has brought to the team, not just on new sales, but also on cross-sales. Also making sure all our customers are happy with the introduction of things like Volpara Club to make sure everyone within our user base is getting the best use of our software and is being truly successful. I say the next phase, what we're going through now as an organization, is the transition to a true SaaS company. There's not many SaaS companies out there in the medical world. We've made a name for ourselves by pioneering that over the last few years, and we're now making the final steps, I believe, into that world, and I can't tell you how excited I am to see some of the initiatives that have been generated over the last few weeks. Before I ask Jill to talk about that and other initiatives, please note our guidance for the FY 2022 is to hit NZD 25 million, using NZD 25 million plus of recurring revenues. I think that really indicates the confidence we have in the market and the strength of our team. Jill, with that, please say hello and welcome to Volpara. Thanks, Ralph. Hi, everyone. I'm Jill Spear, and I'm delighted to be here today. I recently joined Volpara as the Executive Vice President for Sales and Marketing for the U.S. after working many years with GE in breast imaging, ranging from global operations manager to sales and marketing to running wholesale units such as ABUS, Automated Breast Ultrasound. I've had the opportunity to watch Volpara grow strongly over the last few years into one of the leading brands in breast healthcare in the U.S. Their breast density product is by far in a way the most clinically validated on the market, helping ensure the right women get the right imaging at the right time. Our analytics and VolparaLive products are unique in helping drive quality up across the U.S. On top of that, we have Volpara Patient Hub and risk assessment, which are the key to push personalized breast healthcare, which is optimized for health outcomes and costs and is a really key dynamic. The purchase of CRA earlier this year really reaffirmed to me that Volpara is headed strongly in the right direction, and I wanted to be part of it. I've enjoyed my first few weeks very much, and I'm genuinely excited about the years ahead and my ability within Volpara to now impact positively the lives of millions of women, not just in the U.S., but around the world. It's exciting to be here. Cool. Awesome. Thank you, Jill. It's great to have you here with us, along with some of your marketing colleagues who are making their mark daily now on the company, which is just fantastic to see. With that being said, I would like to open the floor up to questions, please. Thank you. A reminder that if you wish to ask a question, you can enter your question in the Q&A panel or press raise hand to speak with Ralph. Our first question is directed to Craig. What one-off expenses are included in the income statement relating to the acquisition of CRA? Thanks, Trina. There are a couple of expenses in the P&L due to CRA. The first one is obviously acquisition-related expenses. We're not allowed to capitalize those. We have about NZD 600,000-NZD 700,000 in our P&L from that. We also have the retention plan cost. If you'll remember, we paid $ 18 million for CRA. There is also an earn-out on top of that of NZD 4 million. We've had to account for that on our assumption that we will that CRA will be hitting those targets. That's another NZD 830,000 that we've put in the 2021 numbers, New Zealand. Obviously, the other key one will be depreciation amortization. Obviously, now there's a combination of MRS and CRA in that number, but I believe the CRA portion of the amortization is about another NZD 600,000 that hit our P&L. You're looking at about NZD 2 million+ of CRA non-cash costs that, mostly non-cash costs that have hit the P&L as a result of the acquisition. Thanks, Craig. Another question from Scott Pelton, Craig. Can you help us understand the difference between ARR NZD 28 million and accounting revenue guidance of NZD 25 million-NZD 26 million? Thanks, Scott. I think there's three important components to that everyone needs to understand. In the effort of trying to come up with a number that was taking into account a lot of the noise in the foreign exchange rates, we moved to a trailing 12-month exchange rate for the USD/NZD. The rate as at 31 March for the trailing 12 months was about NZD 0.67. That translates about $18.6 million to nearly NZD 28 million. You look at today's current rate after the RBNZ came out yesterday and said they're going to raise rates. We're now sitting at NZD 0.73. That's almost 10% increase or decrease, whichever way you want to look at it, in the rate for us. That $18.6 million hasn't gone anywhere, U.S. dollars, but it's obviously reduced materially from an NZD perspective. Although we use trailing 12 months to reflect ARR, when we record accounting revenue, we do it at the average monthly rate each month. That's one component. The other component is, once we close a deal, we don't begin recognizing revenue instantly. There is a lag. We need to install with the customer, and then with the complex accounting revenue recognition criteria, we generally recognize our revenue over time. If I gave you an example and we closed a deal on March 31, and say it took 120 days to install, we would only start recognizing revenue July, August, September time. We only may get six, seven months of revenue in FY 2022 related to a deal that we closed in March. Now obviously, if we can close that or get it installed quicker, we can get the revenue quicker. When you add those things together, obviously revenue will slightly lag, and at the moment, it's being heavily impacted by the foreign exchange rate. Thanks, Craig. Next question is for you, Ralph. What are key assumptions in the guidance? Yep. Thanks, Trina. Craig's just outlined some of those key assumptions basically. The key assumptions are low churn, obviously, because if we get churn that will affect that revenue number. We need to get installs in quicker, quickly, because as soon as they go in, as soon as we start providing the services, we can start accruing the revenue. It's getting those installations in. I guess, the other assumption, which we've been making is that COVID starts to settle down somewhat, and I think, in the U.S. now it seems like we are on that lane. You'll hear us talk now a lot about accelerating out of COVID, there seems to be a lot of optimism around the U.S., which is our biggest market, certainly. Albeit, we're fully aware that there's issues over in Victoria today, which fingers crossed will play out the way the other ones have done and then settle down quickly. We'll see. Yeah, they're the main ones: Churn, quick installs, and no major outbreaks of COVID in our biggest market. Thanks, Ralph. Next question is, thanks for giving us the FY 2022 revenue forecast, but wondering whether you could give us as well some idea of how you expect earnings or losses to develop. Do you want me to take this one, Ralph? I'll take it to start, Craig, and then you can come across into it. I think we've done a remarkable job over the last year in growing the business, but at the same time making it more scalable. That should give you an indication of where we are mentally as a company. We're focusing a lot on growth, and Jill's team has just got a great plan ahead of it, which is awesome to see. At the same time, the background, we want to make it a scalable, profitable business. We're doing a lot of work around that. We are not forecasting cash flow breakeven at this point. We're constantly aware that we were able to pivot between the two basically as necessary because of all the work we're doing on scalability. Craig, do you want to add anything in there? I think you're also asking around, where's our net loss going to sit. Obviously, we are heavily dependent on the U.S. dollar. Although our revenues will be negatively impacted by a consistently strong or weak, should I say, U.S. dollar, our expenses will also be similarly reduced because of that fact. There is also a number of non-cash items sitting in the P&L, such as amortization, obviously, with two acquisitions approaching NZD 50 million. There is significant amortization that comes through because of that. We'll see amortization ramp up significantly in FY 2022's numbers, because we'll have a full year of CRA as well as the full year of MRS. There is also the retention plan, which is $4 million amortized over 17 months. A full 12 months of that $4 million will hit our P&L this year as well. Both of those at this point are non-cash. If we did meet the target of CRA and pay out that retention plan, that cash cost would only hit in FY 2023. Nevertheless, the P&L will be obviously impacted by those two non-cash costs. At a normalized EBITDA number that we referenced sitting at NZD 12.4 million, we see it sitting somewhere in that NZD 10 million-NZD 12.5 million range, assuming the foreign exchange markets don't get any worse or any better and remain consistent. We haven't given out any formal guidance around that, because there's still quite some noise. Thanks, Craig. Next question. Volpara so far is burning cash, which is fair enough for a startup. Can you give us an idea when you expect the company to become cash flow positive? Do you expect the need for another capital raise? Yeah. Thanks, Trina. We kind of already answered that. We're not going to give a forecast of that, but we're doing a huge amount of work behind the scenes to make things scalable and to get us into a position where we can head that direction if we need to. We certainly don't see any need for any capital raising anytime soon. We have NZD 30 million+ in the bank. We've got strong sales and all this kind of stuff coming out. Yeah, we're all right for now. We see no need for capital raise anytime soon. Thanks, Craig. Next question is for Craig. As the U.S. is your largest market, have you given any thought to Volpara reporting financials in U.S. dollars? This would remove the FX impact. Thanks for that question. The short answer is yes, we have thought about it. My auditors are probably on the line and probably nodding their heads saying, "Yes, you should report in U.S. dollars." That's a discussion we're definitely having for this exact reason. That is a reasonable amount of heavy lifting from a reporting and internal processes and systems. We're actively looking at pursuing something along those lines. We're not necessarily going to give a timeline as to when we'll do that. You'll see a lot of the reporting we do will have the U.S. dollars as well to try and remove some of the noise around the FX. Thanks, Craig. Another question for you is what is the run rate of operating expenses currently? Cool. Thanks for that question. You'll have noticed last year, and as I mentioned, on a quarter-by-quarter basis, our overall net outflow had been decreasing month on month, quarter on quarter. Q1 is generally our most costly quarter from an outflow's perspective for a few reasons. We've had very strong cash flow in April and May, our strongest cash flow in the history of the company, in fact, by quite some way. However, overall, we see our operating expenses staying in a tight-ish band. In the last few quarters, we were sitting in about the NZD 9.5 million mark. We're probably going to be around about the NZD 10 million mark. As Ralph and I both alluded to earlier, we are investing in our people as we see various headwinds. We do expect the headcount to increase somewhat from the point where we're at right now. We'll see the outflow increase probably to an average of about NZD 10 million a quarter for FY 2022. That's obviously countered by the fact that we're also having pretty strong cash inflow at the moment, however, negatively impacted by the U.S. dollar. Thanks, Craig. We've just got one final question at the moment directed towards Jill. I just wanted to remind you that if you do wish to ask a question, please type it into the Q&A panel. Jill, what is the low-hanging fruit for your team? The low-hanging fruit for our team is really cross-selling to our largest IDN hospital networks and IDN customers between analytics, density, and CRA risk. This has generated a lot of interest from our customers, and it resonates really well. This is a key area we're pursuing, is cross-selling. Thanks, Jill. We have no more questions at the moment. I'll give you another couple of seconds if anybody would like to ask any final questions. Trina, I think someone's raised their hand. Thanks, Craig. We've got a raised hand from Bernard Nola. Bernard, would you like to unmute yourself and ask your question, please? I think Bernard's still on mute. Trina, can you try and unmute him? You can go ahead, Bernard. Sorry, Bernard, we're not able to hear you. Are you not on mute anymore? Would you like to ask your question? Trina, let's move on. Bernard, please feel free to email us any questions you have, and we'll do our best to answer them offline. I think looking at this now, there's no more questions. Thank you everyone for your time today. Jill, great to have you on board. Just to everyone on this call, you're going to see Jill a lot more now on these investor calls as she's getting her feet under the table, learning about the business and so on. You can see, we are actually incredibly excited about where we are, the results for last year, and where we're going. Thank you all for your continued interest in our mission to save families from cancer, and we look forward to talking to you all more over the next few weeks and months. Thank you.