All right. I think that's everybody. So good morning. Thank you for joining Volpara's Q4 FY 22 update call. Joining us today is Group CEO, Ralph Highnam, Jill Spear, Executive Vice President of Sales and Marketing, Chief Financial Officer Craig Hadfield, and Teri Thomas, Strategic Advisor. Before I hand over this morning, please be advised that you're all in listen-only mode. Today's event will include a quick presentation, followed by a Q&A. To ask a question, you can either type it into the Q&A panel or press raise hand to speak. I would also like to remind you that today's call is being recorded. I'll now hand over to Group CEO, Ralph Highnam. Thanks, Lauren. Hello, and thank you for taking the time this morning to hear about our busy and commercially strong Q4 FY 22, which ended the 31st of March, 2022. Volpara is on a mission to save families from cancer by providing an integrated software platform for the delivery of personalized breast care. We're proud that our software is now contracted to be used in over 35% of the US breast cancer screenings. That software is helping ensure that patient experience is personalized, safe, comfortable and effective, with cancers being caught as early as possible. We're making a major impact on thousands of lives each and every day. Now, as per the ASX announcement that went out earlier today, we're very pleased with how Q4 has landed, despite the continuing disruption from COVID and ever-increasing security requirements in our space. Today we're gonna cover the traditional 4C cash numbers, which show record cash receipts and very close to our first NZD 8 million quarter. The SaaS-based metrics showing solid growth over the quarter and operational and strategic news. As Lauren said, I'm joined today by Craig, our CFO, based here in Wellington, our EVP, Sales and Marketing for the U.S., Jill, based over in South Carolina, and Teri Thomas, a long-term strategic advisor to the company based in New Zealand, but a veteran of the U.S. electronic health record market. Questions can be raised again to any of us, either by raising the hand or by entering the chat as Lauren indicated. Okay. I'm not sure, Lauren, if you can bring up the PowerPoint, I thought we'd prepared, or Craig, if you wanna do that. There you go. Cool. All right. Let's review then the 4C cash metrics posted up earlier this morning onto the ASX. I'd like to say that during Q4 we had our strongest quarter ever for cash receipts from customers, with receipts of about NZD 8 million, up 50% compared to last year. Those cash receipts almost being all from subscription sales. I'd like to go on record and thank our CFO, Craig, and his team for their diligent work in collecting those receipts, not just in this quarter, but throughout the year, where we ended up collecting NZD 28.5 million of cash receipts over the year, up 45% compared to the previous year. During the quarter we had net operating and investing cash outflow of NZD 2.9 million, down 20% from Q3, as we continue to see cost synergies come into play post the various acquisitions that we've done. Optimizing the productivity in the current company has been a feature of the last year as we look to become ever more scalable. That will continue to be an even bigger focus of the company over FY 23, as we look to leverage the team, products and partnerships we have to move more aggressively towards a cash flow breakeven. Cash on hand in Q4 was a little over $18 million, leaving us with continuing strong bank balance and approximately 7 quarters on cash on hand at our current run rate, and that includes any earn-out considerations. The company continues to have no debt on the balance sheet. Turning now to our SaaS or recurring revenue metrics, let me remind you all that almost all our new quotes are subscription-based, although there are still a few historical capital deals coming over the line. This focus on SaaS continues to be a key differentiator for Volpara, and one that we continue to see more and more companies in the medical imaging space trying to adopt, but failing basically because they struggle, due to their legacy capital sales business structures. During Q4, despite continued COVID disruption, uncertainty due to the war in Ukraine and continued news about cybersecurity breaches in the US, we added over $700K of net new ARR, driven mostly by upsells, which shows the power of the installed base that we have, especially as we already have the IT security documentation in place with those customers. The overall number would've been even higher but for a number of deals at new sites that were delayed due to those extra IT security forms, which we've continued to see become even more strict. Now, just as with the change to SaaS, IT security is a particular area where we are strong due to our cloud shift in 2016. That strength is also then becoming a key differentiator for us and a real barrier to entry to new companies coming into this space. We're now at $22.2 million of annual recurring revenue, which means over the full year we added $3.6 million of net new ARR, nearly 40% higher than our previous record, which was FY 21. The ARPU across the install base is now running at $1.51, with deals in the quarter averaging $3.15. The range of ARPU being from $1 for a single product up to $7.50 for a site who brought Analytics, Patient Hub, Risk and Transpara. Net churn of SaaS ARR remains low, 3% or less, and we now have our products contracted to help over 35.5% of all U.S. women, which is a fantastic achievement. That means we now have over one in three women being helped by our software in the U.S. This provides us with an ever-expanding opportunity to upsell, which we're seeing more and more of, as noted above, and that'll be a key feature again of FY 23. In short, Q4 was commercially strong despite the ongoing pandemic, and that's a testament to the sales and marketing team we have under Jill in the U.S., and the momentum they've generated. As a reminder, she's online and happy to take questions at the end. Now let's talk about a few of the kinda more operational highlights for the quarter. As noted in the 4C that went out earlier today, you know, we signed a deal to work with leading Italian X-ray vendor Giotto to supply Volpara Scorecard, which is our density product, to a number of leading Italian sites. That gives us a major footprint in Italy, which ties in well with the EUSOBI announcement. All women in Europe should be told their breast density. Europe screens some 18 million women a year. We're also then working with Fujifilm Middle East to supply Volpara Scorecard to sites across the region, with the first one being Cleveland Clinic Abu Dhabi. We're also growing our 99 and 100 patents, cementing again our leadership position in the quantification of breast images. We remain well on track to hit our revenue guidance for the year of over NZD 25 million, subject to final audit. We're reporting that out as part of our annual report announcement at the end of May. Finally, we've just hit the 60 million images mark in the cloud from over 5 million individual women. That is a phenomenal amount of data, especially as it's the key raw X-ray data that comes off the machine, and therefore it's much more quantitative than the images that get stored in packs. You can access a talk I gave about that data on the link in the 4C. This was a major talk that went out on to our many. It received a lot of views, and I think that really indicates the interest people have in that quantitative raw data that Volpara is really unique in storing. We remain convinced that data is the key to the next wave of innovation to come from Volpara for a range of administrative and clinical uses, which we've discussed over the last nine months or so. Now, before we open the floor to questions, I would like to introduce Teri a bit more to you. She worked for Epic for 20 years, reporting directly to the CEO for most of them. She's based in New Zealand, has been working with us for the last 18 months, helping us refine our thinking about electronic health record companies and how Epic grew to be so profitable. Teri, if you wanna say a few words. Thank you very much, Ralph. Very nice to meet you all virtually. Yes, Epic was a remarkable story of starting small. When I started at Epic, it was half the size of Volpara, and now it's a multi-billion dollar company, very profitable. I learned a lot in my time at Epic. A number of those key areas of focus on how to make sure you're maximizing resources and doing more with less are elements that I'm driving into how we're making decisions, together with Jill and with Ralph, and how to grow Volpara in a way that will become profitable and strong. As you see in some of our numbers with 4C and elsewhere, for example, taking advantage of the benefits of COVID and people wanting to be able to connect virtually, driving down some of our sales costs and new customer acquisition costs. Another example area is using the big EHR playbook of looking for the biggest customers and tailored approaches to win larger overall deals. Jill and I are working closely with the rest of the sales team, accelerating the adoption of risk pathways as an underlying component of a broader EHR deployment. You'll see more of those pieces coming up in the future. Delightful to work with Volpara. Thanks, Teri. It's been great having access to your knowledge and expertise these last 18 months. I'm looking forward to continuing to work closely with you to drive the company towards profitability with growth. We're also launching new ways of innovation to help save more families from cancer. With that, I'd like to open the floor to questions, either to Teri, Jill, Craig, or myself. Okay, we have a question from Scott Power. Scott, I will allow you to speak. Hopefully, this works. Thanks, Lauren. Can you hear me okay? Perfect. Thank you. That's great. Thanks, Ralph, and congratulations, team. That's a terrific result. Teri, I was just interested in your comments you were just making there about targeting those large customers. Perhaps between yourself and Jill, could you sort of describe now your ideal customer, and how you see that customer moving forward with Volpara over the next number of years? Ralph, just a second question, if I can just sort of get you to perhaps summarize some of the key comments you made in that presentation the other day in terms of the value of that data. I think that's really useful for everyone to understand that. Thanks. Yep. Great question, Scott, and I'll just pick up a little bit on the ideal customer and then I'll throw it over to Teri and Jill. You know, we've talked a lot over the last year in particular about ideal customers. You know, it's kind of, I think it's a common stage of us as a SaaS company to really hone down what we do and really focus on those ideal customers, and that helps drive down customer acquisition costs. That question is music to all our ears because it's one of the things we've really been talking a lot about internally. Teri, Jill, do you wanna pick up on that? Why don't I take a few moments, and Jill, you can add some color. It is nice, we have been talking about the ideal customer, and when you look at the dynamics in the United States about consolidation of healthcare, you've got some monster big integrated delivery networks that have a desire to provide some consistency across all of their locations, even virtually integrated networks. I think historically, a lot of how we engaged with these customers was on a site-by-site basis. However, the ideal customer for us now is engaging with a large integrated delivery network with multiple hospitals and looking for the opportunities to improve their ability to save lives with all of our components of software. Looking at the entire life cycle, starting with understanding a woman's risk and providing them with an ability to provide a personalized approach that brings more women in their doors, makes them feel known and cared about through the best quality mammogram experience, using all of our software to ensure that they're providing the strongest, best use of our science all the way through to triaging, even to the point of genetic testing. We've got customers that can do that across scale, and you know, that's how I see our ideal customer. What would you like to add, Jill? I think what's interesting is the larger you get, the more you need to be objective and not subjective. You can't say, you're gonna have variation. You're gonna have variation in your staff performance. You're gonna have variation in how you call breast density, you'll have variation in the pathway. The more you can standardize and the more you can streamline that workflow, not only does it make it a better clinical outcome for the patient, it makes it better for the staff. Like, everyone knows that's the protocol, and that's what they're working towards, and so they're better aligned to deliver it. I think while we do bring incredible value to smaller customers, the larger the customer, the bigger the challenge, and the more likely you are to really understand the value that we bring. Cool. Thanks, Jill. Thanks, Terri. The other question from Scott there was about the data. I gave a presentation to Morgans and Scott on that some time ago, talking about the data, which I think is available online, which I'd urge you to go and have a look at. We've got 60 million. An X-ray machine generates raw X-ray images. Those images are quantitative in their raw format. By the time the image gets to the radiologist to look at for detection of cancer, they've been heavily processed in many different ways, and then they become very non-quantitative. It's critical that we've got that raw, quantitative data, and we are extremely excited about the opportunities that brings for AI and deep learning. The way we're looking at it is in many ways, it's kind of short-term wins, medium-term wins, and long-term wins. Just picking up on the theme there of ideal customers, I mean, all that data flows up into the cloud. If you've only got our breast density tool at the moment, then we can plow through that data. We can spot the sites that have got quality issues, and where we might wanna go in and sell VolparaAnalytics, for example. It's really gonna help us spot ideal customers. Today or even today, it's helping us improve our algorithms. Our latest release of the algorithm, which was about a year ago now, was built on 10-20 million images, which is just a phenomenal amount of data, and that really helped us take the algorithm to a new level of robustness. We did that because, for example, whereas before we'd have one or two images of a shoulder appearing in the breast image. With the amount of data we have in the cloud now, we've got 200-300 shoulders appearing in breast images. That means we can train algorithms to detect and remove them from our analysis. You know, one of the things that really kind of keeps me getting out of bed in the mornings is think about where we go with that data in the future. You know, really, breast cancer screening, like a lot of medicine, is becoming much more personalized. Really it's that personalization is being done by risk assessment and so on, as Terri touched on there. Yeah, most risk models today are done on 10, 20,000 women. Yeah, we've actually got an opportunity now to do a risk assessment based on, you know, hundreds of thousands, if not millions of women. That will take it to a whole other level of accuracy. It's that co-action that you need to really make personalization work at the scale needed. As those women go on to personalized care pathways, whether that's increased imaging or so on, there's also gonna be preventative strategies like certain drugs like tamoxifen, for example, that they might get offered. Then we're gonna enter a whole world of monitoring breast change over time. That's something which Volpara is gonna be uniquely placed to be able to do because we've got access to the raw data, we've got access to the previous data, and we've got access in the cloud to the computing power that we need to really work out if it's good change or bad change over time. Incredibly exciting kind of future for us in that space. As you know, we've talked about this before, you know, we're moving to a world of predict, monitoring, detect, and empowering women. You know, that data really gives us the ability to do all of those things, you know, very uniquely in the world, and all backed up, of course, by those patents, which we've just announced our hundredth one. Great. Thanks, Ralph. If I'm able to ask one more question, I might just flip across to Craig. Craig, what was noted that you had a very strong quarter, but there were a couple of things that perhaps are flowing into the next quarter. I'm just wondering if you could perhaps give a little bit more color around that. Just noticed the range between $1 and $7.50. Again, just perhaps some color around that in terms of, was the $1 a higher volume client or were they just buying single products? Obviously the $7.50 is getting very much closer to the $10 ARPU that we talk about. I mean, how much more do we need to do to sort of get towards that client that buys the $10 or has an ARPU of $10? Thanks. Yeah, thanks, Scott. I might answer that first one and then hand it over to Jill, so she can give a bit more color on the deals that pushed. We certainly had a number of deals in the pipeline. This was a bit of a strange quarter, I would say. You know, for example, one large customer or potential customer, IT security was the reason why it pushed. It's not a lost customer. It's purely in Q1 as opposed to Q4. Sometimes that's how these quarters roll. You know, Q2 is traditionally our light quarter, yet Q2 for us this year was by far our largest quarter. Sometimes the quarters don't necessarily go according to plan. Nevertheless, I think $700,000 US ARR is still very good performance. Jill, do you wanna add a bit more color on maybe one or two of those deals and what Q1 maybe looks like? I think the question was around like, the $1 ARPU, or the $1 per patient piece of it, and that's really just when they buy one product. There were a couple of those this quarter. Actually, this quarter was more people adding on to existing installed base. In my opinion, that's kinda like our superpower, is we typically do, like, 60% of bringing in new customers. That's what we've done historically the last couple of years. This quarter, we didn't do that, but we upsold in our own installed base. People that buy Volpara products, in my mind, have kinda become a candidate for more Volpara products 'cause we do a great job of delivering our product suite and training the customers on how to use them, and they're very relevant in the marketplace. People y ou know, it's why I joined. I mean, I've known Volpara for 10 years, and I came running over here because of what we're doing. I think it's a really credible group of people that work with our customers. I think this quarter, we sold a lot into our install base. When you look at that range of price point, I think that was Scott, we really do sell one product to a customer, and then some customers, we sell five or four products to them. That's just the range of the suite. In getting to the NZD 10, I think what we really see ourselves being able to do is also layering in professional services, helping them achieve what they want to achieve with our solutions. Because right now, people are short-staffed, and they need the easy button. They want somebody to come in and say, "Oh yeah, build a genetic high-risk program. Let me show you how to do it. Oh yeah, I've layered in genetic labs. We do all the ordering, and the radiologists don't do one extra click. Can you show me how to do that?" I think that will become one of our solutions. I think adding in genetic testing will be another one of our solutions. I think we'll keep growing. Cool. Thanks, Jill. That's all from me. Thanks, Lauren. Thank you. Thanks, Scott. There's been a question come through just while we're talking about customers and, say, ideal partners. Teri, this might be another one for you, noting your strong relationships with Fujifilm and GE. There's a question around, can you please describe Volpara's ideal partners, such as GE, and of course, how the relationships are developing? Yeah. The relationships are developing well. We've got a couple of meetings scheduled next month with Cerner and Epic, including sitting down with Epic's CEO. You know, it's fascinating when you look at these big vendors out there that are taking care of patients broadly, like electronic medical record vendors or Fujifilm that are doing, you know, all radiology. They don't have the capability to develop that deep vertical expertise that we have to be able to really tackle personalized breast care. The ideal relationship to me is one in which we help them win better with what they do. We have that knowledge. We have that focus, and by integrating ourselves into their workflows, they can make their radiologists, their mammographers, and their patients a lot happier by having us underneath the covers. you know, even the approach with Epic and talking with my former colleagues over there. You know, areas that are a source of frustration to some of their customers, Epic's never gonna be able to take on the depth of knowledge of breast that we have. For us, being an integrated part of their workflow, that somebody can sign an Epic contract and just chuck us in at the checkout counter, that's the ideal relationship, and that's what we're working towards. Did that make sense to the anonymous? Thank you. I hope that answered the question. If you need a little bit more detail, feel free to pop that back in the chat. We also have a question from Andrew Baskand. I will allow you to speak, Andrew. It's actually Kevin Bennett here. Congratulations, Ralph. Good result. Just can we have a little bit of color about Q1 or, I suppose, this year at the cash burn? Clearly, you expect volumes to pick up as the U.S. economy opens up, but what's gonna happen on the cost side? What's the sort of profile you're looking at? Yeah. It's a good question, Kevin, and obviously, we are living in a strange world. I'll ask Craig to come in. Yeah, as a company, right, we're very focused towards moving towards profitability, and we're very focused on keeping those costs contained but whilst still getting the growth. Yeah, that's our general outlook. You know, we are going through the budgeting process now with the board. It's progressing, and we're about to get sign-off. You know, the general gist is heading towards profitability, and you know, while still getting that good growth. Craig, do you wanna add anything else to that? Yeah. I think a couple of things, Kevin. You know, one, I think we're in a fortunate position. Fortunate or unfortunate, but I think in our case, fortunate in that our revenue lags our ARR. That's a common theme in this industry because it takes a while to get installed. Our revenue will continue to grow. What we have seen this year particularly, and it's been very strong, is our cash flow has not suffered at all in terms of cash inflows. This was by far our strongest year for cash inflow, nearly 50% up on last year. You know, yes, some of that was CRA, but there was a lot of organic growth in there as well. Our cash inflow will continue to be strong. On the cost side, I think, you know, everyone on this call will understand that, inflation is running rampant at the moment. You know, a lot of our employee base is in New Zealand, and the rest in the U.S. There are a lot of pressures on, staffing in both countries, especially in the IT or engineering space. You know, our focus is on keeping our employees, rewarding them appropriately, but also at the same time, you know, finding where we can find some cost savings, synergies, et cetera. I think we've done a very, very good job over the last couple of years in really focusing on the costs that we can control to a large extent, like Microsoft, for example. We've done a lot of multi-tenanting and a lot of other back-end work that has saved us significant amounts of money, and will do for the future. We've got a new release coming out soon, which will even further improve that. I think there's multiple different answers to that question. I think overall, we are very focused on, you know, prudently managing our cash, as well as continuing to really drive, you know, cash inflows. Our goal obviously over time is to continue to see a reduction in our net cash outflow. You know, over the last 12 months, we have seen that reduce over time. You know, we had a couple of peaky months or quarters, but overall, it's been a material reduction on FY 20 and 2021. I think FY 23, the goal is the same to continue to see that dropping. You know, currently we still have NZD 18 million cash in the bank. Yeah, I think we're in a decent position right now. Great. Just one more if I can. For Ralph, what's the biggest bottleneck to your growth at the moment? What would you sort of cite as your major restricting factor? That's a good question, Kevin, and I'll let Jill perhaps comment on that. Certainly, you know, one of the things, you know, we've got an outstanding sales team over there. You know, we are seeing, like we talked about, staff shortages and IT security firms and so on, which really are, you know, pushing out growth. You know, if we can get kind of, you know. I actually believe all those things like IT security, you know, it's gonna be a key differentiator for us in the future, and it really is gonna be a barrier to entry to new, you know, new companies coming in. It's gonna play out positively in the medium term. Yeah, those staff shortages, the IT security firms. You know, launching a new, you know, kind of coming back around the back, launching that new wave of innovation we've talked around the data, you know, spotting those ideal customers, getting more focus and priority. Yeah. They are all gonna help really fuel growth and drive us through some of the questions that we get. Can I add something on that? Sure. I think, you know, we've got a really solid sales team. Jill's doing a fantastic job orienting the entire team on cross-selling and upselling and leveraging who we have, getting stability across who's in charge of which region. I think we're poised to really take off and do well in that area next year. We have to step back and still recognize that as a company, we really are still three companies coming together. We acquired MRS a few years ago, we acquired CRA, and so we've got a little bit of work to continue to do to pull those companies together, make sure that we've got the foundation in place for consistent customer engagement processes, customer success development. As Jill mentioned earlier, customers want the easy button. They want the ability for us to take them by the hand and lead them to successful outcomes, and that's a big area of focus for us. Once we have this really strong and in place, delivered in a SaaS sort of way, we'll really be poised for growth. Thank you. Thank you. A couple of questions have come through in the Q&A as well. Just off the back of the operating and investing cash flow, there's a question here from Claude Walker, we'll stay on theme, and I'll work through these. Question I suspect predominantly for you, Craig, is operating and investing cash outflow decreased between Q3 and Q4 last year before increasing again in Q1 and Q2 of this year. Are you expecting another increase in cash burn either in the next quarter or the one after that? When can Volpara commit to a consistent reduction rather than fluctuation? Cool. Thanks, Lauren. Thanks, Claude. Q1 is generally our most expensive quarter or our most cash outflows for various reasons. But we do have larger costs in Q1. We generally also have larger cash inflows in Q1 as well. I think one of the difficulties and one of the complexities of operating in the U.S., specifically, and one that's particularly pertinent to our business is, you know, we have 750 customers. So, you know, that's not a small amount of customers and, you know, 80%-85% of our U.S. customers pay us by check, okay? The difference between a very good quarter and a not so good quarter could be the difference of one day in terms of how long it took the mailman to get the check to the post office. You know, I don't say that sarcastically. I think you know, it is quite important to understand that nuance that we are dealing with. You know, for example, at the end of Q4, we had a large check come in on the last day of the year, you know, that could have easily come in on the first day of the year. At our level of cash burn, that can also be the difference between average cash burn for the quarter or extremely good or extremely bad. I think that is one nuance to just take into account. However, having said that, I think the overall theme of the business is one of consistent overall over the course of a year. You know, if we look at a year overall, you know, those differences iron out quarter-over-quarter, and what we are focusing on is a continued annual decrease in our overall cash burn. You know, that is the plan for FY 23, and the plan for FY 24 and onward is to continue to decrease that on a consistent basis. I do urge you to look at our cash burn over a year, not quarter-over-quarter, for those nuances that I've referred to earlier. Hopefully, that answers your question, Claude. Happy to take emails from you as well, if that helps. Thanks, Craig. A question then around headcount and current sales efficiency among the sales team. How do you prepare to grow the sales team and drive sales efficiency further up? I'll let Terry and Jill come in on that one, Lauren. You know, I will just note that, you know, Jill's been on board for a year now. It's been fantastic to have her on board for a year. One of the things Craig and I recognized as soon as she come on was how particular she is in recruiting sales staff. You have to be extremely good to work for Volpara. Equally, one of the things Craig and I have also learned over the last few years is that whenever a salesperson comes on, it always takes them six or nine months to generally get up to speed. Those outstanding new people that did join last year to bring the team up to full speed or to full numbers are now on their way to full productivity, albeit, you know, speeding that up is always a good move. Jill, do you wanna talk to that one? Sure. I agree. We've hired great people, and we had an amazing foundation, so I don't wanna diminish that at all. I think it's a good question. When you think about our sales deployment, it's really two different. We have two different organizations touching our customer. One is the sales directors and the sales team that support them. They're designed to really grow and expand, sell to new customers. Like we talked about earlier, we're looking to look into some of those large IDNs. Likewise, we have a customer success team that works with our installed base. Many of our installed base customers, I think it's something like 15% have everything that we sell, but there's another 85% that only have one or two of our products. We really have an opportunity to grow in both places, and so we're working to ensure this group is really successful and wants to look at how they can layer in additional functionality. This group is introducing customers to the influence and what we can bring in terms of value. I really think about it as both sides of that equation. If you look at that, we're just at the same size we were before COVID, but focused in different areas. I think that's gonna be the key to our success long term, is making sure everybody that uses us wants to add functionality in the groups that we haven't really been introduced to Volpara yet, that we can create new opportunities with them. This year, you know, we took this solution set. Again, Teri mentioned we have just brought in the Risk Pathways team, CRA. We've just brought in the MRS team. You know, we went to ASBS, NCBC, RSNA, and we're really seeing that every different group we touch, from surgeons to oncology and cancer solutions to radiology, each one of these groups, this message resonates with them, so we're seeing a lot of engagement across all the different clinical teams that we touch. I see Jill also really leading the sales team to be more strategic from more of a product-oriented sale to more of a solution with multiple products in it, which will also drive up our ARPU. We're using the same size of a team, but using them more strategically in how they engage with the market, aligned with the connectivity between our products that continues to grow over time and provide more value. Thank you. Thanks for that. This is probably another one for you, Jill and Teri, and it is around customer conversion and cybersecurity, and what Volpara might need to do from a cybersecurity perspective to get customers across the line, or whether it's more at the customer's end that they would need to improve their own cybersecurity infrastructure. I think what's limiting us today. First of all, this is a strength for us. I mean, just in the past quarter, four different customers have told us our responses to their cybersecurity questionnaires are best in class. Like, really, we do a great job with this. I think what is slowing us down is, first, the IT teams are, you know, strapped for time. They have to do the rigor every time, and we want them to do that rigor, but it just takes a little bit longer. I think the second thing is that, we are seeing some requests for different and unique solutions like CrowdStrike and things like that. We're flexible, and we're working through those types of requests to make sure that we meet the customer needs. I think in the end it's always a positive. I again believe we really bring a unique set of tools here, and our team is fabulous in this area. I don't know if Teri any comments on that? I think that about covered it. I think our team is good. We've built some redundancy, but largely it's on the customer's end, unfortunately. Just to build on that slightly, what is your customer retention? Craig, do you wanna speak to the percent? The numbers? Yeah, I'll take that one. Thanks, Lauren. Overall, our churn rate is about 3%. Obviously, there are multiple different products along that line, or that we track, and we track them by product. So some are close to no churn, and some are slightly more, but on average, about 3% per annum is our churn rate. Which for an enterprise-sized business or enterprise deals, that is a good churn rate. Thank you. Now this is an interesting question. It's from Philip Rickman. Do you have a 25-year plan, and is there any plan to, say, look at buying other health companies so that in the next 25 years you could be, or Volpara could be the next CSL? That's a great question. I'm not sure, Craig, if we've got forecasts out 25 years, but certainly, you know, one of our mantras internally, right, is, and you've heard us talk a lot more about profitability and so on, is, you know, we wanna be strong and independent. You know, there's a huge amount of innovation that we wanna bring out, and you know, we really believe we've got a lot of really unique AI and really unique ways of helping women around the world. Certainly, you know, we've kind of got a long-term vision on that and yeah, we see strong independent being the key way of keeping innovation flowing out there to help people. Obviously we're very focused on breast. You know, we talked last year about lung. You know, when we get breast or kind of nailed down completely, obviously there's lung and there's a whole range of other kind of screening workflows after that where you know the benefits of good patient tracking along with AI and kind of with the unique kind of insights that Volpara brings you know will show us whole new areas to grow into. Yeah, we're very focused, strong and independent, being very innovative. We would love to be the next CSL, but I'm not sure yet we're ready to give a 25-year forecast. You know, I'll talk to Craig about it afterwards. It's always good to dream big. Speaking of a tone shift into the US legislation and wanting to get an understanding of how that impacts Volpara and whether we will see any direct impact soon. Yeah, it's a great question. As per the 4C, there's a couple other things. You know, there's just a huge amount of tailwinds in general around what we do at the moment. Lots of American organizations coming out and saying we should be doing risk assessment, we should be doing genetics on all women in particular. Just to remember that, those tailwinds have been building for the last few years. You also have Biden coming out in February this year talking about the Cancer Moonshot and reiterating their desire to halve cancer deaths over the next decade or so. You know, the way that they foresee doing that is by predicting who's gonna get breast cancer or who's gonna get cancer in general much better. Again, that's a huge tailwind to us, and they talk about breast density and risk assessment and the need for really good IT solutions. To get a lot of kind of tailwinds, you know, already in the US. We have EUSOBI, which is the European Society of Breast Imaging, coming out saying that all women in Europe should be told their breast density and should be offered breast MRI every two or four years if they're extremely dense. Yeah, we've not talked a lot about Europe. We do see these tailwinds now starting to develop in Europe. Coming back to the US, obviously, you know, we are watching intently for signs of the FDA coming out with a standardized law around density reporting and wording. We've not heard anything about that now for the last few months, but we've heard no indication as well that it's not being worked on. Certainly some of the patient advocacy groups like, DenseBreast-info.org and so on, are doing a huge amount of lobbying at the moment to the FDA to try and, you know, get them to do what they started looking at two or three years ago and start to pull that law out. You know, key thing is that law will be important to us, but there's a lot of our tailwinds already going on globally which are really playing into what we do. Thank you. In Australia, the recent federal government's budget ahead of the election has included a financial commitment to improving women's cancer screening services. What does that mean for Volpara in Australia? Yeah, good question, Lauren. So there's lots of interesting things going on in Australia. You know, we've got some more private sales, private imaging sales during Q4, which is good to see. Obviously, we also went live in Queensland with our VolparaAnalytics project. In South Australia, we have the density pilot continuing. A lot of activity in Australia at private and public screening levels. We have been through that budget and there's a certain financial commitment in there to help, in particular catch up screening post-COVID. Obviously, during COVID, there was a couple of months where women weren't screened and that ended up resulting in lots of late-stage cancers coming through very sadly. There's been a commitment now by the federal government in Australia to do catch-up and so on. There was also a renewed emphasis on breast MRI in there for high-risk women, which obviously plays into Volpara's role, in particular in the U.S., where we are the tool of choice for measuring density. That density then flows into a risk model, and those risk models tell the U.S. people who to go and get or who to offer breast MRI to. There certainly is positive benefit from that budget for us, but we are yet to see where it actually plays out, you know, in clinical reality, but it looks positive at this stage. Thanks, Ralph. Craig, I have a follow-up question for you from Claude. Claude, I'll allow you to speak if you'd like to ask your follow-up directly. Sure. Thank you very much. Can you hear me? Yes. Yep. Okay. Oh, yeah. Look, I was just wondering. I just want to clarify, I understood from your previous answer that, yes, there is a possibility essentially that Q1 and Q2 will once again see a bit of an increase in cash burn. I just wanted to check if that's a correct understanding. Then secondly, I remember, I think it was in Q2 last year, there was a big insurance payment that impacted cash burn then. Is that gonna repeat in Q2 this year? Yeah. I think the important thing, Claude, and maybe I wasn't necessarily as clear earlier, our costs are relatively- Consistent quarter- on- quarter, as they have been in the prior year. Our costs are predictable. You know, to a large degree, we know when our cash outflows are gonna go out. What is uncertain is our cash inflows. We know we're gonna have good cash inflow, and it's gonna go up. You know, I think the important thing is, we could have one very large check on the day before the year-end or the day after. You know, I think the other important thing to note is, you know, when I mentioned earlier we have 750-odd customers, I think one of the benefits to Volpara is that, you know, we don't have any sort of customer concentration risk. You know, one customer leaves us, it's not the end of the world. Equally, we don't necessarily have one customer who's gonna pay us $1 million at this point, you know? Hopefully in the future. You know, for example, the check I mentioned earlier, $280,000, that's a material-ish amount for us at this point. One or two of those checks in the quarter, and all of a sudden, Q1 and Q2 don't necessarily have an increase in cash burn. Equally, if we don't get those and they push into Q2 or Q3 or Q4, then maybe we have a slight increase. Our cash burn is gonna be lumpy over a full- year. You know, like I mentioned, if you look at a 12-month period, the overall reduction should be to the positive side. All right. Cool. Thanks for that. Yeah. I think I get what you're saying. Cool. Yes, the insurance payment is a Q2 expense, and that will be relevant in Q2 again this year. Cool. Thanks, Craig. Okay, cool. Thank you. That's all the questions that we have currently. If anyone else would like to ask a question, please pop it into the Q&A panel. Otherwise, if there are no more questions, I'll hand over to Ralph for some closing remarks. Thanks, Lauren. Look, thanks again for your time today. As you can tell, we've a remarkably resilient business helping millions of women each year. Thank you for your continued belief in our mission to save families from cancer, and we look forward to presenting our full- year results at the end of May. Thank you all. Thank you.