Good morning, everybody, and welcome to Volpara Health's quarterly results update webinar. On the call with us this morning, we have Dr. Ralph Highnam, CEO of Volpara. We have Craig Hadfield, Chief Financial Officer of Volpara, and we have Jill Spear, Executive Vice President, U.S. Marketing and Sales. I will now hand over to Ralph, who will commence his presentation. Thank you. Cool. Thank you, Hannah. Hello, thank you for your time today to hear about our busy and strong Q3 FY 2022 ending the 31st of December 2021. Volpara is on a mission to save families from cancer, and we're incredibly proud that our software is now contracted to be used in over 35% of U.S. breast cancer screenings. That software is helping ensure the patient experience is personalized, safe, comfortable, and effective, with cancers being caught as early as possible. We truly are making a big impact every day, and we thank you, the investors, for helping us make that happen. We'd like to confirm up front that we're well on track to meet our guidance for the year of accounting revenue of NZD 25 million. However, as you're all aware, public listed innovation companies are currently suffering from wider macro trends and wider geopolitical concerns that they and we cannot control. What we can control, of course, is how we evolve the company to thrive in the new environment, to maximize impact and shareholder value, and we'll touch on that as we go through today's report. As per the ASX announcement that went out earlier today, we're very pleased with how Q3 has landed, despite the arrival of Omicron. Today we'll be covering, as usual, the traditional 4C cash numbers, which again show strong cash receipts, the SaaS-based metrics showing strong growth over the quarter, and then operational news. As Hannah said, we are joined today by Craig, our CFO, and by Jill over in South Carolina, and we'll all be available for questions at the end of this call. Okay, let's start then on the 4C cash metrics. During Q3, we had one of our strongest quarters to date for cash receipts from customers, hitting NZD 7 million of receipts, up over 50% compared to last year. With those cash receipts being almost all of them from subscription sales, and those numbers reflecting, of course, both organic and inorganic growth. During the quarter, we had net operating and investing cash outflow of NZD 3.6 million, down from Q2, as we start to see cost synergies come into play post the CRA acquisition. I'd like to, at this point, just to thank Ed James, the former CEO of CRA, for his efforts over the last year as we've brought the companies together and wish him well now as he heads off into retirement in Florida. Optimizing the productivity of the entire company has been a feature of the last year, as we've looked to become increasingly scalable, and that will continue to be an even bigger focus now over FY 2023, as we look to leverage the team, products, and partnerships that we have to move more aggressively towards cash flow breakeven. Cash on hand at the end of Q3 was a little over NZD 21 million, leaving us with a continued strong bank balance and approximately six quarters of cash on hand, our current run rate, and that includes earn-out considerations, which we are working formally through now. The company continues, of course, to have no debt on its balance sheet at all. Turning now to the SaaS or recurring revenue metrics, let me just remind you then almost all the new quotes for Volpara products are now subscription-based, but there's still a few historical capital deals coming over the line. However, as can be seen from our quarterly cash flows, those capital sales have continued to reduce. The change to SaaS we did a few years ago continues to be a key differentiator for Volpara in the market. We are seeing more and more companies in the medical imaging space try to adopt but struggle to change due to their legacy capital sales business structures. We're in a very strong position industry-wide around that. During Q3 then, despite coronavirus and the arrival of Omicron, we added almost $1.1 million of net new ARR, thanks to some outstanding upsells into the installed base and some major new deals, with the focus of the quarter being deals with Patient Hub, Risk, alongside Analytics or Scorecard, and so on. Biggest deal in the quarter was Advocate Aurora at $360,000 annual recurring revenue for Risk. They've already gone on now and brought Analytics to one site, and we're actively pursuing further upsells at their remaining sites. Those deals bring our contracted annual recurring revenue to over, well over $21 million now, which is over NZD 30 million, based on the exchange rates today. The ARPU across the installed base has risen again to $1.47, with deals in the quarter averaging $1.65. The range of ARPU in the quarter being $1.05 for a very large strategic account, which had lots of big upsell opportunities playing out. up to almost $6.70 for a site who brought Analytics, Patient Hub, and Risk products. Rate of churn of SaaS ARR remains low, and we now have our product contracted, helping over 35% of the U.S. screening population. That means we're now covering well over 1/3 of women being helped by our software. That obviously provides us with ever-expanding opportunities to upsell, which we're seeing more and more of, as we noted in the 4C. Upsells are now making up approximately 1/3 of net new ARR. In short, Q3 was strong despite the ongoing pandemic, and that's a real testament to the sales and marketing team we have under Jill and the momentum that they've generated. As a reminder that she and Craig are both available online now to take questions. With that, Hannah, I'd like to open up the floor to questions. Thank you very much, Ralph. If you do have a question, please feel free to use the box at the bottom of your screen. But we have received a few questions in advance, which are: Do you expect your year-over-year revenue growth to continue on the same trajectory? Sorry, Hannah. Can you repeat that one? Do you expect your year-on-year growth to continue on the same trajectory? Yep. We are busy now planning obviously for FY 2023 and we've not yet given any guidance out obviously for that next financial year. Certainly the way we're looking at things, we're seeing good growth quarter-on-quarter and we're pretty bullish about the future and where we're going. I might add to that, Ralph, as well. We have contracted annual recurring revenue of over NZD 30 million now. Our guidance for this financial year, FY 2022, was NZD 25-NZD 26 million, which as Ralph mentioned, we're on track for. With the business we already have, with the customers we already have, you know, we should show a strong organic growth for FY 2023 as well. We haven't put guidance out for that but, you know, for us, it's all about the installations. If we can get those customers installed, you know, we should continue to show strong growth because the business is already there. Thank you very much. Next question. The Australian and the U.S. healthcare sector has performed very badly over recent months, which is well-known. What is your outlook on what this year holds for both Volpara stock, Volpara share price, and the outlook of the sector in general? Yeah. It's a great question, Hannah, and I'll answer that kind of slightly different way. You know, as we noted, right, we're on track to hit the guidance, with strong growth in recurring revenues, and generally feel like we're in a pretty positive position in the very robust healthcare sector commercially. Obviously, Omicron in the ANZ, the U.S. macroeconomic trends and geopolitical concerns have all raised concerns about many innovation stocks globally, including ours. Having said that, you know, myself and all the board are obviously major shareholders, and we feel some of that pain. I firmly believe that if we continue to execute well in the fashion we did, the share price and shareholder value will really return in due course. We did of course see a major dip in share price post the start of the pandemic two years ago, and we recovered pretty well after that. Obviously, it remains to be seen how things play out. You know, as long as we keep executing well, build a very strong business, which we're doing, we'll be in a good place for the future to continue to make a big impact for women globally. Okay. We have some questions from the floor. Hello. When do you expect to become cash flow positive? Yeah. That's another good question. That's kind of tied in with some of those wider concerns about innovation and tech companies globally. Again, we've not given any guidance out on that, but certainly it's become a real kind of focal point for our internal discussions now. As Craig said, you know, we've got lots of contracted revenue sitting out there. If we get them installed, you know, we're gonna see strong organic growth in revenue without having to do a huge amount of engineering and other work. The FY 2023, 2024, you know, we see those as being key ones to start moving much more aggressively towards cash flow breakeven. Okay. Thank you. This is a really interesting question. With the increasing demand for IT professionals and other highly skilled staff due to the global talent shortages, what is Volpara doing to retain its staff, specifically IT staff and other integral members of the team? No, it is a great question, and obviously it's something with the closed borders in New Zealand and elsewhere around the world, is a topic. You know, our team and our company, right, we're focused on saving families from cancer. That's one of the things we really sell to our staff and to new employees, in particular. You know, you come into work not just to earn money, but to actually make an impact, and we really believe that goes a long way to, you know, retention, especially in the competitive market that's out there today. We also provide, you know, look to provide a fantastic supportive environment in which people can come in, grow and develop, as well as paying market-related strategies. Yeah, we're also pretty fortunate now in being able to recruit globally, thanks to those new New Zealand plus U.S. teams that we have in place. Plus, of course, because of the pandemic, you know, we're actually all very used to now working at home, and so pulling in people from, you know, odd parts of the world to work for us is simply not an issue anymore. Okay. You recently announced your largest deal to date with Akumin. When do you expect installation to complete across the entire Akumin network? Yeah. We've signed up quite a few big deals recently, including the one I noted a bit earlier. Some of them move very quickly, and some of them move more slowly. I think it's fair to say the Akumin one is on that slower side of the scale, but certainly over the next three, six months, you know, we're making good progress with them now. Certainly over the next three, six months, we're looking to get fully implemented there. Yeah, we talked a little bit about COVID and the pandemic. You know, we're not really seeing that flow through so much on the sales side, and breast cancer screening itself is kind of very used to now to operating in a pandemic environment. The wide impact we are seeing is hospitals having a lot of IT people off because of COVID and self-isolating and so on, and that does tend to slow down some of the installations. You know, again, come back to one of Craig's earlier comments about contracted revenue versus what we've got installed, and that's why as well we know we'll have a good year next year because, you know, we have these installs like Akumin and others just waiting to get installed, and then we can start to recognize that revenue. Okay. We have a few more questions from the floor. How are partner relationships RevealDx, ScreenPoint and GE progressing? Yeah, that's another great question. Obviously, you know, GE and Fuji have been long time resellers of Volpara. A little bit, as we've talked about, over the last few years, you know, really that relationship more is them introducing us to customers and we then go in and support the sale, but effectively do the sale ourselves, which lets us own those customers. ScreenPoint raised a lot of money in January, February. I think it was January, February 2021. It might have been a bit later than that. They are developing and continue to publish a whole range of excellent papers around computer-aided detection and AI. I think fair to say, you know, the papers coming out from them are extremely good and look very promising for that future. That whole area of AI and CAD still looks highly competitive and so on. The rate there is good, but there's a lot of competition in that space. Then just separately on, you know, on the lung, obviously, October, November time last year, we signed a deal with RevealDx. They are still working through regulatory clearances, clinical papers and so on. But really very much October, November time, you know, that's when we started to see much more traction in general around lung. You know, we want to position ourselves for the future. You know, we continue to position ourselves. We've had some great discussions with them and others at RSNA, the big show in Chicago and so on. Currently it's all about positioning. It's all about looking and identifying the real opportunity there to drive commercial value and increase ARR. Okay. Thank you very much. What is the churn rate for SaaS customers? I can take that one, Ralph. Yep. Go for it. You know, we have a number of different product streams, but you know, our SaaS churn in particular year to date is somewhere in the region of about 2%. You know, at an enterprise level, you know, we'd consider that a very good churn rate. Obviously, as a business, we want no churn. That's not realistic, but 2%, we feel is pretty good. Just to note, the net new ARR number we do report obviously takes into account any churn, so that's over and above the churn that we've reported for the quarter. Okay. Thank you very much. How do you expect the breast cancer imaging industry to gel with the emergence of blood-based cancer screens? Yeah, that's another great question. I mean, the whole blood biopsy stuff has just been around now for many years, and I think you're starting to see some possibility of that kind of coming into clinical practice for those cancers and other diseases which are not so easily imaged. You know, we very routinely look at you know where breast cancer screening is gonna be five years out, 10 years out, and we certainly include blood biopsies into those discussions. It might play a role in helping differentiate, for example, false positives to cancer and indicating who should go off for biopsy. We you know yet to see any really significant results around screening per se. As I said, I do, you know, we do see a lot more hope for that in areas where you can't get at the body part so easily. Obviously, with the breast it is relatively easy to image, it's relatively easy to biopsy compared to the lung, compared to the liver, and so on. Okay. Is there an update on the FDA's decision to mandate and modernize mammogram services, which should benefit Volpara? Yeah. The last update, Hannah, was, I think it was October time, when the FDA was reported to be working diligently on it. Other than that, no other update. As far as we're aware, they're working on it and at some point it will pop out. Can I comment on this, Ralph? You know, I think right now there's 39 states that mandate density inform legislation, so they inform women about their breast density, and that has really been the tipping point leading to the federal legislation. Likewise, in the new genetic space, all four major organizations, the U.S. [audio distortion] of Breast Surgeons, ACOG, OBGYNs, the SBI, the ACR, they all recommend that women understand their lifetime risk of breast cancer by the age of 30. Even the U.S. Preventive Task Force has made that same recommendation. We don't talk about that as much as 'cause we are historically thought of as a density company, and that's our foundation. Truly, the expansion into understanding your lifetime risk, this is very relevant in the field today in breast imaging in the United States, and it's something that everyone's talking through. Earlier, someone asked about how do we work with our partners like GE and Fuji, but also, Transpara. We're like a complement to what everybody's talking to their breast imagers about. You know, and we have deals. We're actively working with every one of our partners, so it's. It's about them also pulling us into the conversation, because when they're talking to the breast imagers in the United States, they're asking, "How do I deliver a patient's risk to her? How do I inform her of her density? How do I ensure that I have great quality?" Like Fuji's having a quality conversation, and GE might be having a density conversation with a client, and that's where we kind of round out their portfolio and bring value to them. Yeah, no, it's a great point, Jill. You know, there's been a lot of focus on the FDA 'cause that's a great tailwind. You know, in the background, there's all the state laws. There's lots of just nationwide initiatives which also then generating lots of tailwinds for us, and we're in a very strong position to ride those tailwinds. Okay, thank you for that. What are your strategies for further global expansion? Yeah, that's a great question, Hannah. When the pandemic struck two years ago, we made the conscious decision to really focus on the U.S., Australia, and New Zealand, while continuing to do a lot of research work around the world, such as the DENSE project in the Netherlands or PROCAS in the U.K., or the work we're doing up in Belgium or Norway, and then supporting luminaries across Asia. You know, given the momentum we're seeing in the U.S. and some of the deals we're seeing now in Australia, in particular as well, yeah, that is gonna very much remain our focus. We are not gonna be spending a huge amount of money on people up in Europe, for example. We will be. You will see us doing more partnering up there to share some of those costs. Yeah, we are. 'Cause commercially, U.S., Australia, New Zealand, but we're very much gonna stay a global company. As the pandemic settles down, we will be looking to probably change what we do up there, but for now, it's more about partnering and letting local distributors do the hard work for us. Okay, and we have one final question here. What is the significance of the 56 million raw images you have in the cloud? That's a great question, and there's been a fair bit of discussion around some of that data recently. We were not one of the first companies to move onto the cloud. We did that in 2016, and then that's why, you know, all that data's been flowing up there. For those of you who have kind of been watching some of the AI companies, just in general in healthcare, you'll have seen, for example, recently that IBM Watson was sold to a private equity firm after spending five, six years trying to break into the medical imaging market and medical market with their AI. Getting AI to work in healthcare is extremely difficult. One of the reasons for that is that most new companies come into the space, and they try and target the images which the radiologist sees for their AI processing. You know, the trouble with those images is though they've been very heavily processed by the X-ray manufacturer, whether that's GE, Hologic, Siemens, or whoever. They all change those images in many different ways to make cancers more visible, and every time they kind of play around with that processing, it makes it much harder for AI to work robustly across sites and between populations. Volpara going direct to the, you know, X-ray machines and getting the raw data puts us in an incredibly strong position to devise and run very reliable, very robust AI algorithms. That's the reason why we're in a very, very strong position around AI in general. You know, the question is, okay, we've got all that great raw data from multiple machines, you know, what next? We've already kind of exploited it by building a fantastic new density algorithm, which is much more reliable to outliers, such as implants, fingers, shoulders appearing in the image. We're now doing a lot of work and we've touched on this over the last year, looking at ways of how can you predict breast cancer better. You know, Jill talked all about the tailwinds around breast cancer prediction. Huge amount of them. You know, the risk models that are out there are good, but they've only been devised on 10,000 women, 20,000 women. You know, we have the potential with that data set when we link the images up to the patient data to do risk models based on millions of women. We really do see the whole industry. We touched earlier on some where the industry is going with blood biopsy, right? We actually see the industry moving more towards instead of early detection and preventative prevention, you're high risk, you'll be given certain drugs and go onto certain preventative strategies. When you do that, you're gonna need to monitor the breast over time. No one's been able to do that before because they've not had the data at scale, and they've not had the raw data. You know, we do have that, and we're gonna be doing things with that data around monitoring and change over time, which, you know, no one has ever done before, although it's been talked about a huge amount over the last 20, 30 years. Hannah, yeah, so the data then, the raw data is incredibly important for AI robustness, but then commercialization will come in the form of prediction, monitoring, detection. As we do that, of course, the key for personalized healthcare is empowering the women to actually help them, you know, make the correct decisions for them all the way through. Thank you very much, Ralph. There are no more questions from the floor. I thank you all for joining us this morning. Ralph, do you have any closing comments? No. Apart from, of course, you know, thank you for your time, thank you for helping us make an impact on over one in three women now, every day. We did work this out the other day. It's like 50,000-60,000 women a day are being helped now by our software in the U.S. That's incredibly humbling and a unique position to be in, and it's a great base to build for the future. Really, as we talked about, change the paradigm from detection to prevention, and we thank you all for your support over this period. Thank you. Thank you very much, everybody. If you do have any further questions or anything else you'd like to talk to Ralph or Craig about, our contact details are on the bottom of all ASX announcements, so please feel free to get in touch. Thank you.