Good morning, everybody, and welcome to Volpara's FY 2023 full year financial results investor webinar. On the call this morning, we are joined by Teri Thomas, who is Volpara's CEO and Managing Director, Craig Hadfield, who is Volpara's Chief Financial Officer. There will be a presentation today, which you can see displayed on your screen, and we will answer all of your questions at the end of the webinar. If you do have a question, please use the Q&A button at the bottom of your screen, and we will answer as many as possible. If we don't get to your question today, we are sorry, but we will come back to you on email or be able to set up another call for you. With that, I'll hand over to you now, Teri. Thank you. Thank you very much, Hannah. Hello, and welcome to Volpara's 2023 results, covering from the 1st of April, 2022 through the 31st of March, 2023. We'll be walking through key elements of the presentation that was loaded onto the ASX earlier today, and then we'll have some time at the end for questions. As Hannah introduced, I'm Volpara's Chief Executive Officer and Managing Director, and I'm joined by Craig Hadfield, our Chief Financial Officer. As a part of our annual report today, first, I'll give some highlights, what I think investors and the public are most interested in knowing. Take a look, and then you can decide if you want to keep tuning in, as I hope you do. I'll next share a brief overview of who Volpara is and what makes us tick for those that don't know us, including a summary of our environmental, societal, and governance progress this year, and a bit about some of our new customers joining the Volpara family. Craig will then present our fiscal year 2023 financial results before coming back to me, where I'll address some exciting developments going on in our industry, particularly in the United States, which is our biggest market. Finally, I'll end with sharing our vision for the future of Volpara as a growth company before we take some time for Q&A. Let's dive right on in. Standard disclaimer. Now, investment highlights. If you're new to Volpara or you're considering investing in us, these are a couple key points to know about us. I'll go into more detail about several of these further in our presentation. For now, this is just a summary. We are different from a number of vendors in our space. We have a very strong science and innovation team at the forefront of disruptive innovation, positioning us strongly for growth. We have maturity not just in the strength of our product, but also our business model. Many others in our space find themselves in a very difficult spot of converting from a capital sales model to a software as a service model, but we Volpara are over that hump. 96% of our revenue is recurring SaaS revenue, and most customers sign on for multi-year contracts. We're also unique in being a growth company and an established company with a strong and growing market share based on a solid foundation of stable and predictable revenue. At the very end of this presentation, we'll address our growth vectors in more detail. That's the highlights. Let's move on to a bit of our story and the hard and good work behind what you see driving those highlights. I always want to talk about what drives Volpara, and I've said this before, we'll say again, what attracted me as a person to Volpara was our purpose. It matters to me, it matters to our staff and the work that we do. We save families from cancer. Breast cancer is the most diagnosed cancer in women, and between one in seven and one in eight women will be told they have breast cancer at some point in their lives. Many people aren't aware that breast cancer also impacts men, both through the broad impact of cancer on a family, men themselves also, while rare, do get diagnosed with breast cancer. Breast cancer impacts transgender individuals, non-binary, it impacts everyone. Therefore, as a company, we don't focus only on women. You may also not know that we don't just focus on breast cancer either. Our Risk Pathways product identifies people at risk for colorectal, pancreatic, ovarian, endometrial, and even lung cancers. Breast and other cancer rates are on the rise for both men and women, particularly in younger people, the importance of the work that we do on behalf of all types of humans and their families is clear. Next slide. Let me talk for a minute about our ESG strategy. Our purpose. First of all, I'm gonna address four different pillars, but I'll take them two at a time. Our purpose drives us, and it's a great segue into our social and governance work. We come to work each day because we care deeply about cancer prevention. We continue to expand our footprint for screening, discovering the best quality in breast cancer detection, and the science behind it. We support research with over 500 publications now sharing their discoveries using our technology with Volpara support. The second pillar, a principled and resilient business, drives us to be organized and disciplined in our internal processes governing development and management of security and risk. We continue to follow rigorous standards to keep our software and our customers safe, but also safeguard our intellectual property. Our workforce. You can go to the next slide, Hannah. One more. Our workforce is the heart of what we do, and I'm grateful to be able to work with a high caliber team. We strive to provide a job environment that's diverse, supporting a culture of learning and innovation, including a new benefit that we introduced this year, in which our staff can choose to work for up to three months each year in a different country as long as they're able to do it legally and successfully achieve their job objectives. Finally, we're ahead of the game on our stance towards climate stewardship, driving a low waste culture, heavy use of video conferencing, and a low carbon footprint. On to the next slide. Perhaps this is a good moment to pause and share for a moment what Volpara does for those of you who are new to us. This time, I'll address it a little bit differently and start with what we're not. We do not make nor sell any physical equipment. If you or a family member goes to the doctor and gets a mammogram, you won't see Volpara's name listed on any mammogram machinery. We are a SaaS software and artificial intelligence technology company. We provide the intelligence insight to help those that are doing mammograms do them even better. We do that in several different ways. First, with our Risk Pathways product, we empower patients and their doctors to make informed preventative care choices based on calculation of an individual patient's risk of multiple types of cancer. Our Live and Analytics product empowers technologists with the information that they need to perform the art of a top-quality mammogram, with training and feedback needed for technologists to provide optimal compression and the very best positioning. Our Scorecard and Patient Hub products empower radiologists with key insights needed to result mammograms accurately and as quickly as possible, including objective physics-based assessment of breast density, which is a significant risk factor for breast cancer and can also hide existing cancers from being seen on a mammogram. We provide AI analysis of images to assess for quality, as well as integration of computer-aided detection information from partners like ScreenPoint's Transpara product. Finally, our Patient Hub and Analytics products provide workflow automation tools that speed up overworked and high demand technologists and radiologists, automating key reporting and compliance steps so that they can focus on what they want to do, which is taking care of patients. Next slide. When I think about this past fiscal year, to me, this slide sums it up best. As a company, we've turned a corner. As a purpose-driven company, profit is now within reach. We've streamlined our operations and focused our efforts. Anchored in our purpose, we've engaged with elephant commercial opportunities in the markets that support our growth in enhancing shareholder value. We provide concrete value to our customers in an efficient and engaged way, and we engage with large imaging chains and integrated delivery networks. Our staff see the fruits of their efforts in our purpose, saving families from cancer, and they see it being done in bigger and bigger ways through our customers. Next slide. Speaking of customers, I want to talk about a particular type of customer that's gotten a lot of attention from us in the last year, which we call the elephant. These are the movers and shakers in the industry, large organizations. Here are a few of the names that you might recognize, including our first customer that pays us over $1 million of annual recurring revenue. We are happy to have doubled our number of customers that are big enough to provide over $250,000 annual recurring revenue from 10 of those customers to 20 in the last year. Yet, no single customer represents more than 5% of our annual revenue. You'll see many of these customers have either upgraded from single products or purchased multiple products together. Last year, about 85% of our customers owned only one product from Volpara, and now about 75% of our customers own one product. This signals a growing trend with our customers, increasingly leveraging the value of multiple products. It also shows we take good care of our customers and gives us a great base for cross-selling in the future. Speaking of taking care of our customers and the value of our products, let me hand you over to Craig to talk about the impact of these purchases on the financial strength of our company. Go, Craig. Cool. Thanks, Teri. Thanks, Hannah. Today I'm gonna touch on a few of the key points within the presentation. Just a reminder that all the numbers I refer to are in New Zealand dollars unless I say otherwise. There are a few metrics on this slide which will be familiar to people, but there's also a few new ones that we are gonna introduce and start reporting on more regularly. In the past, for those of you that have followed us for a while, you would've seen TCV before. We're bringing that one back. As you can see there, our TCV is sitting at just below $85 million. That is over four times what our ARR is. You know, that gives us a lot of visibility into the future revenue potential we have in the next, you know, one to four years. Another one which is new on here is net revenue retention. For those of you that are not necessarily familiar with that metric, that is our core base of CAR plus the expansion CAR signed up during FY 2023 less any churn. As you can see there, we have a net gain in our revenue or in our CAR from our existing customers, which is a good position to be in. The other metric which is useful on the bottom right, in my view, is the long-term visibility. We have 64% of our customers who've signed up for multi-year contracts. That's at least over one year, with most of our customers being in the three- to five-year range. The other one on here, which is new, is that our top 10 customers represent about 18% of our CAR. As Teri touched on a little bit earlier, you know, very little concentration risk in terms of our customer base. With that, we'll go to the next slide, please, Hannah. Today we are pleased to announce that we have increased our revenue from NZD 26 million to NZD 35 million. That's a 34% improvement year-on-year, or 20% in constant currency. This is above our guidance range of NZD 33.50 million- NZD 34.50 million that we provided in July last year. I'll touch more on the product mix and subscription versus capital in a later slide. The graph on the right-hand side shows both CAR, ARR, and TCV. We touched on the former two in the 4C call in April, being CAR and ARR. Obviously, we're continue to work hard to close that gap of NZD 5.6 million. You know, as a business, we know that installation takes between three and nine months. And with that and our run rate of new business signed, which is in the region of NZD 1 million-NZD 1.2 million per quarter at the moment, it means that that gap is unlikely to reduce below NZD 3 million. You know, obviously you can see there we're currently sitting at NZD 5.6 million. There is a good NZD 2 million range that we are working on to bring in in terms of revenue. Given this and our TCV, we're guiding to revenue for FY 2024 between NZD 40 million and NZD 42 million on a constant currency basis, which translates to growth of between 15% and 20%. With that, we'll go to the next slide. If we look at our product mix on the left-hand side, you can see that all three of our core products, namely Analytics, Patient Hub and Risk Pathways, all showed robust growth. Analytics grew 30%, Patient Hub/MRS grew 33%, and Risk Pathways, our newest product, and from the acquisition of CRA, two years ago, achieved a growth rate of 49%, which is just excellent. Additionally, the other category, which includes revenue from lung and genetics, amongst other things, had a 29% growth rate. You know, this clearly shows that we're seeing growth consistently across all areas of the business at the moment. If we move to the graph on the right-hand side, you can see there subscription revenues experienced slightly faster growth overall, expanding by 35% or 21% in constant currency compared to the previous year, reaching NZD 33.6 million. That's up from NZD 24.8 million last year. Our commitment to focusing on SaaS contracts and transitioning our remaining legacy capital customers to subscription-based models has proven to be a strength that has driven sustainable growth for the business, bringing us ever closer to profitability. Through this approach, and by highlighting the value of our subscription offerings, we've attracted and grown our customer base of elephants, as Teri mentioned earlier, from 10 at the start of the year to 21 at the end of the year. It's also brought improved stability and predictability to our financial performance. With that, we can go to the next slide. Q3 and Q4, as you will have seen from our 4Cs, were our first two cash flow break-even quarters ever as a business. As you can see from the graph on the right, the blue line represents cash outflows. They increased only marginally compared to the prior year, whereas the green line represents our cash receipts, which increased materially year-on-year, showing us the net positive effect of the various changes we've made over the last year, in closing that gap. Overall, the impact on EBITDA in the second half of the year improved from a loss of NZD 7.7 million in the prior year to NZD 1.9 million in the second half of the year. That's a significant improvement of NZD 5.8 million. In total, FY 2023 saw a reduction in the EBITDA loss of NZD 8 million, down from NZD 14.1 million in FY 2022 to NZD 6.1 million for the year in FY 2023. As a result, for FY 2024, we are for the first time guiding towards the possibility of EBITDA break even with a range of +NZD 0.50 million to - NZD 2 million. With that, we can go to the next slide. If we look at our cost of revenue, or overall, our operating costs increased on a constant currency basis by less than 1%, 0.9% to be exact. If we look at the breakdown between the three, or four major categories, the cost of revenue, seen as your costs remain relatively stable despite an increase in customer deployments, while commission costs largely aligned with revenue growth. Our general and admin costs saw an increase of 8.5% year-on-year, or only 3.8% on a constant currency basis. That was largely driven by higher insurance premiums, which is revenue driven, together with some redundancy costs, from the July-August period. Sales and marketing costs when adjusted for currency movements decreased by 2.2% year-on-year. That was primarily due to headcount reductions as part of the revised strategy. Product research and development costs increased by 1.3% on a constant currency basis. Here, increases in software tooling, and amortization of capitalized development costs were largely offset by a decrease in employee costs. Overall, our operating costs reflect an ongoing effort to optimize our cost structures while maintaining our focus on selling and delivering high quality products and services. Okay, last slide before I hand over to Teri. You know, again, as you saw in our previous 4Cs, and as you can see in the graph here, since the implementation of the revised strategy in late August, we've witnessed a significant improvement in our net operating cash flow position, starting from about the September month onwards. This positive momentum continued throughout the remainder of the fiscal year and really did surpass both our expectations and the guidance we provided to the market. We continued to remain diligent in closely monitoring our cash flows as we move towards sustainable cash flow profitability. I touched on EBITDA a bit earlier, as you can see here, the result is a 57% improvement in EBITDA year-over-year, and a 40% improvement in our loss position from NZD 16 million in FY 2022 to below NZD 10 million at NZD 9.8 million in FY 2023. Overall, a fantastic result. With that, I'll hand over to Teri to talk about customers. Thank you very much, Craig. Yes, it is all about the customer. We wouldn't have any of that revenue if we didn't have customers that are wonderful to work with that support our mission in saving families from cancer. That growth in revenue is because we provide real value in support of those customers. As a company, we've increased our focus on knowing the world of our customer. Our customer success team's theme this year was customer obsessed. This past fiscal year, we've extended that customer obsession to engaging our product and engineering teams directly with our innovative customers. I thought might be worthwhile for you to see who our customers are and what our customers in the future look like, and I've divided it into three different categories. First, our traditional mammography providers, radiology chains, those who are deeply focused on mammography. Now we're well known to this first group. However, we are now starting to pay more attention to the second type of customer, the U.S. integrated delivery network. These organizations are part of a trend in the United States of consolidation, with larger health systems coming together, looking for consistency, care coordination, population health, and ways to differentiate themselves in their market for providers and patients. This particular type of customer, this market, does not know Volpara very well. We are working to change that. We are attending new conferences that are not just focused on radiology and mammography, and we're doing some new targeted marketing to get to know the C-suite, the IT, the physicians, the quality providers, and the others that are engaged in taking care of the challenges of managing large health systems and large populations of patients. In rest of world, Volpara has software in over 40 countries, yet 95% of our revenue comes from the U.S. and Australia. We have an opportunity to change that, we're carefully watching developments in national screening programs and preparing for growth in the countries that are the most innovative and progressive in their breast cancer screening programs. We're engaging with international leaders as they develop and define new standards of care, that's part of the focus of our science team. In particular, there's some strong research coming out of Norway on how to manage the care of people with very dense breasts, leveraging our volumetric density to really hone in on the women that are the very highest risk. Next slide. Speaking of science, our science and our innovation team is engaged and well respected for its deep knowledge and contributions to discoveries in breast cancer research. With over 500 published articles, Volpara continues to be the gold standard in volumetric density and measuring mammogram quality. We continue to support leading academic researchers while also driving machine learning, science, and physics-based innovation into our products and potential new products through our Volpara Lab, enabling testing of new algorithms and prototypes. One example is the breast arterial calcification algorithm that we developed in conjunction with Microsoft, which is now enabled in Volpara Lab to be treated in the hands of researchers in the field. Tested in the hands of researchers in the field. Next slide. As I shared in my letter to investors earlier this week, it's been a great time for Volpara and those that are devoted to the early detection and prevention of breast cancer in the U.S. With the high-profile breast cancer diagnosis of Katie Couric, a well-known United States journalist, she's educated America about breast density, and we've seen movement at both a federal level and also an overall industry level. The National Accreditation Program for Breast Centers, or if you want to have a clunky acronym, the NAPBC, has added an accreditation requirement to incorporate risk assessment and breast density education for accredited breast centers. We are well positioned to benefit from this by providing both the software for risk assessment and measurement of density, but also the know-how to build successful and comprehensive risk programs. The American College of Radiology provided new guidelines suggesting risk assessment at age 25. With our first primary care risk implementations and integration with lab providers underway, we are well poised to support our customers in meeting these new guidelines and helping to create personalized plans for younger people at risk of breast cancer and ideally detect it earlier or even prevent it. The U.S. Preventive Services Task Force, or for another clunky acronym, the USPSTF, has been quiet about mammography recommendations for over a decade, but now steps forth to end the United States debate about when women should get their first mammogram, lowering it from recommending age 50 to age 40 and reversing the guidelines put in place in 2009 and reinforced in 2016. While still a draft recommendation open for public comment, this has garnered significant attention. Volpara will be providing comment as well as several of our customers and other leaders in the industry supporting age 40 and suggesting screening annually in line with other U.S. industry recommendations. We do laud their goals of addressing health equality, including marginalized minorities, and we believe that an early personalized risk assessment approach is the best approach. These tailwinds can drive more business for us, but even more important, they're right for women. Research indicates the incidence of breast cancer is increasing, particularly in younger people, and we are glad to have the technology and tools to help our customers identify those who are at risk and give people personalized plans for early detection and even prevention. Saving more families from cancer, our purpose. Now, let me turn to our final slide. We're stable, and we have profitability in our sights, and yet Volpara is absolutely a growth company. We are well-positioned to continue and even accelerate our growth in the coming years. To illustrate our growth potential, we've divided growth opportunities into four categories. These are not steps from one to another, even though it may look that way. They're actually additive. I've laid them out this way to give each its due, and each of them have different scales of potential. Let me start first with the easy one, tailwinds. As I just described, our industry is getting a lot of attention, particularly in the United States, our biggest market. Even if we stood still, which we will not, with no new innovation or no new products, we still anticipate that our volume-based product revenue would grow as our customers do more risk assessments and increase the number of mammograms using our software. Moving to the second column, with our current products we have numerous unexploited opportunities in front of us, including a large install base, as mentioned earlier. About 3/4 of our customers have only one of our products, and we continue to build integrations that benefit and motivate our customers to migrate to multi-product installs. Our sales, our professional services, and our customer success teams engage with our customers, and through those relationships, we're seeing a positive trend, particularly with the elephant-sized customers expanding their relationships with us over time. We will, of course, continue selling to brand-new customers, including those breast centers who are gonna need to establish new risk programs. We've analyzed the full list of the NAPBC centers, and only about 10% of those customers have our software. We're doing a proactive outreach to the remaining centers and ideally bring more of those on as customers. That, together with new trade shows, existing trade shows, and our normal business outreach, will continue to support growth of new organizations engaging with Volpara over time. Finally, we've had modest growth in Australia and Europe this year. We are carefully watching developments related to government-level screening programs and risk assessments, and we expect to capitalize on those over the course of the next couple years. Moving to the third column, the purple column. New innovation, which we do characterize innovation in two different types. The third column is really addressing incremental innovation, which means several areas of low-hanging fruit for us. These include additions to our current products or how our current products are marketed. We've engaged with some prospective customers about using our Risk Pathways software as it is, but outside of traditional physician or radiologist-led settings. This includes potential new market segments in parts of the United States that manage risk, such as insurance, accountable care organizations, even employers and retail. We received a grant from the New Zealand Trade and Enterprise, thank you very much, to evaluate an option for engaging with consumers directly or through our customers. Even our science and engineering team working on new product offerings, including adding lung risk and expanding our Live product to be deployed on an acquisition workstation. Lots of opportunity without significant work to be able to continue to amp up our growth. The column I'm most excited about in my job as CEO is to look for the big opportunities. The disruptive innovation category is one that I put a keen amount of attention and interest to. As mentioned in our strategy last year, we have fertile ground to grow beyond breast, and that continues to be a great expansion direction, both within imaging and also with our already beyond breast Risk Pathways. What I really love talking about right now, though, is AI. Man, we live at an interesting time. AI has been around for decades. Right now we are at an inflection point. ChatGPT set the record for the fastest-growing user base in history. Two months from launch, it hit 100 million active users. We are engaged with our partner, Microsoft, on some investigational work related to ChatGPT and mammography, and we see enormous potential in this direction. Even ChatGPT aside, though, customers and consumers are looking at AI very differently, and suddenly its value is becoming clear. Radiology has been leading the way in leveraging AI in healthcare, global mammography-related staffing pressures mean there will be increasing support for leveraging the value of AI to solve real problems. Volpara is extremely well-positioned with our image-based AI team, experts in density, quality, research, risk and data to take advantage of this industry shift. I'm very happy about the year that we just had, I'm even more optimistic about what's ahead of us. That concludes my overview of our year. Happy to open it up for questions. Thanks very much, Teri. We do have quite a few questions that have come in, both from the floor and in advance. Let me just get them up for you. The first one says, it actually relates to what you were just speaking to, in your growth. Volpara has recently benefited from changes made to the FDA and other guidelines on cancer and density screening in the U.S. Are you able to quantify this benefit just yet? That's a great question. I figured somebody would ask that. We've given guidance of NZD 40 million-NZD 42 million based on our current products and some incremental innovation. We remain as a company, as per our strategy, focused on EBITDA break even this coming year. That assumes no acquisitions or significant business changes. We would not rule out accelerated growth beyond our guidance in some of these vectors if we see the right opportunity. We aren't prepared to give any further financial guidance related to that right now. Anything you wanna add on that, Craig? No, I think you covered it, Teri. Okay. Okay. Another one here. This is actually quite interesting. How does Volpara Risk Pathways and Scorecard product compare to the iCAD ProFound AI? Any track record on win rate when tendering against iCAD? Just noting that iCAD claims that its detection solution is up to two times the clinical performance versus leading competitors. iCAD's kind of interesting. This maybe brings me back to that slide of what we are and what we're not, because we're actually not in direct competition with iCAD. We, in some cases, with some customers, even collaborate with iCAD. We do bring iCAD's ProFound AI score onto our Scorecard and present their information together with our information. Volpara doesn't currently have a computer-aided detection product directly itself. We have an AI product to analyze and characterize breast density in a very physics, volumetric way. We also integrate scores from ScreenPoint's Transpara and iCAD onto our Scorecard and pull that together also with a characterization of the quality of the mammography image and risk information. We don't actually do a head-to-head competition with iCAD, and I hear good things about their technology. Okay. Thanks very much, Teri. Actually, a few here for you, Craig. Given that Volpara's density product is the most clinically validated and so far ahead of its competitors, can we expect R&D costs to decrease over the next year? Interesting question. I'd probably answer that in two ways. Obviously, we did some headcount reductions last year as part of the revised strategy. As part of our EBITDA forecast for the year, or guidance, should I say, we're not intending on increasing our team materially, nor are we intending on any reductions in headcount. I think we're a pretty stable business right now, in terms of overall headcount. In terms of R&D cost overall, about 2.5 years ago, we started capitalizing more of our costs as development. We're getting to the point where we amortize over three years. We're getting to that peak, where going forward, our R&D costs will almost be rolling over. I feel like we're at a, you know, our costs and our cash outflow are sort of at a very stable position, and we're comfortable that our costs for the next 12-24 months, you know, business as usual, are pretty stable. Anything you wanna add, Teri? No, I agree. I don't anticipate we would reduce R&D costs. I do anticipate that we would keep it pretty close to where it is. The other thing I wanna do is protect our ability to leverage some of these innovation opportunities. While we could continue on our first couple of bars with a smaller team, to me, I want us to grow, grow. All right. Thank you. There are two questions that are quite similar, and they're quite funny, so I'll read them out for you, Teri. Are you considering any mergers or acquisitions? Ah. Is there a takeover by Microsoft? First of all, the question about mergers and acquisitions is always a little bit tricky. I would say given the market dynamics and the anticipation of consolidation. I would say, you know, building on Teri's comment, we're definitely seeing consolidation coming to our space overall. There's a lot of companies that are not in the position Volpara is in with our 96% recurring revenue. You know, overall in our space, I think we are definitely seeing some degree of consolidation. You know, VC money, PE money is not as available as it was a few years ago. We all know that. I think a lot of people were waiting for FY 2023 or, sorry, calendar year 2023 to see that pick up. I don't think anyone has seen it pick up yet. You know, there's definitely opportunity out there. You know, maybe not, there's something down the line. Right now, we're not actively looking at anything specifically, but we're definitely continuing to look at opportunities in the space overall. That question wasn't gonna make me cry. You know, I will say what's interesting, when I look at it, there are some interesting opportunities where when, from my perspective, we have a really strong and solid growth direction. We're doing really well as we are. However, there are other players in the industry that are doing similar things to us, and there is always the possibility of could we do what we're doing a little bit better? Could they do what they're doing a little bit better if we came together? We're open to the possibilities, but there's nothing concrete we can share. That includes Microsoft, although we love them as a partner. Thank you very much. Okay, a few more. Approximately what percentage of your revenue is volume-based? Okay, that's quite a specific question. Off the top of my head, about 80% of our revenue is volume-based, and I'll explain that a bit more. Risk Pathways, Patient Hub, and Analytics/Scorecard are all volume-based products, and every single contract is priced based on volume. The only part of our recurring revenue that is not based on volume is legacy MRS support, which is recurring revenue. Those are the customers that we're actively moving over to Patient Hub and, you know, preferably more than one product. They are not volume-based, and they make up about $4 million of our total revenue random, so about 20%. All right. Thanks very much. This is quite a long one. Can you confirm the FY 2024, NZD 40 million-NZD 42 million revenue guidance? What is the incremental USD CAR assumed behind that guidance? It goes on to say, "Volpara added 10 elephant accounts in FY 2023. Can we expect over 10 new such accounts in FY 2024 and maybe a first IDN customer in FY 2024?" Ma'am, I'll take the first part of that, and then you take the second part. Right. On the first part with the revenue guidance, that's a relatively easy answer. If you go back and you look at Volpara's track record over the last two or three years, quite often our revenue mirrors what our closing CAR was at the end of the previous financial year. That's a bit of a mouthful. If you look at where we ended FY 2023 at $26-ish million in terms of CAR, that is roughly what the $40 million-$42 million is based on. How we get there is largely a factor of, we know it takes three to nine months to install each customer. Yes, we will have new customers sign on in FY 2024, and we've already had customers sign on in FY 2024. They may or may not go live. It depends what their product is, how many products they've purchased. It also, you know, in the case of Risk Pathways, it can also depend on whether their Epic instance is installed or not. That is a large reason for why there's a gap between CAR and ARR is because of Epic and sometimes their install timelines, which can take, you know, three to five years in some instances. It's really a factor of our CAR that impacts on our revenue guidance for FY 2024. All right. Obviously foreign currency as well. Sorry. I'll just add that in. I'll address the elephant and IDN part of the question. I probably ought to be clear, of the 10 or I guess 11 elephants that joined in this last fiscal year, some of them were integrated delivery networks. Sutter, for example, Adventist, Bon Secours Mercy, Banner Health, each of those would be considered a big integrated delivery network. That we will expect to continue that. There are a lot of elephants out there. We're nowhere near market penetration. In terms of what we can expect in fiscal year 2024, continue to expect a cadence of new elephants joining. All right. Thank you very much, Teri. One which again relates to the CAR. It says, "How is the volume increase priced in the CAR? When a new contract is signed, is there a base volume above which additional fee is charged at the end of the billing period?" Yeah, I can take that, if you want, Teri. Yeah. All of our contracts are, as I said earlier, based on volume and effectively an ARPU. We look generally on an annual basis. I actually had a meeting first thing this morning at 7:00 A.M. talking about exactly this, where we review all of our customers that are outside of a range. When I say that range, generally what our contracts say is, a customer's signed up for 100,000 in terms of volume, we give them leeway of 5% either way. If they're outside of that 5% range, we reserve the right to either bill more or give a credit. It really is priced on volume. If we do an adjustment, it's at the end of each financial year when or, each customer's contract year when we're going to reinvoice them. Generally, our contracts are annual. We don't do it on a monthly basis or a quarterly. It's generally on an annual basis. All right. Thank you very much. We have one more written question, and then we have one from [Max Heron-Vela on the, h e's raised his hand, so he will speak, and I will let him do that in just a second. The ability to move into profitability is very exciting. How confident are you re this prospect in this inflationary environment? I feel quite confident about our ability to be able to grow and support that drive to break even. You know, we've got two things going for us. We've got industry tailwinds and growth of our revenue with the ability to also be disciplined about spending money. We've got that discipline. We've been able to demonstrate we can keep our costs pretty flat. We're getting to a nice scale in terms of us as a SaaS company being able to manage continuing new innovation and workload without needing to add significant numbers of new people. From the business, just general running a company perspective, I think that we've got the right mix in place to be able to proceed forward. When you think about what's going on economically and the, you know, looking at banks failing and threats of recession, I thought it was interesting, Becker's Hospital Review did an article talking about, you know, should people be concerned about a banking crisis? What would a recession mean for healthcare? I'll quote one thing from that article, and it was, "Despite the turmoil of the Great Recession, healthcare made it out relatively unscathed. Compared to other sectors of the economy, the number of healthcare jobs and the national expenditure actually grew." You know, that does tell us we're in a really good place, because when there are economic challenges, healthcare marches on. Cancer still happens. You know, we're in a fairly recession-proof kind of business. All right. Thanks very much. That is all the questions. The one with the raised hand is no longer. Before we close, I just wanna thank you both, but also let everybody know that Teri mentioned earlier on about a letter that she wrote to shareholders. This was sent to our shareholder distribution list. If you are not on that list, but you would like to be, my email address is on the screen. Please send me an email, and I'll add you to it. Just to confirm that all communications we make via that channel is in compliance with our disclosure requirements. There is nothing. It's mostly commentary on political debate and some, you know, scientific updates and newsletters and things like that. If you didn't ask a question today, but you think of one, please also send me an email, and I will come back to you as soon as possible. This webinar is being recorded, so it will be up on the website in the next 24 hours. You can go back there to watch it again. Do you have any closing remarks, Teri, before we go? I would like to say thank you to those of you who have invested in Volpara and remain invested in Volpara. We really much appreciate your support of us, but also our customers and those that are out there saving families from cancer really appreciate your support as well. What we do makes a difference. You investors are part of it. Thank you. Thank you very much, Teri and Craig. Thank you to everybody joining us. I'll now close the webinar. Thank you. Bye.