Good morning, everyone, and thank you for joining the Volpara Health quarterly results investor webinar. On call today, we are joined by Teri Thomas, CEO and MD, Craig Hadfield, CFO, and Jill Spear, EVP of Sales and Marketing. If you would like to ask a question, please use the written Q&A facility at the bottom of the screen. We will endeavor to answer as many questions as possible at the end of the presentation. I will now hand over to Teri to begin. Hello, and thank you for joining us this morning to hear about our second quarter of our fiscal year, which ended on the 30th of September. Volpara continues to live its mission to save families from cancer by providing software for early detection of cancer and delivery of personalized breast care pathways with an ultimate goal of even preventing cancer. This is the first quarter in which you'll see the results of our new strategy, which is focused on growth and ultimately a drive to profitability. Now, as per the ASX announcements that went out earlier today, we're very pleased with how the quarters landed, despite continuing disruption from COVID-related staffing delays, which frequently are happening at our customer sites, particularly in the U.S., and the overall macroeconomic environmental challenges. Today, we're gonna go through the traditional 4C cash numbers, as you'll see right here, which show another record cash receipts nearing NZD 9 million. We're gonna go through the SaaS-based metrics showing our continued growth through the quarter. Two milestones that are positive for the future of our company. An update on execution according to our strategy. Then we're gonna give a little bit of time for Jill to talk about sales and customer success and progress on that part of our company. As Anna mentioned, I'm joined by Craig Hadfield, our Chief Financial Officer based in Wellington, here with me, and by EVP, Sales and Marketing, Jill Spear, who's based in the United States, in South Carolina. We'll all be available for questions at the end, and I'm gonna hand it over right now to Craig to talk about the 4C highlights. Cool. Thanks, Teri. Okay, let's review the 4C cash metrics that we posted up earlier today on the ASX. Again, we're very happy to say that during Q2, we had our strongest quarter ever for cash receipts from customers, with receipts closing in on NZD 9 million. That's up about 23% or 8% constant currency. As in prior quarters, the vast majority of those cash receipts were from subscription sales. Despite being a slightly softer quarter on the cash receipts front in terms of constant currency growth, the continued upward trajectory is positive. As I've said on previous 4C calls, our cash flow should be evaluated on an annual basis, not just on a quarter-by-quarter, as evidenced by our unaudited half-year constant currency cash receipts being up about 15%, and October to date being significantly above last year's October. You know, our cash does fluctuate month-on-month, due to the number of customers we have and U.S. Postal Services. During the quarter, we had net operating and investing cash outflows of NZD 3.8 million. That's a decline of 2% from the same quarter last year, and only marginally higher than Q1 of this fiscal. This was entirely expected, and as noted in the strategy update, that given the restructure that was undertaken during the quarter, you know, the total restructure costs were approximately NZD 850,000. Additionally, in July, as part of the CRA acquisition, the first of two bonus payments of NZD 500,000 were made. Excluding those two extraordinary one-off items would've seen a decline in net cash outflows of about 35%. Looking forward, post the restructure, we expect quarterly cash outflows to reduce by approximately NZD 1.5 million per quarter whilst continuing to see increase in cash receipts. We've already started to see that in September, and now particularly in October. Cash on hand, excluding the revolving credit facility of NZD 10 million at the end of Q2, was NZD 11.6 million. Based on our forecasts, more than sufficient for us to reach operating cash flow breakeven within our guidance period. If we move on to the SaaS metrics, or recurring revenue metrics. During Q2, we added approximately $500,000 of net new contracted annual recurring revenue. It included some significant new contracts with some well-respected institutions like The University of Wisconsin, who purchased both Scorecard and Risk Pathways, and Baptist Health South Florida, who purchased Analytics. CAR is now running at $24.1 million. I'll remind you that we're now reporting CAR and ARR separately. CAR represents all of the contracted annual recurring revenue, whether installed or not, whereas ARR reflects the trailing 12 months of accounting revenue, generally unaudited. Importantly, cash inflows sit roughly between the two of those metrics. ARR at the end of Q2 was $19.1 million, up from $18.5 million at the end of the previous quarter, or an increase of approximately $600,000 from Q1- Q2, 2023. Net churn of SaaS/CAR remains low, and when I say low, below 3%. In terms of FY 2023 guidance that we gave to the market earlier in the year, which was in a range of NZD 31.5 million-NZD 33 million. Our financials are currently being audited, and we'll provide an update to the market when those results are released in November. That's an overview of the numbers, and I'll hand back to you, Teri. Apologies, I lost my cursor for a minute. Three screens. I did just finish two weeks of a roadshow in Australia. I'm almost caught up on sleep, but clearly not entirely. It was really positive feedback to be able to engage with investors at the Morgans conference. A shout-out to the Morgans host. It was a fabulous conference. Also the MicroCap conference and meeting also with some individual investors. It was, you know, just an honor to be able to spend time with people and have such nice feedback on our strategy. Heading to RSNA in November, I feel like I'm visiting Wellington for the moment. Anyhow, moving on to milestones. A couple of really positive things. We're really proud that we've achieved B Corp certification, and I need to thank Craig and Kat, our Chief People Officer, and the numerous other staff that have been involved in about 18 months of work that it took to document and validate the solid and responsible business practices that are part of achieving B Corp certification. This is really good validation for our staff, for our customers, for investors, and for shareholders that our company is an ethical company, and we're committed to doing business in a way fueled by our purpose, responsible to each other, gender balanced, which is really difficult in tech, by the way, and aware and kind to our environment. I'm very, very proud of that. We're also happy to report. I can't claim responsibility for this, but we're certainly very supportive of it, and that is the U.S. FDA legislation that was proposed back in 2019, has now been reintroduced. According to Congresswoman Rosa DeLauro, the FDA is intending to advance the standard for density notification and explanation for women about a follow-up testing as appropriate as soon as the end of calendar year 2022 and expected no later than early 2023. This is a great milestone for women in the United States because it means that women will be consistently informed about their breast density across all 50 states and counseled about appropriate follow-up tests as necessary. This saves lives, and we very much hope that other countries follow this example as the science has validated breast density is a key factor in both risk of cancer and making early cancer harder to detect through mammograms. Of course, this is also good for our business as the global leader in quantification of breast density. We're quite excited about that. We'll continue to follow. When there's more concrete news, we will happily report that. Next slide, please. One thing I've gotten questions about with execution of our strategy, Craig noted that we've reduced some of our expenses, and that does mean that we did go through a reorganization and we reduced some of our headcount. In the spirit of trust and transparency, I thought it might be nice to be able to share what our headcount looks like right now. A key thing to understand is that Volpara as a company has significantly invested in research and development, and a reduction in headcount does not mean that we have stopped innovating or cut back in a level of investment in research and development that I think is quite important and strong. We're proud of the progress that our company's made. We've got lots more work to do. In the first two months of the quarter, we reduced our headcount from our peak of 189 FTEs to 155. Although we do have some remaining open positions which will put our headcount somewhere in the 160s. We've pulled together disparate parts of our company and created cross-functional teams. We've reduced our G&A, our general and administrative portion of our company, as we're seeking to operate as efficiently and leanly as possible. Note we still devote, again, 41% of our staff to R&D. It's important for us as a company to get streamlined and efficient, but we don't wanna hinder our ability to enhance our current products as well as drive new innovations for our future growth and continuing to be out there selling and doing right by our customers. By the way, the size of our customer onboarding support and success, I think we've reported that with sales and marketing at other times in the past. I broke it down for transparency, but I want to state, first of all, customer success is also related to upselling and cross-selling within our current customer base. Fundamentally, I believe taking good care of your customers and creating happy references supports and drives our sales, particularly with Elephants. Both parts of those companies are important for our revenue, but also for serving our purpose. Next slide. Focus. Another big component of our strategy was focus, and we continue our focus on leading Elephants to our Volpara watering hole. Our highest margin products of Analytics, which typically includes Scorecard, the product that reports breast density, as well as Volpara Risk Pathways and Patient Hub, remain our focus in terms of product development, marketing, and sales. We're reducing our number of customers who are using older technology and trying to create the most compelling reasons for them to shift to the newer version so that we can ultimately end of life older software and be more efficient in our development and the support elements of our organization. We continue to focus on the United States, Australia, to some extent Canada, North America as our most profitable markets, and we assess any new market opportunities critically to ensure that those opportunities will support our goals of profitable growth. Our customer success team has grown, and our science and innovation group continue to work on new innovations like our engagement with Microsoft on breast arterial calcifications, as well as investigations on several potential new product directions that we will share with you next year. Our values of being bold, relentless, extraordinary, and whānau, which is extended family, combined with our operating principles, which include balancing our purpose with profit, are at the heart of our daily business decision making. I personally seek to support our passionate staff to do their very best work in a way that they enjoy each other and their time with our customers. Our time on this earth is too short to not enjoy what we do. Pulling together, supporting each other and laughing when appropriate, working hard will achieve net operating cash flow breakeven by fourth quarter 2024, and net operating cash flow profitability by fiscal year 2025, if not sooner. I just shared with you some of the ways that we've pulled back, narrowed our focus, striving to do more with less. However, I really love that our strategy is fundamentally about growth. I'm happy to have a fantastic sales leader in Jill Spear, and I'm going to turn it over to her now to share with you a bit about how she supports the growth of our company and sales. Next slide, and over to you, Jill. Thank you. Just checking. Can you hear me? Yep. Great. Okay. Well, happy Breast Cancer Awareness Month to everyone, and as we're getting ready to close it out, I would just ask that you remind your loved ones and your colleagues to get their mammograms annually, find out about their breast density and their risk, and personalize their essential screening pathways. It's a great time to be reminded, and we've had a ton of press around this in the United States this year, especially with Katie Couric, a beloved newscaster, commentator, announcing her breast cancer diagnosis and dense breast tissue. Just a quick reminder. Thank you, Teri. We thought this quarter to talk a little bit about the journey from who are we selling to what is a profile of a customer look like, on to how are we supporting the customers that are with us today. I thought I'd show first the product distribution historically and how we've, you know, sold to these customers. In the last fiscal year, we sold a very even distribution of our three main products, Risk Pathways, Analytics, and Patient Hub. As Teri mentioned, Scorecard is typically with Analytics, and sometimes it's with Patient Hub, and sometimes it's standing alone. You can kind of see that it's mixed in across our portfolio that we're showing in this pie chart. In 2022, this was our first year with all three products under the Volpara umbrella. The balance that you see here is just organic. It's a reflection of our customers' needs and their interests. I think it's really great to see that these, you know, this healthy trend continues into 2023. Also, again, organically, our funnel of opportunities to the future is also the same pretty even breakdown. Our solutions solve different challenges in the patient care pathway for breast imaging and risk assessment. In any one year, a customer might talk to us about how to improve the quality across their enterprise of sites. The next year might say how to personalize their care pathway. It's rewarding to see, and work with a customer on multiple challenges and continue to develop our relationship with them across their Volpara footprint and expand that. There's like a real strength in having two to three products. What we want you to take away or what I would share with you or to have you take away from this slide is just that our customers are coming to us and asking us to help them solve their problems. They're purchasing and our funnel is very balanced, and it's not something that we are focused on, can we create balance? It's just that this is a reflection of what people are buying and what they're asking for. If you could go to the next slide. We thought that we would profile three different, prospective and current customers that we're working on today, right now. The names are withheld, but it'll give you a sense of the range of our discussions with customers. Our first customer is a large integrated delivery network with about 15 hospitals, and they've invested in Analytics to help improve the positioning skills of their staff at one of their locations, and also within that site to shorten their time to bill quality reports. We're working with them now to implement that first Analytics purchase and train their staff and measure how much they can improve the staff positioning quality. We're sharing webinars about how other sites are using Analytics to do that, and how one site even used Analytics to take their brand new mammography technologist from a new hire to one of the top 25 percentile technologists in the world. As they're achieving their goals within this first site in the IDN, we're gonna work to expand the program across the enterprise. Our focus here is really delivering a really positive go live and training so that they can expand across the network once they've shown their benefits. The second customer I'm showing is an existing customer using our mammography reporting system, but it's an older version of our software. By collaborating with their IT teams, we can show them they can improve their upgrade, their IT security, they can increase the productivity of the techs and radiologists, and engage their patients in a meaningful way around their breast density. The IT benefits, while we value them, showing them ways to directly educate their patients and automate a personalized screening program is a huge motivator for the project and getting them to step forward. Our last prospect we're profiling here is an academic hospital that was bringing genetic risk assessment and genetic testing, but only to the patients in their high-risk clinic that were already diagnosed with breast cancer. They've wanted to expand for years, but didn't know how to start, how to collect the patient's family history and implement that in their care path. They see Risk Pathways as a tool that will span the patient journey from mammography center to the high-risk clinic to the surgeons that are bringing genetic risk assessment to every screening patient. Their focus with us is on building a program to educate the patient before her appointment, all the way through to her final report. In this case, we're not really selling a product, we're talking about how to implement a program and the journey that we would do together in that area. You can see that each customer has a different immediate goal that they're solving. They often have all three of these challenges, but they have to pick and choose the project in every given year. Our goal is to create success with our first product so that we can layer in additional solutions in the future. One exciting statistic for me is the percent of customers that are purchasing Volpara solutions for the first time. In the past 18 months, that's made up more than 17%. Or sorry, 70% of our volume. This means that we can build upon their goals, you know, help them achieve success with one product and expand with them in the future years. That's something that we're investing in. Towards that end, I'll take you to the next slide. Our customer success team includes, and our onboarding team, includes clinical specialists, trainers, customer success managers, and a user community, the Volpara Hive. Our clinical specialists have done over 600 health checks, which is talking to existing users, sharing best practices and supporting their goals. We'll check in every 90 days or every six months and make sure they're meeting those targets. Our customer success managers have completed 18 executive business reviews measuring the impact we've had on their clinical outcomes. We've engaged digitally with user group meetings, webinars, content sharing. Our team has been on site for training as well. All this has been done in the past 90 days. We work with our customers to ensure our solutions are creating efficiencies, improving mammography quality, personalizing screening and saving lives. It's exciting. Happy to share more in the future. Thanks, Teri. Thanks very much, Jill. We've had a really busy quarter. Lots of change. I actually just finished a town hall meeting with our staff here in Wellington, and I have to say, we have the best staff. They are so passionate about what we do and our purpose, but also really focused on this new future of us being a profitable company and continuing to provide value to these elephants and all of our customers out there. I love to see the pieces coming together. We've got a healthy pipeline of new and existing customers, number of elephants on our horizon and some exciting new opportunities in the quarter ahead. I look forward to updating you next quarter as we continue to grow our revenue, control our costs, and support our customers in saving families from cancer. With that, I'd like to open the floor to questions. Thank you, Teri. Just a reminder to everyone, we're moving to the Q&A portion of the webinar. Again, if you'd like to ask a question, please use the Q&A button at the bottom of your screen. We have one question already from Emily Porter. How is the pipeline looking for the coming quarters? Good question. I think I'll just hand that right over to Jill. I know she talked about it a little bit, but maybe you can add a bit more color. Sure. You know, we track elephants and calves. Elephants are over NZD 250,000 opportunities and calves are over NZD 100,000. You know, we have twice the volume of those that we've seen in our past quarters, so that's exciting to see. I would just say that in general, again, I shared the pipeline a little bit in terms of the balance. It's rewarding to see that the balance is there across the product space and the funnel is the size that we would expect to see to convert on our targets if we look at our standard, you know, our typical transaction percentages. I'm gonna add one thing to that, which is our biggest trade show in the United States is coming up in November. That's generally a good source of leads for us. I'm super excited working with our marketing team about making a splash when we're there. I'm very hopeful that we'll also get a really nice boost to our pipeline after we have this engagement with, you know, the biggest radiology-oriented show. Is it the biggest in the world, or is it just the biggest in the U.S., Jill? Biggest in the world. Yeah. Thought it would be. All right, other questions. We have a question from John Dimas. Given the disastrous security breach at Medibank, what does Volpara do about security of patient records? That's a good question. One of the strengths of our company is our security team and the really rigorous standards that we're held to under our both FDA-regulated products and our ISO qualifications. We're actually right now finishing an audit, and we also did an ISO audit about a month ago. The standards that we provide in terms of the development of our software, but you really, where the biggest breaches of these are more human errors, so ensuring that our staff are well trained about what links that you should click on, what links you shouldn't click on, phishing attacks, etc. We recently did a simulation of a phishing attack on all of our staff. It wasn't real, but we made it look as real as possible to analyze the results to ensure that our staff are following the rigorous training that they're provided and held to the standards that we as a software company need to follow. It is one of those areas that I even personally invest time in because I know that this is what keeps our customers awake at night, and it's the smaller vendors coming in that provide those vulnerabilities. We're quite proud that our track record for security and adherence to standards, both at a technical but also at a training level, are among the top in the industry. I'm gonna see if Craig and Jill wanna add any more to that. I'd love to add. We just did an audit with the largest imaging center group in the United States, and also has their own standalone products that they sell in IT. They told us that they wish that their setup was as strong as ours. I have seen this said to us on more than five occasions in the last 18 months. People have called out that our work is excellent. I would echo that. With my background, I think that this is a real strength of Volpara. We take it seriously. We also are even a development partner with Microsoft on some of their security tooling. We're actually looking for what is the latest and best additional technology of the future, not just the technology of the present. Other questions? Thank you. Yes. We have a couple more questions. First one from John Hester is what progress, if any, with the likes of Cerner and Epic to tap into their client base? I'm happy to talk about that one. No one knows this now except me, but I just signed an agreement with Epic. That agreement allows us to be on the Epic marketplace and to have a closer partnership with Epic in terms of collaboratively working with Epic customers, putting some of our material in the Epic web universe, accessing support, et c. We have a great collaborative relationship with Epic, and we've also met with Cerner and I feel like we have a good relationship with Cerner as well. Cerner of course having been acquired by Oracle and going through a lot of organizational changes. Each of those main vendors, those are dominant vendors for electronic medical records in the United States, present opportunities for us. On the Epic side, one of our products, which is our Patient Hub product, is something that we generally don't sell to Epic customers, and some of our customers when they're moving to Epic migrate away from Patient Hub to use Epic for their mammography reporting system. However, because we've got such tight integration of our Risk Pathways product with Epic and the value proposition for our Analytics, where we're very focused on images and Epic's not as focused on images, we have a nice pathway to protect that revenue and to migrate a customer who's moving from our Patient Hub to move to our Risk Pathways product and to be able to add in our Analytics product. You know, to us, it gives us nice opportunities to bring customers to our very most profitable products. With Cerner, they don't quite have the strength in mammography reporting as we do. In that case, being able to be a collaborative partner that can enhance someone's experience with Cerner by using any of our products is another direction for us. We don't see that, them tapping into our client base as a bad thing, but much more of an opportunity for us to be able to sell more. Anything you wanna add to that, Jill? Nope. All right. Awesome. There's another question from John Hester for Craig. Can you remind us by how much you expect the quarterly OpEx to decline following the headcount reductions? Sure. We're expecting our quarterly cash expenses to reduce by a minimum of NZD 1.5 million, which if you take the latest quarterly, puts us in the low 2 millions with a constant sort of top-line cash inflow. Our cash inflow has been particularly strong the last couple of months, especially in October. I don't wanna promise anything, but I'm expecting our net cash outflow to be significantly lower in Q3. As I've said on previous calls, our cash inflow can fluctuate from one day to the next, purely based on U.S. Postal Service. You know, our positive there is we are slowly but surely moving more and more of our customers over to electronic fund transfers. A lot of people on this call will understand that Americans, to a large degree, still use checks. We've had particularly strong cash flow, and our costs have reduced, and the last couple of months have been particularly good from a net cash outflow perspective. This quarter we also expect to receive government grants under the new New Zealand regime, which should, to a large degree, offset the one-off CRA bonus plan payment for this quarter. That is the last payment before we get to what I would call our normal cash outflow from Q4 onwards. Hopefully that answers your question, John. Thank you. Next question from Sean Kennedy. Can you please provide color on the revenue opportunity for FDA mandate and timing? All right. I'm gonna address that a little bit, but I'll see if you wanna add to that, a bit, Craig and Jill. Timing-wise, what was announced, and we, you know, we can't go beyond what's been shared publicly, although we're doing what we can to help support increasing pressure on the FDA to deliver on what they've announced. The wording was, as soon as later this calendar year or early next year. I don't like that it's that vague. I wish I had a month and a date, but that's what's been released. We anticipate that this can open up new revenue for us in terms of interest in density, particularly in those states that have no mandated density reporting requirements. I don't know that I've got a dollar amount to be able to articulate the amount of that opportunity, but I'll ask Jill and Craig if there's anything you'd like to share on the second half of that question. I would. Oh. That's okay. I'll jump in. I would expect that, you know, I would expect we're really going to see a lift. There's some mandated states today, but it's certainly not the entire United States. We still have, I think it's 20% of the states still do not mandate this. I also believe one of the biggest things that will come out of this is a lot of visibility to this across the primary care physician market. Big giants and people really jumping on board to provide that guidance to the patient base. We do expect to see a real uptick on this. I think the other piece of this is it's important for a lot of care providers to know that they have a unbiased, objective measure for breast density and not a subjective one. With this FDA guidance, we believe that will be a pivot point to also having it be a very unbiased and subjective measure, or objective measure. The other thing about this is that right now, even though a number of states do have requirements, they vary state to state. In some states, the requirement is just simply you need to notify a woman of her density. I've seen that. When I looked at somebody in one of those states, she actually showed me her report, and it simply said, you're a B. She asked me, is that good? Is that bad? The federal mandate will also push some consistency, which, I think will be in favor of us because we provide a lot more documentation about what this means, not just simply a reporting of it. I think that will help. I, you know, I see this as a way to be able to build urgency and also just a nice uplift to our pipeline. Thank you. Next one's from John Murray. The ARPA has been flat year-over-year. How do you see this tracking moving forward, and do you still track the average dollar figure per user? At FY20 21 it was $1.40, and has that increased? All right. ARPA being fairly flat. I think it's increased, but it's not increased really quickly, you know, rapidly. Our elephant strategy is fairly new and our sales cycle is, you know, it varies, but in general it takes months to a year to be able to go from new prospect to sign. The nature of these deals are fairly chunky. As Craig mentioned, in this quarter, there were a couple deals that are still in legal and contracting that we expect to come out in the future. I do expect that we will continue to see ARPA to grow as part of our strategy, focusing on elephants. Also because we have hundreds of customers, this is an average, we're gonna measure the new elephants, that revenue against our existing base as a SaaS company. You know, if you looked at new ARPA versus overall average, you would see different numbers. I do expect to see our ARPA grow. I'm not personally focusing on ARPU, but I can leave it to Craig if you wanna comment more on ARPA and ARPU. Yeah. ARPA, I'll just correct the person who asked the question. ARPA year-on-year is actually up 16%. We were $27,600 this time last year, and now we're at nearly $32,000. You know, from my perspective, that's a significant uplift when we have 750 customers to increase it by 16%. Yes, some of that is due to RadNet and the significance of that deal. But then equally on the ARPU side, ARPU is slightly down. I think it is still above $1.40. It had increased to almost $1.50, if not slightly over $1.50, but it decreased with the RadNet deal, which we've alluded to in the past. ARPA is definitely increasing quarter-on-quarter. It definitely does depend on the sales mix in that specific quarter, and also whether it's a new customer and/or a upsell. Obviously, if it's an upsell, our number of customers doesn't change, but our numerator being the ARR increases. You know, it's not something we've set a specific target for other than we wanna see it increasing quarter-on-quarter, which it is. You know, I think a 16% increase in the last year is quite significant. Thank you, Craig. I do expect, by the way, we're not focusing on ARPU. We're focusing on ARPA as part of the Elephant strategy, but I expect that ARPU will follow, but with a lag. For me, the driving to profitability very much focused on bringing in bigger overall contract value. Next question. From Cardium. How does Volpara prepare for monetary headwinds, such as increasing rates and fluctuating dollar? I'm gonna hand this one right to you, Craig. Yeah. This is actually quite a good one to talk about. In the last 12 months, we have started hedging the U.S. dollar against the Kiwi dollar. Obviously, hedging is a long-term strategy. It's not a short-term strategy, and it's designed to give the business certainty in the out years. As of now, we have hedged right through till FY 2026. Our average hedging rate is somewhere in the region of NZD 0.64 to the U.S. dollar. Now, some of you on the call will go, but right now we're at NZD 0.58, so Volpara is losing 10% on the dollar. There's a couple of things to that. One, we only hedge the net cash flow that comes to New Zealand from the U.S. The U.S. business is cash flow positive, so we hedge the net difference that comes back to New Zealand. At this point, that's only about 20% of our cash flows. What we've done there is we've hedged at an average rate of NZD 0.64 out through FY 2026. NZD 0.64 is almost 10% lower than our long-term forecasted exchange rate of NZD 0.70, which is the long-running average for a long period of time. You know, if you think about that at a high level, we've locked in rates that are 10% better than that. Yes, we are losing right now, but I don't think anyone expects the U.S. dollar to stay as strong as it is for the long term. I might be wrong, but that's the exact reason for hedging is to provide the business certainty. You know, we've told the market that we are going to be cash flow positive for the year in FY20 25. You know, this hedging strategy allows us to give the business certainty that we can deliver on that in case the rate goes to 80 cents, in which case, you know, we're losing a significant amount versus the long run average. In terms of interest rates, we're not heavily impacted by that. You know, obviously, inflation is an issue for us as a business, particularly on the salary cost side of things. If inflation doesn't decrease materially over the next six months, you know, we'll be looking at salary increases that are not insignificant. You know, as with our headcount changes, you know, we continue to monitor that closely and, you know, we're still confident in our forecasts and in our ability to deliver on what we've told the market in terms of cash flow, break even, etc. All right. Thank you. Next question is from Craig. I see that revenues are only up 8%, approximately, compared to the same quarter last year. For a growth company, this is not a big increase. Comments? Do I take that one as well, Teri? Yeah, go ahead. I already alluded to some of this. You go ahead. Yeah. There's a couple of things to this. It's not necessarily revenue, it's the cash flow was up 8% constant currency in Q2. I do agree with you. That is not a big number. I would have preferred higher. A couple of things on that. One, Q1, we were up 26% constant currency. Month to date in October, we're up 46%, with five days to go, four days to go in the U.S. As I mentioned in my talk track as well, you know, our cash flows do fluctuate month-on-month. You know, we don't have a consistent cash flow because of the way the U.S. market pays us and because we have 750 customers. It can fluctuate materially from quarter to quarter, and that's why on a year, it's a much better measure for the business. 8%'s not great for Q2. We were helped by the foreign exchange differences, but month to date in October and the start of Q3, we're up 45%. Do I expect that to continue for the rest of Q3? Probably not. I'm sure it'll tail off towards the end, but I'm confident that we will be materially up in the region of 20%, if not more, hopefully, at the end of Q3. For the half year, we were up 15%. There's a bit of give and take month-on-month, quarter-on-quarter. Overall, the direction of trend is very positive and, you know, 15%-25% is considered strong growth. I also think, you know, overall market conditions, yeah, we wouldn't be the only business that may potentially be suffering, although I don't think we are at this point. I think our numbers are still robust and our cash inflows are really strong. All right. Next question. Thank you. This is our final question from John Pavlidis. What progress have you done in monetizing the 60 million images stored in the cloud? All right. We're over 70 million images in the cloud right now. The cool thing is that we've got those images, but we are also bringing in other non-image data. The power of being able to harvest data from multiple systems beyond just analyzing the breast images is something that we're focusing on right now. Our science and innovation team has done some work on our research product, Volpara Lab. As I mentioned earlier, and have released in the past, we've engaged with Microsoft on building out an algorithm for breast arterial calcifications using those images. Our innovation team has a whole host of different directions for us to be able to potentially monetize the images, as well as pulling together with the other data that we have access to as a company for new innovations coming up in the next couple of years. We are executing on our strategy of being very focused on the current revenue opportunities in front of us and have a group of people in research and innovation focusing on this as part of our secret sauce. However, you know, right now we don't have a product specifically and explicitly monetizing those images unless you count the AI built into our analytics. One of the things that we're looking at is, you know, are there additional product opportunities that can be a growth from what we're already insighting to our customers through analytics. A number of different directions that are in the works. The ability to you know, we don't sell the data, so it's innovation on that data, and some of that takes time. We do have a new head of product that started about a month ago or six weeks ago, who's been engaging with our science and innovation team in a retreat coming out in January. I look forward to sharing more information about what we're gonna do with this next year. Teri, there are no more questions, so I'll hand it back to you to finish the session. Thank you. All right. Yeah. Thank you again, shareholders and investors and those of you that are supporting Volpara as a purpose-driven B Corp certified company. We're in the business of saving lives, and you're a part of that, and we value you, and we appreciate your support. We're optimistic about our future. Post-restructure, our staff are, you know, absolutely digging in, focusing on the customer, focusing on the fundamentals, and our future looks bright. Thank you.