Good morning, everybody, thank you for joining us this morning for Volpara Health's Q3 results webinar. On the call this morning, we have Teri Thomas, Volpara's Managing Director and Chief Executive Officer. We have Jill Spear, Executive Vice President of Sales and Marketing, and Craig Hadfield, Volpara's CFO. You will have seen that the announcement has been released this morning. If you do have any questions, please use the Q&A facility at the bottom of your screen, and we will endeavor to answer as many questions as we can at the end of the webinar. For now, I'm gonna hand over to Teri to kick off the call. Thank you. Hello, hello, and thank you for joining us this morning or afternoon or evening, depending where you are, to hear about the third quarter of our fiscal year, which ended on the 31st of December. Volpara provides software to help improve efficiency, accuracy, and quality of mammography centers and ultimately improve detection of cancer and even prevention of cancer through risk assessment and personalized breast care pathways, for those of you who don't know us. A little update, we've had a very successful exhibition at RSNA, which is the biggest radiology-oriented conference in the world. As posted to the ASX, we welcome some new elephant-sized customers, large organizations into the Volpara reserve. However, most of our call today will be about a big milestone, which we reached about a year ahead of schedule. Per the announcement that just went out, we're quite pleased. I'm gonna turn it over to Craig Hadfield, our Chief Financial Officer based in Wellington. As Hannah mentioned, we also have Jill Spear joining us based in the United States, in the same time zone as me right now, for any questions and to share a little bit about sales. We'll have questions at the end. For now, I'm gonna have Craig run us through the Q3 financial highlights. Go, Craig. Awesome. Thanks, Teri. You know, first and foremost, I just want to acknowledge everyone in the business and the team who's helped us to achieve cash flow break even for the first time. This was a very important milestone for us as a company, and we couldn't have done it without everyone, you know, pulling together and bringing their best selves to work. Let's review the Q3 metrics posted up earlier on today's ASX today. You'll see that during the quarter, we had net operating and investing cash inflows of NZD 1.3 million. That's an improvement of over 134% compared to the prior corresponding period, a similar percentage change from Q2. As already mentioned, this represents Volpara's first ever net operating cash flow break-even quarter. As noted in the Q3 announcement is, you know, we can put it down to 3 key catalysts that really helped us get to this result. First off being a material uplift in cash receipts, and that was largely due to improved data collection. I'll address a bit more of that later on. We also reduced costs, and a large part of that was as a result of the redundancies we made in Q2. The overall cost reductions were in line with our revised strategy, and guidance of less money out, which I'll also address further on, later on. Thirdly, government grants and R&D tax credits, which we received totaling about NZD 900,000. Some of that will be of a recurring nature, but the recurring components is more in the region of about $400,000-$500,000 in future years. All of these positives more than offset the cost of the final CRA bonus plan payment that has been noted in previous releases of about $500,000, which was paid in December. Consistent with the last few quarters, we were again happy to report that during Q3, we had our strongest quarter ever for cash receipts from customers with receipts of over $11 million. Having never broken $9 million before, this is a significant improvement. Some of this large increase was due to favorable FX rates in October and November, which then reversed in December. Even on a constant currency basis, receipts were up 26% on the previous quarter. As history has shown, Volpara's constant currency cash receipts for most parts improved quarter-on-quarter. I consider this quarter to be a slight outlier, where Q4 will not match or exceed Q3, but will still show material growth when compared to prior corresponding periods, and will likely be somewhere in the region of NZD 9 million, NZD 9 million to NZD 9 and a half million. Volpara's revised strategy, which was outlined in July 2022, stated that the company expected to achieve operating cash flow break even in Q4 FY24. This is obviously well ahead of the stated objective. However, I would like to caution that I do not believe we are yet at a point where we will have repeatable operating cash flow break even or positivity. Having said that, though, our costs have decreased in line with the revised strategy of at least NZD 1.5 million per quarter. Our continually improving cash inflows will see our cash burn continuing to reduce. Therefore, based on that, our year-over-year cash receipts on a constant currency basis are up well over 23%. Cash on hand, excluding the revolving credit facility of NZD 10 million at the end of Q3, was NZD 12 million, and based on our forecasts, more than sufficient for us to reach repeatable net operating cash flow break even within our guidance period. Turning now to the SaaS recurring revenue metrics. During Q3, we added approximately $1.5 million of net new contracted ARR. That is equal to our previous largest quarter, which was recorded in Q1 of this year as well. As part of that announcement to the market on January 9th, we signed up a number of elephants who are notable medical institutions in the U.S. This will further enhance Volpara's reputation as a leader in breast cancer software. I think of note, as called out in the ASX announcement, no one product dominated. We saw an uptake of all of our key products. Almost all included more than one product. The combinations differed across almost all as well. Importantly, we also signed a few important renewal contracts for a further 5 years, most notably with Centura Health. I'll remind everyone on the call that we're reporting CAR and ARR separately. CAR represents all of the contracted annual recurring revenue, whether installed or not. ARR reflects the trailing twelve months of accounting revenue. ARR at the end of Q3 was $19.9 million. That's up from $19.1 million at the end of the previous quarter, or an increase of approximately $800,000 US from Q2 to Q3. ARPA also increased to just under $36,000 from just under $32,000 in Q2. In the last twelve months, ARPA's increased from $28,500 US to $36,000 or 26%. This is reflective of our focus on larger customers as outlined in the revised strategy. As per prior quarters, the net churn of SaaS CAR remains low. That's an overview on the numbers. I'll hand over to Jill for a few comments on sales and customer success. Thanks, Craig. While our sales team has been busy welcoming these new elephants Craig mentioned through the gates, our customer onboarding team has been focused on building the processes to maintain the project volume and keep the installs flowing. We've increased our ARR by NZD 800,000 this quarter, we've been reworking our onboarding steps, deploying new project management software, doing a great job of keeping up with that increase in orders and projects. We recently established a new pre-order hold date during the contracting phase to ensure that the projects are well scoped for our customers, also for our team, that we've allocated the IT resources needed to successfully execute on those commitments. Both of these actions are shortening our install timelines on every product we install, and we're really excited to get started on these new projects we captured in Q3. It's great to see such well-respected organizations like Volpara, and we love helping these customers use our software to save lives. I'll pass it back to Teri for some final words. Thank you so much, Jill. I actually wanna call out Jill and Craig, my two colleagues on the phone. Couldn't have done it without you. Craig's team has been amazing with accounting and collections and really leading that drive to break even, being on the numbers. A crackerjack team, so proud of the work that they do and how devoted they are. Jill delivering on the elephants. I'm really lucky to have such a strong team. Related to that, not just these two people, I do wanna reiterate what Craig said, which is this is a broader group effort, staff from multiple roles and multiple countries pulling together to achieve this cash flow break even. As Craig mentioned, we're not done. However, we're focused. We've got something called the Waka. It's a management meeting. That's a Māori word for a canoe or another large conveying watercraft. I like using that term Waka because the analogy of rowing, I think, is apt in business. We need to be focusing our efforts. We need to be working in concert. We need to be acting together. The effort of sales is evident in our results. Without a solid product team, customer success, support, quality assurance, you know, we wouldn't be able to make these ongoing sales. We wouldn't be selected by the sophisticated elephants who know what they're doing. Without our IT security, without human resources, without strong administrative support, our customer-facing teams wouldn't be able to do their jobs. This is a huge public thank you to all of our staff in all of their roles who've stepped up to the plate and are living our values and our principles, and let's keep going. There's so much more work for us to do. Our cross-functional teams and our new structure is still evolving. Our customers, especially those elephants, will look to us for new innovations. We're spending some time over the next month looking down the road, looking at what's next, looking at what areas we need to focus on, what areas we need to grow, and where our company can go in the future. Absolutely enormous potential for us, and I'm happy that we're growing from an ever-increasingly strong financial base. We continue to balance that noble purpose that founded us of saving families from cancer with an eye on value to customers and profitability and also having fun. At RSNA, we introduced Kiko. Kiko is our blue-footed booby mascot, and Kiko means happy, be happy, and hope in Japanese. Why have a mascot? Well, because it's fun, and it's goofy, and it has blue feet, and they're vaguely shaped like the V in our logo. It's just one more way to connect with each other and with our customers and remember to have fun. On that note, I'm gonna end this simply by saying I'm happy, and I'm hopeful about Volpara's future, and our growth and our profitability, and I look forward to the next updates. Any questions? Thank you, Teri. Yes, we do have a few questions that have come in. If anybody on the call would like to ask a question, please do so using the button at the bottom of your screen. The first question is could you please quantify the churn rate and also provide detail around the average price uplift on contract renewals, i.e. Centura Health? You want me to take that one, Jill? Yep. Go ahead, Craig. Cool. Churn rates. Obviously, we have a number of different product lines. We have about nine different products that we offer. The churn rate differs on all. On average, our churn rates has hovered around the 3% mark, 3 and a half. At the moment we are on the lower end. Obviously we keep a close eye on that, and it's been relatively consistent for the last six to nine months. In terms of average price uplift, that's not a... There's no easy answer to that question because every contract renewal involves a number of different elements. I might let Jill speak to this as well. You know, for example, with Centura Health, that contract had multiple different entities. We brought that contract into 1 single contract with the master group at Centura. Some sites have been sold off, et cetera, et cetera. In some instances, we may also not just be bringing a customer into 1 single contract. They might also be adding in or layering in different products as well. In the instance of Centura, we increased the ARPU on the single product that that contract was related to, which was Analytics. Every contract is different because of either the blend of products or what they're looking to achieve. I'm not sure there's 1 single answer. Jill, do you wanna add anything to that? No, it was a great answer. I would agree with everything you said. I think that's kind of what makes us so interesting in that every customer buys a different combination of products. In the case of Centura, like Craig said, they had some sites spin out to an acquisition. We added functionality, their volume, their specific volume increased and overall that was a net gain. A couple months ago we talked about a program called Analytics in Action. That was like another example of a program where we created value to expand ARR on analytics contracts. We've done a bunch over the last quarter, a bunch of really large renewals. They've all been growth through either added value, increased interfaces, increased volume, some increases in price. It's been a mix of things. It's probably worth noting that years ago, Volpara did primarily one-year contracts, so it's a nice shift that we have customers comfortable committing to three and five-year contracts now. That is our go-forward standard. All right. Thank you. There are a few others. I think this one will also be for you, Craig. It says, "The change in debtor collection is good news. How have you achieved this, and is it likely to be ongoing? Cool. Thanks, Hannah. That's a good question, Scott. As I've stated, multiple times in previous calls, our cash receipts are not, you know, they are somewhat cyclical, but they're also lumpy in that most of our cash receipts come in the form of checks. One quarter could be very good or very bad based on, you know, one or two checks that are received on the last day or the first day of a quarter. You know, our cash receipts in Q1 and Q2 were good. They weren't excellent. Q3 was excellent. You know, we got in a number of large payments. But it is indicative of the overall trend of Volpara. If you go back multiple years and you plot our cash receipts on a quarter-on-quarter basis, it is consistently increasing. We have obviously had the tailwind as well of, you know, good exchange rates that is slowly unwinding at the moment. Despite that, even on a constant currency basis, we are seeing 20%-25% growth. After Q1 and Q2, our constant currency growth was 15%. It's now 23% after Q3. As I mentioned, if you go back to the Q2 call, I did say that, you know, judge us on an annual cash flow as opposed to quarter-on-quarter. Quarter-on-quarter, look at the trend, and the trend is upwards. Like I said, a little bit earlier, Q4, I don't expect us to be in the NZD 11 million range. I might be wrong. I'll be happy if I'm wrong. I do expect us to continue to increase our cash receipts. I, at this point, my target is somewhere in the region of NZD 9 million-NZD 9.5 million for the quarter, which will bring us in line with our cash flow forecasts or guidance that we've given the market that we are heading towards repeatable cash flow break even. Nevertheless, we're very happy with the outcome of this quarter. Some of that was slightly older debtors, but we're at a very good run rate at the moment. All right. Thank you. One more here. It says... Well, actually we've got three more at the moment, but the next one is Teri Thomas. "Is there any news on the FDA mandate for Density? Jill, why don't you take that one? Okay, great. I was just looking for the name. They just did rename the bill. It has a catchy name, and I'm trying to find it real quick to give it to you. I'll come back on that during the call in the chat window with it. What's exciting about it is that, through the evolution of the bill, it's really gotten some very strong supporters. Recently, Katie Couric has worked with her senator, in New York to really drive a lot more awareness. We're expecting the rollout of that bill in this month, next month, and the next two months. There still is a lot of activity around that and a lot of awareness, and we definitely see that. We should have an update by next month with what the exact language is and the final rollout of that aspect of it. I think I might have mentioned on the last call also, a rising tide lifts all ships. Personalized breast screening pathways is very much a relevant topic in the U.S. today. We see more and more interest, not only in what is the breast patient's breast density, but what is her lifetime risk, what is her short-term risk, and what is her genetic risk. In guiding that care pathway, which we do in Patient Hub, which we do in Risk Pathways, just the density component is just the start of this cascade of personalized screening pathways. It's definitely a forefront in the media and in the news and legislation, and we're excited just to see it translate to our customer users asking these questions and driving the implementation of these programs, and then patient awareness. Patients really knowledgeable when they come in about their own breast density and engaging in their own patient, you know, choices and care pathways. It's still very relevant, and I'll find the name of the bill, because like I said, it did just get a new name. I think it's the Find It Early Act. Thank you. Thank you. All right. Thanks very much. The next one. With respect to churn, what reasons do customers give for terminating or not renewing a contract? Is it by product, is it cost related, or to do with, them finding products elsewhere? I think. Do you want me to take that one? Oh, go ahead. I'll jump in, and then I'll hand over to Jill. We have, you know, there's various reasons. One of them being, you know, cost cutting. I think no one's under the illusion that we're not in a high inflationary environment, and a lot of the hospitals are under severe pressure from a cost perspective. In some instances it is cost, although I would say that's on the low end of reasons. Sometimes there are clinics or hospitals that are, you know, amalgamating or merging. For one reason or another, they may decide not to continue with Volpara. In some instances, particularly with MRS, we may have churned to Epic. In many instances where that happens, we obviously have an upsell opportunity with both Volpara Analytics and Risk Pathways, if we aren't already in there with Volpara Analytics and Risk Pathways. There's no one specific reason. Those are probably the three I can think of off the top of my head. Do you wanna add any in there, Jill? I think, again, I agree with you. I feel like the majority are customers that are moving to Epic. When they do that, they might deinstall our mammography reporting product. It really opens the door for us to provide the Risk Pathways product, and we've done that very successfully because it's fully integrating that piece of it. Other than that, it's definitely rare. Our goal is, as the customer success team, is to really engage with customers early, share best practices. Our user group meetings have been gaining a lot of attendance, and it's fun to see customers really connecting with each other and sharing what they're doing. I think it's. Oh, sorry, Jill. Yeah, go ahead. I'm done. I spent a little time looking at even our churn over the last couple years. As Jill said, there aren't a lot of them. It seems like the 2 most common things were mergers and acquisitions, business changes. The, you know, a, a, site that bought us was acquired by somebody else who had something else in place or didn't understand who we were or if they were using our Patient Hub product or older MRS product migrating to Epic. I wanted to remind people that, if they take out the older MRS product and they put in Risk Pathways, the Risk Pathways product is actually higher margin for us and easier to install and support. We do see some of those churns actually as an opportunity for us. You know, those, I think are the two main trends. All right. Thanks, Teri. We do have a few more coming in. When will you start offering services in New Zealand? We do actually. We do have some customers in New Zealand. It's not our biggest market, but right before I came to the United States, I went and visited a clinic of somebody who's using our software. We had a really engaging discussion about what New Zealand is doing related to what our software does. There's not a lot of focus on breast density in New Zealand right now, and it's something that I'd like to see change. You know, as a company, we would love to be able to do more in New Zealand. I think we need to get to the point where the standard approach at the ministry level is in line with what we're seeing in other countries. Right now, I would say it's not there. Okay. Anything else on it? An interesting question here, actually. How much of a threat is breast density products being developed by companies like Pro Medicus? Yeah. I don't think it's a threat at all, really. Well, I met with the Pro Medicus people and asked them. Their focus is on their software. While they do have breast density, they confirmed that they're not out trying to sell that standalone and to compete with us. You know, the market of who buys us is different. You know, if somebody is anchored in Pro Medicus and added that on, I could see that. We have a breadth of integrated software that largely does not overlap with Pro Medicus. We happily have the same customers. People that are really interested in leveraging breast density and leveraging our other pieces of software to support a comprehensive breast program would not find that their needs would be able to be met by what Pro Medicus has to offer. I'll just add to that. I think, Jill, you can confirm, but I don't believe we see Pro Medicus's density product in the market competing with us at all, in any competitive bids, do we? No, we really haven't. I would say there's a lot of players in the density space. We really retain our market leadership, and I think it's because the strength of the product and the length that we've been in this space. We're truly the market share leader in this space in that, in that regard. I think that if anything, density has become less competitive and is kind of sorting itself out. There's maybe now CAD is the big thing that everybody's competing on. I feel like in a density space, we've seen that settle out, and there's only a couple players right now that we really see as competitors. We are the only density provider that provides a numeric score that fits into the Tyrer-Cuzick risk model. The Tyrer-Cuzick risk model is the most widely accepted risk model, at least in the United States. That's something that, the other various half a dozen, 12 vendors that offer some sort of density can't offer that component. It's unique for us. All right. Thanks, Teri. One final question here is: Has there been any increase in TAM? If not, how can Volpara expand their TAM? I'm hesitating a little bit. We have that as an interesting topic for our strategy discussions in the next couple weeks. We do see some increases in our TAM around the edges. For example, customers that are extending the software or to women who are younger than mammography age. When we've articulated our TAM in the past, it's been related to the number of mammograms done and associated with the mammogram event. However, just yesterday, I was visiting one of our customers who explained to me how they're offering mobile mammography services and going into the community, and any woman that comes up who's interested in talking about breast health, they'll offer a risk assessment too. Some of those women will go on to get a mammogram, and some of them will just get a personalized breast health plan. That's based on our software. There are ways that our current customers are extending how our software is being used beyond how we've measured our TAM in the past. However, there are some really interesting areas that could significantly expand our TAM. However, my philosophy is that we need to be focused as a company, and we need to be aligned and discuss all of this in our Waka group and know what we're gonna go after. I'm gonna say stay tuned on that one. After we've had our strategy discussions, we may come back and explain to the market some concrete ways to expand our TAM. However, right now, lots of possibilities that we're evaluating. All right. Thank you very much, Teri. That closes out the Q&A portion of this webinar. If you do have a question that you didn't get a chance to ask today, please find our contact details on the bottom of the announcement and send us an email. We'll come back to you. Before we wrap up, Teri, do you have any closing remarks? I'm just gonna thank our shareholders for supporting us and I look forward to the continued support. We're having fun. All right. Thank you, everybody. Thank you, Jill. Thank you, Craig. Thank you to everyone who joined us today. Goodbye. Thanks. Bye.