Good day and welcome, everyone, to the Healwell AI third quarter 2025 financial results conference call. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star key followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. At this time, I would like to turn the conference over to Hefton Seni at Investor Relations. Oh, thank you, Operator. Joining me on the call today are James Lee, CEO of Healwell; Dr. Alexander Dobranowski, President of Healwell; and Anthony Lam, Healwell CFO. I trust that everyone has a favorite copy of our financial results press release that was issued yesterday. Listeners are also encouraged to download a copy of our quarterly financial statements and management discussion analysis that was filed in SEDAR+. Please note portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws. These statements are made under the safe harbor provisions of those laws. Please refer to yesterday's press release and to our management discussion analysis for more details on the company's risk and forward-looking statements. We provide forward-looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, assumptions, or circumstances on which any such statement is based, except if it is required by law. We use terms such as gross margin and Adjusted EBITDA on this conference call, which are non-IFRS and non-GAAP measures. For more information on how we define these terms, please refer to the definitions set out in our management discussion analysis. There will be a question and answer at the end of the call, which will be limited to analysts only. To ask a question, analysts are required to call into the conference using the dial-in number provided in our press release. With that, let me turn the call over to James Lee, CEO. Thank you, Hefton. Thank you, everyone, for joining us today. Look, Q2 was for Healwell a very busy period, both in terms of productivity and change. We are excited to share our progress. Obviously, as you know, in Q2, we completed the acquisition of Orion, and we had a major milestone for becoming Adjusted EBITDA positive. As we enter Q3, we set ourselves two really simple but clear goals. We want to simplify the business and focus the business to maintain growth and a balance of Adjusted EBITDA positivity. We announced in Q3, and we have completed this week, the simplification of Healwell. Formally a major milestone where we have gone from a conglomerate to a pure-play software service and AI business. We have seen the strength of the diverse geographic and product mix, allowing us to maintain a positive Adjusted EBITDA during the traditional slower northern hemisphere summer quarter, which we will talk about later. These milestones are critical events for us. They shape our future as a focused and simplified business with the resources now to succeed on our journey of creating a globally relevant and leading preventative care AI business. I would be remiss if we did not thank everyone. This would not have been possible without the support of our key partner, WELL Health, and the hard work both from our board and our broader team members. I want to thank everyone for a really busy and productive Q3. Post-Q3, the business now is a simplified software and AI business. Looking at our Q2 results, Q3 has been another positive step for us in our journey. Our continued operations achieved revenue of CAD 30.4 million versus CAD 6.7 million in 2024 and Adjusted EBITDA of CAD 0.7 million. While we saw a quieter start to the quarter due to the summer period, we ended the quarter strong in our AI and data division, and we see good momentum for the rest of the year into 2026. Now, in Q3, we announced that we were integrating our AI platform, DARWEN, into our software platform, Amadeus. This combination, in conjunction with our expansion of Healwell in the U.S., has begun to show really promising signs, which we will talk about shortly. We are very early in the adoption cycle of AI tools in healthcare systems, so having the appropriate resources and becoming increasingly efficient with those resources is really important. Our goal is to maintain that balance of investment and maintaining Adjusted EBITDA positivity. You've heard us, and you will continue to hear us talk about the word simplify and focus a lot today. As we talk about and shift the strategic focus about over the last six months and the quarter, but I'd be remiss if we didn't talk about why we've done it. Now, AI is a powerful tool. It's in the infancy of its understanding and adoption, but we believe that in healthcare, it's the most valuable use case that AI is currently able to do. At its heart, it's capable of consuming significant amounts of data looking for signal. The impact we're seeing in the healthcare system for what we can do today is undeniable. Our AI engine, DARWEN, can identify hard-to-find patients using existing clinical data. Now, unlike precision medicine, when you need new data, we can find signal from existing data. As we've begun to expand DARWEN across the global footprint, we've seen the sheer size of our opportunity to expand materially. To achieve those data goals, which I mentioned before of investing while maintaining and improving operating margin, required us to have a really disciplined and focused business. That led us to taking the hard decision to simplify our business and product offering, which you've seen us execute this quarter. We've integrated our AI business. We've wired the balance of Pentavere. We've begun aligning our software businesses. We've expanded in the U.S., and we've simplified our business lines and added some resources. Going into the final quarter and the first quarter of 2026, we have two primary areas of focus. In Q4, our goal is to complete the integration plans to maximize efficiency and flexibility, allowing us to maintain improved operating margins year on year while investing. In Q1 next year, our goal is to demonstrate commercial validation of our AI platform and healthcare systems outside of life sciences. Maintaining and keeping focused on a well-defined set of goals in the immediate future allows us to remain disciplined so we can demonstrate both value to our customers and to our shareholders. Finally, I'd like to give a little bit of context about the opportunity in front of us in AI. Now, I think it's a well-known fact that the earlier you identify a treatment path and ensure the correct path is identified, the better both the patient outcome and the cost of the system will be. Our AI platform, DARWEN, is uniquely placed to help extract meaningful insight from existing unstructured clinical data, allowing us scalable improvements to both. We've already begun a number of proof points and what we call proof of values for multiple healthcare systems right across North America with the ability of identifying at-risk patients. Our priorities, obviously, as we mentioned, is to take advantage of the leadership of our field, demonstrate commercial value to the healthcare systems and to our shareholders. Through Q&A, we'll talk a little bit about the opportunity and where we're looking to deploy and how many of our algorithms. For now, on behalf of the team, I want to thank you all for your continued support. We look forward to sharing progress over the coming quarters. Anthony, I'll hand it over to you for the financial roads in more detail. Thank you, James. Before I begin, I'd like to remind everyone that all of the figures I will be discussing today are in CAD, and our financial statements are presented in accordance with IFRS International Financial Reporting Standards. Our third quarter 2025 results are as follows. Healwell achieved quarterly revenues of CAD 30.4 million during Q3 2025. This compares to CAD 6.7 million generated during Q3 2024, an increase of 354%. Revenue growth in the quarter was primarily driven by the acquisition and integration of Orion Health, along with both organic and inorganic initiatives. Healwell achieved gross profit of CAD 16.5 million during Q3 2025, an increase of 330% compared to CAD 3.8 million in Q3 of 2024. This increase was tied directly to higher revenues in the quarter. Healwell achieved gross margin percentage of 54% during Q3 2025. This compares to 57% in Q3 2024. During Q3 2025, Healwell reported positive Adjusted EBITDA of $0.7 million compared to an Adjusted EBITDA loss of $2.8 million in Q3 of 2024. This marks the company's second consecutive quarter of positive Adjusted EBITDA, highlighting continued execution improvements and stronger financial performance. Healwell reported an IFRS net loss from continuing operations of $16 million for Q3 of 2025. This compares to a net loss of $8.7 million in Q3 of 2024. Healwell ended the quarter on September 30th with $15.6 million in cash, an increase when compared to $9.4 million at the end of Q4 2024. Looking at our revenue segments, as of November 1st, 2025, following the divestiture of the company's clinical research and patient services division, Healwell now generates revenue across two core segments. First, AI and data science. Second, healthcare software. Our AI and data science segment achieved revenue of CAD 2 million in Q3 2025, marking a 79% year-over-year growth compared to Q3 of 2024. The commercial adoption across all of our offerings, including Cure and Pentavere technology, drove stronger organic growth in the quarter, reflecting increasing demand for Healwell's AI-powered disease identification and clinical insight tools. The second revenue stream is healthcare software, which generated CAD 28.4 million in revenue in Q3 2025, an increase of 408% from CAD 5.6 million in the same quarter last year. The acquisitions of Orion Health and VeroSource have been the primary drivers of growth in this segment. With the recent divestiture of non-core assets, Healwell is now fully focused on driving growth, innovation, and profitability across its two high-margin scalable segments, AI data science and healthcare software. With that, I'll turn the call over to our President, Alexander Dobranowski, for an update on progress that we've made with regards to our AI division. Thank you, Anthony, and thank you, James. You know, I'd like to take a few minutes to highlight some of our progress we have made in Q3 with regards to our AI division. Most notably, in Q3, we achieved full ownership of Pentavere, enabling deeper integration of DARWEN AI with Cure Health for early disease detection and clinical insight generation. In addition, we launched Amadeus AI, integrating DARWEN into Orion Health's Amadeus platform, extending Healwell's AI capabilities across global healthcare systems. From a peer-reviewed validation perspective, our teams under the leadership of our Chief Medical Officer, Dr. Chris Pettengell, and the co-founders of Pentavere, Aaron Leibtag, and Steve Aviv, have now published over 40 peer-reviewed scientific publications, underscoring Healwell's leadership in validated and clinically proven AI solutions. Subsequent to the quarter, as James and Anthony mentioned, we recently announced a 50/50 joint venture with WELL Health to build an AI-driven clinical research platform. By actioning this, we have transitioned Healwell into a pure-play AI and SaaS healthcare company focused on preventative care and early disease detection. Our AI platform powers this JV, automating patient recruitment, trial execution, and real-time data insights. Ultimately, now, our strengthened balance sheet and focused operations enable global expansion of Healwell's AI commercialization strategy. From an outlook perspective, we are currently demonstrating continued expansion of proof of value AI projects with healthcare systems across North America. Our ongoing and progressing discussions with global pharmaceutical and research organizations to extend AI-driven real-world evidence and clinical data programs continue to progress, and we are now commercially active with eight of the top 10 world's largest pharmaceutical companies, and this roster continues to grow. We also recently announced one of the world's first examples of using AI to generate regulatory-grade real-world data for supporting patient access and advancing the pharmaceutical industry. These types of capabilities are key differentiators of Healwell and our artificial intelligence engine, highlighting us as leaders in this section. A key focus for us in 2026 is scaling DARWEN AI commercialization and demonstrating measurable clinical and economic outcomes. I would like to thank everybody today for attending this call, and I will now hand it back to the operator and move to the Q&A portion. Thank you. Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. We'll take our first question from Allen Klee at Maxim Group. Yes, hi. Nice to hear from you guys. Just on what you're doing with Orion and cross-selling opportunities with the rest of your business and how you're thinking about how that can all expand your total addressable market and opportunities. Thank you. Look, and if I've understood the question correctly, what you've asked is how we look and expand the overall market as we integrate through the Orion network. I think what you've seen there is that it's not just the existing customers, the Orion network that we're spanning over. What we've actually found is the broader footprint Orion has and reputation has significantly enhanced the size of that market. While we thought the original proposition was we would cater to existing customers, actually the brand recognition in different regions has been really, really favorable. If you think about the market opportunity, what it's led us to do is go from just being at the governmental and integration layer levels right down now to the hospital level. We are seeing that the market size from where we can add value is, I'll make up a number, but 10x-15x larger. Thank you. And then just last question, with your AI business, what are the main areas that you're kind of, you're working on proof of concept, but just in general, in terms of commercializing the business more? Can you talk about kind of what the main initiatives are? Thank you. Sure. And just for the vernacular, we use proof of value because I think the concept and the important distinction is the concept's clearly being proven. What we're demonstrating now is that our deployments are providing value to a healthcare system. Look, as we look across the opportunity set, the best way to think about it is that if we just take a small subject to keep the numbers relevant, if you took the top 100 healthcare systems in the U.S., what you'd have there is a patient identification of where just 100 disease states would mean up to 2 million patients are being either misdiagnosed or underdiagnosed. For us, the opportunity set there is to take just a smaller subset. To prove that value, that if we could take 10 most relevant, whether that's from heart valves or through oncology, what we're trying to do is take a very small subject to prove value before we take the wider array of products out. In general, we can find 105 different disease states, and we think just the top 10 would cover about a third of the opportunity. We're trying to remain disciplined and focused with a smaller subset so we can prove scale first in North America. Thank you. We'll move next to Michael Freeman at Raymond James. Hey, good morning, James, Anthony, Alex. Congratulations on the quarter and all the action. I wonder if you can, first, congratulations on the launch of Amadeus AI. I'm glad to see this being deployed through the Orion network. I wonder if you could describe some of the traction you're seeing, some of the reasons why your customers might be adopting this. I wonder if you could describe, I guess, preview for us a product roadmap of where you're going to further leverage your internal AI capabilities through the organization. Yeah, look, great question. I guess let's start with the reasons. We'll just use one example. The example we like to use as we go through it, if we've got 105 disease states, what does that actually mean? The one that we try and use is the cardiovascular. I'll get Alex, do you want to give a rundown? Obviously, we've presented that recently of the one project we're running through in the U.S. right now. Yeah, sure. We'd love to. Michael, thanks very much for the question. I think one capability that, of course, we kind of anchor around the mission of the company, right, is early disease detection. Okay. What does that mean now practically deployed right within a health system or a public sector partner? One example is our capability to be able to screen patient populations and find these at-risk patients and effectively produce a list that then physicians can go and take action on. One particular example we're working on is there's a number of patients that have worsening heart disease, and they're great candidates for having a heart valve to be replaced. We're able to identify these patients that are fully reimbursable, that should be on track to have this intervention. They're effectively patients that have fallen to the wayside. We are able to identify them, get those lists to the physician. The physicians can then take action. It leads to a number of interesting outcomes. Number one, of course, the patient is on the right and appropriate care pathway. Number two, this is also a revenue-generating initiative for the hospital system. That is one clear example of us working very focused in one area, which is in cardiology. There is, of course, a host of other areas and domains where we have expertise to be able to execute against this in. Thanks, Alex. Okay. I think it's that definition in the U.S. that the American market sees it as a revenue opportunity as opposed to a healthcare outcome you see in Commonwealth countries, which has been both not surprising, but really encouraging about the adoption rate in the U.S. Okay. Thank you very much for that. I wonder, in that cardiology example, it appears that the healthcare system is your customer, where there also may be an opportunity with the specific heart valve companies, like working within Edwards, which resembles the approach perhaps that you were taking with the life sciences companies linking up with Khure Health. Can you describe the reason, I guess, the rationale for pursuing healthcare systems versus working directly with life sciences companies in this way? Yeah. Look, I guess there's a bunch of stuff in there. I'd start from the basis they're not mutually exclusive. We can do both. It's the same data with the same signal. The second thing I'd say is that it depends where the data source is, right? If you're using a hospital's data rather than our data, the hospitals are using the componentry of what they already have for their own benefit, and we're enabling that and giving them insight. They may not wish other people to have that access, that data. More importantly, we think about it as two flywheels. What I mean by that is that the flywheel we have in Canada of identifying patients and working with life sciences creates more opportunities and more disease states of knowledge to then go to a healthcare system and say, "Well, there are other ways we can use this data." What we find is you can do both. Yes, we maintain our work with our life science customers, but in different regions, the healthcare system, what you have to remember is the core component of what we put together, why Orion and Healwell made so much sense, because their business is healthcare systems as opposed to life sciences businesses. The adoption of AI within healthcare systems will be at a different rate than it will be in life sciences. We see them as not mutually exclusive, but we actually see them as complementary, Michael. Okay. All right. Thanks very much for that. And last, very quickly, from last quarter to this quarter, we saw healthcare software revenue step down marginally. Can you explain this step down and perhaps give us your thinking on when we expect that segment revenue to turn around and begin growth? Yeah. Good question. I think, look, professional services, there are two things going there. Obviously, it's not a straight line. It's a lumpy business. You'll have one quarter will be up and one quarter will be down depending on deliverables. What I would say is that the growth comes in is not a linear line. It'll come in every time a new customer comes is significant, but it's not one a week. Professional services quarter by quarter will be lumpy. This quarter, we were working through, obviously, North American summer. Customers being ready to take product is a core component of professional service revenue and hitting key milestones. I don't want to give the impression that it's a straight line professional service. There will be some quarters. Obviously, Q2 was a positive quarter. It was above expectations. In terms of growth, you should expect that some years that business will grow five, and the other years it will grow a much higher rate than that depending on when new customers land. Because when you bring a new custom, professional services revenue comes in before recurring. And it can be a one-year lag before we implement into the recurring from professional service revenue. So our focus in 2026 is clearly driving away AI and data science revenue, which is probably more linear. Thank you very much. I'll pass it on. We'll go next to Firuz Yakhyayev at Canaccord Genuity. Good morning. Congratulations on the quarter and recently announced divestment. So my first question is on the Middle East partnership that you recently announced through an MOU with Lean Business Services. Would you be able to tell us more about your plans in this region and what this opportunity entails? Yeah. Look, Lean has been a wonderful partner for the business as it is before. Look, I think what we see with Lean is that they've built real capability in the region and over the top of our existing products. So the opportunity set for us is taking what they've already built across our platform globally and then within the region for them to be a reseller of what we've built in their environment. They'll open up materially new markets that we don't have access to in sales capacity within the Gulf and our global footprint of taking some of their products as material as well. So we see it as one of the few win-wins you can have in healthcare, where it's non-competitive. We look at the region needing the relationships, the expertise they have to expand, and we obviously have the global reach within our network. And this sounds pretty exciting. And then maybe a follow-up on Healwell's appetite for additional M&A. So following your recent meetings with several potential targets from the UK, as you mentioned, and what does your pipeline look like? And given the recent divestments, do you think you're in a better position to resume M&A activity? Look, M&A activity has been a core component, been good at allocators of capital for Healwell. We're maintaining a deep pipe through various stages across all parts of the market. The reality is that we're looking currently at tokens. As we said, the key focus for us in the next six months is to remain disciplined and focused, but not give up the pipeline. What I mean by that is the deals that we're looking at will take longer than three months to consummate. We do not want to distract the team from what the opportunity set is improving value. I'm sure everyone on this call is looking forward to when we can show the clinical validation and commercial validation across the Orion network. We're very, very focused on demonstrating that. So what I think you can expect is that M&As will be a core component of the business, but for the next quarter or two, we need to demonstrate that the organic and commercial validation of what we're doing, not just the clinical validation. That's great. Certainly. I'm looking forward to hearing more good news from you guys. Thank you. We'll take our next question from Rob Goff at Ventum. Good morning, and thank you for taking my question. Congrats on all the efforts and successes within the quarter. Thanks, Rob. It's been a busy quarter, but the teams worked really well, so. Definitely. It's exciting to be here. Very good. In looking forward, could you discuss the current POVs outstanding, and how would you measure the success or performance of expanding that pipeline of POVs in the first quarter? Well, I think Alex did a great job of explaining one of those POVs. What we're doing is, but I'll talk about sort of how it works. We take a small portion of their data to prove the value that we're talking about. So rather than give them a list on all of their patients, we give them a list of what they can deal with in the next quarter. And so what we're building in the, particularly in the U.S., is a rinse and repeat model. So we can go and take the same algorithm to a different non-competitive healthcare system. And so given the sheer size of the U.S., what we're trying to do is focus on a small set of subsets of our capability, demonstrate it at scale, and then land and expand. Now, what we're seeing is that there are multiple different uses. So we're not looking at just hospital systems. We're looking across med tech businesses, government entities, regulators, pharmacies. So what we're trying to do is demonstrate the breadth of different healthcare systems that we can integrate with, not just, and I use healthcare systems as vernacular to anything outside life sciences. But the core component is the insight that we can get from that clinical data, whether that's used by healthcare systems, life sciences, hospitals, insurers, is the same insight. It's just got multiple use cases. And perhaps it's simplistic, but in terms of tracking, is it something where you could say you currently have five of value and you're looking to add another five in the first quarter or anything to track the momentum there? Yeah. Look, in the first quarter, we'll come through with how we think about those numbers. I think the numbers you have there, we're doing more than those. What we're trying to do is be very disciplined this quarter to ensure they're successful. Then we'll start tracking out both the scale of where we're going in the different markets. Our initial approach is to try and have one in each region and one in each product. There is well north of five, but you'll see us talk about those numbers into early 2026. Very good. Thank you. One last question if I may. Could you discuss your RFP pipeline? Is it an active market at this time? Look, yes, the RFP pipeline is actually quite active. What we're finding is there's multiple RFPs for all of our products in most regions. AI-enabled platforms are now becoming part of the RFP process. We're starting to see in Europe, in particular, the RFPs including other kind of use cases, including how you integrate with life sciences. I think healthcare systems are becoming a lot more open to what they do with their own data. Our experience of working with life sciences in North America is of real value outside the rest of the world. In 2025, we saw an election cycle both in Canada and the UK, which slowed down adoption. What we're seeing now is that the RFPs are back on right across the business. In fact, every part of our business has got a significant pipeline of RFPs. Obviously, what I would say in healthcare systems, they are long-dated, big processes, big dollar values. Okay. Thank you very much. Good luck. Thank you. Our next question comes from Brian Kinstlinger at Alliance Global Partners. Hey, Brian. Thanks so much for taking my question. Hey, how are you? I'm good. So as adoption of your AI increases, and I know you're targeting 50%+ annual growth or more, how should we think about the mix of professional services versus subscriptions in that one segment? Look, that's a really good, interesting question. Something you'll see us define more clearly in four quarters. I think professional services in our AI business probably looks more reoccurring. And so it's not as professional services like it is in software. And so often we find in life sciences that it is a multi-year relationship, not a one-off PSG. So I think we're going to we've obviously taken the feedback on that from the investor and the analyst community that we need to do a better job at describing that what is PSG in software is not PSG in AI and data science. But the sequential reduction in professional services, that was a one-off project, yes, excluding the divestiture. Now, are we talking now in AI and data science? We are, yeah. Yeah. No, so Northern Hemisphere quarter this summer, you were going to see seasonality. We should definitely see in life sciences holidays being taken. And that's why we saw the ramp-up in September, significant ramp-up in September versus July and August. That's helpful. My last question is, as we look at the subscriptions revenue piece of AI, I know pharma and life sciences makes up the majority of that. Are there any hospital systems or clinics or anyone else taking outside of life sciences that are paying for subscriptions yet? Look, we do work with all of them. I think the reality is that they're de minimis in the scheme of things currently, that life science is the bulk of them, that you'll start to see that revenue be recognized and grow materially as we go into 2026. Okay. Thanks so much. We'll go next to Daniel Rosenberg at Paradigm. Hi, Daniel. Hi, James. Hi, Alex. Thanks for taking my question. My first one just comes around the proof of value that you spoke of. I was just curious, how easy or hard is it to go to market with these proof of value concepts? Do you find it's early adopters, or is it more broadly than that? People are curious to explore the capabilities of AI. Look, I would say the adoption cycle in North America is faster. It's not just early adopters. I think the reality is that it's a new segment in the US, helping burdened and profit-struggling entities find patients where they can generate revenue and get better patient outcomes. It's something that hasn't really existed over the years. So I think what we're actually seeing is that it's not just the early adopters, but actually people with large bases. It means that the conversations are swiftly with CFOs, not just with medical officers. So what I would suggest is that what we're seeing in the U.S., because of the profit-centric nature of that healthcare system, is that the adoption cycle to get to procurement is faster. Now, procurement and legal is still a slow process. It's weeks and months, not days. But I would say that we are at the very front line of what AI experimentation has been happening in the U.S. I think a lot of what there is is workflow tools, and our tools are very different to that. Thanks for that. And then you mentioned the time it takes to go through procurement and legal. So how do you think about the sales cycle? And then perhaps as you think about competitors trying to go to market, is there an advantage you have there just based on Orion's history, the Pentavere research you have out there? How helpful is that getting you through the door? Look, immensely helpful. I mean, at the end of the day, what you need in any market is cut-through. So we have an established brand that's been there 20, 30 years. We're not a startup. We have clinical validation on multiple disease states. We're not picking on one thing with one department. We can talk across most components of healthcare. And so we are peer-reviewed, published, and I think the number grows every day, but from my understanding, it's well over 50 times now. I think 45 three months ago. So we're publishing on a regular basis new disease states. And I think even our validation we've got with life sciences, we work with the largest life sciences companies in the world. So I think that validation component and reputation is vastly important because privacy and security is a core competency in the U.S. where you are using healthcare data. So as we walk along in a, what I would say, sea of AI, I think we really stand out. It's very hard to find anything that's been clinically validated and peer-reviewed, published as often as we have, and certainly, it's very hard finding with the long-term reputation that Orion's had. Going back to the industrial logic of the two acquisitions, Pentavere and Orion, we are seeing market fit and why that works in the U.S. right now, and I use U.S. loosely. I think North America is probably a better phrase than just the U.S. Good to hear. The last one for me, if I may. It sounds like early disease detection. We're obviously in the very early days of AI, very early days of proof of concepts and commercializing it. But it sounds like it can expand dramatically. I'm just wondering, how do you think about that balance of taking one concept, growing it, scaling it, versus expanding into other verticals and the cost and resources to do that? Yeah. Look, we've taken the approach of formal walk-around, as Sacha our COO would talk about. So what we've gone into is make sure that the foundations of how we get the data out and how we put it into our algorithms is scalable and repeatable. So a lot of the work at the moment from the team is to make sure the technology is deployed on the ground. So a core part of this is going to the U.S., but the data can't leave the U.S. So we have to deploy a team there. But once we've got the infrastructure right and we know what disease states, it's actually a relatively fast follow-on of the next state. Once the pipes are in, if you think about it, of how we get the data out, we know what to look for and set DARWEN over. We just need to tune it, so it's the same clinical data we're pulling out, and it's just different insights we're drawing from it, so if you think about the model, the model is new healthcare systems. There is a deployment of getting that data into DARWEN, but once you're in there, then expanding it over one disease state to 10 to eventually 105, that stage is a much faster and easier deployment cycle than a new customer, and so our focus today is to go wide and then go deeper. Appreciate that. I'll pass the line. We'll move next to Justin Keywood at Stifel. Good morning. Thanks for taking my call. Hi, Justin. Hi. Nice to see the results. On the MOU with Lean Business Services in Saudi Arabia announced last week, are we able to quantify that opportunity? I know historically Orion has been very active in the Middle East, and how should we monitor that opportunity going forward? And any indication of the potential TAM or SI? Yeah. Look, obviously, it's early days in any MOU. But what I would suggest is, yes, there has been success in the Middle East, but I think the Middle East is a much bigger market. And as healthcare systems grow, the wonderful thing that the Middle East has and why Lean is such a great partner is there are regions where we don't have people on the ground. And so working with them to deploy some of our platforms in either the Middle East or even if they take it to Africa, regions that we're not focused on currently. And so the reality is what is a wonderful partnership because what it brings to us is that we focus on our core markets where we've got expertise, people on the ground, talking Europe, North America, Asia. But in areas where we don't have capacity, we don't have to give up on those. And so Lean is a wonderful partner in that thing that it's a cojunt, if you like to think about it. They bring parts of the market that we're not currently servicing. Absolutely. And then just on the growth in the quarter, obviously a big step up, is there any indication of the organic expansion? Yeah. Look, the short answer is that obviously AI is predominantly organic expansion and growth. And I appreciate your comment that much of our software growth has been the Orion and VeroSource acquisitions. But the reality is from that sector is that between Q2 and Q3, the professional services number was flat to down. And so the organic growth was therefore very low between the quarters. I think you will continue to see that PSG being volatile, as I said before, and it'll come in a lumpy stage. The nature of the contracts is they are very large but long-dated, and so it won't be a straight line quarter-by-quarter growth. Understood. Thank you very much. Next, we'll move to Gianluca Tucci at Haywood Securities. Hey, good morning, guys. Just one quick thing to hear. Could you perhaps update us on how you're seeing cost synergies play out across the entities post-Orion acquisition? Anthony, why don't I leave that to you? Yeah, absolutely. Absolutely. Great Great question, Gianluca. Since the acquisition, we've been really ramping up our work with a team at Orion, and they've got, as you can appreciate, a mature, experienced team there. And looking at the best of all our business units, and we're finding that there's some really good synergies that we will realize. It'll take a little more time for us to see that. We'll see that benefit as we get into the 2026 fiscal year, but we're certainly seeing a lot of benefit to having the large team there that has the experience we need across the organization. And so those synergies will be realized. It'll be something that we'll see in 2026. Okay. And if I could just ask a follow-up question on the cycle process. As you work through these POCs or POVs, James, are you seeing more eagerness from clients who have a better understanding of the technology, just given the state of AI globally today? I'll sort of paraphrase that a little bit. But particularly in the U.S., the understanding and willingness to deploy AI is very high. Some of our healthcare systems have got 50+ projects that have been thrown at them in any quarter. So there's definitely an understanding that to improve profitability, they need to use AI a lot. And there are a lot of different products. What I would suggest is that most of the workflow products that they're seeing currently to reduce that burden, you've probably all seen charts that the administrative burden of healthcare is way outstripped the cost of healthcare from a clinical point of view, particularly in the U.S. So they're trying to solve that burden. And where we're coming in a different space because of the willingness to look at AI is that we're in a very narrow field of, "Oh, by the way, we can find revenue. You can focus on your cost through the other providers, but we are a different type of AI solution for you." And that has a real cut-through. Okay. Thank you, guys. And that concludes our Q&A session. I will now turn the conference back over to James Lee for closing remarks. Look, I just want to thank everyone. Really appreciate the engagement. Look, Q3 was a big quarter for us. I think I read a research report saying it was surgical amputation, which I thought was a lovely way to phrase it, that we've gone through the business, we've looked at what we need to sharpen our business. Going into the end of the year and next year, we're really excited about what we're seeing. I think we're looking forward to talking to you early next year about these proof of values and showing commercial validation. But thank you for everyone's support to the team. Thank you for your hard work. And to the board and to our shareholders, we appreciate all the support. All the best. And this concludes today's conference call. Thank you for your participation. You may now disconnect.