Good afternoon, and welcome to the CloudMD Q3 2021 Earnings Conference Call and Webinar. My name is Valerie, and I'll be your conference facilitator today. As a reminder, this conference call 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 period. The company invites its covering analysts to ask questions during the conference call by pressing star, then the number one on your telephone keypad. If a covering analyst would like to withdraw their question, please press the pound key. Thank you. It is now my pleasure to turn the call over to Julia Becker, Vice President, Investor Relations, for the opening remarks. Thank you, Valerie, and good afternoon, everyone. Thank you for joining us today, November 29th, 2021, for our Q3 earnings conference call and webinar. We'll start the call off with our CEO, Dr. Essam Hamza, followed by our President, Karen Adams, and our Chief Financial Officer, Daniel Lee, who will provide a recap of the company's Q3 twenty-twenty-one financial results before opening up for a question and answer period from our covering analysts. A friendly reminder that today's discussions contain certain forward-looking information which involve inherent risks and uncertainties and other factors that could cause actual results to differ materially from management's current expectations. Forward-looking information should not be interpreted as assurances of future performance or results. The risks related to forward-looking information are described in the company's most recent AIF and in the management discussion and analysis for Q3 twenty-twenty-one, which are both available on SEDAR. We encourage you to review our public disclosure in the context of all forward-looking information that you may hear today during this earnings conference call. Investors are cautioned not to place undue reliance on such forward-looking information, and that such information is considered reasonable based on information available to management as of today. However, the company disclaims any intention or obligation to update or review any forward-looking information as a result of new information, future events, or for any other reason, except to the extent required by law. With that, it is my pleasure to turn the call over to Dr. Essam Hamza, CEO of CloudMD. Thank you, Julia. Good afternoon, and thank you for joining us for our Q3 2021 earnings call. We are delighted to share our financial results representing the first full quarter with all of our previously reported acquisitions closed and consolidated. This is the Q1 where our investors can start to see the full impact of CloudMD's strategy. Through the execution of this strategy, we generated CAD 39.2 million in revenue, representing over 1,000% year-over-year growth and positive adjusted EBITDA, demonstrating the operating leverage inherent in our business model. We've increased our adjusted EBITDA margin for six consecutive quarters as we've successfully executed on our integration playbook to generate significant synergies. Let me now talk briefly about the underlying philosophy that guides us and has led to those outstanding results. CloudMD was born out of the frustration of dealing with the inefficiencies and ineffectiveness of the traditionally broken healthcare system. Many of you are here because, like us, you recognize the failings of that system. For example, inefficient use of resources, siloed care, outdated technology, employers or payers dealing with rising costs despite worsening outcomes, and doctors and nurses that are overwhelmed and exhausted. Our team of dedicated medical professionals understand the historical shortcomings and the different pain points of those various stakeholders. As a result, we have created a health tech company leveraging proprietary patented technology, which is focused on an integrated outcomes-based approach to healthcare delivery and which improves efficiencies, provides better access of care and better health outcomes. We know that payers and providers prefer integrated end-to-end solutions because it simplifies partnerships, improves return on healthcare spend, and leads to better individual health outcomes. We've carefully built a leading integrated solution through a combination of strategic acquisitions and purposeful technology innovation. All these targeted acquisitions fill an essential part of our healthcare ecosystem in either our Enterprise Health Solutions or Digital Health Solutions product roadmap. Most of these were not for sale on the market and were founder-led companies that, like you, align with the CloudMD vision. We are uniquely positioned to deliver a comprehensive integrated health offering based on our patented real-time intervention platform or RTIP, which supports data interoperability, cybersecurity, and the ability to merge separate applications into a single platform. It is the backbone of our comprehensive platform and allows us to integrate various health capabilities such as care navigation, physical health, mental health, virtual care, and health education, to name a few. This integration allows us to navigate an individual's unique health journey within one connected platform and provide outcome data back to the stakeholders. RTIP makes it much easier and more effective for us to continue adding new capabilities onto the platform, share data in real time, and operate as an end-to-end solution. It also allows us to scale rapidly and enter new geographical locations by plugging provider networks into our back end. On the call today, I'm going to have Karen talk about three key focus areas that are driving growth and shareholder value. One, we are driving synergies and integrating capabilities to improve growth and profitability. Two. Through our Enterprise Health Solutions division, we are delivering an excellent end user experience for all stakeholders, which is driving successful customer acquisition. Three, through our Digital Health Solutions division, we have developed proprietary technology that enables engagement of individuals in supporting health issues, while at the same time empowering regulated health professionals' productivity. I'll now pass it over to Karen to review in detail how we will execute against each one of these focus points. Karen? Thank you, Essam. I'm very proud of our strong, solid performance in Q3 2021. The team has done an incredible job creating a growth-oriented, efficient, profitable business that provides a superior product for the markets we serve. Our business units have accelerated our ability to transform the way healthcare is provided, with a focus on an engagement, proactive measurement, and health outcome. I want to turn those to the focus areas that Essam outlined. Focus one: we are driving synergies and integrated capabilities to improve growth and profitability. In our most hyper-growth phase, we completed 14 acquisitions. This is the Q1 where we can recognize the full benefits of those acquisitions. We have successfully identified and realized significant rev expansion and cost synergies as we executed on our integration playbook. We've identified and executed on CAD 1.5 million in annualized synergies this quarter, significantly more than we announced at the time of those acquisitions. In Q3, we continued to execute on our integration plan by bringing businesses together in our operating divisions, creating strong operational leverage. In addition to that, we drove reductions in administrative, technology, finance, and data costs through implementation of a shared services model. We also continued to reduce customer acquisition costs by increased revenue synergies, a unified sales strategy, and an expanded client base from these already proven capabilities. Internally, we are tracking and focusing on attach rate, and while it is not a measure we are sharing yet, this cross-selling will be a key driver of growth going forward. We are creating client success teams that enable our ability to work with clients on their health and productivity needs while creating multi-product solutions with measurable outcomes. We are able to demonstrate to clients for the first time evidence that the programs they implement improve symptoms and well-being using the right group benefit program. The results of our hard work are clear. We've grown annualized revenue per share every quarter, with that number more than doubling from Q2- Q3. We've also improved adjusted EBITDA margin each and every quarter this year as we've driven synergies and generated operating leverage. We've taken a disciplined approach to integration with well-defined processes and a dedicated team. Our mental health support services, or MHSS, is a perfect example of a focus on growth with the right cost structure. We've integrated people, process, and technology of three separate EAP and mental health companies into one solution, providing what our clients are defining as a first-in-market solution. We are leading the industry in mental health coaching and navigation while seeing client adoption and annualized organic growth of 16%. The acquisition of MindBeacon is expected to solidify our position as the leading North American comprehensive mental health solution that uses a clinical data-driven approach to engage and monitor improvement for a return to function. The proven capabilities of MindBeacon's Internet-based cognitive behavioral therapy, or commonly referred to as iCBT, coupled with our employee assistance program and our industry-leading health coach and navigation solutions, are a powerful synergistic combination of industry-leading programs. We are confident that with MindBeacon, we will be able to replicate our integration strategy and upon close with a comprehensive product, immediate cost savings, and revenue expansion through our broad client base. We plan to continue to create a stronger, more profitable company by sticking to our disciplined approach to M&A, our well-defined innovative capabilities roadmap, and executing on our proven integration playbook. Focus two: through our Enterprise Health Solutions division, we are delivering an excellent end-to-end user experience for all stakeholders, which is driving successful customer acquisition. Our integrated health services platform continues to provide an outstanding measurable results for our clients. We're seeing a Net Promoter Score of over 80, a 98% user satisfaction rate for our mental health support services, an increasing client adoption rate quarter-over-quarter. This points to the fact that we are providing a measurable return on our clients' healthcare spend, which is very important as healthcare costs are rising, and it becomes increasingly important to demonstrate value to the markets we serve. As a result of these outcomes, client adoption of our solution accelerated in Q3. Our strong sales conversion experience has resulted in an additional 154 customers adopting our Enterprise Health Solutions offering, up from 156 in the previous quarter. This includes new clients in such sectors as retail, transportation, financial, and two large drug companies. We now have a total of 560,000 lives on the platform, up from 260,000 lives in Q2. It is also important to note we are performing incredibly well with a win-win rate of 90% based on our strong assessment, navigation, and value proposition. We have a number of proposals out with clients in our absence management and occupational health business to provide comprehensive health and wellness support. We are leveraging our assessment business to provide a more comprehensive offering with the addition of our mental health treatment, resulting in reduced disability days and higher client satisfaction. I'm also proud of our mental health support solutions team in the announcement this morning by Sun Life. Sun Life started a paid pilot earlier this year for their employees. The pilot delivered measurable mental health results, including 89% of those suffering from depression and 91% suffering from anxiety, experiencing major improvements. It also saw a 46% increase in plan members utilizing their mental health benefits for the first time. It is my observation that during the last year, companies are clearly demonstrating their commitment to mental health by expanding EAP programs and including an increased paramedical spend to ensure access to care. Our EAP program was founded on nurse navigators to improve the plan member experience. This increased spend in paramedical benefits for mental health will only be of benefit when you pair it with a health coach to ensure the right program with the right therapist and accountabilities for outcomes. This program is proving to deliver on just that. Based on the results, Sun Life converted from a pilot to a partner and will roll out our health coach product across plan sponsors throughout 2022 as part of its group benefits offering. We are appreciative of the support of Sun Life in recognizing the importance of this type of program we have developed. To compete in the future, you need to provide whole person team-based care that produces measurable results. Our comprehensive platform is providing this to clients and their members, driving new client wins and growing share of client wallet. Our comprehensive platform addresses mild, moderate, acute, and chronic mental and physical health with a variety of treatment options from low intensity to high intensity, and most importantly, one that shares data across all treatment types to continue to improve outcomes for individuals, practitioners, and payers. Finally, focus three. Through our Digital Health Solutions division, we are developing proprietary technology that enables engagement of individuals in supporting health issues while improving regulated health professionals' productivity. The Digital Health Solutions division launched a new unpaid pilot program in Q3, which is a long-term care product focused on lowering risk and improving the quality of life through better digital screening, tracking, and monitoring. We've also been in user testing for our new online eye examination, expected to launch in early 2022. These are just some of the examples of our team working hard on new innovations that will drive growth in the future. MindBeacon's Beacon in a Box is another development we are excited about and believe will be additive to the various tools we can provide practitioners in our clinical network. It adds a white label iCBT that they can use to augment their care. One of the other large drivers of growth in the quarter was our real-time intervention platform. While RTIP is the backbone of our comprehensive health ecosystem, we also sell it on a contract basis. During the quarter, it saw strong growth from new contracts with various federal and state-level entities in the United States. RTIP is being used in the battle against substance abuse as an innovative health data integration and security technology solution, leveraging various information sharing standards, and is already operational across 38 states and local agencies to address the opioid crisis. With that, I'll pass the call to Daniel to further discuss our financials. Thank you, Karen. As you saw and Karen touched on, this was the Q1 with all of our previously announced acquisitions fully consolidated, providing a clear view into our business. We have built this company for sustainable growth and operating leverage, which will allow us for future tuck-in acquisitions, and we are very pleased to share the early results of those efforts with you. Q3 2021 total revenue was CAD 39.2 million, compared to CAD 15.7 million in Q2 2021 and CAD 3.6 million in Q3 2020. The increase is attributed to having a full quarter contribution from the four acquisitions completed in Q2 2021. Excluding acquisitions, the company achieved a strong year-over-year overall organic growth rate of 11%. Enterprise Health Solutions contributed CAD 19.6 million in the quarter, as Q3 included a full quarter contribution from Oncidium. During the quarter, Oncidium had elevated revenues above and beyond their previously announced run rate due to some short-term pandemic-related services. The pandemic has highlighted the need for mental health, and our comprehensive offering can help employers improve the well-being of their employees. The Enterprise Health Solutions division also achieved a 16% annualized growth rate from the mental health support services business compared to Q2 2021. As Karen stated, we continue to add new customers in the quarter, and we are excited about the proposed acquisition of MindBeacon and how its ICBT solution will augment our comprehensive offering and expand the number of treatment options for individuals. We continue to market these solutions as standalone, but are winning based on offering a variety of solutions and the option for end-to-end integration care. Digital Health Solutions generated $10 million in revenues as we signed and executed new customer contracts, adding to our strong recurring and reoccurring revenue base. Digital Health Solutions achieved a 43% annualized organic growth rate over Q2 2021. This increase was primarily due to solid execution of delivering contract services to various U.S. government agencies. Clinics and pharmacies continue to perform well with $9.6 million in revenue during the quarter, representing 229% year-over-year growth. Including the proposed acquisition of MindBeacon, which will be integrated into the Enterprise Health Solutions division upon close, we expect approximately 55% of our revenues to be earned from the Enterprise Health Solutions division, approximately 25% from Digital Health Solutions, and approximately 20% from clinics and pharmacies. Looking ahead to Q4, it will be a quarter of strict organic growth as we do not anticipate closing any new acquisitions during the quarter. We target 10% year-over-year organic growth, but recognize that quarter-over-quarter growth isn't as straightforward due to things like contract timing and seasonality. Gross profit in the quarter was 34%, down from 35.5% in Q2. The slight decline was due to a change in mix of revenue. Notably, our online eyewear platform, specialty drug wholesaler, and patient support programs, which are currently lower margin businesses, grew rapidly in the quarter and made up a larger proportion of total revenues. While we expect some fluctuation in gross margins going forward due to the shifting mix, we continue to target low- to mid-30% gross margins. We've done an incredible job, and I'll take a second to pause and commend the team on their ability to drive synergies and control costs as we've scaled. This quarter, we added an incremental CAD 23.5 million in revenues while only increasing operating expenses by CAD 5.6 million. To put it another way, we've decreased operating expense as a percentage of revenue from 79% in Q3 2020 to 32% a year later in Q3 2021. We believe we are proving we can integrate acquisitions, drive cost savings, and increase profitability. While there may be some momentary step backs in this trend as we consolidate MindBeacon, I have complete confidence in our ability to once again execute and produce the same cost savings and profitability. I'm proud to say that this quarter, we reached positive adjusted EBITDA for the first time. We generated CAD 800 thousand in positive adjusted EBITDA. We're at 2% adjusted EBITDA margin. We expect continued improvement into Q4 as we find additional cost savings and improve our operating leverage before a temporary step back as we consolidate MindBeacon in Q1 2022. We ended Q3 with CAD 54 million in cash. Following the closing of the MindBeacon acquisition and after all payments in respect of that transaction, we expect to have over CAD 60 million in cash on hand. We expect that there will be more than enough to continue to execute on our strategic roadmap, integrate our capabilities, and improve profitability. I'll now pass it back to Essam for some final comments. Thank you, Daniel. We've outlined a vision for our shareholders of an integrated outcome-driven health tech platform. We are executing on that vision, adding capabilities through acquisition and innovation to create a full service offering that eliminates siloed care and through our patented data interoperability platform interacts smoothly together to create better individual outcomes. Each quarter, the fundamentals of our business have improved, and we demonstrated that the plan we have in place is the correct one and that we have the team necessary to execute on it. Over the last year, we've grown revenues over 1,000%, and even on a per-share basis, which accounts for dilution used to build the platform, we've grown it 485% year-over-year. We've improved profitability every quarter, and most importantly, the offering we present to clients today is miles stronger than what it was a year ago. Our recently announced transaction with MindBeacon is another step on our roadmap, which will bring in another important capability by buying the leading product provider in the market today. While we expect to take a short-term step back in profitability, we anticipate that we will once again drive improved profitability and per-share revenue as we integrate and scale this new capability. To that end, we've already identified an additional CAD 2 million in potential synergies over and above what we announced at the time of the announcement. I'm incredibly proud of what our team is building. Their hard work, dedication to cost control, and focus on delivering superior healthcare outcomes has made this possible. With that, I'd like to open the call for questions. Operator? Thank you. Ladies and gentlemen, if you'd like to ask a question, please press star then one on your touchtone telephone. Again, if you would like to ask a question, please press star then one. One moment, please. Our first question comes from Scott Schoenhaus of Stephens. Your line is open. Hi, Essam and team. Congrats on the strong quarter. I wanted to dig further into the pending MindBeacon acquisition you recently announced. I believe MindBeacon had around 5,500 corporate clients currently. Just wondering if there was any client overlap there at all with any of your EHS customers and how you see the cross-selling opportunities once this pending acquisition is closed. Yeah, thanks, Scott, and it's a great question. You know, the great thing about our roadmap that we had, and with each one of our acquisitions that we targeted, they were great companies on their own, growing, on their own, but together, we saw a lot of opportunities for cross-selling. There is some overlap of the customers, and I'll have Karen kind of explain a little bit in terms of our cross-selling strategies going forward. Thanks for the question. There are some clients that are overlapping. But the interesting thing is that as clients are looking to consolidate capability and deliver superior products to their employees, we see this as a great opportunity for the ICBT products and our mental health support solutions to come together to provide access to care and really start to align to people's preferences for how they receive treatment. For us, this is gonna be a win-win for the clients and our ability to come together with a solution that I think will provide stronger outcomes for the people using the services. I should mention, we've already had some of the clients reach out to both organizations asking to get together to start to talk about what this new product offering can look like as a cohesive platform. Great. That's great color, Karen. As a follow-up, how should we think about ongoing gross and adjusted EBITDA margin expansion in the longer term? Should we expect gross margins to expand in EHS past the legacy 50% levels that MindBeacon was achieving on the gross margin side, given the larger scale and then the cost synergies over the next several years on the EBITDA margin side? Thanks, guys. Yeah, thank you. Dan, if you can speak a little bit to the gross margin and the plans for that. Sure, great. Thanks for your question, Scott. With respect to MindBeacon, they do operate at a much higher gross margin. We do expect that upon the completion of MindBeacon, which we anticipate will occur sometime in January, that will increase our gross margin for Q3 2021. Our gross margin for Enterprise Health Solutions, I believe we reported on our financials 42.9%. We do expect that to gravitate, you know, to the mid-40%, if not even higher than that. We do expect that there will be significant synergies as it relates to the cost of sales within MindBeacon as well as within CloudMD. With respect to EBITDA, we did announce initially CAD 2 million in annualized cost synergies. In addition to what Essam had mentioned earlier on the call, we've identified a further CAD 2 million. We've begun having discussions with MindBeacon on an integration plan, and we will provide a further update to the market following that. We do have plans to return back to profitability and what I would say is that we do expect sometime in the back half or as we exit 2022, you know, for us to be approaching back to profitability so once we start executing on some of these integration efforts and start realizing these synergies. Thanks, team. Thank you. Our next question comes from Rob Goff of [Echelon Wealth Partners]. Your line is open. Thanks for taking my question, and congrats on a very eventful quarter. My question would be on the Sun Life contracts. To the extent possible, can you talk to the model behind the contract in terms of the potential addressable market for beneficiaries? Perhaps was this a competitive win? How might MindBeacon fit into this contract? Thanks, Rob, and you're right, it has been pretty eventful. It has. We're incredibly excited with our relationship with Sun Life. They're incredible leaders in their space and innovators, and they share a lot of the same values that we have, and it validates what we've been talking about in terms of measurable results for employees and showing outcome data and the value of that. We're incredibly excited to partner with them. What I'll do is I'll hand it over to Karen to talk a little bit about the structure and the plans with Sun Life. Great. Thank you. Thank you. Great question. We referred to this throughout the year as the paid pilot, where, you know, Sun Life rolled it out to their employees. You know, we're very proud of the results. This is basically a model where employees can access a platform and really start to get some help for mental health through a coach. One of the biggest challenges for individuals to get help is just the whole starting treatment. We find that the coach is really good at reducing stigma, creating engagement, and really creating a treatment plan with objectives that people can adhere to. That's really the product that we've created. It is an evidence-based product. I think you would have seen in the press release, we're seeing very good improvements in depression and anxiety, that plan members are actually using their mental health benefits now to access for treatment. The plan with Sun Life is to roll it out for all of their plan sponsors over time. We're just really excited that they selected CloudMD and the program, the platform that has the health coaches that enables people to get access to care. Thank you. If I may, one follow-up, Karen. Sure. Starting with the EHS, could you talk to your cadence for contract wins and that win rate on a quarter? Yeah. I mean, you know, when we get in front of a customer, I think our big opportunity here is just the breadth of services that we provide. I think that where we've really seen, you know, when we do debriefs with clients when they select us and ask why they select us. I think we're seeing quite a traction around the value proposition of the assessment and the tools and the innovation around the platform. Really what speaks to people is that all of the capabilities that we've brought to the forefront have been capabilities that have been proven for 20+ years. We've taken them, consolidated them, and really created one cohesive platform for people to access the service. From the win rates, though, I would say that the largest factor for us is these nurse navigators. This whole concept of using a regulated health professional as the lead to build the trust, to really ensure that people are actually accessing the right group benefit programs. It's really getting in front of the customer, and that's where that win rate is coming from. Great. Thank you again. Thank you. Our next question comes from Nick Agostino of Laurentian Bank. Your line is open. Yes, good evening. I guess a couple of questions for clarification. First, for Dan, you mentioned gross margins 40% as you include MindBeacon. Can you just clarify, was that 40% on the EHS side, or was that a 40% comment or a 45% comment related to the overall business? And what were the timelines on that? Yeah. Nick, just to clarify. The comment I made was more so just with respect to EHS. Okay. One of the things that we've now disclosed in our notes to our financial statements is the gross margin profile of our divisions. What you'll find is that we reported 42.9% gross margin for Enterprise Health Solutions in Q3. Okay. That’s very helpful. On those further CAD 2 million of identified synergies, can you provide commentary as to what areas, like what the nature of the CAD 2 million of additional synergies? Where is it coming from? Yeah. I mean, first of all, when we first announced the first CAD 2 million with the MindBeacon announcement, it was really the public market costs associated with just running the company. Since then, we've continued to work with the teams at MindBeacon and internally, and those are synergies between the two companies. I'll have Dan maybe speak a little bit more in terms of color around that, but we're also gonna keep updating the market, Nick, on that. On close, we'll update that number further. Okay. Yeah. Nick, I think just to expand a little bit more in terms of that additional CAD 2 million. That CAD 2 million dollars, and I just wanna be clear here as well. In addition to the initial CAD 2 million dollars that we announced on the announcement date for MindBeacon, and in addition to the CAD 2 million dollars that Essam mentioned, which is further identification of synergies that we've called out in Q3 itself, we've also identified and executed on a further CAD 1.5 million dollars of annual cost savings that Karen had mentioned. There's a lot of cost savings and what that is, it's all coming from given the fact that CloudMD has completed, I believe, we completed nine acquisitions in 2021, and our integration is, you know, very much in progress. Through those efforts, you know, we've identified. Well, number one, I think we focused the strategy as part of being CloudMD and enhancing our corporate strategy. You know, part of that has, you know, helped us be able to be more efficient with our dollar spent and be much more focused in terms of our product roadmap and where we wanna head strategically. There's also other costs we're taking out of the organization just as a result of us streamlining our systems. There has been some duplicate roles where we have identified and we will be executing in the very near future. The CAD 2 million that Essam had mentioned, I would say it's a combination of our existing synergies from our existing acquisitions we completed in 2021, and partly also influenced by MindBeacon as we welcome them to the organization, you know, hopefully in January. Okay. That was helpful. Actually, just so I'm clear, is that additional CAD 2 million MindBeacon specific or MindBeacon plus all your other acquisitions, the additional CAD 2 million? Yes. That's a great question, Nick. I would say it's a bit of both, to be perfectly honest, right? Because there are, let's just say, 200 employees from MindBeacon coming in. We have line of sight in terms of the talent and they have a lot of great people there. As we also did an inventory in terms of the people and the processes and the cost base within CloudMD as well. That's why I'm saying it's a bit of both, where we wouldn't be able to execute these CAD 2 million in synergies without MindBeacon, right? I think it's in anticipation of the, you know, of the people and the processes and the systems that they do have. Okay. No, that's very helpful. Just one last question for me on the Sun Life, the coaching angle. Just so I'm clear with this, you guys provide a coaching service which I understand. When it comes to if there's a therapist that's involved, is that therapist somebody that is on your somebody internal to CloudMD, or is that something where you are referring them to a third-party group? Also maybe speak to how has there been any preliminary discussions with Sun Life to provide ICBT as we move through 2022 on rollouts. Adding to all that, can you maybe talk a little bit about what the gross margins are associated with the coaching service? I'll leave it there. Yeah. No, thanks. With regards to the therapist network, I think we gotta kind of talk about two different things. First of all, our comprehensive platform that we offer, we use our own therapist network. We have therapist networks that we can refer to. With regards to the Sun Life one, I'll have Karen speak to the way that one's structured. The mental health coaching product is a product that we are offering within our Enterprise Health Solutions. We have customized it specifically for Sun Life. I would say right now about 50% of the therapists come from a therapist network that is available on the Lumino platform. That is a Sun Life platform, and 50% comes from our therapists. It really comes down to preferences, type of therapist that they're looking for and the group benefit package that the employer will have. That's basically where the therapist network comes from. With regards to the question on ICBT, we haven't had those discussions with Sun Life. It is, you know, brand new to MindBeacon. MindBeacon is part of the Sun Life offering. You know, in due course, we will be able to open up those discussions with Sun Life. Okay. With regards to just, maybe a range on gross margins associated with the coaching service? Yeah. We don't report on the details of the contract, unfortunately, at this time. Okay. Okay. Yeah. Appreciate it. Thank you. No, thank you. Thanks, guys. Thank you. Bye-bye. Thank you. Our next question comes from Yue Ma of Research Capital. Yue Ma, the line's open. Hi. Good afternoon. Thanks for taking my questions. First, for the employer market, the company has been offering multiple solutions. For example, virtual care, mental health support, rehab, absence management and so on. I guess my question is, based on the current market penetration rates for those solutions, which area do you expect to generate the most cross-selling opportunities going forward? Sorry, Toby, what's the most, the fastest-growing opportunity? Which area do you? Which solution do you expect? Right. To generate the most cross-selling opportunities? Yeah. I mean, I think Karen would agree with me, but we can confirm here. I believe that the mental health services right now is by far what's really driving adoption and it's kind of the leading product. The great thing about it is it is something that has been underdiagnosed, it's been underutilized, it's been underfunded, and you're seeing kind of right across the board around the world that the stigma's gone and more and more employers and governments and payers are spending more money or allowing more money to be spent on mental health care. You've seen that with a few announcements from some of the financial institutions where they've increased the funding up to, I think, CAD 10,000 per member or per employee. The opportunity really is to not only navigate that patient and provide the proper diagnosis, but also provide them the right care and help them identify where to spend that money as well, 'cause that's been really where they, I think, fall through the cracks where you know they don't know exactly what the diagnosis is a lot of times. They don't get the right therapy, and also they don't know how to spend the money, and it becomes unspent. Karen, do you have anything else to add? I'd say that I think you asked an interesting question. You said, and what do we anticipate is going to be the highest usage product? You know, right now we know that over 30% of claims, number of claims, for disability or for drug claims is related to mental health, and we know that it consumes more than 40% of the cost for employers. The mental health will continue to be an escalating, where people are looking for a solution to truly tackle mental health, not just superficially, but truly tackle and report outcomes. We anticipate, though, as a company, that health coaching will become our fastest-growing service because there's always a large comorbidity between mental and physical health. Things like carpal tunnel syndrome, things like There's always a comorbidity usually between mental—not always, but in a large number of cases, a comorbidity where we're presenting with a physical health issue, but the mental health issue is right beside. What you're gonna see, I think, from a CloudMD's perspective, is we will be expanding our enterprise health solution services to be all-encompassing, to be both a mental and physical health. You will only see the true impact on absenteeism, improving well-being, and people reporting better health outcomes. Now you have 560,000 covered lives. Based on what you said, mental health solutions are expected to generate the most cross-selling opportunities. Is it fair to say that the current market penetration rate of CloudMD's mental health solutions has the lowest penetration rate when you compare to other product solutions? I'm not sure of the question, but Karen, did you capture that question? Yes. I think what you're asking is. So I'm gonna just answer it a different way. You can tell me if it answers your question. There is a large addressable market. I think what we have to be cognizant of is there are a number of solutions out there solving mental health issues. I think the market is asking for a more robust solution. They're willing to spend money on it. We've seen a number of organizations increase their paramedical spend. I think that organizations have offered paramedical spend for mental health. The challenge has been employees did not have the right access to care or know how to. How do I actually access a therapist to spend those dollars? I think the addressable market is actually increasing for us. Do we have a low penetration versus some of the larger EAP companies? Yes, but we're competing on a comprehensive solution, and we're seeing that 90% win rate is the adoption rate towards our mental health solutions in enterprise health, where people are seeing the benefit of the nurse navigators. We continue to believe that the product developments and the focus, we will continue to expand our market share in the verticals that we compete against in the capabilities, but we'll also be creating this new market sector around this comprehensive mental health solution. Does that answer your question? Yeah, I think so. 'Cause the way I saw it is if the product currently has a lower market penetration rate, which means it has better cross-selling opportunities among those 560,000 covered lives, that's the point I asked. Yeah. I don't know if that makes sense to you. Okay. I guess my second question is, so at a high level, can you also please talk about what we can expect for next year, in terms of major milestones CloudMD is looking to achieve as well as potential catalysts? Yeah. No, that's a great question. We've done a lot, obviously in the last year. You know, we had the roadmap that we laid out and targeted the different acquisitions and brought on different capabilities to execute on what you're seeing now in terms of some of these deliverables. We're quite excited about where we are right now, and I don't think you'll see the same acquisition strategy that we had before because we got most of the capabilities that we needed to execute and so that's important for us. I think now it's about the fact that we've created this, you know, proprietary healthcare platform. It's a health tech platform. It's patented, and now we have the ability to offer it in different locations. Geographical kind of expansion is gonna be important, but also being able to offer it, and scale basically is really what we're gonna be looking for kind of going forward. The exciting thing about it is that this is a universal problem that we've kind of identified around North America and around the world. It's easy to kind of plug and play no matter where you are with the different service providers and the different provider networks. That's exciting for us. We have it in different languages, and now we're gonna look for opportunities to expand it. You know, with the MindBeacon acquisition, I think it fits perfectly. We are planning on closing that, I believe, in January of this year, and we're gonna take some time to make sure that we have full integration of that offering. It's very complementary to what we do. There's gonna be a lot of cross-selling. We're already seeing it, as Karen mentioned, cross-selling interest from our customers, which is great. And then kind of moving forward, I do believe we mentioned earlier that we will be uplisting to a senior exchange in the new year. That's gonna be another milestone we can look forward to. Then just continue to grow and execute on our business plan and what we've shown that we built can be scaled, you know, quite rapidly. That would be the main major points. Yeah, that is helpful. Thank you. Thank you. We do have time for one final question. Our question comes from Gabriel Leung of Beacon Securities. Your line is open. Good afternoon, thanks for taking my questions. Just a couple of things. First, just wondering if you guys can provide us with a glimpse of what your pipeline currently looks like on the EHS side as it relates to sort of the composition of the potential customers that you're talking to. Do you have any more, you know, potential customers, sort of the quantum of a Sun Life? Number one. Number two is, you know, what product are you finding that you're leading in with most of these potential prospects? Is it the mental health coaching? Is it the rehab assessments? Some of the more traditional EAP stuff. Just curious about your thoughts there. Yeah. Thanks, Gabe. Great question. I'm not sure if we're gonna be able to give you the full answer, but I'll hand it over to Karen to talk a little bit about the pipeline. We have a robust pipeline. I'm very confident with the pipeline as being able to sustain our organic growth. The pipeline has many facets to it, distribution partners and has direct to organizations. I would say for the Mental Health Coach, our relationship is with Sun Life in delivering that product through a distribution insurance relationship at this time. We have insurance relationships with all of the insurers for a variety of our products, including disability assessment businesses. We have a couple of clients in the United States, prospects in the United States, who are inquiring around the Mental Health Coach, which would be distribution partners that we are currently engaged in talking to. This is all net new for us, as you can imagine, going out in the marketplace with this product. Because the product, the Mental Health Coach, is a North American product and has been translated into Spanish, it's quite high adoption rate. It's quite easy for us in the United States. We feel really confident that we have the right balance between direct to organizations, insurance partnerships, and then we call our distribution partnerships. They're also our brokers and advisors who sell our products on our behalf to the clients that they represent. It's important to have that balance, because you want to have the relationships with all three in order to create a balanced portfolio. We monitor our pipeline, and we measure it on a monthly and quarterly basis with the sales team to ensure that the weighted averages align to our sales activities. So far, we're very confident with the sales operations, that the way the pipeline flows right now matches to our sales forecast. We're very close every month and every quarter to our sales forecast, which is all based on our pipeline. Gotcha. Thanks. Did I answer the question? Yeah. No. That's super helpful. Thank you. You know, we spent a lot of time talking about the EHS, but you know, can you spend a minute just talking about some of the key growth initiatives you guys focused on within digital health and perhaps even clinics and pharmacies as well? You know, what do you see as the biggest opportunities, I guess, within those two other segments? Yeah. Another great question. So maybe I'll start with clinics and pharmacies. I mean, it's not our main focus, obviously, to go and acquire a large network of clinics. It typically is low margin type of business, and we you know have to be careful on managing that. But I think what's important about the clinics and pharmacies is that there's an incredible amount of patients and providers on that network, but we also own the technology aspect of it in the DHS with the EMR. We can test everything within the clinics. For instance now with regards to the MindBeacon acquisition, you know, we're looking forward to integrate that solution right into our EMR, into the providers, you know, seeing the patients in the clinic or online, being able to refer to the ICBT program and have that patient go through the dashboard or the Mental Health Coach even on top of it. The integration between the three divisions, I think is really kind of integral. With the DHS, I think, you know, actually, I think it was Karen, sorry, mentioned some of the sales that we're seeing even outside of our own products that we're offering. This platform that we talked about, this interoperability, the RTIP platform, has so much potential because one of the big drawbacks in healthcare is the lack of the ability to share information in real time and offer good outcomes, outcome data. That really translates well right outside, like, right across healthcare. When she mentions the opioid crisis, that's a big deal. For instance, what happens is that if a patient is seeing a doctor in one clinic, that provider can check in real time to make sure that patient didn't get an opioid prescription from a clinic across the street or across state lines or across the country. That is something incredibly important as we start fighting the opioid addiction and a lot of the issues that we're seeing because of the misuse of these products. There's a lot of opportunity there. With regards to EHS, you're right. That is definitely our fastest-growing division. But I think we've kinda made it clear that all our divisions work together as well. You know, we have the ability to use the resources from each of the others to support the other one. That is kind of an important strategy that we use internally. Got you. Thanks for that. Just one last thing for Dan, just a point of clarification. Dan, did you say organic revenue growth in the quarter was it 10% in the quarter? Yes. It was 11% year-over-year. Got you. Okay, that's helpful. Perfect. Thanks a lot for your time, guys. Thank you. Thank you. Ladies and gentlemen, this concludes today's conference. Thank you all for participating. You may now disconnect. Have a great day.