Good morning, and welcome to the Opsens Incorporated third quarter fiscal 2022 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Joe Dorame with Lytham Partners. Please go ahead. Good morning and thank you for joining us today for the Opsens third quarter fiscal year 2022 conference call for the period ending May 31, 2022. With us on the call representing the company today are Louis Laflamme, President and Chief Executive Officer, and Robin Villeneuve, Chief Financial Officer. At the conclusion of today's prepared remarks, we'll open the call for questions. Before we begin with prepared remarks, just a couple of comments. Today's call will contain forward-looking statements that are based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially from those projected. The company undertakes no obligation to update these statements except as required by law. Uncertainties are included in the company's filings as well as periodic filings with regulators in Canada and the United States, which you can find on SEDAR and Opsens' website. Today's discussion will include adjusted financial measures, which are non-IFRS measures. These should be considered as a supplement to and not as a substitute for IFRS financial measures. Finally, today's event is being recorded and will be available for replay through a webcast on the company's website. With that said, let me turn the call over to Louis Laflamme, President and Chief Executive Officer of Opsens. Louis, please proceed. Thank you Joe, and good morning to all of you. We are excited to speak with you today again to discuss the developments within the business. Let me also take a minute to greet the French-speaking audience. I am pleased to report that we continued to build positive momentum during the third quarter of fiscal 2022 as we achieved numerous important milestones and set a number of new quarterly revenue records. First, we achieved quarterly revenue of CAD 10.1 million, a new record for the company. This was a 25% sequential increase from the second quarter and above the expectations we communicated to you last call. Second, our coronary artery disease business had a record revenue quarter. The subsidence of the Omicron variant in North America and commensurate uptake in procedure volumes, coupled with an elimination of certain supply chain disruptions we had previously experienced, were key factors to the record quarterly results. Also important are the investments we have made in sales and marketing. These positive trends have been consistent with what I mentioned the last two quarters as we are seeing a strong second half of fiscal year 2022. I will expand more upon what we are seeing as we now sit about halfway through the fourth quarter in a moment. Third, we achieved a record performance in our partnerships segment, where we had record shipments. Another key milestone during the third quarter was the Health Canada approval for the SavvyWire. This approval was received ahead of expectation and allow us to officially enter the rapidly growing global TAVR market. The global TAVR market is currently estimated at over 200,000 procedures and is expected to reach 400,000 in 2027. Following the Health Canada approval, yet another key milestone in the form of the first successful commercial cases. I will expand upon our limited market release to hospital in Canada, but needless to say that we are highly optimistic about our entry into this rapidly growing market. In the U.S., we remain on track for an anticipated clearance of SavvyWire in the second half of calendar 2022, with full commercial launch in early 2023. As you can hear, at high level, the third quarter was a tremendous quarter for Opsens, and I would like to thank our team members for their dedication and hard work. Record revenues and regulatory approvals lead the way. However, more importantly is the bright future we have ahead of us. Let me dive into a more specific for everyone, including our outlook, and then we will be happy to take your questions. Starting with the OptoWire sales within our coronary artery disease business, or what we refer to as FFR and dPR, were CAD 6.6 million during the third quarter, a new record for this segment. This compares to CAD 6.2 million in the year-ago quarter and CAD 4.6 million in the sequential second quarter. The impacts that we had been experiencing the last few quarters have been largely overcome as the number of hospital procedures are returning to more normalized levels, and the supply chain disruption we have incurred have been largely resolved. As we look at sales around the world, the U.S. was up 27% sequentially, but still not quite at the levels achieved in the third quarter of last year, which benefit from unusual short-term volume recovery since COVID reopening. One other key item in the US we are seeing is the growth in our GPO-related business with the addition of eight new accounts opened in the third quarter. We continue to believe the GPOs will be a key driver for us going forward in enhancing the adoption and utilization of the OptoWire in the U.S. We believe this also sets the foundation for a successful commercial launch of the SavvyWire upon FDA clearance, and we look forward to developing additional agreements in the future. In Canada, similar to the U.S., we saw sequential growth in coronary artery disease sales, but a slight decrease from the year-ago quarter for the reasons I mentioned. We continue to benefit from a multi-year contract we received where we were selected as the main coronary pressure guide wire for the eastern part of the province of Quebec. The trends in EMEA were similar to the U.S. and Canada as well. While we work on a distribution model in this region, as opposed to a direct selling model, our team has done a tremendous job of improving the performance of distributor through enhanced educational activities. I believe the work that has been accomplished in the last couple of quarters will continue to bode well for continued improvement in EMEA. The biggest growth we saw this quarter was in Japan. Sales to Japan were up 168% sequentially and up 36% compared to the year-ago third quarter. I mentioned last quarter that we were experiencing supply chain disruptions that prohibited our ability to obtain certain components for Japan. We have since resolved those issues and were able to ship significant quantities to them in the third quarter, including some 350,000 in back shipments that were initially intended to go out in the second quarter. With COVID hopefully behind us and the supply chain disruptions largely under control, I believe we are well-positioned to end the year on a high note. One comment I do want to make is that given we shipped about 350,000 in orders to Japan during the third quarter, that were, in essence, catch-up shipments from Q2, we could see a slight reduction sequentially in our FFR business, but it will almost entirely be due to these catch-up shipments to Japan, as we are expecting growth in the US and Canada in Q4 for OptoWire. Transitioning to our business partnerships for a moment, where several companies are integrating Opsens sensors into their product used in medical applications. As I mentioned, we had a record revenue quarter from this area in the third quarter. Overall, sales to OEMs were CAD 2.6 million in Q3 2022, compared to CAD 2.3 million in Q3 2021, and CAD 2.4 million sequentially. Again, a significant percentage of those sales going to Abiomed. We are pleased to continue this long-term, mutually beneficial relationship and look forward to many more successful years. Let us now transition to our industrial segment, which leveraged our fiber optic sensing technology and knowledge by offering key solutions in optical temperature, pressure, strain, and other critical parameters for various industries, including aerospace, nuclear, and power electronics. For the quarter, revenue was CAD 873,000, compared to CAD 713,000 in the year-ago quarter. This has been relatively consistent throughout the year. Looking forward, the long-term opportunity in this segment continues to remain attractive as we are working on an increasing number of potentially significant projects where Opsens fiber optic sensing components are integrated into these critical projects, including the International Thermonuclear Experimental Reactor and the fuel monitoring for aerospace, with leading aviation manufacturers seeking solutions to reduce weight and improve operational efficiencies and many others. With that overview on our commercial-based operation, let's jump into our TAVR program. I always used to call this a development program. Following the Health Canada approval, I think we can officially call it a semi-commercial program with one more important development step needed for full commercialization, which is FDA clearance. To those newer to the company, the SavvyWire is our new intelligent pre-shaped structural guide wire with integrated pressure monitoring and pacing capabilities aimed at improving procedural efficiency and clinical outcomes by allowing multiple steps over the same device without exchange and without compromise on performance. The device has been designed to support the minimalist TAVR approach, which has been growing among structural heart physicians. With the SavvyWire, physicians can expect to diagnose and implant the valve over the same device while getting continuous and accurate hemodynamic measurements. As we announced back in April of this year, we received Health Canada approval for the SavvyWire. The approval was received ahead of expectations and marked an important milestone on the path to the full commercialization of the SavvyWire. With Health Canada approval in hand, we have initiated a limited market release in Canada with a full launch expected toward the back half of 2022. Key to that phased launch was the successful first use of SavvyWire in a commercial setting. To this end, we worked with Dr. Rodés-Cabau at the Quebec Heart and Lung Institute and Dr. Réda Ibrahim at the Montreal Heart Institute to perform the first commercial cases with SavvyWire. In Canada, we are in a limited market release phase. For those not familiar, what this means is that we are focused on doing 60 initial cases before we move to full market release. At this point, we are approximately two-thirds complete, having conducted procedures in Montreal, Quebec, and more recently in Vancouver. The goal in the limited market release is to ensure that the entire process is smooth and that any procedure hiccups are worked out ahead of time. Part of that process is to perform different types of cases. We have done standard cases with femoral access, but also more complicated cases with carotid and right axillary access. Finally, during all those cases, we have encountered all sorts of anatomical tortuosity and calcification, representing the vast spectrum that can be seen in the all-comers patient. With more than half the limited market release completed, we have not encountered any technical or safety issues, and doctors' experience were quite exceptional. We expect to have the 60 initial cases completed sometime in the next month or so, at which time we will move to full market release in Canada. Similar to comments I have made throughout this year, the press and the interest from the medical community around the SavvyWire capabilities have been tremendous. To expand upon the positive data that was presented at TCT in November, we recently saw the medical publication of clinical data supporting the correlation between Opsens sensing technology and the current standard of care before and after TAVR in the JCI journal. This accompanied an editorial and online panel discussion ahead of the SCAI scientific session meeting held in Atlanta in late May. Further, the results of our 20-patient SavvyWire first-in-man clinical study were presented in May 2022 at EuroPCR and published at the same time in EuroIntervention journal. I am honored by the medical community's acknowledgment of the beneficial capabilities of using our SavvyWire for TAVR and expect that this will even increase with our clinical strategy plan to increase awareness on the potential benefit of using the SavvyWire in TAVR cases. In regards to the to the FDA clearance, since the last call, we had a Q-Sub meeting with the FDA to discuss our proposed answers on last questions remaining. The Q-Sub meeting allows them to provide real-time feedback to the proposed answers. We are positive about our interactions with the FDA and expect to have final responses ready in the coming weeks. Upon our final submission of these responses, the FDA usually takes 60 days to respond, which would put a potential approval in the second half of calendar 2022, in line with our original expectations. While we await the FDA's clearance, we are advancing our commercial operations to ensure a successful commercial launch later this year. In particular, we are conducting internal training of our sales team on the TAVR procedure and SavvyWire. We have also presented clinical data at various medical conferences since we last spoke, including one in Chicago, one in Frankfurt, and one in Vancouver to create awareness of our SavvyWire. Similar to Canada, we will conduct an initial limited market release in the U.S. However, as opposed to just two or three centers in Canada, it will likely be a bit broader in the US. Our goal is to have 100 cases completed in the US before we move to full market release. Finally, we are ramping up our manufacturing capabilities. Our goal remains to be in full commercialization in calendar 2023. We look forward to sharing more with you in the coming months. Before I turn it over to Robin for a more detailed review of the financials, let me quickly summarize. This was a great quarter for Opsens on multiple fronts. From the commercial standpoint, we had record quarterly sales led by record coronary artery disease sales and record sales in our partnership segment. On the development front, we received the first regulatory clearance for SavvyWire from Health Canada and remain on track for FDA clearance later this year. We have ramped up our sales and marketing team to take advantage of the opportunity we have in front of us for both OptoWire and SavvyWire. We are making the necessary preparations to hit the ground running upon FDA clearance. The market and pandemic-related headwinds we have encountered previously, including a reduction in procedure volume and supply chain-related issues, appear to be largely behind us, and our industrial team is gearing up for some exciting new projects in the coming years. Finally, what I think is always something important to point out, our balance sheet remains strong, allowing us to execute on our strategy to drive value creation going forward. As always, I want to thank all our employees for their hard work and dedication. We have accomplished important milestones and development with many more opportunities ahead. Let me now turn the call over to Robin for a further review of the financial results. Robin? Thank you, Louis. Thanks to everyone joining us on the call. As we hit on a few of these items, I will try to add additional details where I can. The company reported sales of CAD 10.1 million during the third quarter. This was broken down as CAD 6.6 million in our coronary artery disease line of business, or FFR and DPR. CAD 2.6 million in our optical medical systems, which is mainly our agreement with Abiomed for integration of our pressure sensor into their Impella pump, and about CAD 900,000 in our industrial segment. When you look at gross margins, they were sequentially stable at 51% in Q3 2022, and down from 58.8% one-time spike in Q3 2021. Few factors that impacted growth margins was a bit of an uptake in cost of goods sold for OptoWire, particularly as we enter the end-of-life production for the OptoWire Deux and the ongoing supply chain issues affecting manufacturing costs. There was also, as part of our plan, a shift due to the increased weighting of distributor sales over direct sales. Given that a few of these factors will persist through at least the next few quarters, we think that margins will remain in the low 50% range for the next few quarters. From an operating expenses standpoint, as planned, overall operating expenses increased by CAD 1.4 million during the third quarter of fiscal 2022 compared to the second quarter of fiscal 2022. The increase is largely explained by our investments in sales and marketing teams as we are ramping up our sales efforts to continue growing market share in the U.S., along with increases in our R&D costs. Please note that our G&A expenses have remained flat this quarter. As we explained, we are making additional investments in sales and marketing and research and development over the coming quarters to capitalize on the opportunities to accelerate growth of our OptoWire and to prepare the commercialization of our SavvyWire. EBITDA, which we define as net income loss plus income taxes, financial expenses, depreciation and right of use assets, amortization of intangible assets and stock-based compensation costs, was a negative CAD 2.1 million in the third quarter of 2022, compared to a positive CAD 0.2 million in the third quarter of 2021. The decrease is mainly due to higher operating expenses of CAD 2.2 million as previously explained. Looking at net income, we are reporting a net loss of CAD 2.9 million in the third quarter of 2022, compared with a net loss of CAD 0.6 million in the year-ago third quarter and compared to a CAD 2.4 million loss in Q2 2022. The net loss is due to our investments to capitalize on business opportunities with additional spending in sales and marketing, R&D and others for operating expenses increasing as I mentioned earlier. Finally, on the balance sheet, we ended May 31, 2022, with CAD 28 million in cash and cash equivalents. With that, I will turn the call over to Louis. Thank you. Thank you, Robin. Thank you to all our investors for their continued interest and support of Opsens. We are working hard every day to capitalize on the opportunities ahead of us to position Opsens for long-term success. Operator, let me now turn the call over to any question. We will now begin the question-and-answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question is from Rahul Sarugaser with Raymond James. Please go ahead. Good morning, Louis and Robin. Thanks so much for taking my question. Good morning, Rahul. Thanks. Good morning. Thank and congratulations on the quarter. Very well done. Point of clarification on the revenue. You mentioned that there was a bit of a catch up in Japan from orders from 2Q. You had guided to, you know, potentially some attenuation of revenue expectations into Q3. Could you give us a little more detail around that, particularly given that, you know, a third of the revenue is really coming from the Abiomed deal and how much of that attenuation we should expect? Okay. Well thanks for your question. Regarding Japan, as we mentioned in the second quarter, that you know, there was some disruption on the supply chain. This negatively affected our ability to deliver some device in time for the closing of the second quarter. Consequently, we had CAD 350,000 of revenues that should have been recorded in Q2, but since we could not deliver in time, it was recorded in Q3. This obviously will, when you start Q4, we won't have those CAD 350,000. In addition to this, as you know, usually the fourth quarter in cath lab is probably the one that is having the lowest volume because of vacation and others. We are taking a conservative view on Q4 for coronary artery disease where we still expect to record growth year-over-year, so compared to Q4 2021. We may be short sequentially compared to Q3 2022. My comment there is only applying to the coronary artery disease business. For the OEM business, the business partnership segment, the demand is really strong and we see we have good confidence that we will continue to show growth in that area. Terrific. That's very helpful. Thank you Louis. My next question is, you're indicating that your expectation of the you know potential FDA clearance is as I believe the term you're using is second half of this year. We had calculated that based on submission dates that late Q3 would be approximately the time. I just wanted to sort of you know get a little bit of clarity there. Are you just sort of being conservative by providing that timeline, or should we be thinking about you know beyond late Q3? No, I think we should - I mean, if I try to be more specific in terms of month, what we disclosed in the past was end of September or October. We are still keeping those marks as a target. The progress has been really interesting on that side. The discussion with the FDA has been really instructive to us to make sure that we meet their request. We really feel that we are under control with this and, you know, we are in execution mode to deliver the final answer. Okay, great. That's very helpful. Thanks Louis. If you'll just indulge one last quick question. We fully recognize that, as you said, I believe you used the term semi commercial now ramping the sales team. We saw that reflected in the sales and marketing numbers with a CAD 1.1 million dollar bump in this quarter. Can you give us a little bit more clarity in terms of, you know, how you're balancing the ramp of the sales and marketing team with your anticipated timelines for hopefully FDA approval and of course the commercial launch, particularly within the context of the current macro environment where the market is valuing a premium on companies that maintain cash. I believe you guys have more than two years of cash runway based on the current burn, and that of course, you know, would be beneficial to maintain. Could you give us sort of that balance between cash and ramping your sales team? Yeah. I mean as you mentioned, we really like our cash position right now with CAD 28 million in the bank account without any significant debt. This being said, we think it's creating value for shareholders to make sure that we do the proper spending and being ready to execute, to commercialize the SavvyWire, in particular in the U.S. where it's the biggest market opportunity. We may have not gone as fast as what we mentioned in the past, but we still have, you know, the intention to select, to recruit the best territory managers that we can find and to have a broader team once this product is approved. I understand you would like to get, you know, indication or numbers. Overall, I would say to you that the team is growing probably not as fast as we planned initially, but it's mostly because we want to be sure that we recruit the best talent in the field. Great. That's very helpful, Louis. Thanks again for taking our questions, and also congratulations again on the quarter. Thanks a lot, Rahul. The next question is from Douglas Miehm with RBC Capital Markets. Please go ahead. Louis, I just wanted to delve into the FDA questions and what you have to get back to them on. I'm just curious as to whether this is focused on safety or biocompatibility, but perhaps you could expand on what you're preparing over the next few weeks to answer any remaining questions for the FDA. Okay. Thank you Doug, for your question. I would say, right now there is two areas where there is some ongoing additional testing that is taking place. One area is around the biocompatibility, but we, you know, our confidence level is really high because we've done, you know, various other testing before the current testing. We should be done there fairly soon. The other area where there is some question is around the capability of our device to deliver electricity in a way where it could harm patients. Again, there we have, you know, one of the 50,000 cases with the OptoWire where it did not happen. Using the fiber optic by definition is not conducting electricity. There is some testing that needs to be done there to meet the requirements from the FDA. It's not an area where we see a high level of risk. That's why, I mean as soon as we can complete those tests, we should be in a great position to file since other responses are almost ready. Okay, perfect. My other question just has to do with publication of data and also presentation of data that relates to SavvyWire. I think you mentioned a few things already, but as we look from, you know, early July to the end of the year and into early next year, could you tell us at which conferences or how many where we could expect to see data to help with the launch? Well first, maybe I will take a step back here where everyone, everybody understand that, okay, when we came with the OptoWire, the clinical data were already built around the interest in using a pressure guide wire. So yes, we showed the benefits in having, you know, a more accurate wire capability to do a procedure only with one device. In the case of the SavvyWire here we are in a different position because it's a new concept. It doesn't exist in the field. Since that situation, I mean, we got multiple ideas from doctors, multiple opportunities where we could really take the podium and present the SavvyWire. This will raise a high level of attention in the TAVR field. That's the basics where Opsens is planning to spend CAD a couple of millions in the next few years. I mean, we are not talking about a pharmaceutical development, a drug development, where you are talking about tens of millions of dollars in clinical study. We do plan to invest CAD a couple of millions, like I said in the previous calls. To say exactly what we will do, I would prefer to wait a little bit. This being said, one thing is sure that at TCT in Boston at the end of the summer you will have a presentation about the SavvyWire there with top key opinion leaders in the field. Excellent. Okay. Thank you. Thank you, Doug. The next question is from Justin Keywood with Stifel. Please go ahead. Hi, this is Julian speaking for Justin today. My first question is, given the rebound in heart procedures, it doesn't seem like the business is generating a profit at the moment. Would it be possible for you to outline what the path to profitability looks like? Specifically, how much revenue or SavvyWire must be sold to get there? At a high level, what we can say is that since what I just answered in the previous question from Doug at RBC, we are planning to invest once the SavvyWire is approved in US, in Europe, in Canada, and even at some point also in Japan. These investments in sales and marketing, in clinical activities, will happen in 2023 and 2024, the fiscal year of Opsens. In those years, we still expect to operate with a certain burn rate. We have the financial position to support that. For fiscal year 2025, the vision on a consolidated basis is to achieve CAD 100 million in sales. You know, what would be the split between the OptoWire and the SavvyWire and the OEM business and the industrial business, we probably don't need to grow at that level at current time. What I can say is that, you know, we think once we will be at CAD 100 million in sales, gross margin percentage will increase and at that time, we'll be in a great position from a cash flow standpoint. Okay. Thanks for that. I just had another question about R&D. Now that the business is in the semi commercial phase, can you provide us an update on what other R&D projects or add-on products you're currently pursuing? What I can say is that Opsens has really unique core competencies in terms of sensing, in terms of developing small devices, in terms of meeting unmet needs in cardiology and industrial market, and also the capability to display information in real-time in cath lab. When we think about our R&D future and the way to create value for shareholders, we think we can use those core competencies in specific application. We have not disclosed yet what will be the next product for Opsens, but what I can say is that there is various opportunities in structural heart. Also, you know, we are spending a certain amount of resources around software development. Because for those that saw the display that we have with the SavvyWire for TAVR, I mean, it's really bringing the TAVR procedure in a new era. We think we can even go further both in coronary artery disease and structural heart with some additional algorithm. Okay. Thank you very much for taking my question today. Thank you, Julian. The next question is from Scott McAuley with Paradigm Capital. Please go ahead. Morning, gentlemen. Congrats on the quarter, and thanks for taking the questions. A lot of them have already kind of been addressed, but one thing I wanted to ask on is. You know, with kind of the increase in procedure volumes, coming out of Omicron in the first few months, you know, it was great to see the kind of bounce in the OptoWire revenues. Do you see most of that coming from kind of that resumption of procedures that had been delayed or canceled for the past few months versus, you know, signing on new customers that are actually switching to the OptoWire? Similarly, kind of looking forward in the near term, is there still opportunity for growth from just the general increase in procedure volumes coming out of COVID? Or is really all the growth in OptoWire going to be, again, kind of new customers getting new cardiologists to be using the product? Thanks for your question, Scott. The way we see this, let's say when we look at Q3, well there is the situation in Japan where there was some catch up that helped us to generate growth. On top of that, I mean you know, Japan is an area where COVID hit hard. In Q3 we were coming closer to a more normal situation from a volume of procedures. When we think about Europe and North America, I would say that the growth that we recorded, yes, you know, the recovery and the volume did help, but we see mostly our growth coming from new accounts that we developed from enhanced performance in the existing accounts. We think this will also be reflected in Q4. Okay. I guess just pairing that with kind of your previous comment in the coronary artery business, kind of expectations of kind of growth year-over-year, but could be lower kind of quarter-over-quarter. Yeah. Again with, you know, if you're seeing, you know, new customers and existing customers using it more, you're just kind of in a line between those two points. Exactly. I would also say, let's say if we take a little bit longer term in terms of view, you know, part of the strategy of Opsens to do better in North America and in particular in U.S. is okay, yes, capitalize on the GPO network that we built. Also capitalize on the fact that we will have a second product to sell. We think this will be really strategic for us because it will make us more relevant for doctors, more relevant for hospitals, more relevant for GPOs. The third component in doing better is to have a broader team. You know, having a second product will lower the bar in terms of bringing territory managers to profitability. With that, we should be able to have a broader team. The strategy in North America, you know, there is a part that we can execute without the SavvyWire but clearly once we get SavvyWire clearance, we should see an acceleration in growth, not only on the structural heart side, but also on the coronary artery disease side. Yep. That's great. I think that again, a lot of the previous questions were covered. Again, congrats on the quarter and thanks for taking the questions. Cheers. Thank you, Scott. Again, if you have a question, please press star then one. The next question is from Nicholas Cortellucci with M Partners. Please go ahead. Morning, Louis and Robin. How's it going, guys? It's going well, really well. You, Nick? Great. Just had a couple of questions here. Congrats on the growth this quarter. I was wondering about the Health Canada launch. After you guys can complete these 60 cases, what does the launch kind of look like? Have you received initial conversations and inclinations from guys so you can see how fast sales is gonna ramp? I mean right now we are really focusing on making sure that the execution is perfect in the current account that we have. We don't want to pre-sell too much, and it's in line with our quality program. This being said, I think it can be fairly quick, but it will happen for us more in the first and the second quarter of the fiscal year 2023 in Canada for Opsens. Right. Okay. The good thing in Canada is that, I mean, it's a completely different market than the U.S. in terms of the number of procedures, but also in terms of the number of hospitals. The number of hospitals that are doing TAVR cases is fairly small. Within those hospitals, the volume is high. We think, you know, Canada will have a good contribution in our revenue for the fiscal year 2023 for the SavvyWire. Right. Okay. Thank you for that. My other question was, with a lot of attention you guys been getting on the SavvyWire, do you think any of the competitors have taken notice and have started to build out something with continuous pressure measurement, or is their tech just too many years behind you guys? Well first, we think that we are having, you know, very unique technology. Patented technologies on the display, on algorithm, on pressure wire design, on connection. We really like our place from an IP standpoint. Also, I remind everybody that, you know, the connection characteristic that we are using in coronary artery disease, the capability to disconnect and reconnect the device, again, it's really useful for FFR. In the case of TAVR, you will disconnect 100% of the time. We think to develop a pressure guide wire for TAVR, you need to have fiber optic. Since that, the number of suitors to develop such application is incredibly limited because there are 2 miniature pressure sensor that exists using fiber optic today for medical applications. You know, we have not heard anybody working on that right now. We really like our position. You know, at some point, competition may come because it's such an interesting concept, but we don't see this before multiple years. Okay, good. That's great to hear. Those are all my questions. Thanks, guys. Thank you. The next question is from Jeff Schachter with TD. Please go ahead. Hey, Louis. Good morning, Jeff. Good morning. First on the quarter, I just was curious, a couple things. One, just a couple of callers ago asked similar question, but just market share gain on the OptoWire, like without SavvyWire and sort of do we see, you know, still headwinds in trying to gain market share in segments? I mean, as procedures are coming back, are you seeing any kind of pickup in your volumes relative to the competition? Or when you launch the SavvyWire, do you with the monitor being shared, do we expect to see gains on sort of both fronts and breaking down some of those barriers that you have? What I can say Jeff, if we take as example in the U.S. market, for Q3, the volume of procedures in general was slightly down because of COVID and so on, while our market share was up. That's what we are seeing with our internal data. The second component of your question is something that I did not mention today in the call, but it's still something really important. That is, you know, we want to be supportive to the hospital. One thing we have done is that we made sure that, for, you know, the OptoMonitor 3, you can use it with both the OptoWire and the SavvyWire. We think this will be quite useful for us to drive business on both products. We think it will be well appreciated by hospitals because, you know, once they will have done the investment and time to install the monitor, they will be in a position to capitalize on the benefits of both product to support them in their practice. Okay. I'm assuming cardiologists do they have the exposure in the U.S. to your product or will they be or is it just something that they will be made aware of and then simply start to put pressure on the hospital to say, "You know what? This is a better tool than what we're using for our procedures. And as such, you know, we should make it more of a top choice in the cath lab." Is that sort of the - Well, we need to be with the rule that exists in the U.S. We need to be really careful in not doing something that would be commercial on a product that is not approved. The catheter labs that participated in TCT, TVT, and few other conferences could have been exposed to SavvyWire during clinical data presentation. Okay. The final part is just, I know you're not given a lot of credit for the industrial side but you did make a couple of brief comments that seemed you know forward looking and optimistic. I'm just wondering, like when is it realistic to see even further traction on the industrial side, which seems like it has some exciting opportunities. Yeah. I mean we are incredibly excited about the industrial business. You know, fiber optic sensors, they have some advantages and some specific application. For example, I mentioned that previously, that is, we think there is interest in using fiber optic sensing in ITER monitoring project. A few years ago, we announced a partnership with a company called TMI. This is progressing well. You know, the regulatory obstacles or the steps to bring a commercial product in aeronautics is long, but we are making tangible progress. The vision that we have right now is that the Opsens Solutions business unit, so a wholly owned subsidiary, is a cash flow positive business. In addition to that, it can contribute to substantial value for shareholders since we are developing a product and disruptive application. Okay, t hank you. This concludes our question and answer session. I would like to turn the conference back over to Louis Laflamme for any closing remarks. Well, many thanks to everyone for participating on today's call. We look forward to hopefully speaking with all of you shortly. Thank you, and have a good day. The conference is now concluded. 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