Hello, and welcome to the BioSyent Inc. Q2 and first half 2026 results presentation. My name is René Goehrum, and I'm the President and CEO of the company. Before I dive into today's presentation, I just wanted to bring your attention to our forward-looking statements disclaimer. Undoubtedly, there will be some in this presentation. If you're new to the BioSyent story, kind of checking in on us for the first time, I just want to remind you that we are in the healthcare products business. We bring proven products to patients and their providers. Our areas of specialization are pharmaceuticals and oral health products, and we commercialize those products primarily in Canada. That's the largest revenue footprint that we have in the business. But on the pharmaceutical side, we have customers outside of Canada for certain of our brands that we own the IP or the brand itself. We have every intention of expanding our oral health business to also generate sales outside of Canada. A quick look at our brand wall. This is a mix of our oral health and pharmaceutical brands. Let me dive into the numbers for the second quarter and first half of the year. On the left-hand side of your screen, you see a summarization of our reporting segments. The second quarter generated just over CAD 11.1 million of pharmaceutical revenue, which represented an increase of 14% to the year ago. I'm going to skip down. Our legacy business, insecticides, generated just over CAD 500,000, a 32% increase to the year ago. Our oral health business generated just over CAD 8.2 million in the quarter, and there's no comparable for that. I will speak a little bit more about our oral health business later on in the presentation. If you are an ongoing kind of follower of the BioSyent story, you'll know that we acquired that business on March 1st. This is actually our first full reporting quarter where the oral health business is included in our business performance and results. Overall, in sum total company revenue, just a shade under CAD 20 million for the quarter, representing a 95% increase to the year ago. Moving over to the right-hand side of the screen, you'd see kind of how those numbers look on a six-month basis. Pharma, just under CAD 22 million for the quarter. Oral health, once again, no comparable for 2025. In that case, we're just adding one month, that's the month of March, to the Q2 number. So CAD 11.2 million in oral health revenue. Insecticides down about 5% to the year ago. In total, company sales just under CAD 34 million for the first half of the year, and that is a 60% increase to the year ago. For some context, we thought it would be helpful if we spoke how the oral health business is performing. In this case, bottom left of your screen, there's a dialog box. I would say we're not really comparing apples to apples above when we're actually reporting revenue and revenue performance. Down below in the dialog box, we can report to you that the oral health business compared quarter-over-quarter, Q2 to Q2 year ago when we did not own it, up 9%. Same for the first half. So high single-digit growth. We think that there continues to be growth in that asset as we move forward. How does that then flow through the balance of the financials? You see on this slide a build of Q2 2024, 2025, and 2026. Our revenue progression from just under CAD 9 million in Q2 two years ago to just under CAD 20 million in the Q2 of 2026. That was the 95% growth that we spoke of. Our EBITDA for the quarter on the right-hand side of your screen, just a shade under CAD 5 million, representing an 80% growth versus year ago, which itself represented a 35% growth to the prior year. Net income after tax for Q2 of 2026 came in at CAD 2.85 million, an increase of 41%. I've got some comments later on in the presentation of the kind of, I'll call it, the accounting impact of the Oral Science acquisition. But you see 41% NIAT growth in Q2 versus 28% growth in the year ago. A strong progression on a net income after tax basis coming close to our NIAT. Fully diluted EPS came in at CAD 0.25 for the quarter. That's 39% ahead of year ago. Our return on equity, you can see, continues to progress positively now that we've deployed cash into the acquisition of Oral Science. I think you'll see kind of continued strong performance in the 20%+ range on return on equity calculated. In the first half, just reminding you again that first half performance only includes four months of the oral health business. So 60% revenue growth. EBITDA at CAD 8.62 million, up 45% to the year ago. Just under CAD 5.2 million, + 20%. Fully diluted EPS at CAD 0.45, comparing favorably plus 19% to the year ago. How does that then flow through on a trailing 12-month basis for earnings? First of all, the performance in the quarter itself, the profit performance represented our 64th consecutive profitable quarter. We became profitable for the first time in Q3 of 2010, and since then, we have been profitable every quarter up until Q2 of this year. On a TTM basis ending June 30th, our EPS fully diluted was CAD 0.85, compares favorably to CAD 0.72 a year ago and CAD 0.60 two years ago in the comparable periods. So trailing 12 months ending on June 30th. In the green dialog box, you see an adjustment of the EPS. For the purposes of illustrating the business to you, the only adjustment we've made are one-time expenses related to the Oral Science acquisition. So legal, other advisory, and one-time expenses. That would bring that adjusted EPS to CAD 0.89, comparing quite favorably to CAD 0.72 a year ago. Clearly, as we've been able to demonstrate strong earnings performance, strong earnings growth, combined with buying back shares through NCIB, driving strong performance in our earnings per share as we move forward in the business. I've made some references to our acquisition of Oral Science. We have a good deal of detail out in the public domain and in our filings on SEDAR, both presentations, press releases, annual reports, MD&A. I encourage you, if you're interested, to learn more, to refer to those. You'll start seeing references to that in February of this year, and then of course our acquisition as of March 1st of 2026. Oral Science is operating as the new oral health business unit of BioSyent. The primary place of business, although it is a kind of national across Canada business, the operations are headquartered in Brossard, Quebec, which is a southern suburb of Montreal. As a reminder, we purchased the business for CAD 25.5 million. That included a significant amount of working capital, CAD 6.3 million. At close, there was excess working capital above the purchase agreement terms that were an additional CAD 1.85 million of excess working capital, which we paid for. Also as a way of reminder, there is a performance earn-out based on profitability of the business over a calculated period, and we will have that fully kind of reconciled and completed with payments made by probably late Q1 of 2027, or possibly that spills over to the very beginning of Q2 of 2027. Based on the front purchase price and the business performance before we bought it, that implies a less than six times multiple on EBITDA. You will see in the notes to the financials, you will see how the purchase price has been allocated. I do not want to spend too much time on the detail there. As I say, you can find that in the financial statements. I just wanted to draw your attention to the intangible assets. The amount that has been allocated to intangibles, just under CAD 19.1 million. I wanted to point out to you how that then impacts our income statement. We are amortizing the intangible assets that come with the acquisition of Oral Science, and that is coming out at a rate of CAD 250,000 a month. You will see in Q2 of 2026, CAD 750,000 of additional amortization expense on those intangible assets. In the first half, that worked out to CAD 1 million because it is a full quarter plus a month, so 4 times 250. You will be seeing probably for the first time, if you have been a longer-time shareholder, you will see some difference in our income statement versus our EBITDA, a little bit of a spread, and that is really driven by the amortization of the intangibles. As we move forward with our business, we are operating two revenue platforms, one in pharmaceutical products, one in oral health. We will continue to invest in growth for both of those platforms, and we are working on maximizing sales of assets that we own, both in oral health and in pharmaceutical outside of Canada as well. We already have existing revenue outside of Canada on specialty pharma, and we have several projects underway to generate revenue from new customers outside of Canada as well. I wanted to touch on a couple of additional highlights for the quarter or on a YTD basis. You see we have been making a regular dividend payment, so our dividends went up by 10% this year versus year ago. Paid in March and June. We have declared an additional dividend payment for September. You will recall that we had paused our NCIB somewhat as we were working on the Oral Science transaction, and that is back in action, is the best way to describe it. On a YTD basis, we have repurchased just under 219,000 shares. YTD June 30th, I should say. Actually, on a YTD basis, that number is higher. I am not sure if we have yet reported that on SEDI. But the quantum of purchases has continued. We have been active in the market. So that continues to feature as an important part of our capital allocation. FeraMAX was named the number one recommended oral iron supplement now for the 11th consecutive year, and that continues to be an important asset and ballast for our business as we move forward. The other exciting news in the quarter was the Health Canada approval of Thyconvi. Thyconvi is a new liquid oral solution of levothyroxine, the first and only in Canada. Thyconvi is indicated for the management of hypothyroidism and thyroid-stimulating hormone suppression. This is suited for patients, adults, and children that have difficulty swallowing solid meds. It also offers a really good option for healthcare professionals and their patients when flexible dosing and small dose accuracy is required, so instead of splitting tablets, which often happens in this therapeutic class. Health Canada approved the product in May, and we intend to launch it in the first quarter of 2027. With Thyconvi, FeraMAX, and our new oral health acquisition of Oral Science, we have a number of interesting and important assets in our portfolio and a horizon of growth drivers as we move forward, defined in years. But of course, when you are not a product development company, when you are primarily in licensing and/or acquiring, then the process of looking for, finding, negotiating, and transacting on acquisitions and in licensing is important, and that is an ongoing process. We fully expect that our portfolio will look different in a year or two and three years than it does today, and that is just core part of our strategy. I wanted to touch today very briefly on the macroeconomic and geopolitical environment. There is as much or more uncertainty today than there was, say, at the very peak of COVID. We are navigating that environment. I am recording this presentation just maybe 12 hours after news came out that Canada and the United States have agreed on some new trade terms. I have no great expectation that that story is fully told. We have an uncertain environment. We have a lot going on with tariffs and counter-tariffs and protectionist trade activity and the impacts on supply chain and cost of goods and inflationary in some of our markets that are producing goods for us. Finally, the thing that concerns us is the consumer in the markets that we are serving. Since the preponderance of our business is in Canada, we are concerned about the Canadian patient and the Canadian consumer. That is because we sell premium price products. We are in the brand business, and so we are keeping a close eye on that. There is nothing that I can tell you that gives us certainty one way or another. We will just keep being diligent and keeping our eye on the environment and trying to make sure that our business can respond to the signals that the market is sending us. A quick check-in on our balance sheet. I do this really to take you back to December 31st, where we had just under CAD 32 million of cash in GICs. We transacted on the Oral Science purchase on March 1st. When we did so, we had CAD 8 million of debt on our balance sheet. That CAD 8 million of debt has now been paid down to CAD 2 million. We expect that debt to be fully repaid by the end of September. Our balance sheet continues to be strong and positions us for continued work on in-licensing and acquisition, as I've mentioned previously. In fact, we expect our balance sheet largely to look as it did just immediately before we transacted on Oral Science. We expect by the end of next year our balance sheet to be back into that position. As you read through our cash generation in the business, calculate our EBITDA, and if we are debt-free, we're not paying interest. The cash generation of the business is strong. Conversion of the profitability to cash continues to be solid, and we continue to look for opportunities to expand our portfolio. It's a good way to segue into our capital allocation approach. We've been asked this for quite some period of time, including when we had a lot of cash on the balance sheet relative to the revenue in the business. The first answer is always that our capital is, its purpose is to serve the strategy in the business, grow revenue, grow profit, and diversify our portfolio. However, we have a capital-light, cash-generating business model. That business model has not changed with the acquisition of Oral Science. We do have, from time to time and on an ongoing basis, capital in excess of what's required to execute our strategy. We started buying back shares in late 2018. Since we started that NCIB program, we have deployed CAD 26.5 million to share buybacks. As I've indicated, I think that number is higher now through July and the beginning of August, representing 3.4 million shares that have been repurchased and retired. I believe somewhere in the orders of 23% or 24% of our fully diluted shares, as at the date when we started the program, have now been reduced. We started paying a dividend in Q4 of 2022, and since then, including our upcoming dividend payment, we've returned over CAD 8 million in dividends to shareholders, and we've been solidly growing the dividend at double digits annually. We are a growth story. That is clear from our business performance. We are returning capital to shareholders. We're investing in that growth. We've launched seven branded products since the summer of 2020. We're deploying capital. We've made two acquisitions in the last less than 24 months, Tibelia and Oral Science, both of them attractive rates, one less than 5x EBITDA and the other less than 6x. We'll continue looking for opportunities to deploy capital, but we will wait for our pitch. I often highlight this slide towards the end of the quarterly presentations just to remind shareholders and to reinforce to new folks that are taking a look at BioSyent. We discontinued the use of share options as a form of equity incentive compensation. We discontinued, I believe it was in the beginning of 2019, so we're literally now seven years deep into that. We have a small number of options still outstanding. That number is dwindling, has not been growing, obviously, because we're not issuing new options. What we've turned to are issuance of restricted share units, and what we've been doing is buying shares in the open market and holding them in trust as our obligations on our RSU program come due. We've been quite the opposite of dilutive in how we're managing our incentive equity compensation. I wanted to thank you for your attention, for checking in on us. If you're a shareholder, thank you for your support, and we look forward to continuing to report the progress that we're making with the business. Thank you.