Ladies and gentlemen, thank you for your patience. Please do not disconnect. The conference will begin within the next two minutes. Once again, please continue to stand by. Do not disconnect. Your conference will begin within the next two minutes. Thank you for your patience. Good morning, ladies and gentlemen, and welcome to the Think Research Corporation First Quarter 2022 Financial Results Conference Call. At this time, note that all phone lines are in a listen-only mode, but following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. Also, note that the call is being recorded on Monday, May 30, 2021. I'm sorry, 2022. I would like to turn the conference over to Sachin. Please go ahead. Thank you, operator, and good day to everyone joining us this morning. Joining us also is our Interim Chief Financial Officer, John Hayes, who will review the financial results in more detail after I discuss some operational achievements during the first quarter of 2022. Before I do, I just wanna remind everyone that some statements made on today's call are forward-looking in nature and therefore subject to certain risks and uncertainties which we outline in detail in our regulatory filings, which you can find on sedar.com. Think Research is an industry leader in delivering knowledge-based digital health software solutions. Our focused mission is to become, for clinicians, an essential data service that organizes the world's health knowledge so everyone gets the best care. We are building for healthcare what Bloomberg is to finance. Our evidence-based healthcare technology solutions support the clinical decision-making process and standardized care to facilitate better healthcare outcomes. The company gathers, develops, and delivers knowledge-based solutions to customers globally, which typically includes inter-enterprise clients, so that's hospitals, health regions, healthcare professionals and clinics, and/or governments. The company has gathered a significant amount of data by building its repository of knowledge through its network and group of companies, including acquired companies. Today, we license our solutions to more than 13,000 facilities for over 300,000 primary care, acute care, and long-term care doctors, nurses, and pharmacists who rely on the content and data provided by Think to support their practices. Millions of patients annually receive better care due to the essential data that Think produces, manages, and delivers. In addition, the company collects and manages pharmaceutical and clinical trial data via the BioPharma Services entity that we acquired on September 13, 2021. BioPharma Services is a leading provider of bioequivalence and phase one clinical research services to pharmaceutical companies globally. Think's other services include a network of digital-first primary care clinics and a medical clinic providing elective surgery. The company's financial performance in the first quarter of 2022 continued many of the trends evident through 2021, with our subsidiaries all performing well and to plan. In 2021, we made four acquisitions and transformed the business such that revenue in the three months ended March 31, 2022, of CAD 20.2 million was 142% higher than in the same period a year ago. In 2021, we signed a series of major contract awards and expansions as we build an essential data service for clinicians everywhere that Think has presence. We exited the year with approximately CAD 6 million of acquisition synergies and our operations optimized for profitable growth. We are pleased to report that we have now realized practically all of these synergies and have more planned for fiscal 2022. With the recently announced injection of up to CAD 25 million of new capital and with CAD 10 million now drawn upon, we have the capabilities and capacity to continue with our objective to turn Think into an essential data service for healthcare practitioners everywhere. We are just embarking on this journey now, and we are very excited about the future. Now I just wanna invite John Hayes, our Interim Chief Financial Officer, to review the financial results in detail for the first quarter and the year. After he reviews the financials, I will conclude with an outlook and concluding comments. Over to you, John. Thanks, Sachin. Good morning, everyone. I will now provide some color to our Q1 2022 results. Starting with revenue, we are pleased to report that revenue for the quarter ended March 31 was CAD 20.2 million. That's an increase of CAD 11.8 million or 142% compared to revenue of CAD 8.4 million for Q1 of 2021. Sequentially, revenue in Q1 2022 grew by 6% compared to CAD 19.1 million in Q4. The strong quarter-over-quarter growth was due to revenue from the acquisition of Pharmapod in November, supplemented by organic growth in contracted revenue. If we were to annualize our revenue for the first quarter of the year, that would equate to a run rate of over CAD 80 million, up from a run rate of CAD 76 million-CAD 77 million in the fourth quarter of 2021. For the first quarter of this year, the revenue in our software and data segment grew by CAD 2.5 million or 31.5% to CAD 8.5 million, which is up from CAD 6 million in Q4 of 2021. That was due primarily to recent contract wins. Now, the combined revenue from our other segments declined by CAD 1.4 million quarter-over-quarter, caused primarily by clinical research and clinical services delays associated with closures in January due to the Omicron outbreak. Cash generated by operating activities was CAD 3.1 million for the three months ended March 31, 2022. That's an improvement of CAD 10.9 million compared to cash used in operating activities of CAD 7.8 million for the same period in the prior year. The reasons for the improvement in operating cash flow included improved operating performance, as shown by our improvement in Adjusted EBITDA, along with better management of working capital in general, especially on our collections of accounts receivable. During the first quarter of 2022, the company generated gross profit of CAD 9.1 million compared to CAD 5.3 million for the same period in the prior year, an increase of 71%. For the three months ended March 31, the company generated gross margin of 45% compared to 64% for the same period in the prior year. The gross margin when comparing year-over-year figures was affected by the change in revenue mix as a result of acquisitions in general and BioPharma in particular. Turning now to our expenses. In Q1 of this year, Think recorded an expense of CAD 288,000 from stock options that were canceled in the quarter. That CAD 288,000 was recorded in total stock-based compensation expense of CAD 1 million. This amount is allocated to each category of operating expenses. In case you're wondering how canceled stock options can lead to reporting an additional expense, IFRS requires the company to report the expenses as though they had not been canceled. In effect, this results in Think reporting the expense for all currently active stock-based compensation plans, plus the cost of the stock options that no longer exist because they were canceled. To help users of our financial statements identify this amount, we've shown it as a separate line in note 9 of our financial statements. In total, Think's operating expenses grew by 51% from CAD 9.3 million in Q1 of 2021 to CAD 14.1 million in Q1 of this year, reflecting the overall growth of the business in the past year. Think's cash operating expenses, which we calculated by removing stock-based compensation and depreciation and amortization, grew by CAD 2.4 million from CAD 7 million in Q1 of last year to CAD 9.4 million in the first quarter of this year. That's an increase of 35%. We believe this increase in cash OpEx demonstrates the operating leverage in Think's business as we extract cost synergies from our acquired businesses. The result is that when comparing the first quarter of last year to the first quarter of this year, revenue grew by 142%, gross profit grew by 71%, but cash operating expenses grew by only half as much as gross profit, coming in at a 35% growth rate. Part of the reason for this improvement in operating leverage is Think's cost optimization program that streamlines the operations of our acquired companies. To date, we have reported CAD 6.9 million in annualized cost synergies. Implementing this program did lead to an increase in acquisition restructuring and other costs, which increased by 31% to CAD 1.1 million for the first quarter of 2022 compared to the same period a year ago, due primarily to higher costs associated with staff reductions. Adjusted EBITDA for the first quarter of 2022 was close to breakeven. The company posted a loss of CAD 0.3 million compared to an adjusted EBITDA loss of CAD 1.6 million reported in the previous year. When expressed as a percentage of revenue, adjusted EBITDA margin improved to -1.4% compared to -19.7% in Q1 2021. We believe we are well-positioned to achieve positive adjusted EBITDA this fiscal year. Think's net loss increased by CAD 1.2 million from CAD 5 million in the first quarter of 2021 to CAD 6.2 million in the first three months of this year, reflecting higher costs associated with the growth in Think's business. Earnings per share loss for the first quarter was CAD 0.11 compared to an EPS loss of CAD 0.12 for Q1 in the prior year. Subsequent to quarter end, we announced signing a CAD 25 million convertible debt agreement with Beedie Capital. On May 10, we received the initial CAD 10 million advance from this facility. The undrawn CAD 15 million of the convertible facility will be available for subsequent advances to be used to finance Think's acquisition of complementary businesses or as otherwise approved by Beedie Capital. That first CAD 10 million will be convertible into common shares of Think at a conversion price of CAD 1.44 per share. We intend to use this capital to fund organic growth, potential acquisitions, and for general working capital. I'll now pass the call back to Sachin. Sachin? Thank you, John. Our objective is to grow revenue with improving margins by becoming an increasingly essential data solutions provider for healthcare clinicians everywhere so that they can deliver the best outcomes for patients. We have effectively optimized most of our operations to deliver on this objective, although there is a little more to accomplish here. I do wanna highlight one recent contract that occurred subsequent to quarter end that I'm particularly pleased with. On May nineteenth, we announced a CAD 4.1 million contract with a global pharma giant to deliver high-quality content to our user base of 300,000 healthcare practitioners and allied health professionals regarding its drug and vaccine therapies, including mRNA vaccine therapies. This agreement also includes our learning management system to enable us to support the training of these health practitioners about best practice treatments, therapies, and pharmaceuticals to deliver optimal outcomes for patients. This contract win is an example of the value of our legacy content combined with the solutions of one of our recent acquisitions, MDBriefCase. The new contract was sold to a pharmaceutical client that we gained through our BioPharma acquisition. This is an excellent example of the synergies that we envisioned as we executed our acquisition plan during 2021. It also aligns to our objective to become an essential data service to healthcare practitioners that use our solutions. There are similar opportunities to this emerging in our pipeline, which we believe we can continue to convert, which should reveal the synergistic value of our suite of products and services and the essential nature of our solutions. I wanna turn now to our 3 core operational growth KPIs that we are allocating resources and attention towards. First, we are adding more users to current licenses by promoting adoption and usage. There's a lot of room for us to increase users and usage of already deployed solutions. As we add more users, our solutions become more essential to licensees, which gives us pricing power and switching barriers. Again, I'll use the example of digital referrals here. In 2021, we doubled the size of this long-term agreement with the province of Ontario, adding thousands of new user licenses. The resulting network effect has dramatically increased usage and stickiness through the year from less than 150,000 processed in 2020 to more than 300,000 in 2021. I'm very pleased to say that that trend continues. Second, we aim to increase revenue per user by increasing the number of services and solutions that a licensed user adopts and uses regularly. Product development, along with recent acquisitions such as MDBriefCase and Pharmapod, give us an opportunity to cross-sell these solutions to existing licensees to increase revenue per user. Finally, with a user base now exceeding 300,000, we have an ability to sell new solutions and content developed internally and with strategic partners that monetize licensed users directly over the top of facility licenses. We believe that direct user licensing could generate entirely new revenue streams. In a simple example, we are adding pharmacist education to the Pharmapod product, so that tens of thousands of our existing pharmacist clients will be able to access the industry-leading continuing medical education provided by MDBriefCase. Number one, add more users to existing licenses. Number two, increase our revenue per user by selling in additional services and licenses. Number three, sell new solutions and content to users in our facilities directly over the top of facility licenses. In support of these strategies, our product teams and business development teams are focused on strengthening the utility of our data and data solutions, such as digital referrals as an example, through ongoing product development, platform integration, and content development. We plan to add new third-party solutions to our data services and solution set via supplier partnerships and integrations. We are expanding our solutions footprint via new facilities licenses and over-the-top direct user licenses in the eight countries where Think has market presence. In the immediate time frame, in order to effectively execute on these strategies, the company is undertaking the following now. First, we are completing the integration of recent acquisitions, BioPharma and Pharmapod. The company has gained CAD 6.9 million of cost synergies to date, and there is more to recognize in the coming quarters. In addition, Think is improving operations and sales potential at both in order to maximize adoption, scale, and earning potential as we add more licenses and users to these acquired businesses. As we optimize operations through integration, we're continuing to evolve from a product-focused enterprise into a cohesive data solutions company with a focus on clinician data and knowledge needs. Our product and R&D teams are constantly reviewing our user needs, our solution sets, and sales and marketing strategies with an effort to become more essential to users and licensees alike. As we optimize operations, we are realigning resources to increase sales capacity and revenue-generating support functions in key areas. With the recently announced CAD 25 million convertible debenture with Beedie Capital and the access to senior secured debt from Scotiabank, Think has more than enough capital to fulfill our strategic objectives. I want to conclude by summarizing our major achievements over the past year. Think has begun to transform into an essential data service for doctors, nurses, and pharmacists. This is a journey that will continue as we scale. More than 300,000 clinicians use at least one of our solutions, and we have a presence in research facilities, pharmacies, hospitals, clinics, and long-term health facilities in eight countries, and our annual revenue run rate this year exceeds CAD 80 million, up from a CAD 16 million revenue base, prior to our public listing 16 months ago. We've worked very hard to get close to break-even Adjusted EBITDA, and we are confident that we should be delivering long-lasting profitability soon. We have optimized our operations, strengthened our balance sheet, and are gaining more strategic focus. At our current share price levels, we are absolutely convinced that investors can benefit from our profitable growth plans and earn excellent shareholder returns. With that, we conclude our prepared remarks, and I'd ask the operator to open the line for questions, please. Thank you, sir. Ladies and gentlemen, if you would like to ask a question, please slowly press star followed by one on your touchtone phone. You will then hear a three-tone prompt acknowledging your request. If you would like to withdraw yourself from the question queue, please press star followed by two. In consideration of time allotted today and other callers on the line, we ask that you please limit yourself to one question and one follow-up. Please go ahead and press star one now if you have a question. Your first question will be from Rob Goff at Echelon. Please go ahead. Thank you and good morning. Morning. Congratulations on the results. Very, very strong. Solid. First question will be very easy. Could you perhaps frame the financial impact of the COVID restrictions and, you know, now the bounce back at your clinics in BioPharma? Yes. Broadly speaking, we can. Think of the impact as affecting mostly two business lines, the clinical services and in particular Clinic 360, for which we were closed for the entire month of January minus three days. Okay. That business is seeing no impact to its operations in Q2 at present. Right? For BioPharma, what it did was it had an impact on scheduled studies. Studies were moved from Q1 to Q2 and Q3. Okay? And frankly, due to uncertainty, that also affected some studies in Q2, which are moved to Q3 and Q4. Right? We are seeing certainly Clinic 360 having no impact in current quarter. We are still seeing some impact, though diminished, from BioPharma. Okay, thank you. As a follow-up, could you perhaps discuss your M&A priorities and your pipeline there? Sure. Very happy to. I think it's probably clear from our share price that acquisitions get more expensive as a consequence of that, especially if we're using any share consideration. We are always keeping our ear to the ground with respect to high value tuck-in acquisitions that may be accretive to our story. Of course, that does get very challenging at these current share prices. We do have some that are in our pipeline, but again, as valuations change and the markets change, I think you should think of us as being in watch mode for the right timing and the right valuations as opposed to being immediately active or expecting any immediate transactions. Okay. Thank you. I'll jump back in queue. Thank you. Next question is from Doug Taylor at Canaccord Genuity. Please go ahead. Yeah, thank you. Good morning. A pretty substantial uptick in the revenue from your technology line or segment. I know the Digital Front Door contract was a big driver of that. Can you maybe talk through the mechanics of that contract? How much of that was recognized in the quarter? Is there anything in there that's one time that should, you know, fall off from some initial licenses or deployment? Can you speak to that and the directionality of that segment in the quarters ahead? Maybe I'll speak at a high level and then John, if you wanna speak about some specifics. Doug, it's not just the one contract. There's sort of three contracts that are having a more material impact. Three or four contracts that are having more material impact on us simultaneously. One is the expansion of digital referrals. That occurred mid last year. While there was some impact to last fiscal 2021, most of the impact actually hits us in 2022. There's growth there. Number two is, of course, the healthcare navigation system contract, which you're referring to. There are some one-time costs, but even those are expected to be largely recurring. It's sort of like, as we continue, they've got continuous services as we deploy that particular contract. However, licensees are now starting to be recognized into Q2 and beyond. I don't think we're giving a lot more detail on the specifics of that revenue recognition just yet. The third contract is the One Stop Talk, which is similar to the healthcare navigation system RFP, and that is for-- that's a Digital Front Door for children and mental health. Lastly, of course, we have the contract with the global pharmaceutical giant, which is a data and a software and data solutions contract as well. All four of those are having an impact, and that's what's resulting in the increased revenue from software and data solutions as opposed to any one contract. As we look ahead. I was wondering if. Go ahead. As we look ahead at the quarters ahead, given that one of those contracts you mentioned was signed, I think, since quarter end, and should we be expecting sequential growth in this segment as well to complement the rebound and utilization of the clinical services and clinical research divisions? I think what we'll say is that our pipeline. We're not expecting any material declines in revenue from software and data solutions. Frankly, our pipeline is the richest as it relates to our software growth. We are expecting that to continue to be very robust. Of course, given that it's delivering us SaaS revenues and highly recurring revenues, that's also where we're focusing our attention. Okay. I believe you said in the press release that you expect you're on track to meet your internal revenue growth and profitability targets. You'd previously in the last quarter and the previous quarters referred to a CAD 90 million-CAD 100 million revenue objective and a CAD 7 million-CAD 10 million EBITDA run rate objective for 2022. Are those targets still intact? Yeah. We are not changing our guidance. The EBITDA run rate or the Adjusted EBITDA run rate guidance. What we would say, the only thing I would say is that we are doing a little bit of reinvestment in sales and marketing through the year in order to generate strong pipeline for later in the year and beyond. That's the only real adjustment that we've made. Otherwise, we're not currently changing our guidance. Just one point of clarification then on that last point. You've spoken to this reinvestment in sales and marketing. That's. You see that as being offset by the additional cost rationalization efforts that you have. The cash OpEx should be static as you reinvest those savings. Is that the right way to think about it? Broadly, I think that's the right way to think about it. John, I don't know if you have anything specific to add there. No, I'd say you're quite right. I mean, when we announced last week our results of our cost optimization program, I mean, those numbers that we provide are net numbers, net of add backs for other positions. You know, you may see some trending downwards in OpEx, but in general, Sachin's comments are correct. Okay, thank you. I'll pass the line. Thank you. Next question is from Jerome Dubreuil at Desjardins. Please go ahead. Hi, good morning, everyone. Two quick clarifications on your comments, answering Doug's question. First, on the guidance run rate. On the run rate, are we talking about the fourth quarter run rate or a run rate that will be reached at some point during the fourth quarter? Are we talking about the fourth quarter run rate or a run rate that will be reached at some point during the? Yeah, maybe I can clarify that. It would be the fourth quarter times four would be CAD 7 million-CAD 10 million in the. I think that's the right way to think about it, is our end of year or Q4 run rate. Correct. Okay, great. Another small clarification. You were talking about your important contract in the software side on healthcare navigation. You mentioned there were some one-time costs, but was this really one-time costs or one-time revenue? Just clarification there. Is it one-time cost or one-time revenue? It's we do matching of costs to revenue. What I would say is that one-time revenue is. We consider it to be more recurring as opposed to absolutely one time because the government has us on continuous SOWs that will. So while one set of projects relating to that particular contract may conclude, there are subsequent ones. That's similar to some of our other bigger contracts where we provide a group of or an allocation of resources to that very large enterprise client because of course, they have continuous change requests, right? I don't know if that answers your question, Jerome. Yeah. No, it answers it. Thanks. Then lastly, we saw a pretty good cost control in terms of G&A in the quarter. Wondering if the new level is sustainable or is this a large part of the savings that are due to some of the restrictions that were in the beginning of the quarter? John, I'm gonna turn that one over to you. Yeah. I think that you would be looking at cash OpEx expenses. We didn't have a big adjustment for cash OpEx. A lot of the changes that you would have seen in the quarter for cost of sales, because a lot of the, you know, the clinic and clinical research operations, those headcounts, the fixed headcounts tend to be in OpEx, and the variable headcounts tend to be in cost of sales. Okay. Thank you. Thank you. As a reminder, ladies and gentlemen, if you would like to ask a question, please press star followed by one on your touch-tone phone. Your next question will be from Chris Thompson at PI Financial. Please go ahead. Great. Thanks. Morning, guys. I'm just looking at the GM, gross margin in the quarter. It didn't improve. It actually declined from last quarter, I think John just said, because you had some fixed headcount in there in BioPharma. But the cash OpEx didn't decline sequentially. I'm just trying to identify where this CAD 1.1 million of synergies is coming from in the quarter. Yes, that question's pointed at me. The CAD 1.1 million in synergies, it's an annualized number. We've got a cash or a cost optimization, synergies optimization team. The person who heads that up keeps a fairly detailed recording of all of the costs and other synergies achieved and reports on that quarterly. That number, you know, before we share it, I mean, we make sure that we're all comfortable with it and we even have our external accountants have a look at it. But it is an annualized number, so you won't see it as being a CAD 1.1 million dollar decline from Q4 to Q1, but rather one that stretches out over quarters to come. Okay, fair enough. I mean, the acquisition cost and restructuring expenses in the quarter, you know, over CAD 1 million. You know, how do we think about that going forward? At some point, that's gonna be zero, I would assume, in the next couple of quarters. Well, Sachin also mentioned that we have continuing cost optimization to come. As you know, when we operate in Canada, we do have restructuring costs associated with changing our workforce composition. I can't say that it's going to. I mean, should it trend to zero over time, provided we do no more acquisitions and we get our cost optimization exactly where we want it, I would say that is. The correct way to think about it, but if we do have additional changes in quarters to come where we see some big opportunities to improve the operations of the business overall, you know, we will certainly do that, and you would see those numbers reflected in the acquisitions, restructuring, and other expense line. Okay. Just one more question. Yeah. I can just add to that a little bit. For example, at BioPharma, we targeted the first round of our digitization program to go live in Q1 2022. That did occur, but there are two more rounds of go lives as it relates to our digitization program. One that is expected to be late summer and one that's expected to be late in the year. Each of those, for example, will result in further staff optimization and synergies. You can see how that is expected to result in further restructuring charges. That being said, if there's no more acquisitions, of course, that portion comes out. Okay. Just my last question to follow up on all that. I mean, there seems to be some confusion here about the EBITDA guidance. It used to be CAD 7 million-CAD 10 million for the entire year. Has that changed or has that not changed? The guidance is run rate guidance for the end of the year. Was that always the guidance? In the original press release, I think it is, yes. Okay. I'll leave it there. Thank you. Thank you. Next question is from Rob Goff at Echelon. Please go ahead. Thank you again. I just want to return to the MDBriefCase and your prospects of layering in additional contracts or additional services to that platform. I'd say it's fairly significant at this point, right? As when we talk about our audience that we're targeting, for example, of course, MDBriefCase may require them. They came with a significant audience themselves. We have very significant audience at Think Research through our various software solutions that MDBriefCase was not targeting, right? For example. And similarly with Pharmapod. Pharmacists are some of the most valuable audience targets for MDBriefCase, right? Adding the tens of thousands of pharmacists through Pharmapod to the reach of MDBriefCase significantly increases their audience and of course results in a bigger and deeper pipeline, right? We're feeling very optimistic about MDBriefCase's performance this year and into next year. Very good. Thank you. Thank you. At this time, we have no further questions. I would like to turn the call back over to Sachin. Okay. With that, we just want to thank everyone for taking time to spend some time with us for our Q1 results, and have a wonderful day. Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we do ask that you please disconnect your lines.