Next up, we have, Sachin Aggarwal from Think Research. Welcome to the stage, Sachin. All right. Test. Everyone hear me clearly? Thanks for being here. Nice crowd. Seems like a bit of a nice optimistic year. People are showing up and seem to be a lot happier than they were last year. We're looking forward to that. Thanks also to our friends for hosting us. This is our fifth or sixth year in a row now, we always get a great crowd and a great reception. Thanks to you for being here. We are Think Research. What we do is we get new evidence and new information into the hands of doctors, nurses, and pharmacists. Okay? Our mission is to organize the world's health knowledge so everyone gets the best care. Right? What we do is we provide data and information services for those doctors, nurses, and pharmacists, and we do so through enterprise licenses. Okay? These are clinics, hospitals, entire governments that license our solutions to keep the practice of doctors, nurses, and pharmacists up to date. Okay? Just to give you a quick snapshot of size and so on and so forth, today, we touch more than 300,000 clinicians across more than 13,000 facilities that license our solutions. Okay? We have good gross margins, so 50%+. We hover around that 50% range. We expect that to improve this year. We've got good organic growth, and we're not just a Canadian story. Currently have clients in more than eight countries. In fact, if you look at our clinician user base across some of our solutions, we're closer to 120 countries now. Right? This is some handsome faces that you don't need to spend too much time on. Why do we do what we do? This, this should really be no surprise to you in the room today, right? 20 years ago, we all used to think and believe, and for the most part were quite correct, that our doctors knew most of what they needed to know, right? Evidence-based medicine was only declared in the early 1990s, right? Fast-forward, you get the search engine, you start to get an explosion of data and information that our doctors and nurses need to consume, right? Go even further forward to the pandemic over the last number of years, it became really, really obvious and clear to us that our doctors, nurses, health systems were out of date. Right? They weren't able to keep on top of changing evidence and information. That was just for one disease, right? That was the disease that was at the top of the news every day, and they couldn't keep on top of it. How do we think that they're doing in respect of the many other diseases and conditions out there, the many thousands of them? The answer is that they're not, right? This becomes not just a problem for your healthcare and my healthcare, it also is a really significant financial problem, right? Globally, this is approaching a $2 trillion problem within healthcare, right? This is the problem that we try to address, right? We've got a number of different solutions that target that particular audience, the 300,000 clinicians that we focus on. Some that are focused at very, very large organizations like governments, like the Government of Ontario, the Government of Nova Scotia or Newfoundland, other governments around the world, and large organizations like Shoppers Drug Mart, Amazon PillPack, and others, helping to keep their clinicians up to date on best practice and new evidence, right? What we do is we collect the data, right? We collect the data on patients. We've got millions of patients' records that we now collect and manage, and we're able to use that data for the other part of our business, which is clinical research, all right? What we're trying to do, and this is for those of you that are frequent investors or in banking, and a simple analogy is we're trying to build to healthcare what Bloomberg is to finance. Okay? We want to be that provider of choice to synthesize information and get it out to clinicians. Okay? Here we've got just some lists of our clients, some of our more well-known clients today, okay? You know, on the left, we've got large organizations that license our software. Okay? They'll pay software as a service fees for that, right? On the right, we've got organizations that then utilize the data that we collect. Okay? Now, if you're looking for some very specific examples, I'm happy to provide them here. Shoppers Drug Mart, for example, or Amazon PillPack. They will use our solutions to guide their pharmacists on prescribing and then collecting data on errors, right? Pharmacists make errors. Those are called incidents. There's also adverse events that occur after drugs are dispensed, right? All of that, we provide an evidence-based framework for them to collect that data. We now collect that data across thousands and thousands of retail pharmacies, right? That data is incredibly valuable, right? For the Government of Ontario, I don't know if some of you were at Hamed's presentation from WELL. We work with WELL. We provide the digital referral platform for the entire province of Ontario. I see our friends at Novari here. They do some great stuff in that space as well. Under that contract, we provide evidence and guidance for the referral of patients from primary care to specialists, right? That's a digital platform that is deployed at scale. Right? Those are examples of the types of solutions that we provide. What are we trying to do? We're trying to expand our solution footprints. We're trying to get to. We're already a large and well-known player here in Canada. We're trying to really mop up our footprint here in Canada. We've got sales teams on the ground in other places in the world, right? We're trying to expand our footprint. We're trying to strengthen our data, and that means deepening our offerings for our existing clients, right? Thereby collecting more data. Of course, offering solutions potentially of other partners to create a bit more of a marketplace to our clients. This is the way that we're gonna be expanding. This just gives you a picture of revenue over time. You see this, that's Q3 annualized. Unfortunately, we're just a couple of days before financial reporting, so I'm giving you some old numbers now, but do watch for our new numbers. I think you'll find them quite interesting and quite exciting, and we'll be reporting in a couple of days. Suffice to say, we have provided guidance, you've got our Q3s there on the right, but we have provided guidance for Q4. Our guidance for Q4 is that we will be greater than CAD 21 million in revenue. We will have positive adjusted EBITDA of a minimum of CAD 1.5 million. Just to that point, we have spent much of the last 18 months really driving synergies out of the business. In total, we've announced more than CAD 11 million in cost savings over that timeframe. As a consequence, what you're seeing is Q4 and beyond, we're expecting to be adjusted EBITDA positive, and the market expects us to be cash flow positive for 2023. This is, this has been a really seminal period for us and please do watch for our results as they come out in the next few days. Right? Of course, just a month later, you'll get our Q1s as well. Okay. I don't need to go through too much of this. You can take a look at our stock chart on your own. Suffice it to say, it's a real buying opportunity. Right? In fact, so much so that our market cap is below, significantly below our revenue right now, right? We, like many other players in the healthcare technology space, are, we think, really just excellent buying opportunities, right? I've got a fair bit of time left, but I am gonna conclude on just turning this back to you. W W hat we do is we get evidence and information into the hands of clinicians, doctors, nurses, and pharmacists, help them practice better, right? Is there any doubt in your mind? You know, we look at the last 20 years, we see how much practice has changed. We see we've gone from trusting our doctors implicitly to the point today where we know our doctors are out of date. We see them googling in front of us, right? Is there any doubt in your mind that 10 years from now, every doctor will be aided in some way in terms of how they practice? Right? Is there any doubt in your mind that they will need other solutions or companies like us to help synthesize that data and information for them so that they can practice better, right? This is intuitive, right? Let's also just look at demographic trends and macroeconomic trends, right? The fact of the matter is there is a massive doctor shortage already. There's a nursing shortage already, right? We're gonna see over the next decade, five, 10, 15, 20 years, that just get worse and worse and worse. On top of that, much of the world is moving into the middle class and starting to consume more healthcare, right? We are gonna have a massive shortage of labor in healthcare in the coming decades, right? What we're going to need to be able to solve this problem is the ability to drive efficiencies out of our healthcare labor. Right? That means making sure nurses, pharmacists, other clinicians, frankly, patients themselves are able to provide more of their care using evidence-based and knowledge-based solutions. Right? It's this load balancing and maximizing the abilities of our care providers that's gonna help us get there. Right? I'll conclude on just some summary slide here, and pleased to answer any questions. Very nice work. My question is on regulatory and how it relates to AI algorithms that are continuously updated and trained with new data, and in principle should go back to regulatory every time, but that's not a doable thing. Have you given some thought to that and what are other companies of your type doing? Yeah with regard to that? Yeah. This is a complex area. It's a big, big topic. I do sit, I was appointed by the Governor of Ontario on the government's data authority advisory group, specifically touching this topic, amongst other things. What I would say is, it's tougher in healthcare even than it is in other sectors, right? Because you cross into medical data as a medical device regulations as well. So this is a partially already regulated area that is using very, very old regulations to try to adapt it to new tech, right? I think what we should expect is that governments, while they'll struggle in the next few years, I think you will start to see some meaningful movement on updated regulation in this space. We certainly know that the Government of Ontario is looking at it and moving actually quite quickly in this regard. I'm actually speaking to the federal government tomorrow on the same topic. I think I do think you'll see this move, but I don't think governments will ever be able to keep to pace. They shouldn't be looking necessarily at the content of the algorithms. What they should be looking at is the framework under which they're developed, they're reviewed, and under which they operate, as opposed to the content themselves, because that just won't be I don't think that's realistic. What sort of market share do you think you have because there are other people? Yeah The same business. Yeah What would you hope to get? I mean, you know. Yeah. Thanks for the question. In Canada, I think we're a large player. We have a number of products in different segments. Our educational products, we own the MDBriefCase brand and the OncologyEducation brand. we're probably top two in terms of providers of continuing medical education in this country, and we're definitely number one in terms of oncology education in this country. we're probably top two or three in the world in terms of oncology education at this point. Our audience is greater than 15,000 oncologists at the moment globally. In terms of some of our other products, digital referrals, there aren't very many players, frankly. It's, there's, I'd say two that are active in this, very active in this country, maybe a third that's trying to enter. In terms of digital front door, again, I'd say we're probably the dominant player here in this country. Canada, I feel like we have an opportunity to be one of a very, very small number of players, like less than five that really lead here. The U.S. market, of course, has much more competition. Our solutions are really well suited to public healthcare markets or public-private mixed markets, right? While we do sell a number of our solutions into the U.S. market, better markets for us, Australia, Ireland, U.K., some of the other European countries, Australia, where we're doing very well at the moment. And, s ome of our education solutions are doing very, very well in the Middle East as well. Can I ask a question? What's the percentage? I mean, do you think- Yeah You're 3% or 5%. It's a tough measure. It's, and it depends on the solution. I'm happy to go into it a little bit further with you. Yeah. For education, for example, I'd say we're probably well over 20%, for example. Yeah. Just want to as a frontline provider, I just want to mention two things. One is medicine is not a black and white. It's an art, it's not a science. You may bring data to the table. The second thing is patients adopt to Google mostly. Patient expectations will overrule data most of the time. How are you going to address that in the future? Well, I'm gonna push back on your first statement just because, yes, there is an art to medicine because we don't know everything, right? The doctors have long experience, training, and so on and so forth. They learn by osmosis. Of course, there's an art element to it. As every day passes, there's more science. Right. Frankly, when I got started in this business back in 2010, doctors used to call what we do cookbook medicine. They'd say, "I don't need those algorithms. I don't need those protocols. I know what I'm doing." The, I think the trend is entirely in our favor, right? Doctors today fully acknowledge that they need help and support to be able to synthesize that amount of knowledge and information. We get, you know, I would say almost no pushback at all on that. I'm sorry, I totally missed the second part of your question. The second question, it part is with respect to patient expectations. Yes. Patients are coming in with increasing expectations as to what they believe they should have. Yes rather than what the doctor thinks they should have. Yeah no matter where the doctor gets that information from. Yeah, that's true. That's entirely true. I would say a couple things. Patients themselves are also facing information overload today. For a patient to be able to synthesize that amount of information is actually really hard as well. They are coming in, as you say, often with incorrect information because Dr. Google is imperfect and frankly, getting probably more imperfect, right? I think that's entirely right. I think you get to a question that's often asked here, which is, today our solutions really focus on doctors, nurses, and pharmacists, on the clinicians, right? I often get a question here: Are you thinking about focusing on the patients in the future and offering a version of your solution that helps them to synthesize the information, right? We actually do that. We're starting to do that with products that we've launched over the last 24 months, the most notable being our digital front door solution. This is a solution where we help guide the intake of patients into a health system and then load balance them across the healthcare system. As a consequence, we have high degree of interaction with that patient. An example of this is what's called Health811 here in Ontario, right? If you've probably seen the ads in Super Bowl ads or whatever the case may be that Ontario is putting out. Part of the engine to that solution is our software, right? It helps to guide the patients and give them information in their journey in the healthcare system. We're starting to move into that space. As a frontline, you know, digital doorway here. How do you support hospitals as data owners, in a marketplace scenario, right? As you create access to hundreds of millions, billions of patient records within a large hospital system for secondary, tertiary study use, post-identification, in a perfect world where we're all comfortable with that regulation, how, what are you doing to address that? That's also a big question. Ultimately, I mean, the way I'll address this is this. The data that we collect, we're an agent, right? We collect the data on behalf of our clients, but the data doesn't even belong to them, right? The data belongs to the patient themselves, right? We do need the patient's permission to be able to use it for anything that's not aggregated and de-identified. Mostly our solutions, say if we're offering our data to partners, it's because we're de-identifying the data, and we're able to glean some insights from it that others find valuable, right? We don't use your individual patient data unless it's at the request of our clients, right? There are use cases that are coming, right, that where it's to the benefit of the patient, it's to the benefit of the health system, it's to our benefit. So, many of those, the places that we're the most excited are actually for clinical trials because we know their disease state, right? We have their portions or large portions of their medical record, right? Frankly, our sick people are not getting into the right trials or not getting into trials at all. That's bad for pharmaceutical companies and drug developers, many of whom are here. It's bad for health systems, and it's very bad for the patient themselves. We think that's a ripe area, and we are actually moving into that. You know, we own a CRO, and we've got a lot of data, so you can expect to hear more from us on that. Hi. You've acquired a pretty interesting assortment of businesses over the past few years. Can you talk about the synergies between the contract research organization, the clinic, MDBriefCase, and then whether there would be any impediments to sort of selling any of the pieces if that was a direction that you decided to go at some point? Yeah. Great question. I would say that, in a world of cheap capital, you're able to... First of all, the level one synergies, we've done very well, like remarkably well in cost takeout. As I said, more than CAD 11 million announced over the last 18 months, right? But that's your back office. That's digitizing your organizations to reduce your need for headcount and so on and so forth, right? That's your level one synergies. On the software side of the business, the revenue synergies have also been pretty remarkable, right? We've taken MDBriefCase, which was a mostly contract CME organization, right, outsourced services organization, and we've launched its own, its own in-house new software for its LMS. It's recently now hit more than seven figures in SaaS license fees on its LMS, right? You can start to see some really remarkable revenue synergies. I think that will continue to be the case. It is an open question as to in a world of cheap capital, I think you'd get a lot more revenue synergies and a lot more opportunities amongst the CRO and the software business in particular, right? The question is in this expensive capital world, is that gonna be the case? I'm just gonna leave it at that. Thanks a lot, Sachin. It was a great presentation. Thanks a lot, everyone.