Good morning. My name is Louis Scafuri. I'm the Chief Executive Officer of SofWave Medical. I'm joined here today with our CFO of SofWave. I would like to share with you a bit of the SofWave story. First off, this presentation is covered under Safe Harbors. I would like to describe our company. SofWave is a leading provider, emerging technology company in the field of non-invasive energy-based devices in the very broad category of lifting and tightening skin, as well as now regenerating muscle. The company is publicly traded on the Tel Aviv Stock Exchange. We have a next-generation technology, which is very proprietary. We have superior efficacy with this technology. It checks literally all the boxes that the market has been looking for for many years. We've had significant revenue growth on the quarter alone for Q3 of 2025. We grew by 57%. In terms of how we service the market, besides having technology which works, we have a superior ROI, which also makes sense because this is in the forepay segment of the market. We've had significant traction with industry KOLs. The marketplace, we see the glass as being more than half full. You know, despite economic headwinds, as people are losing weight on the GLP-1s, specifically in the tightening segment, there's a very strong, even more rapidly growing demand for lifting, tightening, and toning. In terms of our growth, as we extend our platform and achieve more regulatory clearances, we're now selling in over 54 countries. Our team is composed of some industry veterans. The co-founder of the company is Dr. Shimon Eckhouse, who's the inventor of IPL. He's very well known in the field. He has several hundred patents. He's led and innovated companies by the name of Luminous, Syneron, Candela. I've been working with Shimon on all three of those endeavors for the last 26 years. Our CFO of Assaf Korner, we pretty much have worked with him for 15 years. The hallmark of all of this experience is our ability to execute. I think it's one thing that leads us to stand out in this very, very challenging time. We continue to grow. We continue to execute on our plan and live up to expectations. The challenge we have today in the marketplace is how do you treat these patients? There's people from all ages, all skin colors demanding treatments. Many of the treatments to date required taking off a layer of the skin. This particular patient here has had a fractional CO2 treatment, and they're not going to get on a Zoom call immediately after this treatment. They're going to have some downtime. The challenge with these types of procedures, although they can deliver efficacy, is it needs to be in the right hands. Recently, the FDA just issued a warning related to another minimally invasive procedure, RF microneedling, because, again, you need a trained operator. You need to make sure you avoid the various complications, select the patients appropriately. This has been the challenge with the minimally invasive devices. On the other end, the non-invasive devices simply did not have the same level of efficacy. The problem which you're looking to solve is how do you deliver energy at the right energy level, at the right temperature, for the right duration to the right target. As you look at the scientific literature, the mid-dermis between 1.5 and 1.8 millimeters deep really is the factory where collagen and elastin is produced. You need to heat the temperature to the point where you're between 65 and 67 degrees Celsius, which is a challenge if you wish to keep the epidermis intact. This is the problem that we solve with SofWave. SofWave is next-generation ultrasound technology. It's non-focused, parallel beam planar energy. The way we lay down the energy, our entire approach is completely proprietary from the standpoint that we're delivering seven high-intensity, high-energy beams simultaneously to the mid-dermis, causing a high-volume fractional injury. We protect the epidermis by having the transducers be cooled, which creates for patient comfort as well. At the end of the day, because we're delivering so much energy with such a large spot size, it's a very, very fast treatment. After the treatment, immediately, this is what a patient looks like. We start to see the results between 4 and 12 weeks, but there's absolutely zero downtime. The safety profile of the device is very unique. We are not anywhere near the fat, the nerves, or the muscles, which other technologies seemingly have complication rates associated with it. Our go-to-market strategy has been the same since day one. First off is understand the mechanism of action, do the work. We did all the scientific work necessary to establish and understand how the technology works, understand the treatment protocols, and we went and pursued the FDA claims. On the SofWave console alone, we have seven claims across all different types of body areas, and I'll show you the broad applications as well. By having the KOLs, the thought leaders, the people who typically you need to have help you sell from the podium, I would say that's probably one of our greatest assets, is that the people who have adopted the technology early on truly believe not only in the scientific mechanism, how the technology works, but it's working very, very well in their clinical practice and the like. Underneath all that, we have an in-house digital team. One of our core competencies is the fact that we built a scalable digital platform, customer acquisition. The problem with all, you know, the challenges is you have to do the B2C and the B2B at the same time, and the cost of sales and marketing, as you look across the sector, is typically quite high. By doing it in-house, we built a platform where we understand the conversion funnel. We understand what it takes to acquire a patient, acquire a provider. We understand where the best places are to do the spend. As a result of that, our brand awareness and our sales and marketing costs continue to go down. Our brand awareness is escalating while our sales and marketing are going down as a percentage of revenue. We continue to expand both our direct sales effort in the United States as well as a direct effort in the U.K. We have some of the best partners in the world that we've worked with at two other companies previously that have the capability in the local market to help us establish a company following a very, very similar go-to-market strategy. Recently, we just added Japan. We have a major Japanese partner. The steps are the same. Go to the thought leaders, build the presence, credibility there, obtain the local approvals, and then build the B2B, B2C effort using digital tools. Here's an example of the broad array of treatments that we can do across the face. It could be broken. We have full face and neck. You can break it into segments. If you're a provider, you know, patient selection is very, very critical at the end of the day. We've expanded our indications to the body for cellulite, for arm toning, and the like. As we look at the marketplace today, it's, you know, it's not an easy world out there, right? We have the geopolitical concerns. We have economic concerns and the like. However, certain segments of the markets, such as the plastics and derms, the haves, the people that are well established, we see that marketplace continuing to be robust at this point in time. The GLP-1s, despite the headwinds, have really given us a tailwind from the standpoint that we began efforts in this market, working with the thought leaders, doing the scientific work, as well as providing a practical solution for those people who are experiencing rapid weight and rapid muscle loss. As we look forward over here, okay, I don't think it's going to get too much better. Maybe there'll be some easing in the interest rates. We have, besides the GLP-1s, people want a natural appearance. The use of fillers, as we get into the numbers specifically, is going down. This study here is very, very interesting. This is a recent study by McKenzie where they went out and studied well over 150 weight loss patients, people on GLP-1s. Suddenly, for the first time, these people who are on GLP-1s are thinking about an aesthetic procedure, and it hits our sweet spot. They want the face and body treated, and they want the laxity. Now, keep in mind what I said before. SofWave does not destroy the fat versus other technologies that I can go into in great detail during the Q&A where you have a risk of destroying the fat. You are losing weight. You have aemic face, eemic butt. The last thing you want to do is destroy more fat. At the end of the day, we think we have the ideal solution across the total face, the full face, and the full body. If we look at the ISAPS statistics, this is a survey that was just published where we saw the CoolScope things. We saw these other energy-based body contouring devices that were truly just focused on specific spot reductions. That's off by 40%, but the need for tightening has increased by 40%. It's basically flipped. The particular product, the particular category that what we serve by virtue of the fact that filler usage is off by 18%, we have an ideal solution today. We have a product with superior efficacy. It's purposely designed for this type of patient. What the doctors are looking for is no downtime. They're looking for something that has brand awareness, and they want a high margin, and they want an ROI. They're going to make an investment today in anything they need to have all of these attributes, and it needs to check all the boxes because they're competing for patients. If there are less patients out there, they have to do their job better. You need to have disruptive technology. It has to work better. You need to give them a competitive edge that the patients don't ask for their money back. It has to be consistent. They want to delegate it. They don't want to have to do the treatment themselves. If the phone is ringing in the practice office, if you have the brand awareness, you're lowering their acquisition costs. As a result of all that, I mean, we've designed all of our programs around it from every point where the patient is touched and from the standpoint of what the provider looks at in terms of what they're going to invest in, we provide an ideal solution. Our business model is unique. We sell the capital equipment. Our ASPs for the capital equipment is approximately, you know, in the mid $80,000 US range. From there, it works very much similar to a cell phone where they buy the phone, and every time you use it, there's a certain fee for the minutes. We sell pulses. We have a premium product. We have minimum advertised pricing for our procedures that we police on the internet. As we go out and we start the whole cycle by loading the device with a starter pack of pulses, it takes approximately 200 pulses per procedure. The cost is approximately $200, which the procedure costs in the U.S., the U.S. average is $2,500 for a full face. At the end of the day, they're looking at an 80%-85% gross margin on the procedure that they can delegate. We look at our ROI. Again, we publish this to make us unique as well. Our ROI is superior to many of our competitors across the market, even as our install base grows because our awareness is growing and the number of people seeking the procedure is increasing. The ROI is typically between four and six months for our particular device, which makes it a particularly attractive investment. As they build their practices, as they're looking to have a solution, particularly in plastic surgery, where not every patient wants the downtime nor can people go ahead and afford the price point, SofWave offers not only proven clinical efficacy, it offers a proven ROI. We supplement all that by an investment in building the brand. Our sales and marketing numbers are decreasing as our top line grows, but we're still making a major investment with our partners, working together with them across the social channels and the digital channels to increase the brand awareness. It works like DaVinci's perpetual motion machine. It's a frictionless business model. In many of the practices that we service, that we have products involved in, it's the number one revenue generator product within a particular practice. Our brand awareness continues to extend itself. We had the Kardashians organically. We didn't pay them, endorsed the product. We had a slight bump in Q1 as a result of it. We have what's known as a phenomenon called Share of Voice. Share of Voice is the number of times you appear in the Google Zero or number one slot. This is a matter of us investing in our SEO in terms of our keywords, both short and long tail, versus 10 of our competitors. 41% of the time when you put in terms like emic face treatment, emic butt treatment, SofWave appears in those slots versus 10 other companies. If we look at all the other engagement rates, the engagement rate, it typically in the industry is 1.5%. In the quarter alone, it was 8.3%. We're very conscious about this. We realize that, you know, providers try to push off from their balance sheet the expense to do brand awareness. We're not a pharma company. We're a device company. What we've done is we built a platform which accommodates and continues to give us momentum in this area. I would say this is the most important thing as our top line continues to grow. As we talk about the attributes of the technology, what does it mean to the customers? I mentioned before that probably one of our greatest assets was having our physicians recommend us to other physicians, having credibility, having trust. We recently did a consumer survey across the entire United States. 500 people responded, and 94% of the people said that they would buy or recommend our device. We have customer success programs where we actively monitor every customer to make sure that customer gets the device, knows how to use it, knows how to market it, knows how to satisfy their patients. At the end of the day, you can use the Bain NPS score, Net Promoter Score. We rank at 88% or 86%. That is there, and it is well above the industry average of 40%-60%. We think that this gives us a perfect platform to build upon. We have an investment in R&D where we have steady product newness. We continue to add applicators and indications to the particular device. This makes sure that customers' investment is both long-term because one of the things they always ask, they do not want obsolescence. You know, we work to our very best to constantly refresh the product line. In terms of innovations, I mentioned, you know, I still believe our technology is disruptive. It's probably, from our standpoint, one of the most interesting new technologies to enter the marketplace in the last several years. We're now at the body. We're now working on how do you stimulate the muscle tone? We know in the U.S., I'll use that as an example, where the GLP-1s, 15% of the population is on a GLP-1, but they're losing between 15%-20% of the muscle mass. How do you address it? You need to address it in a way where you can make it efficient. You need to make sure that it works out, that the technology works better than a personal trainer, where in 30 minutes, we can activate muscles using a plyometric technique. We have the ability to flow the current between our electrodes, which is six different body areas at the same time versus other competitors, which are limited to do that. The technology fully emulates twisting, turning, large bursts of energy, where even an elite athlete who is trained on this, who's put on this device, feels like it's a superior workout. We're in the process of rolling this out. We have a standalone device now called a Pure Impact VIP. As I mentioned earlier, we're selling in just 50 countries. It's probably over 100 countries that you can sell in. We recently just got the clearance in Japan. We have good momentum as we're entering that marketplace, and we're working on such large markets such as China for some time in the future. You know, we like seeing this. We like seeing continued growth. If you look at our last quarterly growth and growth for the year, it's exceptional. If we look at our CAGR, we believe we'll close this year, continue along this trend line. Continue CAGR at 69% is remarkable since we began our commercialization. Quarter- over- quarter, we've delivered results. Our revenue split is one, which is respectable, which it's not dependent upon any one market. The US is approximately 53% in the quarter alone. APAC, which is in a hyper-growth mode, is at 31%. The rest of the world is much, it's much smaller. I think we have much opportunity to grow in Europe, much opportunity to grow in other markets like Latin America as well. We're profitable. If we look at the numbers on a non-IFRS basis, the last two quarters in Q2, we generated $2.9 million. Last quarter, we generated $1.9 million in terms of operating income. As far as the P&L highlights, our sales and marketing, R&D, G&A costs are all shrinking as a percentage. We see now that we've hit profitability. That's our mindset. We see us continue to be able to move forward and continue to make increased contribution there. Our operating income was 9% for the quarter, and the net income for Q3 was over $1 million as well. On the year, the trend continues as well. Our operating income was 8% on a non-IFRS basis, and the IFRS net income for the first nine months of the year was $1.4 million. We are generating cash. We have a relatively solid balance sheet of $26.5 million closing the quarter, closing Q3. We generated $2.5 million cash in the quarter in Q3 and $4.9 million in the first three quarters of this year. The summary before I open up for Q&A is we have different technology, which we believe is best to breed in a growing segment. Our adaption, we're picking up market share for some of our competitors. We have a very broad range of FDA clearances across the full face and the body and the recurring revenue. The business model is very, very unique. We're not capital dependent. 40% of our revenue is coming on high margin pulses. As we start each quarter, we have utilization already. As we continue to grow our console placements as well as drive procedure growth, the profile only looks better. The brand awareness, again, we're doing this in a responsible manner. We're doing it where we have a profit mindset, but we're doing it, again, from day one across the digital channels, now including Reddit. We'll be on Instagram, Facebook. We're using the Asian channels such as Redbook and Redline as we grow a global brand. I'll now open it up for Q&A. Questions, please. How are you approaching MDR in Europe? Are you satisfied? Am I satisfied with Europe? No. What is your approach to MDR regulation? Are you approved in Europe, or if not, what is your timeline for that? We're selling the product in Europe under LVD in those countries where they accept LVD. We're evaluating whether we should go for the full-blown MDR at this point.