Good morning, everyone, and thank you for joining us at the Canticore Genuity MedTech and Diagnostics Conference. My name is Caitlin Roberts, and I'm one of the MedTech analysts here at Canticore Genuity. With us today is SofWave, who has an innovative non-invasive face and body technology platform improving skin laxity, lift, and tone. With us today is SofWave CFO Assaf Korner. We'll start here with a brief presentation, and if there's time at the end, we have a few minutes for Q&A. Before we begin, I want to remind everyone of any relevant disclosures, which can be found on our conference and our firm website. With that, I'll turn it over to Assaf. Thank you. Everybody, good morning. Thank you, Caitlin, and the Canaccord team for having us this morning. My name is Assaf Korner. I'm the CFO for SofWave Medical. This presentation is covered by Safe Harbor Law and might include forward-looking statements, so everybody can have a few seconds to read the disclaimer. What is SofWave? SofWave developed a patented, protected, revolutionary ultrasound beam technology for safe, non-invasive head, neck, and body skin regeneration. We have nine FDA clearances all the way from lifting, treating the laxity on the cheek, on the chin, in the submental area, as well as on the upper arm, reduction of scars, improvement in the appearance of cellulite, and, as most recently, with our most recent product, a toning of the muscles. We have a strong revenue trajectory. We actually just announced our Q3 revenue with a record revenue of all time of $21.1 million, representing 56% year-over-year growth. Our CAGR since 2020, since the first time that we launched our first product all the way to 2024, was 69%. We have a superior treatment and ROI model for the physicians, which I'll expand more on in the next few slides. Forty percent of our revenue is not coming from moving iron, not coming just from selling capital equipment, but actually coming from recurring revenue of selling treatments through our physicians. We have great support from all the top KOLs, dermatologists, and plastic surgeons, both in the U.S. and internationally. Strong market dynamic. The aesthetic medical device market is estimated at around $4.1 billion and projected to grow at around 13% CAGR over the next few years. We are a global company. We have a direct sales team in the U.S. and in the U.K., but we're selling in over 50 additional countries through our partners, distributors worldwide. We are a publicly traded company on the Tel Aviv Stock Exchange. As of the end of September, we had $26.5 million in the bank, cash flow positive, and we're generating cash. We have no debt. A few words about the people behind the company. The first and foremost is Dr. Shimon Eckhouse, who is actually here with us today. Dr. Eckhouse is considered to be one of the founding fathers of aesthetic medical devices. He is the guy and the person behind Lumenis, took Lumenis public, then Syneron, Syneron Candela, took it public again. This is the third large public company that Dr. Eckhouse is co-founding in the space. In addition to that, he has a medtech incubator with over 15 companies in Israel, and he has over 70 patents registered under his name here in the U.S.. Our CEO, Louis Scafuri, has been in the industry for over 25 years at the leadership position at Lumenis together with Shimon. He was then the CEO of Syneron, then became Syneron Candela, back then creating the largest company in the space. Joined the company about six years ago, very well-known figure in the space. Everybody knows Lou, all the top K-guards. We are very lucky for a company such as us to have someone like Lou leading the company. I have been in life science and biotech for over 20 years in both public and private companies. I'm not going to go one by one, but everybody here on the screen has 20-plus years of experience in aesthetic medical device in building, growing, and being very successful in this space. It is not the first rodeo for anyone here. What is the problem that we are trying to solve, actually? The problem that we are already solving in the market. All the currently minimally invasive or minimally ablative treatments out there have significant shortfalls and significant faults. First and foremost, it is the downtime that is associated with what we call minimally ablative treatment. The nice lady here in the picture, eight-hour post-Fraxel treatment, that is CO2 ablative treatment, has significant epidermal damage, significant downtime. This young lady is not going on any Zoom call over the next few days, not going out to drink coffee with friends, not going to work, has significant downtime that will interrupt her life in the next five, seven, ten days, depends on how the body is going to heal. It has significant epidermal damage that is associated with this treatment. Also, very risky treatment with significant risk for adverse events, such as hyperpigmentation, bleeding, infection, et cetera. It's complex equipment. It's uncomfortable for the young patient here, but it's also uncomfortable or complex for the clinician. Many times, the device itself needs to be operated by the doctor himself or the doctor himself in the clinic, and it cannot be delegated to anyone else in the clinic. The mechanism of action and what everybody is trying to do, including our technology, and we do all that completely non-invasively, and that is coming up in the next slide. What everybody is trying to do is to go through the epidermis layer, the upper layer of the skin, into the mid dermis, around 1.5 millimeter, 1 to 2 millimeters into the dermis layer, in order to induce a thermal injury in the dermis layer. During the process that our body is starting to heal from this thermal injury that we created in the mid dermis, our body starts to regenerate collagen and elastin. These are the two components that our body stops slowing down in regenerating as we grow older. The reason that when we grow older, we have saggy, loose, wrinkled skin is the body slowing down in creation of collagen and elastin. By us inducing this thermal injury exactly in the right spot in the mid dermis, we are causing the body to regenerate collagen and elastin. What's so unique about what we do is that we can do all that and induce this thermal injury completely non-invasively. We do it with seven ultrasound beams that work in parallel to the skin, and they create a high-volumetric thermal injury in the mid dermis, as we see here. Not only that, we do it completely non-invasively without hurting the epidermis. We actually have a unique cooling proprietary technology that is cooling the epidermis. If you look at the picture here, the seven ultrasounds just used us is the head of the applicator. If you put your hand on the head of the applicator, it's actually cold. We are protecting the epidermis. Not only that we are not injuring it, we are protecting it while we are creating this thermal injury in the mid dermis at 1.5 millimeters, exactly where we want to hit it. We get a very fast, safe, delegatable, very easy to delegate to anyone in the clinic, very easy for the patient, and maybe the most important thing, almost no downtime. Why am I saying only no downtime? Because in this picture, I am showing you a before and after, and I am not trying to show you any efficacy on this picture. I am just trying to show you, in contradiction to the lady that we saw a couple of slides ago post the CO2 laser treatment, we see a patient post-SofWave treatment. This person can go back to her life, can go back on Zoom calls, can go out for dinner. This can be a lunch break treatment. She can do it during lunch, go back to work. Nobody will know that she did anything. As I mentioned before, we have nine FDA clearances. I'm not going to go line by line, but we have FDA clearances for treatment of laxity and lifting of the cheek, of the submental area, cellulite. We get great results on the neck. The neck is not an easy place, not an easy area to treat with more invasive technology, so we can do it completely non-invasively. We are one of the only two companies in the world with an FDA clearance for eyebrow lift, again, completely non-invasively. It's a 10-15 minute short treatment that gets immediate results for eyebrow lift. As we go, and we are going to talk more about the GLP-1 in the following slide, we're moving more and more for the body, both in terms of our technology and in terms of FDA clearances. We have a clearance for upper arm lifting of the upper arm, which is really associated with the GLP-1. Very quickly, the go-to-market model invested significantly in clinical data, clinical trial, nine FDA clearances, great support from K-guards due to the relationship, the unique technology, first of all, but second of all, the relationship of the leadership behind the company, including Shimon and Lou. We have great partnership and support with the top and key K-guards in the world. We have an in-house digital team, and I will expand about our digital presence in the following slide, but this is a key competency that we have in the company, and we invest heavily not only in B2B marketing, but we invest also in B2C marketing because, as I mentioned before, 40% of our revenue is coming from our physicians treating patients. We want the patients to demand and ask for the treatment. We do not want only the physician to push the treatment. We want the patients to ask for the treatment, and I will talk about it more. We are operating globally. A few words about the GLP-1, and we actually think and see that the GLP-1 can be a significant accelerator for our growth. This is a survey that was done by McKinsey that surveyed 174 GLP-1 patients and asked them if they're going to look or they are considering now aesthetic treatment. 60% of the people who said that they are going to look for aesthetic treatment are actually new patients for aesthetic. This is a completely new segment of the population that is now looking for aesthetic treatment. More specifically, what they are looking for, they are looking for skin tightening and body toning because what's happening to the patients that are losing weight on GLP-1, they lose it fast and safe within a relatively short amount of time. They lose volume. They are left with significant laxity on the face, on the neck, and on the body. They also lose about 15% of their muscle tone due to the GLP-1 process. What they need now in terms of aesthetic treatment is exactly what we offer, which is skin tightening and muscle toning. If we look at information from ASAP, International Society of Aesthetic Plastic Surgeons, they actually surveyed and checked what aesthetic procedures are inclining and what are declining. While they saw a 40%, 39% decline in fat reduction treatment and procedures, which makes sense because people have injectables now. They inject once a week, and they lose fat quickly and safely. On the other end, while they saw a reduction of 40% in fat reduction treatment, they saw a 40% increase in demand for skin tightening treatment. Again, it goes hand to hand with our go-to-market strategy. The clinics are looking for non-invasive, no downtime. That's a key. Lifting and toning devices that provide the natural look. There are no injectables. We are not injecting anything to the body. We are not damaging the epidermis and generate high margin and predictable ROI. In terms of our business model, and it's very different than the traditional capital equipment companies, we create a, we call it a partnership with the physician. We sell a capital equipment, started with a capital equipment transaction. We sell it here in the U.S. at $115,000 MSRP. The device comes preloaded with our virtual consumables that are called pulses. We call them virtual consumable pulses. These are basically clicks of ultrasounds on the applicator. The device comes preloaded with 3,000 pulses that are enough for about 10-15 treatments. After the initial 10-15 treatments, the physician needs to come back to our e-store, to our website, and buy additional packages of pulses. They do it with their credit card. It's like buying a software code. They put in their credit card. They get a code that is correlated to the number of pulses that they purchased. They upload it into the device. The device is Wi-Fi enabled. Voilà, they have additional pulses, additional treatments loaded into the device. That means that we take a small piece of every treatment that is being conducted out there. As of today, we estimated that we performed over 667,000 treatments. 40% of our revenue right now, which is $23 million last year, very significant, comes not from selling capital equipment, but coming from selling the treatments. In terms of the ROI, we built the business model not only that it will be great for us, but it will also be very effective and will give a fast ROI for the physician. A physician that buys our device and does two treatments per week, at an average $3,000 per treatment, this is what we see across the US, a full face and neck treatment with SofWave is approximately $3,000, will get their money back within four to six months. What we did here, and we just published it, and this is data that we calculated. We took the ROI or what is the return on investment in the first 12 months of ownership for every physician, every clinic that ever bought a SofWave device in the U.S.. This is not cherry-picking the best clinic. This is everybody in the US. We see all the way from the West Coast in California to Texas in the Midwest, all the way to the East Coast in Florida, New York, and even smaller states like Maine and New Hampshire, people are getting 100%, 200%, 300% of the initial investment in the first 12 months. This is a great tool, also a great sales tool, because when a salesperson goes into a clinic and tries to sell new technology, they obviously need to sell how good the technology and how innovative the technology is. They are most interested to know is how fast can I get my money back. This is a great sales tool. A few words about our digital and online presence. As I said, 40% of our revenue is coming from our customers providing or conducting treatments. Therefore, our online presence is extremely important for us. We have over a million followers on different social medias. We are measuring our engagement rate on social media, which is very high at 8.6%. Usually, we see companies with high engagement of 2%, 3% engagement rate. We have an 8.6% engagement rate. Earlier this week, we got unpaid endorsement by both Khloe and Kim Kardashian. They really liked the treatment, and they posted stories about it. It was fantastic to see. I always say that it's great to get good feedback from a happy patient, but when the happy patient has 350 million followers on Instagram, it's even better. We got two of them posting about us, including Brian Johnson, the Don't Die Movement Guy. That actually helped really help boosting our online presence. That's definitely a key of our go-to-market. I mentioned before that we are creating a partnership with the customer, and this is exactly what we do. Therefore, the success of the customer is very important for us. We did an internal customer satisfaction survey earlier this year. We had over 500 verified responders. We measured and asked them how many of them will recommend SofWave to their peers and how many will not recommend SofWave to their peers. We were very happy to discover that 94% of the responders indicated that they would recommend SofWave to their peers. That translates to the company NPS Net Promoter Score of 86%, which is extremely high and unheard of. This is, again, part of the core of what we do. We are working very closely with each one of our customers to make sure that they are successful, they are happy, they get results, and they make money. In terms of product innovation, you can see here the basic ultrasound device that comes with the regular Lift applicator with the seven ultrasound transducers. We keep innovating and adding more features and more devices and more applicators. About last year, I think it was, we launched the Precise applicator, which is a small ultrasound applicator with only three transducers that is very effective to treat smaller areas of the body, of the face, especially around the eyes and the lips. As part of our strategy to go after the GLP-1 clinics and the GLP-1 patients, we launched earlier this year what we call the Lift AG applicator, which is another ultrasound applicator with seven ultrasound transducers, but they are double the width, each one of them, which makes the treatments on the body, on the arms, on the belly, on cellulite much more effective, both for the patient and for the physician. We are expecting to see that people are going to start using our devices far more beyond the body, the face, and the neck into the body, which will increase utilization and hopefully increase our recurring revenue. In addition to that, we recently launched what we call a fourth-generation EMS device, electric muscle stimulation device. The EMS device goes again together with the GLP-1 go-to strategy, again, tightening, toning. These are the two things that the GLP-1 patients are mainly looking for. We launched a very unique EMS device that can treat six different muscle groups at the same time, completely wirelessly. You emulate a full exercise in the gym in 30 minutes, treating six different muscle groups by sitting or laying down on the treatment bed. More than that, what clinics can do now, they can do skin tightening on the face and the neck with the clinician in the room. At the same time, the patient can be connected to a muscle toning device and get muscle toning in the same 30 to 40 minutes. Very efficient for the patient, very comfortable for the patient, and very efficient to the clinic in terms of the time, the treatment time, the room time, the practitioner time. We sell globally in over 50 countries, which is great, but we know from past experience that there is much more room to expand. I will talk about the geographic expansion in the next few slides. A few words about our revenue. We finished Q3 with $21.1 million, which is all-time record revenue for us. In Q3, which is considered to be, seasonality-wise, considered to be a weak quarter in the aesthetic industry, that was our highest revenue ever with a 56% year-over-year growth. We actually grew 55% in our consumables. $8.3 million out of the $21 million came from selling consumables and 57%, $13 million, approximately $13 million gross in capital equipment. If you look at the bar, this is 2020 to 2024, and we look at the blue portion of the bar here, we see the continuous increase of recurring revenue. I will say a few more words about this recurring revenue. This is a virtual consumable, which means that we do not have cost of goods for that. We are selling something like a software code. Not only that, the operating expenses associated with selling a virtual consumable are significantly lower than the operating cost associated with selling capital equipment, where you have salespeople, and you have commissions, and you have people that go out to dinner and to meetings and flying around the U.S.. This is a virtual consumable. They go online. They buy the software key. We get immediately the money from the merchant account. It's almost completely cash-based. We get the money from the merchant account into our bank account, and it comes at a 100% margin. If we look at our revenue growth, this is Q1, Q2, and Q3 all the way from 2020 to 2025. What's nice to see is that we grow every quarter and every year, but we actually see an acceleration in growth starting in the fourth quarter of last year all the way to Q1, Q2, and to all-time record revenues in Q3. A few words about the geographical split. Over 50% of our revenue is coming from here, from North America. Just behind it, we have the Asia-Pacific region with about 30% of the revenue. We did receive an approval in Japan in April of this year. Japan is considered to be one of the top markets in the world for non-invasive aesthetic treatments. Now Japan is part of our Asia-Pacific pie. I will mention that we are also working on a regulatory approval in China. We signed a collaboration and distribution agreement with a Chinese company called HTDK. It's a verbal Pinkos company. They took upon themselves to take our product all the way from the regulatory clearance process all the way to sell and market it in China. This is a lengthy process. It's complicated. We don't have great visibility in terms of timing. The Chinese aesthetic market, there's enough data out there that's saying that the Chinese aesthetic market is going to be as large as the U.S. aesthetic market over the next few years. This can be a significant inflection point in the future if and when we get the Chinese approval. In terms of our operating losses, and I'm proud to see operating profit, we actually see a very nice trajectory. We had an operating profit of $1.9 million this quarter, $2.9 million in the second quarter. Quick look at our P&L. We start with a very healthy gross margin of about 74%. We have a nice gross margin on the capital equipment, but as I mentioned before, we have a 100% gross margin on the consumable. The leverage that we can get from growth in the recurring revenue, the virtual consumable, is going to be significant for the gross margin, but also for the operating margin. All our operating expenses, as percentage of revenue, continue to go down. We actually finished the third quarter with $1.9 million of operating income versus an $800,000 operating loss last year, and with a net IFRS income of $1 million. When we look quickly at the nine months, again, similar picture, 75% gross margin. We finished the first nine months with $4.5 million of operating profit versus $1.8 million operating loss in the same period of last year. The net income in the first nine months was $1.4 million. All this great income and revenue are actually translated very nicely to cash. We finished the third quarter with $26.5 million in the bank. We generated $2.5 million in the third quarter and almost $5 million in the first nine months of the year. We are growing at an all-time record growth of over 50%. We are profitable on the operating and net income, and we are generating significant cash. To summarize, we are delivering the next-generation patented technology for effective, easy, non-invasive treatment for lifting and laxity on the face and on the body. We have a rapid growth with 56% year-over-year in the third quarter of 2025. Broad range of FDA clearances for lifting, laxity, wrinkle treatment, as well as muscle toning now. Significant recurring revenue, over 40%, is not coming from moving iron, not coming from selling capital equipment. We have significant brand awareness with over a million followers on the different social medias. With that, I believe that we have two minutes and 10 seconds for questions. It's quite a full room. No questions? You talked about some of your NPL. What about indications and what's coming down the pipeline there? We invested significant time and money, and these are lengthy and expensive clinical trials over the last five years. We think that we proved the technology and we are good in terms of clearances. We're definitely going to do more marketing clinical trials to increase utilization and educate the market. We feel very comfortable. I don't think that there is any company in this space with such a large number of clearances and clinical trials. All right. Thank you very much everyone.