All right. Well, good afternoon, good morning. I'm Dan Schneider, President, CEO of Photocure. Welcome today's presentation of second quarter 2026 results. With me today is Priyam Shah, our Vice President of investor relations, and Dick Peters, our Vice President of finance and IT. Just a reminder that the usual disclaimers are in effect for today's presentation. The slide you've seen before, this is Photocure's corporate strategy. It's centered on three priorities that guide execution and capital allocation. First is strengthening the core, drive disciplined growth in Hexvix/Cysview franchise by expanding blue light cystoscopy tower installations, upgrades in the U.S. mobile BLC adoption, while increasing penetration across key markets. The second is leading the standard. Establish BLC as a standard of care across non-muscle invasive bladder cancer detection, surveillance, and treatment monitoring through next generation high-def systems, expanded market access, and global flexible BLC adoption. Third, expand the platform. Build a broader uro-oncology and precision diagnostic platform through biomarkers, artificial intelligence, partnerships, and strategic M&A. Recent examples include the acquisition of Vesica Health and our partnership with ArteraAI. Together, these priorities are designed to drive near-term growth while strengthening our long-term competitive position in non-muscle invasive bladder cancer. Some highlights from Q2. Product growth. Overall, we had 11% product revenue growth ex-FX. In North America, we delivered 12% product revenue growth minus foreign exchange, and 10% unit growth. By the way, rigid growth was 13%. The installed base of KARL STORZ SAPHIRA upgraded blue light equipment continued to increase, with four new tower placements and two tower upgrades in the U.S. For the second half of this year, Karl Storz is running a promo on those systems. We expect some pickup. ForTec continues to favorably impact the growth with 24 towers in their national fleet of rentals, underscoring the growing demand for blue light cystoscopy across hospitals without the capital budget expenditures. The number of active accounts increased by 20% year-over-year to 436 accounts in the U.S., setting the stage for continued momentum into the future. In Europe, EU product revenue was up 10% and units are up 8%. We continued to execute in the EU with strong growth across all key markets, driven by continued execution focus and tower upgrades. The Olympus VISERA ELITE III BLC-equipped system continues to gain momentum, now with 87 Olympus VISERA ELITE III installs in the field, and a Stryker blue light-enabled equipment has also commercially launched in EU as of Q2. Upgrades through the world have proven to increase the usage of BLC with Hexvix/Cysview, and encouraging accounts to upgrade them remains our top priority. Looking at adjusted EBITDA for the quarter, which is our core business of blue light cystoscopy with Hexvix/Cysview, was NOK 27.2 million, while the reported EBITDA was NOK -2 million. As a reminder, as of Q1 2026, we now report adjusted EBITDA as our key profitability metric, in line with conventional practice to better reflect the underlying operational performance and scalability of Hexvix/Cysview while investing in existing growth opportunities. Adjusted EBITDA margin in Q2 was 19%, relatively in line with 20% in Q2 2025. Year-to-date 2026, adjusted EBITDA was 15% in 2026 compared to 14% prior year. We continue forecasting improved operating leverage for 2026 while investing in growth opportunities. We had approximately NOK 21.8 million in business development expenses in Q2 on various strategic initiatives, including the acquisition of Vesica Health and the partnership with Artera AI. At the end of Q2, we have currently NOK 162.4 million of cash. Lastly, and most importantly, we have no debt on the balance sheets. Additional highlights for Q2. The Vesica Health acquisition in June was completed following our minority investment, which we announced in Q1. Vesica Health's multiomic urine-based biomarker test strengthens our leadership in bladder cancer diagnostic and advances our precision diagnostic strategy. The Artera AI partnership, we entered into a joint collaboration with ArteraAI to evaluate its AI-powered digital pathology test using Photocure's blue light cystoscopy registry, monetizing this registry. The FDA reclassification. The FDA reaffirmed plans to begin the proposed reclassification process for BLC equipment in the second half of this year. This will significantly expand U.S. addressable market and accelerate adoption over time. Stryker launched in Europe, commercially launched its CE mark blue light cystoscopy system in Europe in late second quarter. China milestones. Richard Wolf's blue light system received market approval in China for the use with Hexvix, with commercialization by Asieris Pharmaceuticals and Richard Wolf expected in the coming months. Cevira also completed its first commercial shipment with the first global prescription issued in Beijing. On the clinical evidence and scientific engagement front, the BRAVO study published in Uro-Oncology demonstrated that blue light cystoscopy achieves cost neutrality versus white light cystoscopy through lower recurrence rates and reduced downstream health costs. Said another way, better clinical outcomes, no additional costs. The Journal of Medical Economics publication showed blue light cystoscopy is cost-effective compared to narrowband imaging over a patient's lifetime. Finally, at the 2026 AUA annual meeting, two Photocure-supported abstracts highlighted the clinical and economic benefits of blue light cystoscopy, including improved detection of high-risk non-muscle invasive bladder cancer and a lower five-year recurrence-related costs. Moving to segment trends. We have strong unit sales in both regions. Both North America and Europe delivered continued growth. In North America, product revenue increased 12% ex- FX, with in-market unit sales increasing 10%, with rigid growing at 13%. Six new Saphira towers were installed, four new, two upgraded, adding to the active BLC account growth strategy of roughly 20% year-over-year. The ForTec Mobile solution now covers over 200 accounts and over 350 different physicians who otherwise would not have had access to blue light cystoscopy. They are now trained in demonstrating the growing momentum and demand with 70% year-over-year unit growth, mobile now constitutes 17% of North American sales in Q2 2026 versus 11% last year this time. In Europe, product revenue increased 10% ex- FX, in-market units increased 8%, driven primarily by 11% growth in the DACH countries, with 9% in Germany alone and 10% in priority growth markets, including France, U.K., and Italy. There are now 87 Olympus VISERA ELITE III installs through Q2 2026, and there are many more in the pipeline. 20 upgrades of other equipment year-to-date, while Stryker ramps up its commercial efforts in Europe beginning in late Q2. Taking a look at active accounts, 20% growth in the active accounts in the U.S., which are accounts that have ordered in the last 12 months. Over the past six to eight quarters, we have consistently seen strong year-over-year growth in these accounts as an ongoing trend fueled by ForTec and increased interest and importance of BLC in a macro environment where precision diagnostics matter as precision medicines hit the market. The ForTec program continues to exceed expectations, and the reactivation accounts with BLC upgrades, along with new accounts, remains an important initiative as upgrades throughout the world provide double-digit uplift in sales in those same accounts. We see continued momentum in the overall interest and adoption of BLC with Hexvix/Cysview in both the U.S. and the world. Moving to growth initiatives. Despite the accelerating growth of Hexvix/Cysview business, today, Photocure serves less than 10% of the addressable market, despite strong clinical evidence and demand for blue light cystoscopy. Three key catalysts have the potential to materially expand our serviceable market drastically. First, additional manufacturing capacity in the FDA's planned reclassification process, along with alternative OEM pathways, are expected to unlock substantially larger rigid BLC market. Second, expanded flexible BLC access will extend use beyond the initial diagnosis into surveillance, driving broader adoption and recurring utilization. Richard Wolf's interim flexible system is now available in Europe, with a global 4K solution expected in 2027. That is the system that we have co-developing with them. Together with reclassification, this will expand our addressable market by double-digit multiple versus today. Third, improved reimbursement. Supporting ongoing legislative engagement would reduce economic barriers and further accelerate adoption. As these catalysts come online, Photocure's commercial opportunity expands significantly. We have a clinically validated product, growing physician support in a highly under-penetrated market that provides meaningful upside over the coming years. As a reminder, bladder cancer remains a major unmet need in the U.S. Approximately 85,000 new cases, 730,000 patients living with the disease, with more than 400,000 TURBT procedures per year and at least 800,000 surveillance cystoscopies performed annually. Flexible cystoscopy alone represents a global market opportunity exceeding NOK 1.3 billion, positioning blue light cystoscopy to capture a meaningful share as market access continues to expand with a proprietary blue light flexible scope co-developed with Richard Wolf. There's opportunities throughout the precision diagnostic pathway. Beyond Hexvix/Cysview franchise, we continue to expand our precision diagnostics strategy through biomarkers, artificial intelligence, and strategic partnership. As bladder cancer care becomes increasingly personalized, we believe future patient management will rely on integrated precision pathways spanning detection, surveillance, and treatment. Today, Photocure primarily serves the diagnosis and treatment stage through blue light cystoscopy in the operating room. With Richard Wolf's flexible BLC platform, we will also expand in the office-based surveillance, much larger market space, two to three times the size. Artificial intelligence is another important growth pillar. Our partnerships with Claritas HealthTech and ArteraAI leverage Photocure's unique clinical data to advance artificial intelligence-enabled imaging and digital pathology to Strengthening our long-term competitive position. Upstream, approximately seven million U.S. patients present annually with hematuria, blood in the urine, creating a significant opportunity for non-invasive diagnostics. Our acquisition of Vesica Health adds AssureMDx, a urine-based biomarker test designed to identify high-risk patients earlier, improve the referrals into cystoscopy, and increase the appropriate use of BLC cystoscopy. We expect AssureMDx to begin generating revenue in 2027, with reimbursement anticipated by CMS in mid-2028, and the potential for an earlier pathway still exists. Together, these initiatives expands Photocure's role across bladder cancer care continuum and strengthen our long-term position in precision diagnostics. Moving to the Asieris Pharmaceuticals program. Our partnership with Asieris Pharmaceuticals continues to make progress. We have taken in over NOK 26 million in milestones across both Hexvix/ Cevira programs to date from Asieris Pharmaceuticals, with the potential for additional milestones and royalties in these programs as they advance through regulatory and commercial goalposts. The Richard Wolf blue light equipment received its approval in China in April. As a reminder, Hexvix has already received marketing authorization in China, November 2024. Both Richard Wolf and Asieris Pharmaceuticals will begin commercializing the drug device combination in China in the coming months. Cevira was approved by China by the NMPA in March, and the MAA was accepted by the EMA or European authorities for regulatory approval. Both events triggered milestone payments to Photocure in the amounts NOK 11 million and NOK 2 million respectively. To date, we have received a partial payment for the Chinese approval at NOK 6.6 million, and the full amount for the EMA submission of NOK 2 million. Photocure has since maintained constructive dialogue on pending payments with Asieris and remains in ongoing discussions. In parallel, we have initiated the legal steps as part of our effort to pursue recovery. I can now turn over to Dick Peters, our Vice President of Finance, to review the financials. Dick, over to you. Thank you, Dan. Let's dive straight into the financials. Today I will present to you the second quarter 2026 results. In the second quarter, we delivered NOK 140 million Hexvix product revenue, which is an increase of 11% at constant currency. During the quarter, we also collected revenue for API sales to Asieris Pharmaceuticals for the production of Cevira. With that, the total revenue came in at NOK 142.5 million for the quarter, compared to NOK 135.6 in Q2 2025. Gross profit ended up at NOK 132.1 million, and the margin of Hexvix remained stable at 93% of sales. Operating expenses were NOK 134.1 million. That's an increase of 21% versus prior year or 29%, excluding the favorable impact of FX. Please note, this includes business development expenses related to the Vesica Health transaction of NOK 21.8 million. We also had open positions during Q2 2025, which are now filled, for example, in Canada and Spain and in our global marketing department. If we normalize for those items, operating expenses actually increased by about 5% versus last year. Reported EBITDA was NOK -2 million and adjusted EBITDA, which excludes milestones, business development expenses, and other certain ad hoc or non-cash expenses, came in at NOK 27.2 million. That's at level with prior year. On a year-to-date basis, it was NOK 42.6 million, and that's a small margin improvement versus 2025, and we continue guiding on a further margin improvement versus last year. Further down the P&L, we report a financial gain of NOK 7.7 million, which is mainly driven by FX gains on intercompany loans and an FX gain on the deferred Vesica Health transaction liability. Those FX gains are partially offset by the Ipsen earn-out payments, which we will be paying through 2027, 2028, 2029, and 2030. They will be lower from the end of next year. Tax expenses were NOK 1 million, and the resulting net earnings for the quarter were NOK -0.7. Next slide, please, where we go into the segment performance. In the North American market, we grew revenues by 12% at constant currency. We faced significant headwind from the weakening of the U.S. dollar versus the NOK. The revenue growth, including the impact of FX, is therefore 3%. Gross profit remained stable at 95% of revenue and came in at NOK 56.4 million. In North America, direct costs decreased by 4% versus prior year, to a total of NOK 43.8 million. There was an increase driven by bonus accruals and other employee-related expenses, but those were more than offset by the tailwind of the FX impact on expenses. The resulting contribution margin in North America is NOK 12.6 million versus NOK 9.2 in prior year. That's 21% of revenue, and last year it was 16%. EBITDA, which includes allocations of non-direct overhead expenses, ended at NOK - 4.3 million. Remind you that those allocations may change over time as the weight of the sales for each business segment changes. As the North American sales grow, we are allocating a larger portion of overhead expenses to the North American segment. In Europe, revenues were NOK 80.7 million in 2026, an increase by 4%, including FX impacts, but 10% at constant currency. Growth was mainly driven by in-market unit sales increases in the DACH region of 11% and 10% in higher priority growth markets. Direct costs in Europe increased by 4% to a total of NOK 29.9 million, and that's mainly due to merit and inflation, but again, partially offset by FX impacts. Contribution margin then ended at NOK 44.6 million, or 55% in revenue, pretty much in line with last year's 54%. Finally, EBITDA in Europe remains relatively constant at just above NOK 25 million in both 2025 and 2026. We go to the last finance slide, where I'll walk you through the cash flow and balance sheet for the quarter. During Q2, the operating cash flow was NOK 26.8 million. This is mostly driven by EBITDA, adjusted for non-cash expenses and working capital changes. The large change in working capital is the result of the timing of the invoice of the milestones to Asieris Pharmaceuticals during Q1 and the partial payment received in Q2. The cash flow from investments in the quarter was NOK negative 80.7 million. That was mainly driven by the payment for the acquisition of Vesica Health. The cash flow from financing was NOK negative 12.3 million. That includes a payment to Ipsen of NOK 10.8 million during the quarter. With that, the total cash flow in Q2 was NOK - 30.3 million, and the cash balance for the quarter ended at NOK 162.4 million. When we go through the balance sheet, we can see that we have non-current assets of NOK 531.6 million by the end of the quarter. That includes intangibles and goodwill, both for the Ipsen transaction and for the Vesica Health, Inc transaction. We also have inventory and receivables of NOK 207.7 million. That includes the invoice, but still outstanding $4.4 million in milestones from Asieris Pharmaceuticals. As mentioned already, cash and cash deposits at the end of the quarter were NOK 162.4 million. Finally, shareholder equity was NOK 606.7 million, or 67% of assets. Total long-term liabilities, which include a liability for the Ipsen earn-out and the deferred Vesica Health earn-outs, were NOK 193.3 million. Current liabilities were NOK 101.4 million at the end of the quarter. That concludes the financial section of today's presentation, and we can go back to Dan. Oh, I think you're going to take key performance metrics, Dick. Oh, sorry. I'll take those as well, of course. One more- Are we on the right slide? Yeah. We are on adjusted EBITDA. Adjusted EBITDA. Just reflecting a little bit on the adjusted EBITDA trends, a newly introduced metric to show the underlying performance of our Hexvix/Cysview business. We see that adjusted EBITDA has improved over time, both in absolute terms and as a percentage of Hexvix/Cysview revenue, from a negative amount in 2022 to 13% of Hexvix/Cysview revenue by 2025. If we look at the year-to-date numbers, we also see continued improvement, and we are now at 15% of Hexvix/Cysview revenue at the end of Q2 2026. As said, we expect a continued improvement versus 2025. If we go to the next slide, we have a recap of the adjusted EBITDA and the way we calculate it. As you note, in this quarter, we have included the biomarker segment expenses because they are not part of the Hexvix/Cysview core business as we report it today. Going forward, once the biomarker segment matures and commercializes, we will obviously not adjust for biomarker expenses going forward. Another minor change you may spot versus the prior quarter is that we've decided to not only normalize for non-Hexvix/Cysview revenues, but also for the related cost of goods sold. If not, we would have normalized NOK 2.5 million in Cevira API for the quarter, but kept the COGS in the adjusted EBITDA, which I don't think is a fair comparison. Just to note, a small correction there on the non-Hexvix/Cysview revenue and margin adjustment. With that, the finance section is really concluded. Thank you, Dick. All right. We'll go to summaries. In the interest of time, I'm going to move quickly because we want to get to the questions in this quarterly. You can see the quarter two 2026 results, which I have gone through in the prior presentation. I encourage you to read through it at your leisure. Moving to near-term milestones and corporate objectives. We are raising guidance 8%-11% top line growth through the adjusted EBIT expansion as we realize further operating leverage on the commercial business. Continued increase Hexvix/Cysview account utilization through upgrades, installs, and the mobile solution through ForTec. We want to advance the development of the next generation state-of-the-art 4K HD Flex system, which is still on its developmental pathway we expect to launch in 2027 and unlock the very large surveillance market, which is two to three times the size of the current markets we serve today in the operating rooms. Our strategic partnership with ISC Claritas HealthTech is developing a BLC AI, which will also become what we believe a game changer in bladder cancer precision diagnostics in the detection and surveillance of patients. We will continue data generation of novel precision pathways and health economics to help position BLC as a go-to precision diagnostic in bladder cancer. Increasing access to BLC in the U.S. through FDA reclassification, which we anticipate in the second half of this year, also supporting the manufacturers who are seeking out alternative pathways through the FDA currently. We also will continue to support Asieris. The partnership still remains strong, although we have a disagreement in progressing usage of Hexvix in China and Cevira worldwide. Finally, longer-term business outlook, this was presented when we did the Vesica Health acquisition back in June. I want to close on this for the longer term outlook because I think it's very important everyone's anchored into who we are, who we've been, and who we're becoming. Looking beyond 2026, we believe Vesica Health adds a compelling second growth engine. Assuming Medicare reimbursement by mid-2028 and continued positive clinical data supporting commercialization, we expect initial AssureMDx revenues in 2027 and positive EBITDA contribution from the business by 2030. We also expect commercialization and market access investments to be funded through Photocure's existing cash generation. In the near term, Vesica Health is expected to generate only modest operating losses as we invest in market access and commercialization activities. As volumes scale, however, we believe the business has a potential to achieve EBITDA margins north of 30%, consistent with the attractive economics typically seen in successful molecular diagnostic businesses. The most important takeaway is the impact on our long-term growth profile. On a standalone basis, Photocure was expected to grow in the mid to high teen CAGR through 2030. With Vesica Health, we now expect the consolidated company to deliver revenue growth above 25% annually from 2026 through 2030, while maintaining strong profitability and targeting adjusted EBITDA margins above 25% by 2030. Importantly, we continue to see upside beyond the assumptions. Potential FDA down-classification, additional scope manufacturers entering the U.S. market, and the reintroduction of the world's only proprietary blue light flexible cystoscope would further strengthen the growth outlook for core Photocure business. Overall, we believe this transaction positioned Photocure to accelerate growth meaningfully, expand into a large adjacent market, create a larger, more diversified, and increasingly profitable bladder cancer company over the coming years. With that, I think we've left a lot of time for Q&A this time. I will turn it over to Priyam and take it from there. All right. Thank you, Dan. Thank you, Dick. Yes, we have quite a bit of time to take as many questions as possible, I'll jump right in. Question number one, when does Photocure become a profitable company? When will the various investments in Photocure transfer into earnings? Maybe, Dan, you want to start with that one? I think there's three points here. One, our strategy is profitable growth. The investments we have made are intended to create operating leverage over time. As revenue scales, particularly from our existing commercial infrastructure, we expect profitability to continue to improve. We believe we've materially strengthened the business through regulatory approvals, geographic expansions, strategic partnerships, and platform development. Our focus now is on converting those investments into financial performance. Quite frankly, when I came to the organization, we were a single product company relying on OEMs, with all the challenges that we've all lived through over the last several years. Our strategy now is to build a leading bladder Uro-Oncology cancer diagnostic platform by growing our core business while adding complementary high-margin technologies, near revenue or revenue generating that leverage our commercial organization, which is really a cornerstone of our success. Great. Maybe a question on U.S. S&M allocation. To help shareholders evaluate the underlying scalability of the core Cysview business, what proportion of the U.S. S&M budget is strictly attributable to maintaining existing active accounts versus acquiring new accounts? Dick, maybe you want to take that one? Sure. I think one important thing to note is that once an account matures, we can't just leave it behind and expect sales to continue growing. Accounts need maintenance. Doctors change clinics. New doctors come in and need to be educated and trained on blue light equipment on how to read the graphics. Equipment breaks down, and new equipment needs to be ordered. Issues need to be identified, and we are helping out with that as well. Both account types need maintenance from our reps, and it's not that we can only focus on new accounts. We will lose the existing accounts if we lose focus on those as well. Now, having said that, I do not have a specific metric on time spent per account type. Okay, thanks. I see quite a few questions here on our new financial reporting in lieu of adjusted EBITDA. As analysts increasingly focus on unadjusted operating cash flow, why does management view adjusted EBITDA as a representative metric for underlying performance, given that reported EBITDA was negative and the net cash flow after investments was also negative in the first half of 2026? Dick, you can take that one as well. Yeah, that's a great question. From the strategy, we understand that Photocure is going through a transformation phase. What we want to achieve by presenting adjusted EBITDA is really to give shareholders an insight into the performance of existing Hexvix /Cysview core business. That's exactly what adjusted EBITDA is doing. As our business matures and diversifies, we will adapt this metric to reflect the new state of business. Right now, we believe that adjusted EBITDA, as we present it, is the best way to track performance of Hexvix/Cysview over time. Yeah. Next, why did you go into arbitration with Asieris Pharmaceuticals? What is the status of this partnership? Dan? Well, as we discussed, we initiated the arbitration in accordance with the terms of our agreement. We feel like we're in a very strong position. Asieris Pharmaceuticals has an alternate view of the contract. It's now in a legal proceeding, we can't really comment on the specifics of the case as part of our legal strategy. What I can say is that we believe the contractual terms do support our position, and we are pursuing the appropriate process to protect the company's interests in accordance with the contract that we have with them. Importantly, this matter doesn't change our long-term strategy or commitment working with Asieris Pharmaceuticals. In fact, our teams work very closely day in and day out, supporting the Cevira launch in China or the Hexvix launch in China, or even the submissions around the world. Our interests remain aligned. We'll provide updates if and when there are material developments appropriate for disclosure. Again, now that we're into sort of official legal processing, I'd really rather not comment any specifically, but we're doing what's right for Photocure. Okay. Several questions here on Vesica Health. Let's start with the more broader one. Why was Vesica Health the right acquisition for Photocure? Number one, it was operating in the precision diagnostic ecosystem. It's upstream from blue light. Key to patients getting blue light cystoscopy is identifying them early and with some level of confidence. We felt it was a great complementary asset that would help move patients quickly to a high-yield blue light cystoscopy. It strengthens our visibility into emerging approaches that could be relevant to our long-term roadmap without changing our near-term operating focus. Vesica Health's multiomic biomarker test uses epigenetics to identify early-stage bladder cancer who present with blood in the urine. It is best of class in terms of sensitivity, specificity, and negative predictive value and area under the curve. Quite frankly, there are other assets out there. This is the best one by far, and we've looked at them all. This is also, as we went through the negotiations and the process of acquiring them, there was a series of really good news that came out, whether it be they were added into the guidelines, they received their PLA. The movements by Novitas Solutions on this whole class and wanting to create more of a class reimbursement. We're working on pricing. Things are moving in the right direction, and it's near-term revenues with the opportunity, once CMS cements or formalizes what their reimbursement is, becomes a massive opportunity for the asset. It also expands our addressable market using our existing infrastructure that we have currently. Doesn't mean that that's all we'll need over time, but certainly the sales force we have today can launch. The success depends on reimbursement commercial execution, which we are very good at, and we'll continue to provide updates on any of the future milestones, such as CMS reimbursement, Novitas Solutions decisions on a recommended reimbursement, et cetera. If you're thinking about the company and the fact that we've been developing Flex for two years and Flex will now find its way into the clinics, AssureMDx is a clinic play as well. Our reps, the footprint that we have, and we will need to expand by a little bit. Those reps will be worth the value of two product calls instead of a single product call. We saw it as a very complementary, high-yield acquisition on a FTE basis. Great. Another question on Vesica Health specific to reimbursement. Understanding latest developments with ongoing Novitas Solutions LCD, when would you have confidence of reimbursement in 2027? What is the path to revenue pre-reimbursement if expecting reimbursement in 2028, but revenue in 2027? Got you. Yes. Hope that was clear. We're working with Novitas Solutions, the next major milestone will be a publication of the final LCD, which currently we expect in early 2027. They have until May of 2027. What's interesting about this is, this whole Novitas piece of this LCD has picked up, and things are moving at a much rapid pace than what you typically see. We remain very optimistic on this, but also recognize that this final decision could come out in May of 2027. Of course, our goal is to make sure AssureMDx is in that favorable decision, getting Medicare coverage from the start. That would allow us to complete the enrollment, begin building, accelerate commercialization through meaningful revenue while Medicare reimbursement is coming. In the meantime, we can continue to build the business through early access program by generating utilization. The asset's available, we can begin selling it. We can sell it to the commercial or patients who want to pay on their own early access. We also retain the option to pursue the ADLT pathway through our current priority, although our current priority remains working with Novitas Solutions. Assuming a positive LCD outcome, 2027 should be a strong launch year with more meaningful revenue growth expected in 2028 and beyond, as Medicare reimbursement becomes established and commercial payer coverage expands and codifies. Okay. Several questions on various territories. Dan, and maybe Dick, you can also provide color. Can you provide additional Q2 color on DACH, France, and the ramp-up in Italy and the U.K.? Any constraints there in those regions? Yeah. The DACH region, Germany, Austria, Switzerland, had excellent growth in Q2. Thanks to positive reimbursement uplift for blue light within the hybrid DRG system, there is an incremental advantage for blue light cystoscopy. The priority growth markets grew double-digit with excellent growth in France, Italy, and the U.K., mainly driven through new accounts and upgrades. I can see that this momentum continues throughout the year. I think, with DACH and German healthcare reform, from specific to Germany, we remain optimistic, but I would say cautiously optimistic as we move into 2028, as they put pressure on hospital system spends. At present, blue light cystoscopy with Hexvix is in a very favorable position, and our sales force has done a fantastic job of helping physicians understand that and making sure blue light cystoscopy is accessible to bladder cancer care, bladder cancer patients. Maybe some color on understanding Nordic weakness, especially in light of the Olympus Tower launch. Yeah. For the Nordics, the main culprit is currently Sweden, where there are a number of specific account-level challenges. The penetration is high. One account can control 10% of the total business, so if one account has an issue with equipment or a key user departs, it does have an impact on the business. Small countries, low number of accounts, it creates noise. We've already seen, as we move through July, some good traction again, so I'm not concerned about it. Of course, we know Denmark continues to precipitate. We don't have a direct sales force in Denmark. As far as Sweden, Finland, Norway will have a new rep beginning in August, so that will fill a vacancy that's been vacant for over a year. We look forward to return growth there as well. Okay. Couple questions on Spain. We launched in Spain in June 2025. How is it tracking? What are your initial learnings from the Spain operations, and how do you plan to scale engagement from the BLC equipment partners there? The initial discussions are developing according to plan. As we enter any country, and we've seen this in every country we've entered, it is a process. We're not a single product entering with no constraints. We have to work with OEMs, we got to work with the KOLs, we got to work with the hospital systems and their capital budgets. These are all variables that you're working with. There is a lot of enthusiasm around blue light cystoscopy. The collaboration discussions with equipment manufacturers are ongoing. Reimbursement, fortunately, is for the most part in place. There's been a focus on developing connections with KOLs in Spain, understanding where they see blue light in their practice. Today, very few centers have the equipment installed in Spain, but we have good signals that they're going to begin acquisition and acquiring them. We're confident we'll see progress as our customers work through the process and access the budgets and bring the new equipment in. As we move through the second half of this year and into next year, I think we'll see Spain making some traction. Reminder, Spain is a very lucrative, from the term, it's probably not the best word to use, but there are a lot of bladder cancer patients in Spain. I think they could really benefit from it. The KOLs are absolutely receptive and enthusiastic about it. It's just got to work through the process. Couple questions here on FDA reclass. What is the latest read on the potential FDA reclass, and how could it change the competitive dynamics and market, and how would it affect the market entry barriers? I think you got to keep in mind, the whole purpose of reclass is bringing up additional OEMs into the U.S. market. Reclass is a very formalized way to do it with the FDA, but it's not statutorily held to any kind of timelines. Having said that, we did announce, back in April, May, that the FDA has confirmed they will begin the reclass in the second half of this year. That press release was approved by the FDA. That wasn't Photocure making up something and putting it out on Airways. FDA did review that document. We expect them to begin that process. They'll make a formal recommendation. It'll go through public comment. That process could take anywhere from 6- 24 months. The fact that they have been talking about this, the fact that we're aware of two OEMs that are already petitioned the FDA through alternate pathways into the market, leads me to believe that they're going to address this sooner than later. In other words, I don't expect 24-month review. Six months might be on the quick side, but I think somewhere in that 12-month period is probably appropriate. Meanwhile, the most important thing is to get other OEMs into the market. We've encouraged them not to wait for the reclass. There are alternate pathways. We're working with them to help them find their way into the U.S. market. That could happen as early as 2027 if they get their approvals. Stay tuned. If and when the FDA makes, it's not if, when the FDA makes its official announcement about the reclass, we will press release that if you don't find it yourselves out on the public airwaves. Yeah, maybe a follow-on to that is if the U.S. reclass does in fact happen, how would you approach opening the non-Karl Storz centers that are currently out of reach? Yeah. I think one nice thing for us is that we have Europe as a good example of how you can work with OEM successfully. Now they're adopting their fourth one with Stryker entering that market, and all play well together. We'll continue to work with them. The same way we work Karl Storz, we'll work with other OEMs that enter into the market and expand access. We'll continue to penetrate new hospitals, but it can take longer and requires clearing additional hurdles to switch from prime vendors. In other words, if someone was a Olympus and they want a Wolf system and everything they own is Olympus, it could take a little bit of time, but for the most part it's just going through the capital budgeting process and going with their vendor of choice or their OEM of choice. Mobile BLC has been incredibly helpful here for those reasons. It has begun seeding BLC usage and capital acquisition interests. I say that because what we are seeing, what we predicted is as ForTec continue to expand their reach some of the accounts as we've gotten into June 30th was the end of many of the fiscal calendars for hospitals. They've gone through reviews and CFOs are seeing a line item for operating expense for blue light cystoscopy by ForTec, and they're asking the question, which we hope they would ask, is, why are we doing this? Why are we not buying the equipment? There's an advantage to owning your own equipment. That means that any patient on any day at any time can be treated versus trying to stack your cases on a Tuesday or a Thursday or whatever. We are seeing interests from hospitals who have been using ForTec to convert over to acquired or purchased equipment by Karl Storz currently, or other OEMs maybe in the future. That doesn't stop ForTec. The hunting grounds for ForTec are quite large. There are over 5,000 hospitals in the U.S., let's say 2,000, 1,500-2,000 are key bladder cancer treatment centers, and we're hitting around 400 of them. There is a lot of room. Also remind you that what ForTec hits, a lot of these accounts may not have the same patient flow as USC or Southwest Texas or Hopkins or things like that, but they're still very key to the regions of which they serve. The way we would go about this is we'll identify hospitals with the highest volume bladder cancer claims that don't offer blue light technology via Karl Storz. Of those hospitals, sort them by hospital outpatient PD, their place of service, where most entrants would only offer rigid, which is done in the hospital outpatient setting. Depending on the new entrant, leverage the field knowledge. Are they Olympus hospital? Are they a Stryker hospital? Are they a Wolf hospital, et cetera. Then work with the new centers to promote and establish BLC bladder cancer centers of excellence, as we have done with many of the Karl Storz accounts. In other words, as they bring on, whether it be Karl Storz, Olympus, Wolf, Stryker, as they bring them on, helping that hospital advertise in their local area as a bladder cancer center of excellence. That's been the blueprint we've used. It's been very successful, most exciting thing is that we would have multiple OEMs to work with should the hospital choose one over the other. Great. We are at time. We have a lot more questions, but I encourage everyone whose question was not addressed to please reach out to IR at Photocure, and we'll make sure that your questions do get addressed. Dan, maybe just to close out, any closing comments from you? Thank everyone for joining. The organization has been in this evolution over the last couple of years. Realizing where we were seven years ago when I joined as a single product company, dependent on external variables like OEMs and reimbursements and capital budget processes, et cetera. Also seeing the opportunity, the macro environment of bladder cancer suddenly coming to the forefront of all cancers and all the therapeutics coming in and developing the expensive precision therapeutics. There remains a massive opportunity for someone to consolidate this in a meaningful way for physicians. Photocure has taken that ambition, and we believe by adding Vesica Health, partnerships with ArteraAI, [Convergent AI, blue light cystoscopy, flexible scope with Richard Wolf, we're well on our way as establishing ourselves as the company of choice and the products of choice for bladder cancer care and non-muscle invasive bladder care. Looking forward to the second half of this year. Should be exciting. Thank you