Welcome to Zomedica's Fourth Friday at Four investor webinar. Today's session is titled "Zomedica International: Building a Global Platform for Veterinary Innovation," a focused look at the strategy, the partners, and the global opportunity driving the company's next phase of growth. Before we begin, I want to remind current and potential investors that we will be making various remarks about future expectations, plans, and prospects that are considered forward-looking statements. There are risks that actual results may differ from these statements. We refer you to the safe harbor statement on screen or to the Risk Factors sections of our public filings, which can be found on our website under Investor Filings, EDGAR, and SEDAR+. The statements are made as of today, August 28, 2026, and reflect our expectations as of today. Thank you for joining us for Zomedica's Investor webinar series. We're excited to have you with us as we take a closer look at our company, our innovative product platforms, and the passionate people driving our success. This series is designed to give you a deeper understanding of how we're delivering value to veterinarians and to our shareholders. At Zomedica, our mission is to deliver innovative diagnostic and therapeutic technologies that empower veterinarians to focus on what they love most, enhancing pet care and improving pet parent satisfaction. Equally important, we help vets with what they need most, streamlining workflow, increasing cash flow, and boosting practice profitability. At Zomedica, our mission is guided by what we call our five pillars. These are core objectives that shape every decision we make about products and innovation. First and foremost, we aim to improve the quality of care for the pets. Equally important is enhancing the satisfaction of the pet parent, ensuring they feel confident and comfortable with the care provided. Our solutions also focus heavily on improving the veterinarian's daily workflow, helping veterinary practices operate smoothly and efficiently. Additionally, we are committed to positively impacting veterinarian cash flow, making sure our offerings are financially accessible and beneficial. Finally, our ultimate goal is to increase veterinarian profitability, providing products and solutions that help veterinary clinics grow and thrive financially. Today's session will show how international expansion is not separate from this framework, it is a direct expression of it. Now let's hear from Larry Heaton, Zomedica's Chief Executive Officer. Good afternoon. Welcome to today's Fourth Friday at Four webinar. I'm Larry Heaton, Chief Executive Officer of Zomedica. Thanks for joining us today. We appreciate you taking the time, and we appreciate your continued interest and support for your company and our progress. Today's session focuses on one of the most important strategic initiatives underway at Zomedica, our international expansion. We've titled this session "Zomedica International: Building a Global Platform for Veterinary Innovation," and I believe the content you'll see today demonstrates why that title was chosen. When we look at the global veterinary market, the opportunity is clear. The same trends driving growth in the U.S., rising standards of care, increasing investment in diagnostics and therapeutics, and growing demand for clinical efficiency are accelerating in markets around the world. Veterinarians in Europe, Asia-Pacific, the Middle East, and Latin America are looking for the same quality, reliability, and innovation that has driven the adoption of our products domestically. Over the past several years, we have invested in the infrastructure and regulatory approval prerequisites to meet that demand. We established distribution partnerships across multiple high-value regions and have identified additional opportunities in new markets. We secured regulatory approvals that allow us to bring our full product portfolio to international markets, and we have invested in dedicated international leadership to ensure this expansion is executed with the same discipline and focus we apply to everything we do. What makes this story compelling for us as shareholders is the model. We are not building facilities or hiring large international teams. Instead, we are leveraging established, credible distribution partners who know their markets and share our commitment to clinical excellence. It is an asset-light approach that allows us to expand our reach while maintaining operating discipline. Today, you will hear from Paul Tye, our Vice President of International Sales, who is leading the execution of this strategy. You will hear from Kevin Klass, our Senior Vice President of Sales, on how international integrates with our broader commercial organization. You will hear from Dr. Rod Richards, who will provide a clinical perspective from outside the U.S. on how our products are performing in international veterinary practice. Following the discussion of our international business, we will pivot to a review of our second quarter 2026 performance by our Senior Vice President of Finance and Corporate Controller, Mike Zuehlke. Following that, we will turn to your questions and comments. With that, let us get started. Zomedica products are now reaching veterinarians across six continents. The company has established distribution coverage throughout the European Union and the U.K. for equine products. With companion animal distribution active in the U.K., Ireland, Italy, and Turkey. In Asia-Pacific, Zomedica is present in Japan through its own subsidiary, and in Taiwan, Hong Kong, South Korea, Singapore, Indonesia, Australia, and New Zealand through distribution. In the Middle East, the company is active in the GCC, including the U.A.E., Saudi Arabia, Qatar, and Egypt. Across the Americas, distribution extends into Canada, Mexico, Costa Rica, Argentina, Brazil, Uruguay, and Chile, with additional markets across multiple regions in active negotiation. This is not aspirational. These are established partners operating through an asset-light model that applies the same platform strategy and cross-sell logic driving domestic momentum. Today, you will hear directly from Paul Tye, Vice President of International Sales, on the strategy and partnerships behind this expansion. Kevin Klass, Senior Vice President of Sales, will explain how international fits within the broader commercial organization. Dr. Rod Richards will offer a clinical perspective on how Zomedica products are performing in veterinary practice outside the U.S. Zomedica’s international story did not begin with a single announcement. It began with a product that had already earned clinical credibility around the world. It began with Zomedica selling products directly to customers and supporting them from abroad. The company continues that today, where an in-country distribution channel is not yet established. PulseVet shockwave therapy has been used by equine veterinarians across multiple continents for years. Assisi Loop products have also been marketed through international distribution channels in Canada and the Asia-Pacific markets. That existing clinical footprint gave Zomedica something most companies entering international markets do not have: an installed base of practitioners who already knew the product and trusted the outcomes. Under current leadership, Zomedica made a deliberate decision to build on that foundation. The company established a structured approach. Identify high-value veterinary markets, secure distribution partnerships with established, credible organizations in those markets, and expand the product portfolio available through those partners over time. That installed base did not develop through a single channel. Zomedica's international presence has grown through two parallel paths: direct sales to veterinary customers in markets where a formal distribution partner was not yet in place, and structured distribution partnerships with established organizations in high-value markets. Today, 29 markets are served through active distribution agreements, with an additional 15 markets where Zomedica has placed products through direct sales ahead of a formal distributor relationship. In Europe, distribution covers all major E.U. equine markets, with companion animal distribution active across key markets like the U.K. and Italy, and direct sales extending into select markets such as Poland. In Asia-Pacific, distribution spans key markets including Japan, Australia, and South Korea, while direct sales have reached additional markets such as Hong Kong and Taiwan. In the Middle East, the U.A.E. serves as the distribution gateway to the GCC region, with direct sales also active in Israel. Across the Americas, distribution partnerships are active in markets like Canada, Uruguay, Argentina, Brazil, and Chile, with direct sales reaching additional markets, including Mexico. In Africa, direct sales have reached an early market in Zambia. This dual-channel approach is deliberate. Direct sales allows Zomedica to serve demand and build clinical credibility in markets where formal distribution has not yet been established, while distribution partnerships provide the infrastructure for scaled long-term growth. PulseVet shockwave therapy systems have been sold into 35 countries across five continents. Across the Americas, systems are active in key markets including Canada, Uruguay, Argentina, Colombia, Brazil, and Chile. In Europe, placement spans 17 countries, led by markets such as the U.K., Germany, and Spain. In the Middle East, systems are in the United Arab Emirates and Israel. In Asia-Pacific, placements cover key markets including Japan, China, and Australia, with additional units tracked across other international markets. This is not a projection. These are active placements with veterinarians who are using the technology in clinical practice today. That global installed base gives Zomedica something most companies entering international markets do not have: an existing network of practitioners who already know the product and trust the outcomes. Assisi therapeutic devices have been sold into 32 countries worldwide through a combination of 15 distribution partner markets and 16 direct-to-consumer markets. In the Americas, distribution covers key markets, including Canada and Brazil, with direct-to-consumer sales extending into Mexico. In Europe, distribution is active in markets such as Germany and the U.K., while direct-to-consumer sales extend across additional markets, including France, Italy, and Spain. In the Middle East, distribution operates through the U.A.E.. In Asia-Pacific, distribution covers key markets including Japan and Australia, with direct-to-consumer sales reaching additional markets such as China. In Africa, direct-to-consumer sales have reached an early market in Zambia. The Assisi product line demonstrates the same pattern. Clinical credibility built through direct engagement with veterinarians and pet parents, creating a foundation that distribution partnerships formalize and scale. Regulatory milestones have been critical enablers. The CE certification of the VETGuardian monitor in 2024, combined with existing CE marks across the portfolio, has opened pathways to distribute the full range of Zomedica products throughout Europe and in other markets that recognize CE certification. International growth at Zomedica is built on a distribution model, and the quality of that model depends entirely on the quality of the partners. Zomedica's approach to partner selection is deliberate. The company evaluates potential distribution partners against clear criteria, clinical credibility in their market, established access to the veterinary customer base, regulatory expertise, and alignment with Zomedica's standards for training, support, and clinical education. These are not transactional relationships. Distribution agreements are structured to support long-term growth. In some markets, agreements are exclusive, giving the distribution partner full commitment to invest in building Zomedica's presence. In others, non-exclusive arrangements allow flexibility to serve different segments or product categories through the most capable channel. Today, Zomedica's active distribution coverage spans four regions. In Europe, all major E.U. markets are covered for equine products, with companion animal distribution active in the U.K., Ireland, Italy, and Turkey. In Asia Pacific, distribution reaches Japan, Taiwan, Hong Kong, Singapore, Indonesia, Australia, and New Zealand. The U.A.E. provides Middle East coverage. In the Americas, Canada, Uruguay, Brazil, Argentina, Costa Rica, and Chile are active. The pipeline of additional new markets in negotiation is significant and ranges across Europe, Asia, and South America, each representing substantial opportunities. The recent addition of Zomedica's Vice President International, Paul Tye, provides the resource to accelerate these efforts. A key feature of the model is how distribution agreements evolve. Partners typically begin with one or two anchor products and then expand to additional product lines as the relationship matures and market traction builds. This land and expand approach reduces upfront risk for both parties while creating a natural pathway to increasing revenue per partner over time. Zomedica also invests in the success of its distribution partners. Training, onboarding, and ongoing clinical support are provided to ensure that international veterinarians receive the same level of product knowledge and clinical education that domestic customers experience. Regulatory support, including CE marking, import registrations, and compliance documentation is managed in coordination with each partner. The international veterinary market represents a substantial and growing opportunity for Zomedica. In Europe alone, the veterinary diagnostics market is estimated at over $4 billion annually, with growth rates approaching 10%. The European equine healthcare market exceeds $1 billion and is projected to grow at nearly 7% annually through the end of the decade. These figures represent just one region. When you add Asia Pacific, the Middle East, Canada, and Latin America, the total addressable market outside the U.S. for Zomedica's product categories is significant. What makes these markets attractive is not just their size, it is their trajectory. Rising veterinary care standards, increasing pet ownership, and growing investment in diagnostic and therapeutic technology are driving demand across every region where Zomedica is now active or in negotiation. Zomedica's international revenue performance reflects this opportunity. Today, Zomedica products are sold in 44 international markets across both direct sales and distribution partnerships. International sales grew 18% in FY 2025. In the second quarter of 2026, international sales were up 17% year-over-year, driven by a combination of organic growth and orders from distribution partners activated earlier that year. Looking at growth drivers, several factors support continued international momentum. New distribution partnerships are adding geographic coverage, expanding the number of markets where Zomedica products are available. Within existing partnerships, portfolio expansion is increasing the number of products distributed in each market, replicating the land and expand approach we have domestically. Recurring revenue from consumables and assays is flowing through international distribution channels, building the same foundation of predictable, repeat revenue that anchors the domestic business. Regulatory milestones, particularly CE certifications, continue to unlock product availability in European and other markets. International revenue continues to grow, and with the number of markets in active negotiation, we believe the runway ahead remains substantial. The second quarter of 2026 was the best quarter in Zomedica's international sales history. International sales in the quarter reached $1.7 million. That marks 12 consecutive quarters with international sales exceeding $1 million. The TRUFORMA platform delivered the most striking growth, with second quarter results up 873% year-over-year. Leading Zomedica's international expansion is Paul Tye, Vice President of International Sales. Paul brings extensive experience in the international veterinary marketplace and is responsible for building and managing the company's global distribution network. Here is Paul on the strategy behind Zomedica's international growth. Identifying and evaluating distributors is done in multiple ways. Of course, I do believe we have a very strong advantage, with my 35 years of experience in the industry globally and my networks, contacts and connections. I already know many of the international distributors worldwide. Also understanding the good from the bad. Those with the appropriate infrastructure, the current products carried, including competitive. Due diligence is important. Having a checklist to ensure the financial security, track record of growth, market success, and obviously having a good reputation within their respective markets. We do an introductory process, from an initial meeting to the next phase of signing an NDA. Detailed presentation for both Zomedica and the potential partner to understand the cultural fit and competencies. Whilst that's important, site visits to inspect the infrastructure, confirm capabilities, meet the wider employees, and also visit one or two of their key customers is key to making sure that we have the right potential partner. This all builds a picture for a long-term partnership and success. A key factor to success for our partners is a very strong and mutual close relationship. Investing time into that partnership, ongoing and consistent training, regular visits, and of course, close support. They of course need to be really invested and excited about the Zomedica products, a dedicated and focused sales team, and good internal support across their operations and whole infrastructure. Lastly, strong local and market knowledge with an excellent customer base. Internationally, of course, Europe is the biggest market outside of North America. Therefore, the first targets will always be the Nordics, U.K. and Ireland, Germany, France, Italy, Spain, and Benelux. Slightly close behind is Latin America and the Asia-Pacific regions, which are very exciting, rapidly growing, and key markets for us to enter. What is really key to understand is that whilst the biggest regions have the largest total potential, this does not always mean that they are the easiest to enter. Europe, with its multiple countries, cultures, languages, different size and complicated markets, are also the highest penetrated markets competitively. It is key for Zomedica, for us to use our USPs, which is our niche, unique products, and therefore limited competition. Therefore knowing the appropriate country/market to enter comes from when the opportunity arises, experience, knowledge, and who you know, and this is where I believe that my experience in the industry will help us deliver that strategy. Currently, myself commercially and Dr. Richards, our technical expert and vet based in Switzerland who I partner with day-to-day, are the general contacts and have the close relationships with the customers. We also of course leverage the large U.S. operational support teams who offer customer and technical support daily, training expertise. We also leverage the U.S. via Teams and virtual meetings. As we grow and have scale, we will bring in more localized support for language, time zone coverage, and account management. It is important that as we grow and have more international coverage, our distributor partners get the day-to-day help and support they need to be successful. Over the next 12- 24 months, we have some key priorities. Of course, one is to support our existing partners, add to their portfolio, continue with our support and training, and help them grow within their markets. Also is to expand geographically, internationally, and to expand our footprint within multiple countries with new distributor partners. We are working on some existing contractual developments today, which we are hoping to exploit and to execute over the next few months and continue to expand. Big priorities, of course, multiple countries within Europe, but Asia and Latin America are also high priorities for us to expand. Paul and his team are executing a disciplined approach to international expansion, identifying the right partners in the right markets with the right capabilities to represent Zomedica's portfolio. International distribution at Zomedica does not operate in isolation. It is fully integrated into the company's broader commercial organization under the leadership of Kevin Klass, Senior Vice President of Sales. Here is Kevin on how international fits within the overall sales strategy. International sales is a really important part of our overall sales strategy. We have established products in the U.S. like PulseVet and TRUFORMA that have high demand outside the U.S., and going through distribution helps us get better worldwide reach. As we launch new products and learn more about them in the U.S., we can leverage these established distribution networks for more rapid launch. The top products selling outside the U.S. are PulseVet, partly because of the known entity within the equine industry. It is just far and away superior to so much else that's out there. We've gotten tremendous adoption. We also have some great international distribution partners for that product. TRUFORMA's right behind it, and in fact, TRUFORMA right now is probably growing faster than anything else, again, given our ability to leverage the equine business, but also the differential factor that we have in the small animal. The two hot international products that I mentioned, PulseVet and TRUFORMA, both have very nice recurring revenue, and as such, it helps us grow that business in compound on an annual basis. As we launch additional tests on the TRUFORMA, that becomes even more so. We have a few key players within the U.S. that support both the U.S. and international markets. These people know a lot about the products and can leverage that experience as we go international and work with Paul, who's our key person internationally. Additionally, our marketing team has created materials and studies and so forth that can also be leveraged internationally, so we have a head start when we go into a given geography. We do sometimes learn some things internationally that do help us in the U.S. Obviously, if we get additional languages for an instrument, as an example, we can leverage them in the U.S. Also, things like reporting units on the TruPharma, for instance, was a demand that we had outside the U.S. that may be a preference within the U.S. So generally speaking, the learnings are from domestic to international, but it does sometimes work the other way. That organizational alignment is critical. It ensures that international growth is supported by the same commercial infrastructure, product expertise, and clinical resources that drive domestic performance. The strongest validation of any international strategy comes from the clinicians using the products. Dr. Rod Richards is a veterinarian with experience practicing outside the U.S. with direct experience using Zomedica products, particularly PulseVet Shockwave Therapy, in international clinical settings. Here is Dr. Richards on what he has observed. Hello. Dr. Rod Richards with Zomedica here. I started shockwaving with the EquiTron in Singapore in the late 1990s and found the results so amazing I joined the manufacturer in Switzerland. I have been managing the international business for the company PulseVet and then Zomedica for seven years now. What I have observed is that the international performance horse community is extremely well-connected, which means that new products coming onto the market which really improve the management of equine athletes gain acceptance and uptake around the world. This is why the PulseVet system is still so very popular globally. PulseVet is clinically effective, and equine vets around the globe understand the benefit that PulseVet can bring to their equine patients. PulseVet is a unique product. It is the smallest electrohydraulic shockwave system designed for use by veterinarians in practice or on the road. The electrohydraulic technology brings clinical advantages which mean shorter and fewer treatments than other devices can achieve. In addition, there are numerous scientific studies using PulseVet which show clinical efficacy. In a word, PulseVet is incomparable. TRUFORMA is a game changer in equine medicine. Until Zomedica developed the eACTH assay on TRUFORMA, all reference labs had measured eACTH with a significant cross-reaction with a peptide called corticotropin-like intermediate lobe peptide, or CLIP. This was and is due to the technology behind the chemiluminescent assays that reference labs use. CLIP does not appear to have a hormonal role at this stage, but by measuring CLIP and eACTH together, the true level of eACTH remained uncertain. The bulk acoustic wave technology of TRUFORMA enables vets to measure the absolute value of eACTH in equines for the first time. This is having a major impact on how vets manage horses with PPID today and going forward. In a word, TRUFORMA is incomparable. Horses generally respond very well to shockwave therapy with PulseVet and with zero significant side effects. This gives our vet customers confidence to treat and experiment a little. Thanks to the pioneering work of one customer, we have been developing therapy for asthma and EIPH in horses, which is showing good results. Who would have thought such a therapy would be a reality? And there are more conditions being investigated at this time. Geriatric dogs can also benefit greatly from therapy with PulseVet. I have seen the comfort it can bring to owners who have an old dog with, for example, chronic back pain and intolerance to NSAID therapy, who responds well to PulseVet. The accuracy and dynamic range of TRUFORMA gives veterinarians unique assays and also reference laboratory precision in the practice. This will improve the medical care of our companion animals and horses greatly. Clinical validation from practitioners outside the U.S. reinforces a key point for shareholders. Zomedica products are not simply being exported, they are being adopted, integrated into international workflows, and delivering outcomes that meet or exceed the standards veterinarians in those markets demand. Zomedica's international product ecosystem follows the same logic as the domestic portfolio: diagnostics, therapeutics, and monitoring designed to work together within the clinical workflow. What differs internationally is the sequencing of how products enter each market. Therapeutics lead internationally. PulseVet shockwave therapy has the strongest global presence, with an established clinical reputation in equine markets and growing adoption for companion animal applications. The Assisi Loop and EquiLOOP therapeutic devices established in the Asia-Pacific markets are expanding into European markets. VETIGEL hemostatic gel, a low-priced, universally needed consumable, is increasingly being positioned as an entry product for new international markets, opening distribution relationships that create a pathway to larger product placements over time. On the diagnostic side, the TRUFORMA platform has launched in Europe for equine applications, with companion animal potential across multiple regions. TRUVIEW digital cytology is expanding its international availability. In monitoring, the VETGuardian PLUS monitor is CE certified for European markets and is being distributed across the U.K., Europe, and additional territories. For shareholders, the important point is how these products work together internationally, just as they do domestically. The land and expand model applies. A distribution partner begins with an anchor product, builds clinical traction and customer relationships, and then adds additional products from the Zomedica portfolio. Each product added increases revenue per partner. Consumables and assays generate recurring revenue that builds predictability over time. Regulatory milestones, particularly CE certifications, unlock the ability to expand the product portfolio within existing geographic coverage without requiring new distribution agreements. The result is a compounding growth model. More markets, more products per market, more recurring revenue per product, applied through an asset-light distribution infrastructure that maintains operating discipline. Thank you. I hope today's session has given you a clear picture of what we're building internationally and why we believe this represents one of the most significant growth opportunities in front of Zomedica. Let me leave you with a couple of key points. First, international expansion is not an experiment for us. It is a deliberate, structured strategy that we've been executing methodically, identifying high-value markets, securing the right distribution partners, and building the infrastructure to support long-term growth. Second, the model works. We are reaching veterinarians across six continents through an asset-light distribution approach that allows us to grow our international presence without the capital intensity of building operations in every market that we enter. Third, we're applying the same platform strategy internationally that has driven our domestic momentum. The same products, the same cross-sell approach, guided by our five pillars, the same focus on recurring revenue through consumables and assays. What has worked in the U.S. is now working across Europe, Asia Pacific, the Middle East, and the Americas. Lastly, the runway ahead is substantial. With active distribution across more than a dozen countries and a significant number of additional markets in negotiation, we are still in the early stages of what this can become. We believe international markets represent one of Zomedica's most compelling growth opportunities, built on proven products, strong partnerships, and a disciplined strategy for global expansion. Thank you for joining us today. We appreciate your time and your interest and support of Zomedica. With that, I am going to hand things over to our Senior Vice President of Finance and Corporate Controller, Mike Zuehlke, who will walk you through our financial results for the second quarter of 2026 and outlook in more detail. Good afternoon. I would like to begin by wishing everyone an enjoyable fall season as we transition to cooler temperatures and adjust to the return of school schedules. Most importantly, we want to acknowledge and thank you for your continued interest in, and support of, Zomedica. As is becoming a trend, I am excited today to detail another record quarter for Zomedica and continued progress towards cash flow breakeven and GAAP profitability. Zomedica delivered another impressive performance in the second quarter, with revenue increasing and operating expenses and cash burn continuing to decrease. The second quarter of 2026 marked our 22nd consecutive quarter of record year-on-year revenue. Our 37% year-over-year revenue growth was driven by several key factors. First, we continued to see strong demand for our PulseVet and Assisi therapeutic device products. Second, we saw continued adoption of our diagnostic offerings, particularly our TRUFORMA platform. This growth has been supported by collaboration with our distributors, including our relationships with Boehringer Ingelheim Animal Health in the U.S. and Canada, as well as our expansion into additional international territories. Third, our Development Services segment continued to contribute meaningfully, generating another $1.4 million in revenue during the second quarter. From an operational perspective, we continue to execute with discipline. Gross margins remained healthy at 64%. Operating expenses were down $2.6 million, or 20%, compared to the prior year. Notably, expenses were down in all three report groupings, G&A, R&D, and selling and marketing. Our adjusted non-GAAP EBITDA loss improved to $2.3 million, compared to a loss of $5.5 million in the second quarter of 2025, an improvement of 59%. For the first half of 2026, our adjusted non-GAAP EBITDA loss has improved 58% versus the first half of 2025. Finally, cash burn improved by $2.1 million, representing a 38% reduction from the second quarter of 2025. Looking ahead, our priorities remain clear. Accelerating global adoption across our innovative portfolio, expanding our recurring revenue streams via our consumables products, and continued progression toward an achievement of cash flow breakeven and profitability. We believe our record second quarter performance, expanding commercial partnerships, ongoing activity within our Development Services segment, and strong balance sheet all position us well for the remainder of 2026 and beyond. We remain focused on executing our growth strategy, improving operating efficiency, and creating long-term shareholder value. I will now provide more detail on the components of our strong performance, beginning with revenue. Total revenue for the second quarter was $9.5 million, an increase of 37% compared to prior year and a record for the second quarter of the year. The 37% increase over the prior year was highlighted by the following. Our core products, which encompass our Diagnostics and Therapeutic Devices segments, were up 16% compared to the prior year, representing the strongest second quarter in the company's history for our core product portfolio and demonstrating healthy organic demand across our business. Diagnostics segment revenue increased 77% for the quarter and is up 75% year -to -date as a result of continued adoption of our TRUFORMA point-of-care diagnostic platform and the utilization of our expanded menu of assays, notably among equine veterinarians. Therapeutic Devices segment revenue increased 9% for the quarter, driven by the continued strength of our PulseVet and Assisi products. Capital revenues, which we have stated before can be choppy, increased 14% over the prior year, which we anticipate will drive consumables revenue growth in future quarters. Our Development Services segment contributed another $1.4 million during the second quarter, bringing the year-to-date total to $3.4 million and $6.4 million in total since we introduced the segment in the second half of 2025. Across all segments, our consumables revenue increased 26% for the quarter and is up 24% year -to -date. This growth is again driven by continued demand for our TRUFORMA products, as well as sustained demand for our PulseVet probes, which comes from both new device installations and reorders associated with existing systems. We expect consumables growth to further compound as our install base expands. Our international business also continues to perform exceptionally well, with revenue increasing 17% in the second quarter, driven primarily by organic demand. We anticipate that our expanding global business will continue to contribute meaningfully to the sustainable long-term growth of Zomedica. We remain committed to the pursuit of strategic opportunities that leverage our existing asset base and scale to drive incremental value for our shareholders within both the human and animal health sectors. Moving to operating expenses. Total operating expenses for the second quarter of 2026 were $10.1 million, a 20% reduction when compared to prior year. For the year, we are down $5.3 million or 21% after adjusting for a non-cash impairment charge taken in the first quarter of 2025. Operating expenses as a percentage of sales improved 75% for the quarter and have improved 79% year -to -date, reflecting our commitment to disciplined cost management and the realization of scale in which the company has invested. We anticipate continued operating leverage as sales continue to grow across all segments, and this growth is supported by our current cost structure. Research and development expenses were down $0.8 million or 43% for the quarter and are down $1.5 million or 41% year-to-date. While spending is down year-to-date, primarily as a result of recent product launches, we anticipate that our R&D spend will moderately increase as we continue to develop next generation offerings and pursue solutions to unmet or underserved market needs. Selling and marketing expenses were down $1 million or 21% for the quarter, and $2.2 million or 22% year-to-date, while revenue has increased 37% for the quarter and 36% year-to-date. General and administrative expenses were down $0.8 million or 13% for the quarter, bringing savings to $1.6 million or 13% year-to-date when compared to prior year. This continues to reflect disciplined cost management and efficiency gains. Turning to the balance sheet, Zomedica ended the quarter with $44.1 million in cash equivalents and available for sale securities. Cash used during the second quarter was approximately $3.4 million, representing a 38% reduction compared to the cash burn in the second quarter of 2025. This represents our lowest non-year end quarterly cash burn on record since commercialization. Year-to-date cash burn has improved by $3.2 million, reflecting continued fiscal discipline while supporting top line revenue growth. As always, I would like to remind you, we remain essentially debt-free. Continued top line growth at healthy margins, combined with the operating discipline that has resulted in reduced operating expenses, continue to move us towards our goals of cash flow breakeven and GAAP profitability, as evidenced by both the reduced second quarter cash burn and the 59% reduction in our adjusted non-GAAP EBITDA loss. Our results for the quarter continue to illustrate that your company is in strong financial health and making meaningful progress towards cash generation and profitability. Importantly, we believe we are achieving these results while remaining well-positioned to fund and support our ambitious growth strategy. I would like to close again by expressing our gratitude for your continued support of and interest in Zomedica. It is an exciting time for the company, and each earnings release provides further evidence of our progress and our commitment to creating and delivering long-term shareholder value. With that, I'd like to give the floor to our CEO, Larry Heaton. Larry? Thanks, Mike. We'll now move into the live Q&A section. If you have a question, please drop it into the chat box now. We're here to help, and if you have questions later, you can always contact us with the contact information shown on your screen. Okay. Again, thanks, everyone for joining us and for your support of Zomedica. I will dive right into the Q&A. This week I remembered that we asked when you signed in or when you registered, if you had any questions for us. I'll make sure and grab those as well as the ones that you're entering now into the Q&A section. All right, so the first one. I noticed that you have issued social media mentioning a shortage in ACTH testing at reference labs. Is there an opportunity here for Zomedica? A really good question. This is information that is public, because it was made public by the reference labs themselves. People know this, how material that will be, I guess we will have to sort that out. The major reference lab that offers ACTH testing in the U.S. is a university hospital in New York. Earlier this month, they sent a letter out to all their customers that indicated that due to a back order of the reagents necessary to run the test for ACTH on their IMMULITE machine, that they were not going to be able to run any tests after around the 8th of August, somewhere in there. Maybe it was the 5th or whenever it was, and would not be able to begin redoing the tests until the reagents were off back order, which they indicated would be in early mid-October. Incidentally, all other reference labs, there is one other university, and there is a couple of large companies you have heard of, offer this test somewhat, not the prevalent providers, but they also use the IMMULITE machine and are also subject to the same back order. For that matter, we use the IMMULITE machine in our own R&D, and if we needed that, we would be on back order too. We do not need it. It is not needed for the TRUFORMA device. We use the BAW sensor, as you well know, and as a result, TRUFORMA is not affected by that back order. So when we heard this, we were concerned that our veterinarians out in the U.S. and Canada would be disadvantaged by not being able to get that ACTH test to run at those reference labs. We have reached out. So has BI, Boehringer Ingelheim, in the U.S., and so has Boehringer in Canada have reached out. We have done it through social media, we have done it through emails with customers. BI is doing it through their sales force, we are doing it through our sales force. Since this is actually a very prime season for testing horses with ACTH for PPID, it has been a really busy 28 days of August. We have been very busy placing new TRUFORMA devices in equine practices, both in the U.S. and Canada, both from our own efforts and also in collaboration with Boehringer Ingelheim. It is certainly the case that some of these customers may choose after these research lab or the reference lab is able to come back and start doing them again. Some of the customers might go back to them, where you can be sure that we are doing every single thing we can to equip them to be able to do the testing themselves and experience the benefits of having results right there within 15-20 minutes, as opposed to having to send to a reference lab after first taking the sample, chilling the sample till they get it back to their clinic, freezing the sample, sending it frozen to the reference lab, and then waiting for the results. So, yes, there is an opportunity there for us, and we are basically all over it. All right, next one. Still on assays. Should we expect to see more than four assays? Let me read it exactly. Now that Zomedica is approaching profitability and the TRUFORMA installed base continues to grow, does the company's strategy for new assay launches need to evolve as well? Should investors expect to see more than the current pace of roughly four new assays per year, with new assays potentially being introduced throughout the year rather than concentrated toward the end of the year? That is a good question. I think for 2026, this year is almost over, right? For 2027, you should expect essentially the same pace in terms of the rollout of new assays. This is because we are trying to balance R&D spending with new assay development. As you heard a little bit earlier from Mike, R&D spending is down about 40%, 43%, I think he said, year -over -year. Not all the R&D spending goes to TRUFORMA. As you know, we recently launched the Acoustic Muffler and things like that. We, as you know, are striving to reach a cash flow breakeven as soon as we can, targeting fourth quarter of this year and certainly for 2027. We expect for the full year to be profitable. We are going to keep that spend down a little bit. I know there is a trade-off, but I think our shareholders are best served by us maintaining that reduced operating expenses and getting to cash flow breakeven as soon as we can. We do have a number of assays that we are rolling out yet this year and into next year. As far as the pacing, it takes about a year to develop an assay. There is a lot to it. If you are curious, we have the webinar on TRUFORMA, and I think they go through all the different phases. It takes about a year, and so it is going to take some time to change that cadence. What we would have to do is start new assay development in different quarters. Certainly, we can do that. We have not done that this year for reasons that we just talked about. We will likely get to that in 2027. We will maybe start them in the second quarter, third quarter, fourth quarter, things like that. That is that. Hey, Larry, I think it is also worth noting that the pace of four assays per year is significantly better than I think anybody else in the marketplace. There are just not assays popping up on a regular basis from anybody else. Yeah, good point. We're not anybody else, though. We'll definitely do what we can there, right? Next question. Has Zomedica explored developing assays for diseases found in cattle, livestock, for which there are no pen-side or point-of-care testing available? If so, would FDA requirements govern approval? The FDA requirements would not kick in for assays for the kinds of things that we're testing for. If you were going to produce drugs or vaccines or something that would go in a cow, then actually it would be the FDA or the U.S. Department of Agriculture that would get involved. It wouldn't be a factor for us. What's more of a factor. We'd actually love to do that, right? There's a lot of cows out there and so on. The thing is, it's not like when your dog gets sick or your cat gets sick. If a cow gets sick, it's not necessarily going to be diagnosed and treated and brought back to health. There may be some really expensive cows and things like that, and those will find their way to an equine vet or a large animal vet, and then there we would be in that practice if we have something applicable to them. The other thing there is that single animal testing, because they're not looking to see a cow with signs or symptoms and then test what's going on with it. They move it away and so on. The incidence of testing a single animal is not great. If they're going to test all the cows, all the herd, the whole herd, then our system's just not set up for that. The throughput is just not fast enough, right? If it takes 15, 20 minutes, depending upon the assay to run a test and you have a herd of 500 cows, they're probably going to look for some other way of doing it. Having said that, pretty much every strategic review we do, we ask ourselves, "Isn't there something we can do for the cows and the sheep and goats and everything else?" So far the answer's been, "Not just yet." Let's see. As Zomedica expands internationally, can you provide some measurable targets for investors, such as the number of countries, distributors, or international accounts you expect to have over the next 12-24 months, and when you expect international sales to become a meaningful percentage of total revenue? Kevin, you want to take that one? Sure. Yeah, happy to. First I'd argue that our international sales are already a significant percentage of our revenue at about 20%. They are growing at a rate that's a little faster than our domestic rate, so they are becoming more and more significant every year. With respect to new distribution, Paul's been on board for six months, and the number of distribution opportunities he's identified is amazing. You also heard him talk about the process of bringing a distributor on board. There's several steps to it, takes a while. Also, it's not just the bringing on a new distributor, sometimes it's expanding our products within a distributor, so adding TRUFORMA to a distributor. After that, it's adding additional assays to the analyzer that's already at a distributor. There's multiple ways that we can grow internationally. I don't know that I have a number of distributors that we're going to add in the next year, but I can tell you that we anticipate very significant international growth and for that to be even more a percentage of our total sales than it is today. Thank you. Can you discuss the muffler? Is this on the X-Trode itself, so when you order a new X-Trode you get one, or is it an additional order on top of the X-Trode? Can this be material or just an additive feature to help sales? I think the quick answer is it's an additive feature. It's literally an accessory that's used in conjunction with the X-Trode. We are and will include this Acoustic Muffler with each new PulseVet system that we sell. One for a small animal practice that uses the X-Trode, and actually three for the four X-Trodes that are purchased by equine vets. It is something that doesn't permanently attach to the device. It snaps on it. It's used, and then it snaps off so the X-Trode and the muffler itself can be cleaned. While we are going to provide them along with the instrument, remember we sell the system for, I think it's around close to $35,000 when you add the X-Trode to it for small animal, and close to $40,000 when you add the four X-Trodes for equine. So we're going to provide them with an Acoustic Muffler at no charge. We will sell them, and we have sold some where people just didn't want to wait for the rep to get to them or whatever, so it was $125. But that's not going to move the needle in terms of a materiality standpoint, unless Mike corrects me on that, but I don't think he will. But what it does do is you put this Acoustic Muffler on the X-Trode and it reduces the noise, the sound by 75%-84%, depending upon which X-Trode you're putting it on. That's a pretty significant change. Not so much for equine vets that are doing these treatments out in the yard or the barn or something like that. But when you get into a small animal practice, it's loud. It's not painful, it's not harmful, but it's still loud. I actually think it's not bad because then everybody in the clinic hears the click, click of the PulseVet and wonders, "Hey, what's that? Does my dog need that?" In any event, it's a good thing and it'll help us to push off any competitor that says, "Look, our thing is quiet." Our standard response has been, "It's a sound wave. It should make noise." You get the effectiveness with the noise. So that's that. Let me go to some of the ones from the registration list. TRUFORMA assays are not mentioned enough. Bring out details. I am not sure who that person is, but we can talk a lot about this and will be happy to, but we are not going to list out, we are not going to give details of which assays we are rolling out. I have covered this before. It is a competitive issue. Just this month, IDEXX proudly announced to the whole world that they had just introduced a new assay for animal health at the point of care. That was the first time it was available at the point of care. We have had it on the market for over a year. We do not want to give them any more of a head start for that. It was not one of our top-performing assays, so do not worry about what it is going to do to our TRUFORMA business. We are going to be just fine there, but I am going to be a little scarce on details for that. Let us see. What milestones must be achieved to be relisted, and what does the timeline look like? Can you narrow down profitability date? I think there are three levels of milestones. There are some that are company determined, there are some that are exchange determined, and then there are some that are market determined, right? If you look at the company determination, we are not going to seek relisting until we are cash flow positive and profitable. Narrowing down the profitability date, as I have said before, we expect to be profitable for the full year in 2027. I think someone else asked a question here, does that mean GAAP, adjusted EBITDA, cash flow? It means all those things for 2027. As I have mentioned before, we are shooting really hard at getting to cash flow breakeven in the fourth quarter, just a function of continuing to increase revenue, keep expenses down, and execute financial discipline. Beyond that, what are those determinations, right? One, we want to be cash flow positive and GAAP profitable. With respect to the exchange, they have all sorts of criteria. Mike has gone through these before. It has to do with your capitalization and the number of shareholders and whether you are audited and so on and so forth. We meet all of those requirements for pretty much all of the exchanges that we have encountered. The one that we do not meet for any of the exchanges currently is the share price. That brings us to the market-determined factor, right? If the share price rises to the point where we are eligible for joining an exchange, we will do it ASAP. In order to get there, given that we are not inclined to do some sort of a capitalization structure adjustment, I think you all know what I am talking about. Given that we are not inclined to do that, then once we get to cash flow breakeven and profitable, we can consider a share buyback to reduce the float. Beyond that, it is a matter of patience, continuing to drive good results and so on and so forth. We would love to be on a different exchange, and we will work hard to get to that point. "What does the future share price look like?" Boy, if I could answer that, I think I would be trading stock somewhere, right? As a shareholder, I hope it is higher. As an analyst, someone that analyzes all the metrics and facts and figures, I calculate, in my opinion, in my calculations, that it should be higher. But as a member of the management team, I am just going to work my ass off to get it to be higher, and I think that reflects the sentiment of all of us here at Zomedica and all of us, our shareholders, right alongside with those of you on this call. Let's see. That might be all the ones from there. Yeah, here is one. "Secure a partner-funded human bulk acoustic wave deal, upfront fees, milestones, royalties, and Zomedica manufacturing without dilution." I am not sure that that is a question, I guess. It is a good idea, for sure. It is one that you may have noticed that we are actively pursuing, as evidenced by our financials where we are generating revenue from that, and we will certainly keep you up to speed on all of those things. Okay. "How is the Q3 earnings report shaping up?" Mike, do you want to take that one? Thank you, Larry. Larry discussed a little bit about the opportunity that came our way with the IMMULITE backorder situation. What I would advise is we do not provide precise guidance on the numbers. I would tell you that all the metrics that we have come on each quarter for the last several quarters since I have been the voice on these calls expressing year-over-year record revenue, declining OPEX, declining cash burn, we are all on track to continue the trend of those metrics in the third quarter of 2026. Yeah. That is a good answer. Let's see here. "Any updates on future human health collaborations?" We will update you just as the developments occur. I think you have all seen some of the, or maybe some of you have seen some of the recent knowledge or information that has been shared by Rahm with the Cell- Guardian. It has had a pretty significant impact on patients. As they continue to evolve, we are their partner there, and we continue to work with other human health partners, and just as soon as we have something that is definitive. When you work with a human health partner, there are phases and waves of work. You first are exploring whether or not there is a there there, and then as you figure it out and you say, "Yes, there is," then you make a plan to start developing. And then if it shakes out a certain kind of way, then you're doing other things, and it grows and builds over time, and it's a little wavy. We've seen that ourselves. You've seen that in the revenue. For us, we will not name partners that we're working with until we execute an agreement that is defined and has enough information in it for you to assess what the impact on the company may be as we move forward. "What does full-year profitability mean?" I think I've already answered that one. "The stock has very little volume. How can we get more investors interested?" I would welcome all of your suggestions in that area, because it would be in everyone's best interest to see additional investors interested. We made a conscious decision not to involve ourselves in investment conferences where institutional investors are the vast majority of the people in the audience, because our experience has been that the institutional investors are going to wait until the share price is higher, or until we're on a different exchange, or until we have a significantly reduced flow. While there's not necessarily an expense of presenting at those things, there's an expense in traveling and time spent there instead of doing something else. So, talk to your friends. Talk it up. I certainly do. I think, it's not going to help with volume so much, but with price, no one's buying my shares. The management team here, we're not looking to sell shares. So even if there's low volume, that doesn't necessarily mean the price can't appreciate if people are stingy with their shares. But that's an individual decision that every single shareholder has to make, and I certainly recognize there are times when you have to trade cash for your shares. So that makes perfect sense. There's a question here about a tiny acquisition, and I'm not sure what it means, so I'm not even going to skip it because I don't know what I would be answering. "Which cattle biomarkers could meet our pricing and volume requirements, and would any require" I think I've already talked about that. I don't really think there's an opportunity for us there in the near term. "When will BI launch in Europe, and what is the hold-up? Do you think this happens by year-end?" I will let BI make their own determination in their own timeframe. We, not so long ago, got TRUFORMA into Europe. In Canada, we have been selling TRUFORMA individually to accounts for a while, handling them direct. But we've recently engaged what's called a 3PL or a third-party logistics provider, so that it avoids and eliminates any customs issues. We have TRUFORMA, I think we got it into Grovet last year, so it's European-wide. But there needs to be a critical mass of the ability on our part to provide the instruments and so on and so forth. Also, the way that they get their tests done can vary a little bit. So I will leave that up to BI E.U. So far, the success of the venture in the U.S., from their perspective, led to their BI Canada unit embracing it, and they've gotten off to a really good start. Now, of course, it's also propelled by the fact that their other partner, this reference lab in New York, can't do the test. "I notice no insider buy since Q2 earnings was released. Any reason behind this?" Yes, there is a reason. I'm advised by my general counsel that my best approach for this kind of question is to not answer it and not comment on it. But I will tell you that, as you know, there are things that if we're aware of things that are coming down the pipe, that would give us an unfair advantage in terms of buying the shares, that we can't buy the shares. We adhere to that policy. I certainly would like to buy some more at $0.08. "What is the 2027 international revenue target, and how many distributor agreements are currently in final negotiation?" I think we've answered that question. We're going to get to cash flow breakeven and profitable in 2027, in our belief at this point. The rest of that would be information that we're going to hold to ourselves. "Do you think the insider window will be open in November after you report?" Let me answer that question in November. "Has the muffler improved small animal PulseVet sales conversions or treatment utilization, and how will Zomedica measure that?" I don't think it's going to affect utilization at all. If you have a customer that's been using the PulseVet on small animals, and they see that dog walk out of the exam room when they had to limp in or be carried in, they don't care about the noise. It's not egregious. But if you're considering buying a device and then there's a competitor out there that has a really quiet one, then you might take a pause and try theirs out. We have plenty of data that show that from a clinical standpoint, that would be an ill-advised move. But having that and the muffler certainly enhances our opportunity to go ahead and get that sale quicker than waiting. PIMS status. Yeah. I actually had a print on that. We're on track to do that. We have clinics that are currently using with the I think we're up to around the three top PIMS providers. They're currently using in a alpha or beta test or whatever, but everything's going smoothly. We're about the business of bringing in all the other devices that we have to that PIMS capability. As we said, we expect to have that out into the marketplace by the end of September. Yeah. So we're on track for that, and I think that'll be meaningful in the small animal market. Somewhat in the equine market as well, but for sure in the small animal market. "Does current Development Services revenue include a human BAW program, and are any milestone or royalty agreements signed?" If we had agreements signed, we would have disclosed them if they were material. We have disclosed material agreements before, and in fact, we've disclosed the agreement before, even though it might not have been, certainly in the early days, material. "Does current Development Services revenue today include a human BAW program?" Yes. How many human health programs are currently paid, and what percentage of Development Services revenue comes from Rahm?" This is not a breakdown that I am going to provide. It is out of courtesy, both to Rahm and to our other partners. "If we become break even by Q4 of 2026, could you possibly start buying shares back at the end of 2026?" Getting to cash flow break even is the first and the most immediate milestone we expect to achieve. Getting to positive EBITDA and getting to GAAP profitable are equally important. Some people may believe they are more important, so I will leave that for people to decide for themselves. We will get there before we would entertain the idea of doing a buyback. Realistically, there are a lot of shares out there. We have to balance. We have said it before, right? A buyback is a permanent loss of capital for a short-term impact on the share price. What is obviously more impactful on the share price over time is that we introduce a new product or introduce a new initiative or something like that. We will have to carefully balance that, and there are a lot of innovative ways to look at how you might address the capital structure in conjunction with the share buyback, but those are things for another day. Frankly, another year. It will not be in 2026. "Publish quarterly KPIs, installed system, cartridge utilization, international revenue, and Development Services backlog." Our competitors would be thrilled by that. I will say for the umpteenth time that we do not have any intention of doing that. We allocate our revenue and so on through our segment reporting, which we believe is sufficient. Let us see. Which three PIMS platforms are in-clinic testing, how many clinics are participating, and when is full commercial launch?" I have just mentioned commercial launch is end of September and into October, November. The three platforms, one off the top of my head is ezyVet. I do not have the most recent list in front of me, but they are the next two. If you Google what are the most popular PIMS programs in the U.S., the top three would be the ones that we are involved with right now. It really does not matter because our intention is to get to essentially all of them by the end of next month. We are working with an integrator, right? What that means is that there is us, our myZomedica platform, and then there is an integrator, a third party that we are working with, and then there are all of these other systems. The integrator already connects to all those other systems for other companies and other products, so there is no new thing there for them. We just have to connect a particular device, and then what is involved in validating it is put it in a clinic and make sure it is working without any bugs. There is that. Let us see. I think we are getting to the end here. "Is the paid human BAW program separate from Rahm, and could it lead to recurring commercial manufacturing revenue?" Yes to both. Separate from Rahm, and it could lead to that. Okay. We are now about 11 minutes past. I think I have gotten to pretty much all the questions. There are some more that I know if I was an analyst and created a model, I would love to have answered. But we are being a little close to the vest because we think that is in the best interest of the company and, by reflection, its shareholders. With that, Paul, any other comments? You are on mute. No, I think it has been going extremely well. I think, overall, I think we have detailed out the excitement we have about the international expansion. I think what is important to say is that, as we look at the number of opportunities that are coming towards us, some are regions that we are looking at which have multiple countries. I think that will expand very quickly, and we will see the fruits of that over the next year, 18 months. It is very exciting times. Yeah. So I am happy you are here, bud. Yeah. Because you have really picked it up and accelerated, and I think that is great. Kevin, any other comments? No. Only just I am also very grateful to have Paul here. I think we will be accelerating our international growth at a much faster pace than we may have otherwise been able to. So Paul, keep it up. Mike, how about you? Excuse me. Just quickly on the comment about the KPIs. What I would add to your answer, Larry, is our reporting regulations require us to disclose financial performance at the level at which we run the business. While again, I echo Larry's sentiments on why those KPIs would be valuable to analysts and also competitors, and we are certainly not blind to what those KPIs are, the total addressable market out there for us is so significant that opportunities are not what we lack. It is full steam ahead on cash flow generation, profitability, and then growth beyond that, right? I get equally excited every quarter when we have great results to report, and I look forward to doing so again at the end of November. Thank you, Mike, Kevin, and Paul, and thank all of those in attendance for your continued support of Zomedica. I will tell you that we are committed here to continuing the track that we are on, increasing revenue, providing really good margins, decreasing expenses, not just as a percentage of revenue, but also in real dollar terms. All of this is for one reason, and that is to build the value of your company, to increase the value that you have as shareholders and what you hold in Zomedica, what we all hold in Zomedica. With that, thank you again for Fourth Friday. Next Fourth Friday, we will be focused on the marketing efforts at Zomedica, and it will be, well, fourth Friday in September. I think that is whenever it is. All right. With that, all of you have a great weekend, and take care. Bye, everyone.