Good afternoon, everyone, and welcome. I'm Larry Heaton, Chief Executive Officer of Zomedica. Thank you for joining us for today's Fourth Friday at 4:00 webinar. We appreciate you being here, and we appreciate your continued interest in and support of Zomedica. Today's session focuses on one of the most important dimensions of building a durable growth company: how we sell. Not just what we sell, but how we've built a commercial engine designed to match the right product to the right clinic, and then turn that first engagement into a lasting Zomedica customer. In veterinary medicine, the sales process is different from many industries. Every practice has its own clinical profile, its own patient mix, its own workflow constraints, and its own financial priorities. A one-size-fits-all approach simply doesn't work. What does work is a disciplined framework that helps our teams identify where we can deliver the most value and then execute with precision. That framework is built on the five pillars, which we showcased in last month's webinar: quality of care of the pet, satisfaction of the pet parent, veterinarian workflow improvement, veterinarian cash flow improvement, and improvement in veterinarian profitability. These five pillars guide the sales conversation, discovery questions, and product recommendations that our teams make in the field. We've invested significantly in building a commercial organization that can execute against this framework at scale. Today, we have a multi-channel direct sales force, field sales, inside sales, capital equipment specialists, Professional Services Veterinarians, a dedicated equine team, and a growing international presence, all coordinated under one commercial engine. Today, you'll see how that framework translates into a structured operation, from our sales mission and strategy to the tactics and team design that drive execution to the performance results that demonstrate it's working. You'll also see how our sales organization has evolved alongside our product portfolio, growing from a single-product startup to a five-platform commercial company. With that, I'll turn it over to Kevin Klass, our Senior Vice President of Sales, to get us started. At the end, we'll again engage in question and answers with those of you who are in attendance. Take it away, Kevin. All right. My name's Kevin Klass. I'm the Senior VP of Sales here at Zomedica, coming up on my three-year anniversary. I've got 35 years of sales and marketing experience. About 15 of those years have been in diagnostic sales and marketing with companies like Siemens, Johnson & Johnson, and Abbott. I've got over 20 years experience in the veterinary industry. Five of those years was with IDEXX. I opened Canada for them and then joined worldwide marketing. I have over 12 years of experience with Heska, where I was the VP of Sales, and I helped drive significant growth up until the time that they were purchased by Antech. I'm glad to be here. One of the reasons I joined Zomedica really is I loved my time at both IDEXX and Heska. It was an early stage in a company that was growing. I saw the same opportunity to join a publicly traded company here with great products and a group of people that were really dedicated to success. It's really no secret that I made a significant personal investment, really, in the stock because I believe in the success that we can have. I did something similar at Heska. I'm looking forward to that turning out just as well for me here at Zomedica. Now you're going to find out a little bit more about our approach to the market and our sales strategy. We've organized today's session around five areas that together form one commercial engine. First, the sales mission: delivering the five pillars in every clinic. Second, sales strategy: how we establish a foothold and expand within the account. Third, sales tactics: leading a direct sales force. Fourth, the sales organization and its evolution over time. Fifth, sales performance over time. Let's begin with the mission. Our mission is to show every clinic how our products deliver on the five pillars that matter most to their practice. No two clinics are alike. Practice type, location, size, staffing, and current capabilities all vary. We ask a simple question against each pillar to find where we deliver the most value. Win the clinic with the best fit product. Delight that customer. Expand our footprint with more of the portfolio. Quality of care of the pet. How can we help you improve your practice? Satisfaction of the pet parent. How can we keep your clients happy? Veterinarian workflow. What slows the team down? Veterinarian cash flow. Where can we help improve your revenue? Veterinarian profitability. How can we help you improve your margins? That's how we sell. Every conversation starts with these questions, not anywhere else. Faster time to diagnosis, fewer repeat visits. Running them in-house captures pharmaceutical revenue at diagnosis, driving profitability and happier clients. The TRUVIEW AI-enabled digital microscope and telepathology platform frees technician time on every case, easing staffing pressure. Optional pathologist reads come back in about two hours for faster, more confident answers. The VETGuardian PLUS system is the only touchless patient monitor available. It opens a new service line revenue stream while freeing staff time. Less patient stress, safer recovery, and reassurance for the pet parent. The PulseVet shockwave system is the most proven shockwave therapy on the market, driving rehabilitation outcomes and high client satisfaction without the pitfalls of long-term drug therapy. Vetigel is a fast-acting hemostatic gel that stops surgical bleeding in seconds, saving time and improving outcomes across dental, spay and neuter, and more complex surgical procedures. Our sales strategy follows a clear three-phase model. Phase one is landing a foothold, closing a single high-fit platform with clear return on investment. For example, the PulseVet device in an equine practice, or leading with Vetigel, a low-barrier consumable every clinic needs to open the door and build the relationship first. Phase two is expanding utilization, delighting the customer and driving usage through training, protocols, and support, so the product proves its value. Phase three is cross-selling across the pillars. Once a clinic sees results from one product, the conversation naturally expands to the rest of the portfolio. Equine proves it. We penetrated the equine market with the PulseVet System and won major share and customer relationships, which we leveraged to produce rapid uptake of equine TRUFORMA devices. Now we're extending that foothold with new TRUFORMA assays and additional equine products. Our portfolio was built by acquisition: PulseVet, Assisi, TRUVIEW, VETGuardian PLUS, and the Qorvo biotech platform. The U.S. addressable market for recurring sales exceeds $2 billion, and management targets a business exceeding $100 million with expansion inside existing accounts as a primary lever. Not every product is the right first conversation for every clinic. We've mapped the portfolio to specific practice types. The PulseVet System is the best fit for sports, equine, and orthopedic companion animal practices, plus rehab clinics. The TRUFORMA platform is ideal for internal medicine, endocrine, and equine practices, as well as general practitioners and feline clinics looking to add new in-clinic tests. The TRUVIEW scope fits clinics short on staff or running high volumes of cytology and hematology cases. The VETGuardian PLUS system is suitable for any practice and especially valuable for those handling high surgical volume, isolation cases, rural care, or hospitals offering major surgery, ICU, or overnight patient stays. The Assisi Loop is designed for chronic pain, inflammation, and rehabilitation, available through distributors and online for at-home care. VETIGEL is an easy consumable entry point for any clinic doing surgery or dental work. Our portfolio combines capital equipment with recurring revenue products. These sales campaigns require different expertise, which is why we have developed specialized roles while keeping the account relationship coordinated. Our direct sales force operates across three primary channels. Field sales includes account managers who find and grow accounts, and capital equipment specialists handling ROI, financing, and closing, led by industry veteran area sales directors and backed by a dedicated equine team with deep clinical expertise and strong industry relationships. Inside sales provides coverage for open and unassigned territories, handling lead follow-up, consumable reorders, upgrades, and new sales campaigns. Professional Services Veterinarians provide peer-to-peer education, case review, and webinar support that builds credibility and utilization. They are also responsible for Zomedica's relationships with veterinary schools and deploy in the field to work with account managers for additional training and meetings with local veterinarians. In terms of segmentation and targeting, we've designed low-risk entry points. The TRUFORMA device is placed with no upfront capital required. The clinic pays only for assays. The TRUVIEW AI microscope is a simple annual contract. Capital equipment like the PulseVet System leads with in-house demos and financing when needed. We target companion animal hospitals with high hospitalization or surgical caseloads for VETGuardian PLUS monitoring, TRUVIEW microscope cases, and Shockwave. Equine practices are targeted for the PulseVet System and the expanding library of TRUFORMA equine ACTH assays. All channels and roles work together to begin with the right product fit and deliver the most value to the customer. The commercial organization has evolved through three stages. Stage one, 2021: a small commercial team. The PulseVet acquisition established our foothold in equine with the early TRUFORMA launch close behind. Stage two, 2022 to 2023: the team built out. We added capital equipment specialists, a Vice President of Corporate Accounts, and an inside sales group for the U.S. and Canada. Account managers began selling TRUFORMA assays into equine accounts. Stage three, 2024 through 2027 planned: optimized hiring with clearer success criteria and fit, specialized coverage, and increasing productivity per territory in both capital and recurring revenue with roughly the same headcount. In terms of footprint, we have direct sales across four U.S. regions, inside sales covering the U.S. and Canada, plus a growing international distributor network. Field and inside sales reach the U.S. and Canada with distributor coverage into Canada, Japan, the U.K., Europe, Latin America, and other developed markets. Our deep equine presence built on our PulseVet business is now expanding with TRUFORMA and new equine assays in development. Revenue has grown from $4.1 million in 2021 to $32 million in 2025, a record year representing 17.6% year-over-year growth. Year-end 2025 liquidity stood at approximately $53 million. This growth tracks directly to product launches and channel expansion and improved sales force productivity. The TRUFORMA portfolio now includes 11 launched assays spanning 16 diagnostic tests. VETGuardian PLUS was added to the platform. The TRUVIEW AI microscope was launched. PulseVet and Assisi are expanding internationally. Let's bring it all together. Mission, one framework that guides every product, every discovery question, and every KPI. Strategy, win with a single platform solution that delivers a clear return on investment, then expand into a multi-platform account. Tactics, field sales, inside sales, and PSVs consistently reinforce the five pillars in every customer interaction. Organization, evolve from a single product startup into a five-platform commercial company. Performance, revenue grew from $4.1 million- $31.1 million between 2021 and 2025. We grew from a single platform to five integrated platforms, giving us the breadth to fully deliver on our five pillars. Now let's hear from Kevin Klass, who leads Zomedica's sales organization, for a closer look at how the team executes. Important to me in the sales organization, we've got our VP of corporate accounts, we've got the area sales directors, and on those four teams, we have a capital equipment specialist, as well as account managers. We have a great Professional Services Veterinarian team, an equine team to support our equine efforts, an inside sales group, as well as an international group, and you're going to hear more about the international team next month. But for now, why don't you hear from some of the folks within the organization? Hi, I'm A.B. I lead our corporate account team here at Zomedica. My focus is on our relationships with corporate multi-site veterinary aggregators and group purchasing organizations across the country. These are the large consolidated groups that own or manage dozens, sometimes hundreds of individual clinics. What that means day to day is I'm working on enterprise-level agreements. A single agreement can open the door for an entire network of practices at once. That's really the core value of the role. It changes the scale of what is possible. Signing the agreement is really just the starting point. Once we're in, I work closely with their leadership to identify where Zomedica portfolio makes the most sense for their business, and then I coordinate closely with our excellent area sales directors and talented area account managers on the ground to help adoption actually spread. For me, corporate accounts are really about scale. One agreement with a consolidator or GPO opens the door across dozens of clinics at once, and that is exactly when our five pillars start working in our favor. Why this matters so much? At this level, trust doesn't just help, it compounds. When a corporate account group sees real measurable value from Zomedica products, that success becomes a reference point for every other conversation we have with them. Leadership isn't evaluating us one at a time. They're evaluating us as a strategic partner across their entire network of hospitals. One strong remote doesn't just open the door, it changes how the whole rest of the portfolio gets received, and that's the multiplier effect I'm chasing every day. It is to build enough credibility with the first win that the next conversation and the one after that gets easier and faster across every location under their umbrella, and that's what makes it such an exciting time. As our portfolio continues to grow with new products and enhancements coming down the pipeline, I'm looking forward to bringing even more value to these corporate partners and giving our teams even more reasons to command attention and win mind share across every group we work with. Hi, I'm Tammy Pierce. I'm the Area Sales Director for the Midwest region at Zomedica, which covers from Minnesota to Maine. I've been in the industry for over 25 years, and prior to that, I was a licensed vet tech in practice. I lead a team of seven account managers and one capital equipment specialist. I make sure our approach to every practice starts the same way. We need to go for the veterinary practice's immediate need with one of our products, and then from there, I can coach them to continue to introduce the rest of the Zomedica product line. What I love about the way we operate at Zomedica is we have a consistent approach. It's never one size fits all. We find the clinic's goals, challenges, and priorities, and we meet them where they're at. Often, one of our products will get us in the door, but that product solves an immediate need. This gives us an opportunity to learn more about the practice and show them other ways that we can help. That's where the strength of the Zomedica ecosystem really comes in. As we continue to educate and build trust, we can introduce additional solutions that help improve patient care, increase efficiencies, support practice growth, and ultimately drive profitability. The five pillars give us a roadmap for these conversations. They help us expand the relationship beyond a single product and position Zomedica as a complete solution partner. The goal is for the clinic to see the value of the entire ecosystem, not just the product they originally purchased from us. Hi, my name is Mark Murad, and I am a Capital Equipment Specialist here at Zomedica. I'm excited today to share with you what I do on a day-to-day basis that encompasses part of our five-pillar strategy here at Zomedica. As a Capital Equipment Specialist, my focus is to help veterinary practices evaluate and implement larger capital equipment and technology investments that can have a significant impact on both patient care and practice performance. My responsibility is to deliver deep expertise across our capital equipment portfolio and work closely with clients to build both clinical and financial justification for their investment. My role is not just to explain the technology, but to help practices understand how the equipment supports better outcomes, improved workflow, and long-term business growth. The ongoing support offered by Zomedica once a purchase is made doesn't stop there. I partner closely with our Account Managers and Professional Services Veterinarians to ensure the customer continues to realize value from their investment and to identify additional opportunities where Zomedica can support the practice. Capital equipment often serves as the entry point into the broader Zomedica These investments require a high level of trust. They create a strong foundation for a long-term partnership. That's exactly how our five-pillar strategy's designed to work. A practice may initially engage with us through a major equipment purchase. Once they experience the value, service, and support Zomedica provides, they're often much more receptive to additional solutions across our portfolio. In many ways, capital equipment opens the door. The portfolio connection strengthens and expands the relationship over time. Good afternoon. My name is Brandon Rader. I am an Account Executive with Zomedica. I cover North Texas, which is from the hill country all the way to the Louisiana border, all the way out to the Big Bend area, and up into the Panhandle. My role at Zomedica is to take care of accounts from small practices to larger practices to corporate groups, mixed animal, some equine. There's a whole gamut of different clients that we have. My job is to basically take them from the initial steps of maybe having one product that Zomedica can offer that will help and solve their needs. In time, create the relationships to where there's an opportunity to sell more products to them. Case in point, the end of last quarter, I sold two PulseVets for a total revenue of close to $70,000-$80,000 to two clients that had purchased. One had purchased a VETGuardian, our touchless TPR monitor. Then I was able to talk to them about having a PulseVet into their rehab, into their musculoskeletal therapy side of their practice. The other one was a TRUFORMA client who got the device for free. They paid the cartridges. I was able to talk her into buying a PulseVet. She's mixed animal. She has a large equine background. I also talked to her and showed her how it can very much fit into her small animal side, and probably more volume there than even in her large animal side. Our job is to basically go and meet with the clinics, find out where they're at, meet them where they are, then also progress them further. Love what we do here. With Zomedica, we have so many different options to be able to, what I like to call it in sales, get hooks into people. The more hooks I can get into you, the harder it is for you to leave. We meet the practices where we are or where they are. If they're just wanting some quick point of care options with a TRUFORMA that solves some needs for them, they don't want to have to wait, they want to be able to prescribe the day of doing testing and things like that, they have TRUFORMA. If there's people who have large rehabs, and they may have a laser or some other therapeutics, we have PulseVet for that. We have TRUVIEW for folks who are sending a lot out with cytology and things of that nature, save them some money. We meet our patients where we are. We coordinate with our corporate accounts. We coordinate with our capital equipment specialists. There's a huge team here. There's a lot of support that we have to be able to draw on the expertise of people from multiple backgrounds across the network to be able to make the solution fit for that clinic, for their patients. It's wonderful having a group and having the backing and having the ability to have folks that you know you can count on them when there's questions or there may be an issue that may be a little bit nuanced. We can find solutions to help them out to get them to be our clients. Hi, I'm Laura, a capital equipment specialist here at Zomedica. I bring in deep product and commercial expertise for our capital equipment lines. I help practices evaluate a bigger technology investment, looking both at financial and clinical cases. I then get to partner with our account managers so the relationship doesn't stop with one product. Capital equipment is often the door opener. It is a big decision, so once the practice trusts us enough to make that investment, they're much more open to the rest of what Zomedica offers. That is exactly how the five pillars are designed to work. One high-value product earns the trust, and then the ecosystem takes over. Hello. My name is Scott. I'm the capital equipment specialist in the central region. I've been in the animal health industry for 20+ years now, and I'm proud to be approaching my four-year anniversary with Zomedica. My role as a capital equipment specialist is to help practices evaluate a larger investment by uncovering solutions we can provide clinically and financially. I work in coordination with my area sales director, our account managers, and our Professional Services Veterinarians throughout the entire process to ensure the customer is supported and very successful with their purchase. Capital equipment is a big decision. Once customers trust us enough to make that investment and see the commitment we show in providing solutions clinically and financially, they are much more open to the rest of our portfolio, which is exactly how the five pillars are designed to work. Hi, I'm Dr. Kim Keeton, one of the four Professional Services Veterinarians at Zomedica. Prior to joining the organization, I spent 20 years in clinical practice in both the U.S. and the U.K. As a member of the PSV team, I serve as a clinical and technical expert supporting veterinarians, veterinary practices, and the commercial team in the use of Zomedica's diagnostic and therapeutic products. I also act as a liaison between customers, sales, marketing, research and development, and key opinion leaders to advance product adoption and improve patient outcomes. As a PSV, I provide technical and clinical guidance on product use, treatment protocols, and case management to veterinarians, their staff, and the Zomedica sales team. In order to reach veterinarians, I deliver veterinary education through presentations, wet labs, webinars, CE programs, and conferences. Supporting the sales team comes through addressing clinical questions and demonstrating product value. The initial and continuing education of the internal sales and customer-facing teams on disease states and product applications is one of the most fulfilling parts of my position. Furthermore, I continually collaborate with marketing to develop scientifically accurate educational content and build relationships with key opinion leaders, specialists, teaching hospitals, and industry partners. Representing Zomedica at regional and national veterinary conferences, trade shows, and industry events is an exciting way to share our tech-forward products on a larger scale with personal interactions. My name's Jessica Deery. I am the Account Manager for New York. I have Upstate New York, Western Massachusetts, and all of Connecticut. I have been in the veterinary industry for about 20 years now. What do I do on a daily basis? I prospect. I look for leads. I cold call. I cold email. Most importantly, I look to solve problems for the veterinarians in the industry by using our products. I do a lot of relationship building, kind of see what is the problem that we could solve at the veterinary hospital with one of our products, and how we can help them help the veterinary technicians and, most importantly, bring better care to the pets at an affordable price. That's demonstrations, installs, lunches, education, anything we can do to help the veterinarians learn about our products, and then ultimately, obviously, sell the products to them. Thank you for spending this time with us today. I hope this session gave you a clear view of how we think about our commercial strategy and, more importantly, how Kevin and his team execute it. We believe the combination of a disciplined sales framework, a growing multi-product platform, and a team focused on productivity and account expansion positions Zomedica for continued growth in the years ahead. With that, again, thanks for your support of Zomedica, and let's move now to the question and answer period. 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. If you have questions later, you can contact us with the contact information shown on your screen. Kevin, thanks for leading this presentation this month. Before we get started, I'll let you know that he's going to be leading the one next month as well, as next month's fourth Friday. In addition to releasing earnings, talking about the earnings that we will have released on August fifth, we'll also be focusing on our international markets, and of course, Kevin leads that effort as well. I sure do wish this were the sixth Friday of July because that would make it right after we released earnings. It makes it a little frustrating today to not be able to share many of the things that I know you all are very interested in. There are some questions. Let's kick them off. The first one. In October 25, Qorvo introduced its latest BAW platform, highlighting improvements such as smaller size, lower power consumption, and some other benefits. Since TRUFORMA is built on Qorvo's BAW technology, should investors expect future BAW platform advancements to become available for future generations of TRUFORMA? Would these improvements require a significant redesign or a new agreement? Could future generations enable entirely new assays or next-generation capabilities for TRUFORMA? Could they be integrated in the existing platform and so on and so forth? Let me say this. Each time that Qorvo makes an advance on the Bulk Acoustic Wave sensor technology, we take a look at it to see if it would, in fact, provide new capabilities for our existing product. To this point, we have not seen anything that would allow us to do more with our current product. It's really quite good as it is and has a very significant range as it is, and we haven't been thwarted at anything that we wanted to do to date. We're sticking with what we have. It makes perfect sense. If, though, we find something, when you think about it, the BAW sensor is actually enclosed in the cartridge itself. Minor changes in the configuration of the sensor maybe would require minor changes in the cartridge on a go-forward basis. Typically, other than a software change to allow the instrument to pick up what the sensor is capturing, other than that, we would not be looking at a change in the instrument being necessary. Until we see the newest of the new, we won't know. If it was something that was a dramatic improvement, we would look to incorporate it. Without discussing confidential pricing, could you help investors understand the economics of TRUFORMA compared with sending the same test to a reference laboratory? For a typical assay, does performing the test in-house generally provide a better financial outcome for the clinic? If so, could you share approximately how significant that difference is? Kevin, you want to take this one? Sure. There's a few different things to consider here. One is there are some tests like feline TSH that are on the TRUFORMA that aren't even available at the reference lab. The only place you're going to get that is by running it on the TRUFORMA system in-clinic. That, of course, is unique and incredible. For some other tests like cobalamin and folate, they are indeed available at the reference lab. Typically, for cobalamin and folate, we are less expensive to run in-house, but also has the other benefits of being faster. For that and for some other tests, by being able to run the test in-clinic versus the reference lab, it helps the satisfaction of the pet parent. Because they're happier, they get an answer that day. It often is better care for the patient because you can start treatment earlier when you get the result. There is a financial benefit in many cases because you can, if you're going to write a prescription for that patient, you can fill it on the spot. There's actually a news article that came out this week with CVS getting involved in some pet prescriptions. If you can write the prescription when the client is at the clinic, you're more than likely to capture that pharmaceutical revenue rather than waiting for a lab result and then the client is gone, and then you provide the prescription for them. Generally, yes, the economics are better, but that isn't always just reflected in the price of the test. Yeah. Sadly, those savings generally are going to stay in the veterinarian practice. I say sadly, if you are a pet owner like me and you take your dog to the vet, typically what a vet will do is set their prices based on the send-out price, because sometimes they may have to send it out, and then if they're actually spending less, then that's just extra margin for them. It's a good thing for the vet practice, but you're not necessarily going to see it in the end-user pricing. There are a couple of questions here that are asking for revenue guidance for 2026, which we will decline to provide. The probability that the company will be profitable in the fourth quarter of this quarter, I will tell you, we do not expect to be profitable per GAAP in the fourth quarter of this year. We have not expected that or indicated that in any of our calls. Cash flow breakeven is a target, is a goal of ours. I'll decline to handicap that, if you don't mind. "You've described land and expand as the core growth strategy. Without identifying customers, can you quantify how many Zomedica accounts now use two or more platforms, how much recent growth came from cross-selling into existing accounts versus new customers, and whether those trends keep you on track for cash flow breakeven by the end of the year?" Without commenting on the specific numbers of accounts that we have which we decline to disclose and whatnot, Kevin, I'll ask you to answer that maybe more qualitatively than quantitatively. Understood. I think there are quite a few. We have, again, a good example, as we alluded to during the presentation a little bit, is the equine world. We have a significant market share within the PulseVet placements within equine practices. The TRUFORMA device, when we launched first with eACTH, we had a significant number of those clients also adopt the TRUFORMA device. When we got insulin, those customers who had adopted it for eACTH added insulin, we adopted even more customers, or more customers even adopted the platform because we had a more complete solution. As we add more and more tests, we get that uptake. Small animal side, again, it's also very common if we get in with the TRUFORMA because it's a low hurdle because you're not signing a big contract. We are there for the installation, it's a great time to talk to the staff about other customers. I would say it's very common for people to adopt another platform after that first interaction. A really good point on the equine customers. A very significant percentage of them have adopted TRUFORMA after being PulseVet customers for some considerable amount of time, that's exactly what we were going for as we developed the products for the equine community. "The company stock is really cheap. Why not use this range to start to buy back shares?" This is not something that we'll consider until we are cash flow positive, GAAP profitable, which we expect to be in 2027. Our mantra is that a buyback is a permanent loss of capital for a short-term gain. We're preserving our capital. We believe we have sufficient capital to be able to achieve cash flow breakeven and profitability. We don't see what we could do in the marketplace with buying back shares to impact the share price until we're ready, until we're generating new cash flow and free cash flow, able to commit to it in a significant way. That's why. It's frustrating from a company standpoint. It's frustrating from an individual standpoint for those of us who are locked out for a period of time. I understand the question, it's not something that we're going to be doing in the near term. Let's see. "Since TRUFORMA instruments are placed with no upfront capital charge, can you quantify the current unit economics, average assays run per instrument," so on and so forth. This is all getting into the very specific. I understand why you want this. You want to create a model and so on and so forth, so do our competitors want to know where do we stand. The indications are there. As I had mentioned before, we've seen a major competitor actually add assays to their point-of-care device because they saw us gaining traction in the marketplace, and that's not something that we want to disclose for that reason. I will say that focusing on TRUFORMA in terms of revenue generation is a good thing. Right now, TRUFORMA is on to its third in terms, I think, of revenue generation, in terms of overall for a full year. I'd have to check to make sure it's not tied for third or fourth. We have a combination of products, and you've heard the sales strategy, which is to cross-sell and to sell multiple products into accounts. Each product pulls another one through. I will say that the question ends with, what is the level needed for us to become profitable? We believe we have the right set of products, and we're very pleased with the growth. I think you'll be pleased when you see the results from the second quarter and the first half in combination. We do believe that we have the utilization and the annual recurring revenue and so on, to get where we need to get to to be able to achieve the nearest term milestones, which are cash flow break even and then profitability. "Any update on an equine indication for VetGuardian?" Yeah. That's one I ask myself, right? The situation with an equine VetGuardian is that the horse being monitored is in a much different scenario than the dog or the cat. The dog or the cat is in a relatively small cage, a kennel, a cage, whatever you refer to it as. Therefore, the VetGuardian is able to see the animal, be able to keep track of the animal, and be able to provide those consistent results. A horse, on the other hand, is in a stable. No one's going to constrict its movements. I suppose if a horse in the hospital in ICU, that's different. We see a broad use case, especially for high-value horses, with VetGuardian. There are some things that we've done relatively recently in terms of upgrading the technology with VetGuardian, and we just hired a new product manager to work specifically on product development. In fact, if you look at our LinkedIn, I know somebody sent me, she did a post today. She's actually a veterinarian, and she has a lot of experience in the vet industry, in corporate. That's one of her projects to work on. "What are the top two easiest products to sell, and at what point do you see organic inbound interest? What needs to happen to get a better word of mouth? Do we need more products, assays, et cetera?" Kevin, I'm going to ask you that one. Sure. It's funny. The answer is it depends. A product that may be hard to sell at one clinic is easy to sell at another. I will say in general, the TRUFORMA, given the fact that it doesn't have a commitment, we probably get the most volume, if you will, of that moving. VETGuardian has a significant amount of inbound interest, but it is a capital acquisition, though you get a lot of interest, you've got to work through that return on an investment analysis. Regarding word of mouth, we do a fair bit to get references and testimonials from our current account base, and we utilize those at our trade show booths and some of our marketing and some other things. I'm actually very happy coming from the companies that I have. The number of inbound leads that we get from our marketing efforts is higher than I've experienced at any job before. Larry and I both get copied on these leads, and both being sales guys, we can't help but to open them and look at them. There's multiple per day worldwide of leads that come in saying, "I'm interested in your product." That is a salesperson's dream, quite honestly. In fact, to your point, Kevin, let's see if I can find it. Yeah. The last lead that's come in that I've seen, well, I guess this was yesterday. The last lead that came in yesterday reads as follows. It's from an animal health center in Arkansas, Scott will be happy. Small animal vet. Product of interest is TRUFORMA, and the note is, "One of our doctors learned of TRUFORMA recently and would like more information, please." We see these all the time. There are essentially no objections to bringing TRUFORMA in if you have a need for it, and apparently, this doctor liked what he saw, so perceives a need. This should be a very straightforward placement of TRUFORMA and purchase of assays. Let's see. There's one here that says, "Without asking you to disclose any confidential names, are additional companies approaching Zomedica to explore development partnerships beyond the current ones you've mentioned? If so, how do we evaluate which opportunities to pursue? What qualities or strategic fit do you look for before deciding to move forward with a new partner?" The answer to the first part of that question is yes. We have talked to a couple of animal health companies. One we've actually executed an agreement with, but it's confidential, so I can't really disclose who it is. It's also not material at this point. It's more of a future type thing. The other one is an animal health company that sees a potential benefit to partnering with us because of what our technology can do that would help them with their market. Again, confidential, can't really get into it. There's another one that's in the animal health market today and is looking to cross over into the human health market. That one's also a little bit more downstream, but also potentially pretty impactful for us. In terms of evaluating them, we really look to see what is it that they need, and can we provide it with our current infrastructure and our current personnel without adding any infrastructure, without adding investments, without making investments in order to be able to do what it is they want to do. If it's not something within our bandwidth or our capability or it would require substantial investment from us, frankly, it's not on our docket right now. We're focused on getting to cash flow breakeven and profitability as soon as we can. That's really what we look for. If there's a particular synergy, in other words, they have something and we have something, and if we help them figure out how our something can help their something and both products would rise as a result, then for sure, that would be something that we would prioritize. We'll let you know. As there are material things, we'll certainly disclose those. "Any new studies on PulseVet that can open up the market on the small animal side, non-equine?" Let me just say, I don't think so. There are new studies that are publishing because people like to research the beneficial effects of shockwave on small animals as well, of course, as horses. There's already 40 some studies out there. We are not funding new studies. What we're seeing is that universities have residents or fellows that want to publish something. If someone comes to us and says, "I have an idea here for this particular study," we might provide them with a shockwave device or some trodes. We're not funding studies right now for PulseVet because we don't see a return on our investment, and that's really what we're primarily focused on as we allocate capital today. "Can you talk about the name product recognition you have seen at trade shows this year compared to one, two, or three years ago? Does it feel like the brand is becoming more of a household name in the vet community?" Kevin, you want to take that one? Yeah, I'd be happy to. When I joined three years ago, really I'd heard of Zomedica being in the industry but didn't know a whole lot about them. Now I think that we definitely have better name recognition. Our booths at the major trade shows is a fairly substantial presence. I will say that in talking to colleagues in the industry, I hear our name brought up more and I also get more people contacting me asking about positions here, what we're doing, and things like that. I definitely feel like there's more buzz around the brand than there was three years ago. When you walk into a clinic, it seems like people say, "Yes, I have heard of you" more. We certainly have a ways to go, but it's definitely improved. It's funny. First of all, I think I agree with everything you said, but it's also funny because the other day I was talking to a veterinarian at an account and we were talking about something in particular that we're exploring. Let me say it like that. I thought I would tell her a little bit about us because she called and I returned her call and answered her questions about the first thing. I said, "Well, let me first ask you if you've heard of Zomedica." "No, haven't heard of Zomedica." I said, "Okay." This particular person happens to be an equine vet. I said, "Okay. Well, Zomedica, so we're the manufacturers of PulseVet and we da, da." "Wait, PulseVet? Oh, we use that. Yeah, yeah, we use that all the time." "Okay. Well, that's Zomedica," right? She said, "Oh, I thought it was PulseVet." Okay. It was, and now it's both. I said, "But also, we also have diagnostic equipment. For example, how do you measure ACTH?" She said, "Wait, are you TRUFORMA too?" I said, "Yes, we are, as a matter of fact." It's interesting that in many cases, and this is always something that a marketeer needs to evaluate early on is, are you looking to primarily build the brand of the company or build the product brand? In our case, PulseVet was a brand that had been built way before we took it Before we acquired it. But in the case of TRUFORMA, that was a brand that we built. We've been about the business of building both the product brand and the company brand, and frankly, don't really care too much about which one they know as long as they're buying the products. Right? Interesting. Can we expect a new assay soon for TRUFORMA? Yes. We have two more assays that are slated to launch this quarter in the next two months, and another one that we expect to launch in the fourth quarter. There are a couple more on the heels of that, but that would be spilling over into, more than likely, would be in the first quarter of next year as opposed to fourth quarter. I think that might be it for questions today. Yep. Here's another one. At the May webinar, you said at least one PIMS integration had completed an end testing with TRUFORMA targeted around June and additional products through September. Is the first integration now commercially live? Which Zomedica products are currently connected, and are you already seeing better close rates, utilization, or customer retention from it? Good question. We believe we're on track to have them all pretty much done. Not all of them, right? There's 20 or more PIMS integrators out there. But the top 15, 16 cover almost all of the accounts out there. We expect for those major ones, those top, say, 15, which cover a huge percentage of the total, we expect to have those all live by September. We are currently in the clinic, in some clinics, I should say, having them use the TRUFORMA device, which was the first one that we set up. They're actually using that in their practice now just to provide, test it and trial it and so on and so forth. Then once that's complete, then we'll roll it out and make it available across our customer base. But we haven't done that yet. The other products are coming right behind that. So again, we expect by the end of September to have all the products that we expect to be integrated with PIMS to, by that point, have been integrated with PIMS. Let me think. Let's see here. You previously discussed two TRUFORMA assays in Q3 and two in Q4. Today, you indicated two in Q3, one in Q4, and additional in Q1 2027. Does that represent a timing shift? No. We talked about two in Q3, oh, and two in Q4. Okay, I get it. Yes, it does indicate a timing shift. Either I misspoke about the fourth one on the last call, and it really wasn't going to be ready in December or it slipped from December to early next year. I'll say it this way. I can't take back my answer. Let me say it this way. We intend to launch into the marketplace two in the third quarter, one for sale in the fourth quarter, and we'll launch a fourth one at the AAEP meeting in December. It likely won't be available for sale until the first quarter, but we'll take the opportunity of the large AAEP conference to launch it and make people aware of it. Maybe even collect initial orders, just depends on the timing. That's probably what I was thinking at the last call. Will all of these run on the existing TRUFORMA installed base without any hardware changes? Absolutely, yes. The software needs to be upgraded in the machines, but a couple years ago, we invested in the over-the-air software upgrade capability for just this reason, so that whenever we launch a new one, they do some things software-wise in the cloud and add the reference ranges and do all that. Then once we launch it, customers can seamlessly order it and use it without anything being done to their machines in their practice. Are they primarily equine or companion animal? Two of them. No, I think this group are going to be all equine, right? One, two. Yeah. These next four will be equine. Is there anything the corporate accounts are waiting for before signing them up? If so, what would it be? Kevin, you want to take that one? Sure. We're engaged with multiple corporate accounts. These things don't always move as quickly as you'd like. You've seen an announcement from us on Vertical Vet that in the past we have a couple irons in the fire and hope that we'll have some more news for you soon on the corporate account front. Those efforts are ongoing. I will say that what we have had success with, I'll say, non-contracted situations with corporate accounts. By having a corporate account person on board when there's an acquisition request from a corporate account, you can still get that done without a blanket agreement, but sometimes it requires a little extra hand-holding to get it through. We have benefited from some of that with the corporate account group as well. Yep. We expect to have some news on that front in the not too distant future. "Without naming the biomarkers, can you clarify how far the two assays and the Q4 assay have progressed, development, verification, validation, or launch prep? Whether they expand into new clinical categories or mainly deepen the existing equine and companion animal menus?" Anytime we launch a new assay, well, not anytime, but most times and these times, there will be a new clinical indication or a new clinical category. For example, for horses now we have assays for identifying and monitoring the Cushing's disease, for insulin dysregulation, and for breeding, and for caring for sick colts. Right? The new ones we're coming out with also have new indications in a different aspect of it. What happens is of the care of a horse. Each time we come out with a new one, there's a new sort of subcategory of veterinarian that says, "Oh, I want the TRUFORMA." Right? Before we had the one for breeding, vets that were primarily dealing with breeding, they're not dealing with older horses, so they're not seeing PPID, so they're not adopting eACTH because they don't see the need for it in their particular practice. Once we came out with progesterone, all of a sudden, not all of a sudden, but breeding vets, it became applicable for them. We expect that some of that will happen with the assays that we're launching here between now and the end of the year. Let's see. For the two Q3 assays, whether they target equine or companion animal use, I think we already talked about that whether they open new categories or expand, I think that's maybe a duplicate question. The end part of that question that says, "Whether every currently placed TRUFORMA instrument can run them without hardware modification?" That's an absolute yes. Now, somebody that's focused on reproduction isn't going to necessarily run an assay that we make for PPID. They could if they wanted to. A lot of times, those that are subspecialties are in practice with other veterinarians. Final question, because we're right at 5:00. Will the window be open for insiders after you report?" Our insider trading policy says that 15 days before the end of a quarter, the window shuts for insiders, and 48 hours or two days after the release of earnings, the window opens for insiders. Yes, it will be open for insiders after we report, and it'll be a couple of days after we report. With that, let me thank you again with your support of Zomedica. You're shareholders, and I'm sure you have plenty of other things that you could be doing on Fridays at 4:00. I appreciate your interest and your following. As always, if you have any questions that we haven't been able to answer on this call, please feel free to reach out. With that, thank you very much again for being here. Kevin, any last words? No. Thank you all for your support, look forward to having some other great calls. Seeing them next month. All right. Thank you, everyone. Thank you