Full Year 2025 Healwell Al Inc Earnings Call

March 20, 2026

Speaker #1: Hello and welcome to the Healwell AI fourth quarter 2025 financial results call. All lines have been placed on mute to prevent any background noise.

Operator: Hello, and welcome to the Healwell AI Q4 2025 Financial Results Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, simply press star one again. I'll now turn the conference over to Hefton Seni, Investor Relations at Healwell. Please go ahead.

Speaker #1: After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad.

Speaker #1: If you would like to withdraw your question, simply press star one again. I will now turn the conference over to Hefton Seni, Investor Relations at Healwell.

Speaker #1: Please go ahead.

Speaker #2: Hello, and thank you, operator. Joining on the call today are James Lee, CEO of Healwell; Dr. Alexander Dobranowski, president of Healwell; and Anthony Lam, Healwell CFO.

Hefton Seni: Hello, and thank you, operator. Joining on the call today are James Lee, CEO of Healwell, Dr. Alexander Dobranowski, President of Healwell, and Anthony Lam, Healwell CFO. I trust that everyone has received a copy of our financial results press release that was issued yesterday. Listeners are also encouraged to download a copy of our quarterly financial statements and management's discussion and analysis that were filed on SEDAR+. Please note, a portion of today's call, other than historical performance, includes statements of forward-looking information within the meaning of applicable securities laws. These statements are made in the safe harbor provisions of those laws. Please refer to yesterday's press release and to our management's discussion and analysis for more details on the company's risks and forward-looking statements. We provide forward-looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future.

Hefron P Seni: Hello, and thank you, operator. Joining on the call today are James Lee, CEO of Healwell, Dr. Alexander Dobranowski, President of Healwell, and Anthony Lam, Healwell CFO. I trust that everyone has received a copy of our financial results press release that was issued yesterday. Listeners are also encouraged to download a copy of our quarterly financial statements and management's discussion and analysis that were filed on SEDAR+. Please note, a portion of today's call, other than historical performance, includes statements of forward-looking information within the meaning of applicable securities laws. These statements are made in the safe harbor provisions of those laws. Please refer to yesterday's press release and to our management's discussion and analysis for more details on the company's risks and forward-looking statements. We provide forward-looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future.

Speaker #2: I trust that everyone has received a copy of our financial results press release that was issued yesterday. Listeners are also encouraged to download a copy of our quarterly financial statements and Management Discussion & Analysis that was filed on SEDAR Plus.

Speaker #2: Please note portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws. These statements are made under the safe harbor provisions of those laws.

Speaker #2: Please refer to yesterday's press release and to our management discussion and analysis for more details on the company's risk and forward-looking statements. We provide forward-looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future.

Speaker #2: We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations, or any change in events, additions, assumptions, or circumstances on which any such statement is based, except if required by law.

Hefton Seni: We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, assumptions, or circumstances on which any such statement is based, except if required by law. We use terms such as gross margin and adjusted EBITDA on this conference call, which are non-IFRS and non-GAAP measures. For more information on how we define these terms, please refer to the definition set out in our management discussion analysis. There will be a question and answer at the end of the call, which will be limited to analysts only. To ask a question, analysts are required to call into the conference call using the dial-in number provided in our press release. With that, let me turn the call over to Healwell CEO James Lee.

Hefron P Seni: We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, assumptions, or circumstances on which any such statement is based, except if required by law. We use terms such as gross margin and adjusted EBITDA on this conference call, which are non-IFRS and non-GAAP measures. For more information on how we define these terms, please refer to the definition set out in our management discussion analysis. There will be a question and answer at the end of the call, which will be limited to analysts only. To ask a question, analysts are required to call into the conference call using the dial-in number provided in our press release. With that, let me turn the call over to Healwell CEO James Lee.

Speaker #2: We use terms such as gross margin and adjusted EBITDA on this conference call, which are non-IFRS and non-GAAP measures. For more information on how we define these terms, please refer to the definitions set out in our Management Discussion and Analysis.

Speaker #2: There will be a question-and-answer session at the end of the call, which will be limited to analysts only. To ask a question, analysts are required to call into the conference call using the dial-in number provided in our press release.

Speaker #2: And with that, let me turn the call over to Healwell CEO, James Lee.

Speaker #1: Good morning, everyone. Thank you for joining us today. Before I walk through results, I want to step back and frame exactly where we believe Healwell sits in the broader healthcare AI landscape.

James Lee: Good morning, everyone. Thank you for joining us today. Before I walk through results, I want to step back and frame exactly where we believe Healwell sits in the broader healthcare AI landscape. We're in the early innings of what most analysts expect to be one of the largest technology adoption cycles in healthcare's history. The question for investors is no longer whether AI will transform clinical care. It's which companies with the distribution, the scientific credibility, and secure compliant ethical data infrastructure to capture that adoption scale. We've heard directly from leading healthcare systems, global life science companies, and clinical leaders. Healwell is one of the very few companies globally that has assembled all three. Our Orion Health platform gives us global enterprise customers across 11 countries, where we manage health information exchanges, the foundation for building and bringing clinical data together at scale.

Speaker #1: We're in the early innings of what most analysts expect to be one of the largest technology adoption cycles in healthcare's history. The question for investors is no longer whether AI will transform clinical care.

Speaker #1: It's which companies are the distribution, the scientific credibility, and secure, compliant, ethical data infrastructure to capture and embed adoption at scale. We've heard directly from leading healthcare systems, global life science companies, and clinical leaders.

Speaker #1: And Healwell is one of the very few companies globally that has assembled all three. Our Orion Health platform gives us global, enterprise customers across 11 countries.

Speaker #1: We manage health information exchanges, the foundation for building and bringing clinical data together at scale. Our Darwin AI engine is backed by 47 peer-reviewed publications.

James Lee: Our DARWEN AI engine is backed by 47 peer-reviewed publications, more clinical validation than any comparable platform we're aware of. Our consent first by design data network through WELLTRUST creates a true learning health system feedback loop that makes our AI better with every deployment, and that's the thesis. Now, bringing that back to how 2025's results confirm that. 2025 was a transformational year for Healwell as we significantly expand the scale of the company and advanced our strategy of building a global AI platform for healthcare. Revenue increased 427% to CAD 103.8 million, largely driven by the acquisition of Orion Health, completed in April 2025. This expanded our global footprint and strengthened our recurring revenue from our healthcare data infrastructure.

Speaker #1: More clinical validation than any comparable platform we're aware of. And our consent-first-by-design data network through Welltrust creates a true learning health system feedback loop that makes our AI better with every deployment, and that's the thesis.

Speaker #1: Now, bringing that back to how 2025's results confirm that—2025 was a transformational year for Healwell, as we significantly expanded the scale of the company and advanced our strategy of building a global AI platform for healthcare.

Speaker #1: Revenue increased 427% to $103.8 million, largely driven by the acquisition of Orion Health completed in April 2025. This expanded our global footprint and strengthened our recurring revenue from our healthcare data infrastructure.

Speaker #1: We also achieved our first year of positive adjusted EBITDA, reaching $2.3 million, reflecting early operating leverage in the model. During the year, we sharpened our focus, including the divestiture of non-core assets in October, positioning Healwell as a pure-play AI and software company.

James Lee: We also achieved our first year of positive adjusted EBITDA, reaching CAD 2.3 million, reflecting early operating leverage in the model. During the year, we sharpened our focus, including the divestiture of non-core assets in October, positioning Healwell as a pure-play AI and software company. We launched Amadeus AI in September, embedding DARWEN directly into Orion Health's platform, and we expanded our AI deployment footprint, including our first AI deployment in the Middle East, which we announced in February of this year. As we move into 2026, we are beginning to demonstrate via financial performance and accelerating AI-driven growth, supported by expanding distribution network, positioning us to drive continued top-line growth and long-term impact across healthcare systems. The next step is how we scale that platform, and we'll talk about the four pillars driving that strategy.

Speaker #1: We launched Amadeus AI in September, embedding Darwin directly into Orion Healthcare's platform, and we expanded our AI deployment footprint, including our first AI deployment in the Middle East, which we announced in February of this year.

Speaker #1: As we move into ’26, we are beginning to demonstrate both financial performance and accelerating AI-driven growth, supported by our expanding distribution network. This is positioning us to drive continued top-line growth and long-term impact across healthcare systems.

Speaker #1: The next step is how we scale that platform, and we'll talk about the four pillars driving that strategy. As I said, we're building Healwell as a scalable AI platform for healthcare.

James Lee: As I said, we're building Healwell as a scalable AI platform for healthcare. We're still in the early stage of AI adoption in healthcare, but advances in AI and digitalization of data is now enabling large-scale deployment. We believe this will become one of the most important use cases of AI over time. From our perspective, the companies that will win will be defined by four things, a scaled distribution network, trusted and validated AI, deep integration with clinical workflows, all underpinned by high-quality data and a strong platform economics. Importantly, this combination of own distribution, consent-based data, and embedded AI is difficult to replicate. Our business is built around these three core principles. Firstly, our distribution network gives us access to a large global healthcare footprint and allows us to scale AI deployments across healthcare systems and other markets. Secondly, trusted AI.

Speaker #1: We are still in the early stage of AI adoption in healthcare, but advances in AI and digitalization of data are now enabling large-scale deployment, where we believe this will become one of the most important use cases of AI over time.

Speaker #1: From our perspective, the companies that will win will be defined by four things: a scaled distribution network, trusted and validated AI, deep integration with clinical workflows, all underpinned by high-quality data and strong platform economics.

Speaker #1: Importantly, this combination of owned distribution, consent-based data, and embedded AI is difficult to replicate. But our business is built around these three core principles.

Speaker #1: Firstly, our distribution network gives us access to a large global healthcare footprint and allows us to scale AI deployments across healthcare systems and other markets.

Speaker #1: Secondly, trusted AI: we continue to invest in clinical validation and privacy-first, consent-driven data frameworks to ensure our technology is trusted across healthcare ecosystems. Through Welltrust, we've leveraged a consent-based clinical data network to identify matched patients with clinical trials using Darwin.

James Lee: We continue to invest in clinical validation and privacy-first consent-to-run data frameworks to ensure our technology is trusted across healthcare ecosystems. Through WELLTRUST, we've leveraged a consent-based clinical data network to identify and match patients with clinical trials using DARWEN, creating a differentiated data moat which is highly valuable to our life science partners. Third, AI adoption expansion. Our AI is embedded directly into clinical workflows, enabling faster patient identification insights and improves outcomes over time through real-world data and usage. Finally, financial performance. As adoption grows, each deployment expands our data network, increases AI usage, and improves the overall economics of the business. To execute this strategy, we've laid out clear milestones to reflect how we're scaling the platform. In the second half of 2025, we made strong progress across all four pillars. We expanded our distribution network.

Speaker #1: Creating a differentiated data model, which is highly valuable to our life science partners. Third, AI adoption expansion. Our AI is embedded directly into clinical workflows, enabling faster patient identification insights and improved outcomes through time.

Speaker #1: Through real-world data and usage, and finally, financial performance. As adoption grows, each deployment expands our data network, increases AI usage, and improves the overall economics of the business.

Speaker #1: To execute this strategy, we've laid out clear milestones to reflect how we're scaling the platform. In the second half of 2025, we made strong progress across all four pillars.

Speaker #1: We expanded our distribution network. We integrated Darwin directly into Healwell, delivering a unified AI platform. And we simplified the business into a focused AI and software company.

James Lee: We integrated DARWEN directly into Healwell, delivering a unified AI platform, and we simplified the business into a focused AI and software company, all while achieving positive EBITDA across Q2, Q3, and Q4. As we head into Q1 of 2026, our focus is on continuing this momentum by expanding enterprise deployments, strengthening our AI leadership through continued validation, and driving further AI adoption expansion across our network while maintaining a positive adjusted EBITDA. Looking wider across 2026, the priority is scaling globally, expanding our distribution network, increasing adoption, and strengthening our financial position. As the platform scales, we expect to drive strong growth in AI revenue and continued operating leverage, targeting approximately 50% AI revenue growth and an exit run rate adjusted EBITDA margin around 10%.

Speaker #1: All while achieving positive EBITDA across Q2, Q3, and Q4. As we head into Q1 of 2026, our focus is on continuing this momentum by expanding enterprise deployments, strengthening our AI leadership through continued validation, and driving further AI adoption expansion across our network, while maintaining a positive adjusted EBITDA.

Speaker #1: Looking wider across '26, the priority is scaling globally—expanding our distribution network, increasing adoption, and strengthening our financial position. As the platform scales, we expect to drive strong growth in AI revenue and continued operating leverage.

Speaker #1: Targeting approximately 50% AI revenue growth and an exit run rate adjusted EBITDA margin around 10%. On behalf of the team, we'd like to thank you for your continued support and look forward to sharing progress over the coming quarters.

James Lee: On behalf of the team, we'd like to thank you for your continued support and look forward to sharing progress over the coming quarters. I'd like now to hand the call over to our CFO, Anthony Lam, to walk you through Q4 and the year-end financials in more detail.

Speaker #1: I'd like now to hand the call over to our CFO, Anthony Lam, to walk you through Q4 and the year-end financials in more detail.

Speaker #2: Thank you, James. Before I begin, I'd like to remind everyone that all of the figures I will be discussing today are in Canadian dollars, and our financial statements are presented in accordance with IFRS — International Financial Reporting Standards.

Anthony Lam: Thank you, James. Before I begin, I'd like to remind everyone that all of the figures I'll be discussing today are in Canadian dollars, and our financial statements are presented in accordance with IFRS, International Financial Reporting Standards. Our Q4 2025 results are as follows: Healwell achieved quarterly revenues of CAD 32.2 million during Q4 2025, compared to CAD 6.8 million in Q4 2024, an increase of 374%. Revenue growth in the quarter was primarily driven by the acquisition and integration of Orion Health. During Q4 2025, Healwell reported positive adjusted EBITDA of CAD 1.4 million, compared to an adjusted EBITDA loss of CAD 5 million in Q4 2024.

Speaker #2: Our fourth quarter of 2025 results are as follows. Healwell achieved quarterly revenues of $32.2 million during Q4 2025, compared to $6.8 million in Q4 2024.

Speaker #2: An increase of 374%. Revenue growth in the quarter was primarily driven by the acquisition and integration of Orion Health. During Q4 2025, Healwell reported positive adjusted EBITDA of $1.4 million, compared to an adjusted EBITDA loss of $5 million in Q4 2024.

Speaker #2: This marks the company's third consecutive quarter of positive adjusted EBITDA, highlighting continued growth, execution improvements, and stronger financial performance, representing a year-over-year increase of approximately 123% in adjusted EBITDA.

Anthony Lam: This marks the company's third consecutive quarter of positive adjusted EBITDA, highlighting continued growth, execution improvements, and stronger financial performance, representing a year-over-year increase of approximately 123% in adjusted EBITDA. Healwell achieved gross profit of CAD 17.66 million during Q4 2025, an increase of 376% compared to CAD 3.7 million in Q4 2024. The increase is due to higher revenues in the quarter. Healwell achieved gross margin percentage of 55% during Q4 2024, twenty-five, and this is in line with 55% in Q4 2024. Healwell reported an IFRS net loss from continuing operations of CAD 7 million for Q4 2025, compared to a net loss of CAD 11.4 million in Q4 2024.

Speaker #2: Healwell achieved gross profit of $17.6 million during Q4 2025, an increase of 376% compared to $3.7 million in Q4 2024. The increase is due to higher revenues in the quarter.

Speaker #2: Healwell achieved a gross margin percentage of 55% during Q4 2025, and this is in line with 55% in Q4 2024. Healwell reported an IFRS net loss from continuing operations of $7 million for Q4 2025, compared to a net loss of $11.4 million in Q4 2024.

Speaker #2: Healwell ended the quarter on December 31, 2025, with $18.6 million in cash, nearly doubling from its $9.4 million at the end of Q4 2024.

Anthony Lam: Healwell ended the quarter on 31 December 2025, with CAD 18.6 million in cash and nearly doubling from its CAD 9.4 million at the end of Q4 2024. I'd also note that the company holds a strategic investment position in xAI, now part of the broader SpaceX ecosystem, which represents additional balancing value beyond the reported cash. As we evaluate the appropriate timing to monetize this position, it provides meaningful optionality to further strengthen our capital base and support the company's growing initiatives. Our year-end 2025 results are as follows. Healwell achieved annual revenues of CAD 103.8 million during 2025, compared to CAD 19.7 million generated during 2024, an increase of 427%. Revenue growth in the quarter was primarily driven by the acquisition and integration of Orion Health.

Speaker #2: I'd also note that the company holds a strategic investment position in XAI, now part of the broader SpaceX ecosystem, which represents additional balance sheet value beyond the reported cash.

Speaker #2: As we evaluate the appropriate timing to monetize this position, it provides meaningful optionality to further strengthen our capital base and support the company's growing initiatives.

Speaker #2: Our year-end 2025 results are as follows. Healwell achieved annual revenues of $103.8 million during 2025, compared to $19.7 million generated during 2024, an increase of 427%.

Speaker #2: Revenue growth in the quarter was primarily driven by the acquisition and integration of Orion Health. During 2025, Healwell reported positive adjusted EBITDA of $2.3 million compared to an adjusted EBITDA loss of $14.2 million in 2024.

Anthony Lam: During 2025, Healwell reported positive adjusted EBITDA of CAD 2.3 million, compared to an adjusted EBITDA loss of CAD 14.2 million in 2024. This marks the company's first year of positive adjusted EBITDA, highlighting continued execution improvements and stronger financial performance, representing a year-over-year increase of approximately 116% in adjusted EBITDA. Healwell achieved gross profit of CAD 57.3 million during 2025, an increase of 429% compared to CAD 10.8 million in 2024. The increase is due to the higher revenues in the quarter. Healwell achieved gross margin percentage of 55% during 2025, and this is in line with last year's 55% in 2024.

Speaker #2: This marks the company's first year of positive adjusted EBITDA, highlighting continued execution improvements and stronger financial performance, representing a year-over-year increase of approximately 116% in adjusted EBITDA.

Speaker #2: Healwell achieved gross profit of $57.3 million during 2025, an increase of 429% compared to $10.8 million in 2024. The increase is due to the higher revenues in the quarter.

Speaker #2: Healwell achieved a gross margin percentage of 55% during 2025, and this is in line with last year's 55% in 2024. Healwell reported an IFRS net loss from continuing operations of $39.1 million in 2025, compared to a net loss of $27.5 million in 2024.

Anthony Lam: Healwell reported an IFRS net loss from continuing operations of CAD 39.1 million in 2025, compared to a net loss of CAD 27.5 million in 2024. Now looking at our revenue segments. As of 1 November 2025, following the divestiture of the company's Clinical Research and Patient Services division, Healwell now generates revenue across two core segments. First, AI and data science. Second, healthcare software. Our AI and data science segment achieved revenue of CAD 10.2 million in 2025, marking a 120% year-over-year growth compared to CAD 4.6 million in 2024. The commercial adoption of Khure and Pentavere technology drove strong organic growth in the quarter, reflecting increasing demand for Healwell's AI-powered disease identification and clinical insight tools.

Speaker #2: Now, looking at our revenue segments. As of November 1, 2025, following the divestiture of the company's Clinical Research and Patient Services division, Healwell now generates revenue across two core segments.

Speaker #2: First, AI and data science. Second, healthcare software. Our AI and data science segment achieved revenue of $10.2 million in 2025, marking a 120% year-over-year growth compared to $4.6 million in 2024.

Speaker #2: The commercial adoption of CURE and PENIVIR technology drove strong organic growth in the quarter, reflecting increasing demand for Healwell's AI-powered disease identification and clinical insight tools.

Speaker #2: Growth in the AI segment was supported by both expansion within the existing customer base and new client wins, with approximately 20% of the revenue growth driven by existing customers and 69% from new customers.

Anthony Lam: Growth in the AI segment was supported by both expansion within the existing customer base and new client wins, with approximately 20% of the revenue growth driven by existing customers, and 69% from new customers. The AI segment also saw a meaningful expansion in its customer base, with the number of revenue-generating customers increasing from 36 in 2024 to 62 in 2025, underscoring the accelerating commercialization of our AI solutions. Our second revenue stream is healthcare software, which generated CAD 93.7 million in revenue in 2025, an increase of 520% from CAD 15.1 million in 2024. The acquisitions of Orion Health and VeroSource have been the primary drivers of growth in this segment.

Speaker #2: The AI segment also saw meaningful expansion in its customer base, with the number of revenue-generating customers increasing to 62 in 2025 from 36 in 2024.

Speaker #2: Underscoring the accelerating commercialization of our AI solutions. Our second revenue stream is healthcare software, which generated $93.7 million in revenue in 2025. This is an increase of 520% from $15.1 million in 2024.

Speaker #2: The acquisitions of Orion and Verisource have been the primary drivers of growth in this segment. With the recent divestiture of non-core assets, Healwell is now fully focused on driving growth, innovation, and profitability across its two high-margin, scalable segments: AI and data science, and healthcare software.

Anthony Lam: With the recent divestiture of non-core assets, Healwell is now fully focused on driving growth, innovation, and profitability across its two high-margin scalable segments: AI data science and healthcare software. This strategic focus positions the company to continue delivering strong financial performance with rapidly growing revenue streams, expanding customer adoption, and meaningful contributions to overall profitability. With that, I'd now like to turn the call over to our president, Dr. Alexander Dobranowski, who will discuss how we're positioning Healwell within the broader healthcare AI landscape and the key pillars supporting that strategy.

Speaker #2: This strategic focus positions the company to continue delivering strong financial performance, with rapidly growing revenue streams, expanding customer adoption, and meaningful contributions to overall profitability.

Speaker #2: With that, I'd now like to turn the call over to our president, Dr. Alexander Dobranowski, who will discuss how we're positioning Healwell within the broader healthcare AI landscape and the key pillars supporting that strategy.

Speaker #1: Thank you, Anthony. And thank you, James. And look, as the healthcare AI market continues to mature, we're seeing a clear shift across the industry from early experimentation toward deploying AI solutions that deliver measurable outcomes and integrate directly into real-world clinical workflows at scale.

Alexander Dobranowski: Thank you, Anthony, and thank you, James. Look, as the healthcare AI market continues to mature, we're seeing a clear shift across the industry from early experimentation toward deploying AI solutions that deliver measurable outcomes and integrate directly into real-world clinical workflows at scale. If we step back and think about how we're positioning Healwell competitively in the broader healthcare AI landscape, we believe the long-term winners in this space will be companies that combine deep AI capabilities with strong distribution, access to high-quality data, and solutions that are embedded directly into clinical workflows. Importantly, our first competitive advantage is our clinical validation and scientific credibility, which we believe represents a key mode that is very difficult to replicate quickly.

Speaker #1: If we step back and think about how we're positioning Healwell competitively, in the broader healthcare AI landscape, we believe the long-term winners in this space will be companies that combine deep AI capabilities with strong distribution, access to high-quality data, and solutions that are embedded directly into clinical workflows.

Speaker #1: Importantly, our first competitive advantage is our clinical validation and scientific credibility, which we believe represents a key moat that is very difficult to replicate quickly.

Speaker #1: Our Darwin AI platform, which is trademarked and has patent IP, has now been validated across 47 peer-reviewed publications, and our work was recognized with the 2024 Pre-Gallian USA Award.

Alexander Dobranowski: Our DARWEN platform, which is trademarked and has patent IP, has now been validated across 47 peer-reviewed publications, and our work was recognized with the 2024 Prix Galien USA Award. This award, with no exaggeration, is held to a similar esteem as a Nobel Prize. Importantly, our platform can produce regulatory-grade real-world data, which provides a globally unique capability for generating real-world clinical evidence. We also continue to collaborate with leading institutions and pharmaceutical companies, inclusive of some of the top-ranked hospital networks, cancer centers, and many of the world's largest pharmaceutical companies. In fact, we currently work commercially with 8 of the top 10 largest pharma companies globally. Our second competitive advantage is our Orion Health distribution network, which gives us global enterprise access that many AI companies simply do not have. This is also something that is not easy to replicate.

Speaker #1: This award, with no exaggeration, is held to a similar esteem as a Nobel Prize. Importantly, our platform can produce regulatory-grade real-world data, which provides a globally unique capability for generating real-world clinical evidence.

Speaker #1: We also continue to collaborate with leading institutions and pharmaceutical companies, including some of the top-ranked hospital networks and cancer centers, as well as many of the world's largest pharmaceutical companies.

Speaker #1: In fact, we currently work commercially with eight of the top 10 largest pharma companies globally. Our second competitive advantage is our Orion Health distribution network, which gives us global enterprise access that many AI companies simply do not have.

Speaker #1: This is also something that is not easy to replicate. Through Orion Health, we have a relationship with more than 70 large enterprise healthcare customers across 11 countries.

Alexander Dobranowski: Through Orion Health, we have relationships with more than 70 large enterprise healthcare customers across 11 countries. This is a very special and unique customer base. Earlier this year, we also signed an AI deployment in the Middle East, representing our first major AI public sector contract outside Western markets. When we look ahead, we see a growing pipeline across Canada, the US, Australia, New Zealand, the United Kingdom, and the Middle East. This distribution infrastructure allows us to scale Healwell's AI capabilities across global healthcare systems. This is truly an exciting and distinctive opportunity. Our third competitive advantage is the DARWEN AI platform itself, which is our proprietary AI engine. Over the past year, we've merged the capabilities of our subsidiaries, Khure Health and Pentavere, into a unified DARWEN-powered platform.

Speaker #1: This is a very special and unique customer base. Earlier this year, we also signed an AI deployment in the Middle East, representing our first major AI public sector contract outside Western markets.

Speaker #1: When we look ahead, we see a growing pipeline across Canada, the US, Australia, New Zealand, the United Kingdom, and the Middle East. This distribution infrastructure allows us to scale Healwell's AI capabilities across global healthcare systems; this is truly an exciting and distinctive opportunity.

Speaker #1: Our third competitive advantage is the Darwin AI platform itself, which is our proprietary AI engine. Over the past year, we've merged the capabilities of our subsidiaries, CURE Health and PENTIVIR, into a unified Darwin-powered platform.

Speaker #1: The platform includes our Smart Identify, our Smart Search, and Smart Summary products, which are designed to automate clinical data analysis and patient ID across massive healthcare datasets.

Alexander Dobranowski: The platform includes our SMART Identify, our Smart Search, and Smart Summary products, which are designed to automate clinical data analysis and patient ID across massive healthcare datasets. In published studies, DARWEN has demonstrated up to a 100-fold efficiency improvement compared to manual chart review. Finally, we believe we benefit from embedded switching costs and a growing clinical data network. Our AI solutions are embedded directly into existing EHR and clinical workflows, which creates high retention and long-term relationships with customers. Today, we have approximately 30 master service agreements in place with pharmaceutical companies, including, as mentioned, 8 of the world's top 10 largest pharma companies. Each new deployment deepens our proprietary clinical data network and further improves the performance of our AI models over time.

Speaker #1: In published studies, Darwin has demonstrated up to a 100-fold efficiency improvement compared to manual chart review. Finally, we believe we benefit from embedded switching costs and a growing clinical data network.

Speaker #1: Our AI solutions are embedded directly into existing EHR and clinical workflows, which creates high retention and long-term relationships with customers. Today, we have approximately 30 master service agreements in place with pharmaceutical companies, including, as mentioned, eight of the world's top 10 largest pharma companies.

Speaker #1: Each new deployment deepens our proprietary clinical data network and further improves the performance of our AI models over time. One other point to mention with regards to our resilience is that our software falls into a category that is also known as system-of-record software.

Alexander Dobranowski: One other point to mention with regards to our resilience is that our software falls into a category that is also known as system of record software, and this category of software is typically very difficult to displace. Taken altogether, we believe these elements, scientific validation, global distribution, a unified AI platform, and deep workflow integration, position Healwell at a significant competitive advantage as healthcare AI adoption continues to scale. Now, before we conclude, I want to leave you with a few key takeaways about where Healwell stands today and where we're headed. First, our strategy of combining AI with a scalable healthcare software platform is working. We've successfully transitioned toward a model where proprietary AI technologies are paired with large-scale healthcare data interoperability software to create meaningful clinical and commercial value.

Speaker #1: And this category of software is typically very difficult to displace. Taken altogether, we believe these elements—scientific validation, global distribution, a unified AI platform, and deep workflow integration—position Healwell at a significant competitive advantage as healthcare AI adoption continues to scale.

Speaker #1: Now, before we conclude, I want to leave you with a few key takeaways about where Healwell stands today and where we're headed. First, our strategy of combining AI with a scalable healthcare software platform is working.

Speaker #1: We've successfully transitioned toward a model where proprietary AI technologies are paired with large-scale healthcare data interoperability software to create meaningful clinical and commercial value.

Speaker #1: Second, Orion's deep relationships within health systems and governments create a powerful opportunity to deploy AI tools directly into the clinical care setting at scale.

Alexander Dobranowski: Second, Orion's deep relationships within health systems and governments creates a powerful opportunity to deploy AI tools directly into the clinical care setting at scale. These enterprise relationships provide a strong distribution channel for our AI solutions and positions us well as demand for clinical AI continues to explosively grow. Third, we continue to build one of the most scientifically validated AI platforms in healthcare. As mentioned, our DARWEN AI engine is now supported by 47 peer-reviewed publications, demonstrating its ability to identify patients with rare, complex, and chronic diseases across a wide range of real-world clinical datasets. Fourth, the Orion Health acquisition significantly expands our global scale. Orion brings a healthcare data platform supporting over 150 million patient records and deep relationships within major enterprise health systems around the world, creating a powerful distribution channel for Healwell's AI solutions.

Speaker #1: These enterprise relationships provide a strong distribution channel for our AI solutions and position us well as demand for clinical AI continues to explosively grow.

Speaker #1: Third, we continue to build one of the most scientifically validated AI platforms in healthcare. As mentioned, our Darwin AI engine is now supported by 47 peer-reviewed publications demonstrating its ability to identify patients with rare, complex, and chronic diseases across a wide range of real-world clinical datasets.

Speaker #1: Fourth, the Orion Health acquisition significantly expands our global scale. Orion Blinks' healthcare data platform supports over 150 million patient records and maintains deep relationships within major enterprise health systems around the world, creating a powerful distribution channel for Healwell's AI solutions.

Speaker #1: And fifth, we are seeing strong financial momentum. This year, we delivered record revenue growth and our first year of positive adjusted EBITDA, demonstrating that our platform strategy is translating into real financial performance.

Alexander Dobranowski: Fifth, we are seeing strong financial momentum. This year we delivered record revenue growth and our first year of positive adjusted EBITDA, demonstrating that our platform strategy is translating into real financial performance. Finally, when you combine these validated AI models, a global healthcare software platform, and growing enterprise relationships, we believe Healwell is uniquely positioned to scale AI-powered healthcare solutions globally and drive long-term growth. We're still in the early stages of what we believe is an extremely large opportunity in healthcare, and we're excited about the growth ahead. With that, I'd like to thank everyone for attending this call. I'll hand it back to the operator and move to the Q&A portion. Thank you.

Speaker #1: And finally, when you combine these validated AI models, a global healthcare software platform, and growing enterprise relationships, we believe Healwell is uniquely positioned to scale AI-powered healthcare solutions globally and drive long-term growth.

Speaker #1: We're still in the early stages of what we believe is an extremely large opportunity in healthcare, and we're excited about the growth ahead. And with that, I'd like to thank everyone for attending this call.

Speaker #1: I'll hand it back to the operator and move to the Q&A portion. Thank you.

Speaker #2: Thank you. The floor is now open for questions. If you have a question, please press star one on your telephone keypad to raise your hand and join the queue.

Operator: Thank you. The floor is now open for questions. If you have a question, please press star one on your telephone keypad to raise your hand and join the queue. If you wish to remove yourself from the queue, simply press star one again. Your first question comes from the line of Allen Klee of Maxim Group. Your line is open. Alan, perhaps your line is on mute. Your next question comes from the line of Kevin Krishnaratne of Scotiabank. Your line is open.

Speaker #2: If you wish to remove yourself from the queue, simply press star one again. Your first question comes from the line of Alan Klee of Maxim Group.

Speaker #2: Your line is open. Alan, perhaps your line is on mute. Your next question comes from the line of Kevin Krishnaratne of Scotiabank. Your line is open.

Speaker #3: Hey, hey, hey there. Good morning. I want to talk about the nice press release you had a few weeks ago on the US state when on HIE.

Kevin Krishnaratne: Hey, hey there. Good morning. I wanna talk about the nice press release you had a few weeks ago on the US state win on HIE. I'm wondering if you can talk about what drove that win. You know, it was competitive, I'm sure. Just talk about the drivers that led to that win. Was it a brand new state for you? How do we think about maybe the size of that contract in the context of your revenue base?

Speaker #3: I'm wondering if you can talk about what drove that win? It was competitive, I'm sure. Just talk about the drivers that led to that win.

Speaker #3: Was it a brand new state for you? And how do we think about, maybe, the size of that contract in the context of your revenue base?

Speaker #2: Hi, Kevin. Lots of good questions here, so leave me where to start. So yes, new state for us. In terms of the why, I think the exciting thing for us is it was the first place, the first win we've had where we had a combined offering of all of our capabilities from Orion, Verisource, and our smart identifier, smart functions within the Darwin platform into a single entity.

Alexander Dobranowski: Hi, Kevin. Lots of good questions there. Lead me where to start. Yes, new state for us. In terms of the why, I think the exciting for us, it was the first place, the first win we've had where we had combined offering of all of our capabilities from Orion, VeroSource, and our SMART Identify, smart functions within the DARWEN platform into a single entity. What we found was we won because of what the product set could do and the way we looked at addressing the partner.

Speaker #2: So what we found was we won because of what the product set could do and where we looked at addressing the partner. We also think it was the first state that was funded by this new big, beautiful bill for rural funding.

Alexander Dobranowski: We also think it was the first state that was funded by this new big, beautiful bill for rural funding, which show us that market is beginning to open up, and really gave us confidence that the US is a place in the next two or three years that could have significant growth in the business. I think what we've seen over the year is that the market is at a really early adoption phase of AI, so coming in with our capabilities as an easy add-on feature, and a nice pathway is a really compelling argument for them, and we went very quickly from a long list to a short list. To be honest, it became very apparent that we had a unique proposition in that market.

Speaker #2: Which really does, I think, show us that that market is beginning to open up, and really gave us confidence that the US is a place, in the next two or three years, that could have significant growth in the business.

Speaker #2: I think what we've seen over there is that the market is at a really early adoption phase of AI. So, coming in with our capabilities as an easy add-on feature and a nice pathway is a really compelling argument for them.

Speaker #2: And we went very quickly from a long list to a short list. And, to be honest, it became very apparent that we had a unique proposition in that market.

Speaker #2: In terms of scale, it's a large state. It's a multi-year contract. It's obviously within our existing numbers for the year. But it would put it there as one of the larger contracts we have in the U.S., which we're excited about.

Alexander Dobranowski: In terms of scale, it's a large state, it's a multi-year contract. It's obviously within our existing numbers for the year.

James Lee: You know, it would put it there as one of the larger contracts we have in the US, which we're excited about. Also, I think as we look at the opportunity set in front of us, we're probably getting more excited. We're just trying to temper about what we could see coming to that market.

Speaker #2: And also, I think as we look at the opportunity set in front of us, we're probably getting more excited. If you're just trying to temper about what we could see coming to that market.

Speaker #3: Awesome. Good stuff. Maybe just for my follow-up, maybe turning to M&A, I'm wondering if you could give us broad thoughts on how you're approaching M&A this year.

Kevin Krishnaratne: Awesome. Good stuff. Yeah, maybe just for my follow-up, maybe turning to M&A. I'm wondering if you'd give us broad thoughts on how you're approaching M&A this year. I know you're still digesting and integrating Orion, but just talk about that. I wanna also raise that, you know, one of the competitors out there in the US market, a large HIE, looks like it's under a strategic review. I'm just wondering if you've got any thoughts on that as well and potential for picking up some similar assets there in other states.

Speaker #3: I know you're still digesting and integrating Orion, but just talk about that. And I want to also raise that one of the competitors out there in the US market, a large HIE, looks like it's under a strategic review.

Speaker #3: I'm just wondering if you've got any thoughts on that as well, and the potential for picking up some similar assets there in other states.

Speaker #2: Yeah. Yep. Really good questions. M&I is always the focus for this business, as with any business, as we look to scale. We look at lots of assets.

James Lee: Yeah. Yep, really good questions. M&A is always a focus for this business as any business. As we look to scale, we look at lots of assets. I think you've seen that over the last nine months, we've been really disciplined, since Orion to focus on integrating that and integrate our DARWEN engine into the asset. Partly that's because there's a lot of work to be done in integration, a lot of benefit to come through our margin. We wanna demonstrate that to the market and to our investors that we are getting operational leverage, not just adding on new assets like others. As we look across the market, yes, we will be looking to expand our footprint. You know, we have a long list of states and areas where we think there is natural growth paths, and natural synergies.

Speaker #2: I think you've seen that over the last nine months, we've been really disciplined since Orion to focus on integrating that, and integrate our Darwin engine into their asset.

Speaker #2: Partly, that's because there's a lot of work to be done in integration—a lot of benefit to come through the margin. We want to demonstrate that to the market and to our investors, that we are getting operational leverage.

Speaker #2: Not just adding on new assets like others. As we look across the market, yes, we will be looking to expand our footprint. We have a long list of states and areas where we think there are natural growth parts and natural synergies.

Speaker #2: You're unlikely to see something in the first six months. I think in the next six months, we're very focused on hitting our targets and demonstrating our business organically.

James Lee: You're unlikely to see something in the first six months. I think in the next six months we're very focused on hitting our targets, and demonstrating our business organically. That said, look, we look at every process. We can see many synergies on like-minded platforms, but the platforms themselves really matter. You know, just buying a platform won't work for us. We need to buy a platform where the platform integration process is relatively simple. You know, buying an old legacy platform that we would find hard to integrate doesn't really work for us. We need to find a way for assets where our AI can be deployed into them. Does it answer your question?

Speaker #2: That said, look, we look at every process. We can see many synergies on like-minded platforms. But the platforms themselves really matter. Just buying a platform won't work for us.

Speaker #2: We need to buy a platform where the platform integration process is relatively simple. Buying an old legacy platform that we would find hard to integrate doesn't really work for us.

Speaker #2: We need to find a way for assets where our AI can be deployed into them. Does that answer your question?

Speaker #3: Yeah. Hey, James, thanks a lot. That’s really helpful context. I’ll pass the line. Thanks, guys.

Kevin Krishnaratne: Yeah. Hey, James. Thanks a lot. That's really helpful context. I'll pass the line. Thanks, guys.

Speaker #2: Your next question comes from the line of Justin Keywood of Stifel. Your line is open.

Operator: Your next question comes from the line of Justin Keywood of Stifel. Your line is open.

Speaker #4: Good morning. Thanks for taking my call. Maybe a question for Alex. On the Welltrust platform launched in February, for ethical, patient identification, and recruitment, I realize it's early, but how is that platform being received by the top 8 of 10 global pharmaceutical customers, as mentioned?

Justin Keywood: Good morning. Thanks for taking my call. Maybe a question for Alex. On the WELLTRUST platform launched in February for ethical patient identification and recruitment. I realize it's early, but how is that platform being received by the top eight of 10 global pharmaceutical customers as mentioned? WELL disclosed yesterday that they had 4.3 million patient visits in 2025, so that suggests a substantial data pool to potentially access. Just wondering if that's leading to any traction with your customers.

Speaker #4: Well, disclosed yesterday that they had 4.3 million patient visits in 2025. So that suggests a substantial data pool to potentially access. And just wondering, traction with your customers.

Speaker #3: Justin, really appreciate the question and, of course, appreciate the support. Look, the structure that we label 'well-trust' is really important and has been developed over quite a significant period of time, with a lot of care.

Alexander Dobranowski: Justin, really appreciate the question and, of course, appreciate the support. Look, this structure that we label WELLTRUST is really important and has been developed over quite a significant period of time with a lot of care. Where this is orienting, just to add some context, is a globally unique function of being able to compliantly, with a consent-driven framework, recruit patients at scale. I can't actually point to another health system or ecosystem that has been able to do this at this level of quality and scale anywhere else globally. Look, this is in its early phases, but of course, like, the whole concept here is, you know, remember, Healwell's mission is early disease detection. Well, and remember, we're doing this at scale. We're finding tens of thousands of patients now per quarter, which is incredible, right?

Speaker #3: And where this is orienting, just to add some context, is a globally unique function of being able to, compliantly with a consent-driven framework, recruit patients at scale.

Speaker #3: I can't actually point to another health system or ecosystem that has been able to do this at this level of quality and scale anywhere else globally.

Speaker #3: And look, this isn't its early phases. But of course, the whole concept here is, remember, Healwell's mission is early disease detection. Well, and remember, we're doing this at scale.

Speaker #3: We're finding tens of thousands of patients now per quarter, which is incredible. Right? This is extraordinary capability that's in production at scale. Well, what's the next step?

Alexander Dobranowski: This is extraordinary capability that's in production at scale. Well, what's the next step? Well, when we're able to identify these at-risk patients, well, the next step is make sure that they have access to quality care, and are on the right guideline-directed care, and on top of that, have access to life-saving clinical trials, and that's why WELLTRUST has been developed. Now, it just so happens that a huge pain point for the life sciences sector is being able to recruit patients in a cost-effective and time-effective way, and that's what this is eventually going to also solve and is currently starting to solve today. So to answer your question, is there interest from our life sciences partners? Yes, absolutely. We'll be talking to the development of this whole clinical trial recruitment paradigm a little bit more pointedly in coming quarters.

Speaker #3: Well, when we're able to identify these at-risk patients, the next step is to make sure that they have access to quality care and are on the right guideline-directed care, and on top of that, have access to life-saving clinical trials.

Speaker #3: And that's why Well-Trust has been developed. Now, it just so happens that a huge pain point for the life sciences sector is being able to recruit patients in a cost-effective and time-effective way.

Speaker #3: And that's what this is eventually going to also solve, and is currently starting to solve today. So to answer your question, is there interest from our life sciences partners?

Speaker #3: Yes, absolutely. And we'll be talking to the development of this whole clinical trial recruitment paradigm a little bit more pointedly in coming quarters.

Speaker #4: Absolutely. Maybe just a follow-up question. What should we expect for organic growth in 2026 for the Data and Healthcare Sciences segment?

Justin Keywood: Absolutely. Maybe just a follow-up question. What should we expect for organic growth in 2026 for the data and healthcare sciences segment?

Speaker #3: Yeah, Justin, this is a segment of ours that is really exciting, okay? And we went from under $5 million in 2024 to $10 million in 2025.

Alexander Dobranowski: Yeah, Justin, this is a segment of ours that is really exciting, okay? We went from, you know, under CAD 5 million in 2024 to CAD 10 million in 2025, right? We're looking to maintain a significant level of growth. You know, north of 50% is what I'll share today, and we'll come back, you know, as our pipeline continues to develop. We're looking to continue a really exciting, you know, velocity of growth of that business segment.

Speaker #3: Right? And we're looking to maintain a significant level of growth. North of 50% is what I'll share today. And we'll come back as our pipeline continues to develop.

Speaker #3: But we're looking to continue a really exciting velocity of growth of that business segment.

Speaker #4: Very helpful. Thank you.

Justin Keywood: Very helpful. Thank you.

Speaker #2: Your next question comes from a line of Rob Goff of Ventum. Your line is open.

Operator: Your next question comes from the line of Rob Goff of Ventum. Your line is open.

Speaker #5: Thank you very much for taking my question, and good morning.

Rob Goff: Thank you very much for taking my question, and good morning.

Speaker #4: Good morning.

James Lee: Good morning.

Speaker #5: Very good. We really appreciate your looking at the or mentioning the 10% EBITDA margin as a target exiting the year. Could you perhaps frame that in terms of the balance between scaling or efficiencies that would drive such a target?

Rob Goff: Very good. We really appreciate your looking at or mentioning the 10% EBITDA margin as a target exiting the year. Could you perhaps frame that in terms of the balance between scaling or efficiencies that would drive such a target?

Speaker #4: Yeah. Look, I guess as you look at the entire target and you look at margin, that comes down to three key elements. Obviously, one comes through some efficiencies in integrating platforms.

James Lee: Yeah. Look, I guess as you look at the end target and look at margin, it comes down to three key elements. Obviously, one comes through some efficiencies in integrating platforms. You know, last year, we began integrating our AI platforms and started integrating our software platforms. A second part in that is just scaling over corporate costs. Obviously, the corporate of the operating of the Healwell operation, and as the business grows, there's efficiencies there. The final thing is, as software revenue continues to grow as a proportion of the business, our gross margins expand. Because obviously professional services is a lower margin business than in our software business lines. We're seeing accelerated growth in AI and our software wins, those margins are higher margins than our traditional professional services we've seen as a mix within the Orion platform.

Speaker #4: Last year, we began integrating our AI platforms and started integrating our software platforms. A second part of that is just scaling over corporate costs.

Speaker #4: Obviously, the corporate of the operating of the Healwell operation and as the business grows, there's efficiencies there. And the final thing is software revenue continues to grow as proportion of the business.

Speaker #4: Our gross margins expand. Because obviously, professional services is a lower margin business than our software business lines. So as we're seeing accelerated growth in AI and our software wins, those margins are higher margins than our traditional professional services we'd seen as a mix within the Orion platform.

Speaker #4: So, the way we think about it is it's still early days in terms of margin expansion, and we don't think of an exit run rate of 10% as being a final target at all.

James Lee: The way we think about it is it's still early days in terms of margin expansion, and we don't think of exit run rate 10% as being a final target at all.

Speaker #5: Okay. Thank you. And could you perhaps provide additional perspectives on the status of POVs and RFPs outstanding?

Rob Goff: Okay. Thank you. Could you perhaps provide additional perspectives on the status of POVs and RFPs outstanding?

Speaker #4: Yep. So in terms of the POVs, they range in value, but the value is probably increasing as we go through. So we're seeing now that we're in multiple what we call phase one deployments of on average, 500,000.

James Lee: Yep, in terms of the POVs, they range in value, but the value's probably increasing as we go through. We're seeing now that we're in multiple, what we call phase one, deployments of on average CAD 500,000. We're seeing new deployments coming in at phase one range from anywhere from CAD 150,000 to 500,000. What I would say is that as they move into phase two, we're getting more and more confident that those second phase, wider deployments within organizations are multi-million-CAD contracts. That's work right across the Smart Summary, Smart Search, and SMART Identify range.

Speaker #4: And we're seeing new deployments coming in at phase one range from anywhere from 150 to 500. What I would say is that as they move into phase two, we're getting more and more confident that those second phase so wider deployments within organizations are multimillion-dollar contracts.

Speaker #4: And that's right across the smart summary, smart search, and smart identifier range.

Speaker #5: That's great, thank you. And perhaps, is there anything with respect to large RFPs outstanding?

Rob Goff: That's great. Thank you. Perhaps anything with respect to large RFPs outstanding?

Speaker #4: Look, the RFP network—it's a really hard way to answer. We have RFP, public RFPs, where the revenue opportunity is in multiple millions of dollars.

James Lee: Look, the RFP network is a really hard way to answer. We have RFP, public RFPs in the, you know, where the revenue opportunity is in multiple millions CAD. If I think about a TCV, you know, they range from 30 to 100 million CAD in terms of range of size that are out there currently. What I would say, though, is they take a long time. You know, like, look, the healthcare is lumpy, and the procurement cycle goes anywhere between six months and six years. I wanna set the expectation that, you know, the RFP responses are lumpy contracts. The AI deployments are in more easier stages to mitigate with shorter deployment cycles, but they come in two phases.

Speaker #4: If I think about a TCV, they range from 30 to 100 million dollars in terms of range of size that are out there currently.

Speaker #4: What I would say, though, is they take a long time. Healthcare is lumpy. And the procurement cycle goes anywhere between six months and six years.

Speaker #4: So I want to set the expectation that the RFP responses are lumpy contracts. The AI deployments are more easy stages to mitigate, with shorter deployment cycles.

Speaker #4: But they come in two phases.

Speaker #5: Okay. That's great. That's helpful. Thank you.

Rob Goff: Okay. That's great. That's helpful. Thank you.

Speaker #2: Your next question comes from a line of Kyle Bowser of Roth Capital Partners. Your line is open.

Operator: Your next question comes from the line of Kyle Bauser of Ross Capital Partners. Your line is open.

Speaker #3: Great, thanks for taking my questions, and congrats on all the progress. Let's see. So you finished the quarter with nearly $19 million of cash.

Kyle Bauser: Great. Thanks for taking my questions, and congrats on all the progress. You finished the quarter with nearly CAD 19 million of cash, and you're looking at potentially monetize that investment in xAI. What sort of dollar value is associated with that investment, and what's the expected timing around that?

Speaker #3: And you're looking at potentially monetizing that investment in XAI. What sort of dollar value is associated with that investment? And what's the expected timing around this?

Speaker #4: Anthony, do you want to pick that one up?

James Lee: Anthony, do you wanna pick that one up?

Speaker #6: Hey, Kyle. Thanks for the question there. The investment there is in a private interest right now, and so the timing of that exit will be a little bit dependent on when we find the right opportunity to kind of monetize.

Anthony Lam: Yeah, Kyle, thanks for the question there. You know, the investment there is in a private interest right now, and the timing of that exit will be a little bit dependent on, you know, when we find the right opportunity to kinda monetize. It may need to wait till it becomes more readily liquid. There's no timing from our perspective. You know, we certainly at this stage are at a point where we're at a very comfortable cash level where we're able to manage our business and execute on all of our objectives this year without having it undertake that transaction to make it happen, right?

Speaker #6: It may need to wait till it becomes more readily liquid, so there's no timing from our perspective. But we certainly, at this stage, are at a point where we're at a very comfortable cash level, where we're able to manage our business and execute on all of our objectives this year without having to undertake that transaction to make it happen.

Speaker #6: Right? So we'll be happy to update as things progress in that arena. But yeah, we don't have a specific timing on that right now.

Anthony Lam: We'll be happy to update as things progress in that arena. Yeah, we don't have a specific timing on that right now.

Speaker #4: Thank you. Everything that I add is good. Sorry, I was going to say the only thing that I add is that we're waiting and I think it will be an expectation that the SpaceX IPO will be announced in the next we'll be on the next quarter or so.

James Lee: I think the only thing I'd add is that, you know, we're waiting, and I think with an expectation that the SpaceX IPO will be announced within the next quarter or so, which would give us more, you know, a different view about how liquid or how quickly we might wanna liquidate.

Speaker #4: Which would give us more a different view about how liquid how quickly we might want to liquidate that.

Speaker #3: Okay. And I imagine you'll be able to pinpoint kind of a dollar value at that point as well?

Kyle Bauser: Okay. I imagine you'll be able to pinpoint kind of a dollar value at that point as well?

Speaker #4: There's a wide range there. You would know as well as I do that there are press releases of $1.25 trillion. And there are many rumors of numbers higher than that.

James Lee: There's a wide range there. Like you would know as well as I do that, you know, there are press releases of CAD 1.25 trillion, and there are many rumors of numbers higher than that. It would be irresponsible for us to guess what that might end up looking like. I know that on the secondary market, currently it's trading about 10% higher than where the merger occurred at.

Speaker #4: So it would be irresponsible for us to guess what that might end up looking like. I know that on the secondary market, currently, it's trading at about 10% higher than where the merger occurred at.

Speaker #3: Okay, appreciate that. And then, nearly half of the full-year adjusted EBITDA in 2025 came in the fourth quarter, and had a quarterly margin of about 4%.

Kyle Bauser: Okay. Appreciate that. Nearly half of the full year adjusted EBITDA in 2025 came in the Q4 and had a quarterly margin of about 4%. To get to that exit run rate of 10%, should we anticipate kind of a step function increase each quarter? Or, you know, how should we expect some seasonality? Just trying to understand kind of the cadence going throughout the year.

Speaker #3: To get to that exit run rate of 10%, should we anticipate kind of a step-function increase each quarter? Or should we expect some seasonality?

Speaker #3: Just trying to understand kind of the cadence going throughout the year.

Speaker #6: Yeah, Kyle. It's Anthony here. We certainly made some great progress in 2025. We will be making continued progress in 2026. So, yes, a step function is how we see our business progressing in the year.

Anthony Lam: Yeah, Kyle, it's Anthony here. We certainly made some great progress in 2025. We will be making continued progress in 2026. Yes, a step function, you know, is how we see our business progressing in the year. We would be obviously more modest in the current Q1 quarter, as we are in it now, and it'll grow through to Q2, Q3, right into Q4. I think you can expect to see that kind of progression take place as the year unfolds.

Speaker #6: So, we would be obviously more modest in the current Q1 quarter, as we are in it now. And it'll grow through Q2, Q3, right into Q4.

Speaker #6: So, I think you can expect to see that kind of progression take place as the year unfolds.

Speaker #3: Okay. Excellent. Thanks again for taking my questions, LJ. Back to Q.

Kyle Bauser: Okay. Excellent. Thanks again for taking my questions though, Jeff. Back in queue.

Speaker #2: Your next question comes from the line of Gianluca Tucci of Haywood Securities. Your line is open.

Operator: Your next question comes from the line of Gianluca Tucci of Haywood Securities. Your line is open.

Gianluca Tucci: Hi. Good morning, guys. Congrats on all the progress. I just wanted to ask on the launch of Amadeus here in the US in the first half. How should we be thinking about the pipeline as it pertains to activations in the US this year and early next?

Speaker #5: Hi. Good morning, guys. Congrats on all the progress. I just wanted to ask on the launch of Amadeus here in the US. In the first half, how should we be thinking about the pipeline as it pertains to activations in the US this year and early next?

James Lee: Yeah. Look, there are two parts to that. I think the first thing, the activation, the AI network, we're already actively discussing with our existing customer base, the smart product suite. We should expect to see. We do expect to see in the first half some conversion of existing customers in that product mix. I think the other thing with Amadeus is that we're starting to get more what I call, you know, RFIs, early stage that people are looking at health information exchanges in the US or looking at new partners. We would expect to see some momentum to grow both within the AI deployments in the US, but actually with more state-based HIEs, as a broader software deployment, through latter half 2026 and 2027.

Speaker #6: Yeah. Look, there's two parts to that. I think the first thing, the activation, the AI network, we're already actively discussing with our existing customer base the smart product suite.

Speaker #6: And we should expect to see, and we do expect to see, in the first half some conversion of our existing customers in that product mix.

Speaker #6: I think the other thing with Amadeus is that we're starting to get more what I call RFIs. So, early-stage, people are looking at health information exchanges in the US or looking at new partners.

Speaker #6: So, we would expect to see some momentum to grow both within the AI deployments in the US, but actually with more state-based HIEs as a broader software deployment through the late half of '26 and '27.

Speaker #6: So we're really excited about what we've seen in the US. In terms of a market, which, the last five years, to give context, has been pretty quiet.

James Lee: We're really excited about what we've seen in the US in terms of a market, which, in the last five years, to give context, has been pretty quiet. You know, the funding that led to a lot of the HIE deployments in the US was around Obamacare, and as that ended in 2024 and the COVID overhang of digital healthcare spend started to end, the US market was a bit tepid. What we're seeing now is that this big, beautiful bill of rural funding has reopened that market, and it looks to be a magnitude larger than what we saw through Obamacare. You know, we're really excited what the next three to four years look like in the US.

Speaker #6: The funding that led to a lot of the HIE deployments in the US was around Obamacare. And as that ended in 2024, and the COVID overhang of digital healthcare spend started to end, the US market was a bit tepid.

Speaker #6: But what we're seeing now is that this big, beautiful bill of rural funding has reopened that market. And it looks to be a magnitude larger than what we saw through Obamacare.

Speaker #6: So we're really excited over what the next three to four years look like in the US.

Speaker #5: That's great, James. And so now, just on that point, from a boots-on-the-ground perspective, how are you positioned right now in the US? Is there some more scaling to go in order to capture the opportunity ahead of us?

Gianluca Tucci: That's great, James. Now just on that point, from a boots on the ground perspective, how are you positioned right now in the US? Is there some more scaling to go in order to capture the opportunity ahead of you guys? How should we be thinking about your sales headcount or integration headcount in the US?

Speaker #5: Do you guys—how should we be thinking about your sales headcount or integration headcount in the US?

Speaker #6: Good question. Look, I think what you see with what we're doing in investment and sales is both direct sales, partnerships, and external consultants. The US market is not a, 'Hey, there's going to be something turn up tomorrow.' It's very much RFI- and RFP-driven.

James Lee: Good question. Look, I think what you see with our investment in sales is it's both direct sales, partnerships, and external consultants. You know, the US market is not a, "Hey, there's gonna be something turn up tomorrow." It's very much RFI and RFP driven, so it's about being around the hoop. It doesn't require a large scale investment, but we are making target investments in both our AI sales capability, and we're looking deeply at our partner network of how we build what widely. 'Cause putting 50 people on the ground in every state isn't a viable option, and it's not needed. You know, these are long-dated sales cycles.

Speaker #6: So it's about being around the hoop. And so it doesn't require a large-scale investment. But we are making target investments in both our AI sales capability.

Speaker #6: And we're looking deeply at our partner network—at how we build widely. Because putting 50 people on the ground in every state isn't a viable option, and it's not needed.

Speaker #6: These are long-dated sales cycles. So, I think the way that we think about it is, we should get more scale out of the existing sales network.

James Lee: I think the way we think about it is we should get more scale out of the existing sales network, and then we will look to partner with other people that bring in deep relationships as opposed to a big investment in sales going forward.

Speaker #6: And then we will look to partner with other people to bring in deep relationships, as opposed to a big investment in sales going forward.

Speaker #3: Thanks, James. Congrats again.

Gianluca Tucci: Thanks, James. Congrats again.

Speaker #2: Again, if you have a question, please press star one on your telephone keypad to raise your hand and join the queue. Your next question comes from the line of Michael Freeman of Raymond James.

Operator: Again, if you have a question, please press star one on your telephone keypad to raise your hand and join the queue. Your next question comes from the line of Michael Freeman of Raymond James. Your line is open.

Speaker #2: Your line is open.

Speaker #5: Hey, good morning, and congratulations on the results. I wanted to sort of take a step back and understand, or have you speak more about your strategy to monetize your internal AI capabilities.

Michael Freeman: Hey, good morning, and congratulations on the results. I wanted to sort of take a step back and understand or have you speak more about your strategy to monetize your internal AI capabilities. What you've been learning as you've been going out and selling you know the initial AI products you have, and how you might translate those learnings into you know further product launches and monetizing your AI in earnest.

Speaker #5: And what you've been learning as you've been going out and selling the initial AI products you have, and how you might translate those learnings into further product launches and monetizing your AI in earnest.

Speaker #6: That's a really, really good question. So, as you mentioned, there's been a ton of learning. What we've seen, particularly in the US, is that the demand for point solutions isn't very high.

James Lee: That's a really, really good question. As you imagine, there's been a ton of learning. What we've seen, particularly in the US, is that the demand for point solutions isn't very high. You know, people don't want a single solution to do one thing. What they're looking for is a platform that enables lots of things. As we've gone around the US understanding requirements, what we've seen is that actually building upon Smart Search, Smart Summary as core functionality would then Identify as a, let's just say, an add-on is a far more attractive proposition than going and trying to sell a single unit entity.

Speaker #6: People don't want a single solution to do one thing. What they're looking for is a platform that enables lots of things. So, as we've gone around the US understanding requirements, what we've seen is that actually building upon smart search, smart summary as core functionality within—identify as a, let's just say, an add-on—is a far more attractive proposition than going and trying to sell a single entity.

Speaker #6: So, we've actually found that the bigger deployments of search and summary have actually been faster and have a stronger pipeline of business, largely because the amount of work to deploy it at their end is the same.

James Lee: We've actually found the bigger deployments of Smart Search and Smart Summary are actually faster and more, let's say, a stronger pipeline of business, largely because the amount of work to deploy it at their end is the same. The benefit to those platforms is actually in getting infrastructure over their entire platform. How do we get wider insights? What we've also seen is that the type of customer that is looking for that is really broad. You know, we've got a deployment now on a large pharmacy chain business. We've got a deployment across government entities, regulators, large medical device companies, all sort of as a data insight platform. What we're finding is the platform has got many more use cases than just one, the Smart Search, Smart Summary, and going into identification.

Speaker #6: And so the benefit to those platforms is actually in getting infrastructure over their entire platform. And then how do we get wider insights? What we've also seen is that the type of customer that is looking for that is really broad.

Speaker #6: We've got a deployment now in a large pharmacy chain business. We've got a deployment across government entities, regulators, large medical device companies—all sort of as a data-as-an-insight platform.

Speaker #6: So what we're finding is the platform has got many more use cases than just the one—the smart search, smart summary, and going into identification.

Speaker #6: And the people with the best funding right now are actually the large healthcare systems, but actually what I would say: healthcare-adjacent businesses as well.

James Lee: The people with the best funding right now are actually, you know, the large healthcare systems, but actually what I would say healthcare-adjacent businesses as well. Our learnings currently are that the cycle of adoption is still really early, and that going with a single deployment is actually the wrong approach. The approach is to go in with a strategy and say, "This is what you should do over the next 2 to 3 years, and these are all the things you can add on from our portfolio, which will then let you enable both preventative healthcare and patient identification." We've been pivoting our sales pitch accordingly, particularly in the US.

Speaker #6: So our learnings currently are that the cycle of adoption is still really early, and that going with a single deployment is actually the wrong approach.

Speaker #6: The approach is going with a strategy. And so, this is what you should do over the next two to three years. And these are all the things you can add on from our portfolio, which will then let you enable both preventative healthcare and patient identification.

Speaker #6: So we've been pivoting our sales pitch accordingly, particularly in the US.

Speaker #3: Amazing, amazing. Thank you. Thank you very much for that. And I remember that there are some price discovery processes that you guys were undergoing, especially when it comes to pharmaceutical customers.

Michael Freeman: Amazing. Thank you very much for that. I remember there were some price discovery that you guys were undergoing, especially when it comes to pharmaceutical customers. What have you learned, you know, as you've been out there in the world, when it comes to appropriately pricing your offerings across the portfolio?

Speaker #3: What have you learned as you’ve been out there in the world when it comes to appropriately pricing your offerings across the portfolio?

Speaker #6: Look, what we've actually found in life sciences is that we're adding more value than we're charging for. So, prices are beginning to increase as we go into wider deployments with more and broader, bigger data sets.

James Lee: Look, what we've actually found in life sciences is that we're adding more value than we're charging for. Prices are beginning to increase as we go into wider deployments with more and bigger datasets. Alex, do you wanna give a couple of examples of what we've seen so far, without naming customers, for some of the customers for 10 or 11 deployments?

Speaker #6: Alex, do you want to give a couple of examples of what we've seen for over-naming customers, of what we've seen for some of the customers for 10 or 11 deployments?

Speaker #4: Yeah, sure. And Michael, great question. I think this allows me to add quickly just some perspective, right? Because in this area of healthcare AI, there aren't that many companies we can point to that are starting to get material revenue traction.

Alexander Dobranowski: Yeah, sure. Michael, you know, great question, and I think this allows me just to, you know, add quickly just some perspective, right? Because in this area of healthcare AI, there aren't that many companies we can point to that are starting to get material revenue traction. You know what? You can kinda count them on one hand, and we're one of them, right? Getting to that, you know, CAD 10 million mark in terms of our 2025 AI revenue is really exciting. I think it's really set the stage and foundation for this next level of growth. What I mean by that is our engagements with our life sciences companies. By the way, we have a phenomenal team.

Speaker #4: You know what? You can kind of count them on one hand. And we're one of them, right? And getting to that $10 million mark in terms of our 2025 AI revenue is really exciting.

Speaker #4: And I think it's really set the stage and foundation for this next level of growth. And what I mean by that is our engagements with our life sciences companies, and by the way, we have a phenomenal team.

Speaker #4: Don Watts is now—he leads our global life sciences sales, supported by Aaron Liebtag, who is the CEO of Pentavere, right, who leads now our work with some of the most discerning and leading organizations in Canada, including health systems, right?

Alexander Dobranowski: You know, Don Watts now leads our global life sciences sales, supported by Aaron Leibtag, who was the CEO of Pentavere, right, who leads now our work with, you know, some of the, you know, most discerning and leading organizations in Canada, including health systems, right? As James mentioned, we work with the governments, we work with med tech at a global level. Why I'm mentioning is that we went from these, you know, very small initial type of pilot prototype engagements with life sciences companies to now seven-figure, you know, multi-jurisdictional collaborations. This is part of our competitive advantage because it takes years to build that type of credibility, those proof points, this validation.

Speaker #4: As James mentioned, we work with the government. We work with medtech at a global level. But what I'm—so why I'm mentioning this is that we went from these very small initial type of pilot prototype engagements with life sciences companies to now seven-figure, multi-jurisdictional collaborations.

Speaker #4: And this is part of our competitive advantage, because it takes years to build that type of credibility, those proof points, this validation, so we're getting to that point of real product-market fit.

Alexander Dobranowski: We're getting to that point of real product market fit, and you're gonna see these engagements continue to evolve, and some of them now are in a subscription format, and that's super exciting and super unique.

Speaker #4: And you're going to see these engagements continue to evolve, and some of them now are in a subscription format. And that's super exciting and super unique.

Speaker #3: Amazing. Okay, thank you very much, Alex. And then maybe forgive me if you did touch on it in your prepared remarks, but in the growth—considering the healthcare software business alone—how should we think about growth on that revenue line, considering, I guess, fourth quarter as a base?

Michael Freeman: Amazing. Okay. Thank you very much, Alex. Then maybe, I forgive me if you did touch on it in your prepared remarks, but in the growth considering the healthcare software business alone, how should we think about about growth on that revenue line, considering I guess Q4 as a base?

James Lee: Was the question towards software or was it overall but business within Q4 as a base?

Speaker #6: Was the cohesion towards software? Was it overall, but business within Q4 as a base?

Speaker #4: Yeah. The software line.

Michael Freeman: Yeah, the software line.

Speaker #6: Yeah. The software line, we lumpy like, and what I mean by that is that there are two components. There's a PSG number and a recurring number within our software business.

James Lee: Yeah, look, the software line will be lumpy. Like, what I mean by that is that there are two components. There's a PS number and a recurring number within our software business. What I think you'll see is the recurring number will grow, you know, let's call it 10%, across the board. Then the PS will be really lumpy, and there'll be. That comes down to delivery cycles. Some quarters it'll grow more and some quarters it'll grow less, depending when customer dependencies are. The way the revenue recognition is, they're milestones. You know, whether something lands in Q1, Q2, or Q3, you know, some of those things are out of our control. As we think about that, we think that as an annual number.

Speaker #6: What I think you'll see is the recurring number will grow—let's call it 10% across the board—and then the PSG will be really lumpy.

Speaker #6: And so there'll be—that comes down to delivery cycles. And so some quarters it'll grow more and some grows less, depending when customer dependencies are, the way that revenue recognition is, they're milestones.

Speaker #6: So whether something lands in Q1, Q2, or Q3, some of those things are out of our control. So as we think about that, we think of that as an annual number.

Speaker #6: What I would say, though, is that going out beyond 2026, we are seeing a probably more exciting pipeline of where we think we'll get recurring sales beyond that.

James Lee: What I would say, though, is that going out beyond 2026, we are seeing a probably more exciting pipeline of where we think we'll get recurring sales beyond that.

Speaker #3: Okay. Thanks very much. I'll pass the ball.

Michael Freeman: Okay. Very good. Thanks very much. I'll pass it along.

Speaker #5: Your next question comes from Lane of Daniel Rosenberg of Paradigm Capital. Your line is open.

Operator: Your next question comes from line of Daniel Rosenberg of Paradigm Capital. Your line is open.

Speaker #7: Hi, thanks for taking my question. My first one is about the partnership strategy. I'd just love to better understand who, or if you could characterize what your ideal partners look like—how broad would you go with that?

Daniel Rosenberg: Hi. Thanks for taking my question. My first one comes around the partnership strategy. I'd just love to better understand who or if you could characterize what your ideal partners look like, how broad would you go with that? Maybe understanding the scope of work that you would do with a partner, where that line, you know, stops, where, you know, the partner may add complementary work versus you yourselves picking up that work. Where's that line drawn? Thank you.

Speaker #7: And then, maybe understanding the scope of work that you would do with a partner—where that line stops, where the partner may add complementary work versus you yourselves picking up that work.

Speaker #7: Where's that line, John? Thank you.

James Lee: Excellent question. Look, the reality is that we look at partners across every part of the market, right? Like, the healthcare system is a CAD 4.5 trillion market. As a scale point, we're going to need to have good partners in each component. They range from sales partnership relationships, like we saw in the Middle East with Lean, we announced in the last year, and then we look at clinical partnerships we have within Canada, within Well. To give an example, we won't do clinical work. When it has to move into the clinical side of things, that is when we'll use partners in terms of sales channels. Many of our HIE customers have both embedded clinical lines as well as software. We'll partner with people where that's required.

Speaker #5: Excellent question. Look, the reality is that we look at partners across every part of the market, right? Like, the healthcare system is a $4.5 trillion market.

Speaker #5: So, as a scale point, we're going to need to have good partners in each component. They range from sales partnership relationships, like we saw in the Middle East with Lean we announced in the last year, and then we look at clinical partnerships.

Speaker #5: We have, within Canada, within Well. But to give an example, we won't do clinical work. So we're in there when it has to move into the clinical side of things—that is when we'll use partners in terms of sales channels.

Speaker #5: So many of our HIA customers have both embedded clinical lines as well as software. And so we'll partner with people where that's required. We'll partner with people that have, let's say, revenue cycle management assets where we can go as part of that portfolio.

James Lee: We'll partner with people that have, you know, let's say revenue cycle management assets, where we can go as part of that portfolio, where in the US we can be part of the revenue cycle component of generating revenue in areas where we don't play. We'll look at partners for when we don't have an existing platform. That can be by geography or by state or by type of revenue. The market's so big that it's really hard to sit there and pinpoint to one thing. What I would say is that the ideal partners that we're looking to and talking to are generally complementary rather than competitive.

Speaker #5: We're in the US; we can be part of the revenue cycle component of generating revenue, in areas where we don't play. And we'll look at partners for when we don't have an existing platform.

Speaker #5: So that can be by geography, or by state, or by type of revenue. But the market's so big that it's really hard to sit there and pinpoint to one thing.

Speaker #5: But what I would say is that the ideal partners that we're looking to and talking to are generally complementary, rather than competitive.

Speaker #7: That's fair. Appreciate the color. And then, maybe just as it relates to the RFPs, you mentioned that there are some massive TCVs you put out there.

Daniel Rosenberg: That's fair. Appreciate the color. Maybe just as it relates to, you know, the RFPs you mentioned, there's some, you know, massive TCVs you put out there. When you're approaching these, are these for the most part, I would imagine these are partner-attached type initiatives. Just trying to understand the type of contracts that you guys are looking at.

Speaker #7: And so, when you're approaching these, are these, for the most part—I would imagine—these are partner-attached type initiatives? Just trying to understand the type of contracts that you guys are looking at.

Speaker #6: That's right. There will be large software implementation partners we'll need with some of those things, where the deployment and the implementation of that software is at such a scale that we wouldn't want to scale up for it.

James Lee: That's right. Like, there'll be large software implementation partners we'll need in some of those things where the deployment and the implementation of that software is at such a scale that we wouldn't wanna scale up for it. We'd be reluctant to scale our professional services division to service a CAD 100 million contract, for instance, because we'd find it hard to scale up and scale down efficiently. We'd find we'd probably scale up too late and have too many people then. Finding a partner to that is in regions really matters. But also in terms of capabilities too. Like we're working with genomics partners on where they are bringing a capability we don't have.

Speaker #6: We'd be reluctant to scale our professional services division to service a $100 million contract, for instance, because we'd find it hard to scale up and scale down efficiently.

Speaker #6: We’d find we’d probably scale up too late and have too many people in. So finding a partner to do that in regions really matters.

Speaker #6: But also, in terms of capabilities, too, we'd be working with genomics partners on where they are bringing a capability we don't have. And we're finding lots of those opportunities, where the partner network of two or three of us combined is a very, very compelling offering.

James Lee: We're finding lots of those opportunities where the partner network of two or three of us combined is a very, very compelling offering. I think as we cross those markets, the numbers we'll often quote, and, like, obviously the hundreds, you know, we're quoting the entire conglomerate, but the numbers we'll try and quote, on a go-forward basis for TCVs that apply to us. If there's a CAD 50 million TCV of which 25 is for the software, we'll quote 25, not 50, you know, just to ensure that we're not, we're being very clear with what we're talking about applies to Healwell.

Speaker #6: And so I think across those markets the numbers we'll often quote—and, obviously, in the hundreds we're quoting the entire conglomerate—but the numbers we'll try and quote on a go-forward basis are the TCVs that apply to us.

Speaker #6: So if there's a $50 million TCV, of which $25 million is for the software, we'll quote $25 million, not $50 million. Just to be sure that we've been very clear with what we're talking about as it applies to Tierwell.

Speaker #7: Okay. Appreciate that transparency. And then, lastly for me, just as you're building up partnerships and have a history of partnerships, where do you stand today?

Daniel Rosenberg: Okay, appreciate that transparency. Lastly for me, just, you know, as you're building up partnerships and have a history of partnerships, where do you stand today? I mean, how much, I guess, do you have the right number of partners today, in the areas that you currently operate? Obviously, you're expanding, but where you are operating today, do you feel like you have the right partnerships in place, or is that an ongoing process to build to execute on the opportunities?

Speaker #7: I mean, how much—I guess, do you have the right number of partners today in the areas that you currently operate? Obviously, you're expanding, but where you are operating today, do you feel like you have the right partnerships in place, or is that an ongoing process to build to execute on the opportunities?

James Lee: Yeah. Let's frame that in two different ways. For our existing business lines, we obviously have been in these markets for 20, 30 years, so we have a very deep partnership pool for our software implementations. AI is still new, and so we are having to build partnerships and learn and pivot as the market grows. It's still very, very early in the AI adoption cycle. And so as we look at partnerships within the AI side of things, we're you know, the market is still learning. We've got lots of partners we work with currently, but that's where we're focusing our energy on new partners to say, "Well, are there other sales channels that will accelerate what actually is gonna work in this market?" 'Cause we bring something unique with clinical validation and capability with an AI.

Speaker #5: Yeah. Let's frame that in two different ways. For our existing business lines, obviously we've been in these markets for 20 or 30 years, so we have a very deep partnership pool for our software implementations.

Speaker #5: AI is still new, and so we are having to build partnerships and learn and pivot as the market grows. It's still very, very early in the AI adoption cycle.

Speaker #5: And so, as we look at partnerships within the AI side of things, where the market is still learning, we've got lots of partners we work with currently.

Speaker #5: But that's where we're focusing our energy—on new partners—to say, 'Well, what are the other sales channels that will accelerate what actually is going to work in this market?' Because we bring something unique.

Speaker #5: We have clinical validation and capability within AI. And for this business to have outsized growth, it'll need an outsized sales partner. Because as we look across the potential for this business, this business's potential isn't to grow at 5, 10, 25, 30, 40 percent, 50 percent.

James Lee: For this business to have outsized growth, it'll need an outsized sales partner. You know, 'cause as we look across the potential for this business, this business' potential isn't to grow at 5, 10, 25, 30, 40 percent, 50 percent. The market is such a big market for us in front of us. We're trying to build a platform with partners, with deployments with the right capabilities and access to data, that's a multi-decade growth profile where we wanna be a leading player in that game. We don't wanna be part of the equation, we wanna lead the equation 'cause we think we have something pretty unique here. We do accept that AI is very much in its infancy. Even with people get up to speed, they're only just appointing AI officers and AI governance to deploy these things.

Speaker #5: The market is such a big market for us in front of us. We're trying to build a platform with partners, with deployments, with the right capabilities and access to data, that it's a multi, multi-decade growth profile where we want to be a leading player in that game.

Speaker #5: We don't want to be part of the equation. We want to lead the equation. Because we think we have something pretty unique here. And we do accept that AI is very much in its infancy.

Speaker #5: And even when people get up to speed, they're only just appointing AI officers and AI governance to deploy these things. And so as we go in, we're finding that actually our capability is pretty unique.

James Lee: As we go in, we're finding that actually our capability is pretty unique in terms of meeting all the requirements for the validated AI. I know that's a waffle answer, and I apologize for that. As we look across the broader market going forward, what we really wanna build the capability that, you know, as we roll into the later years of this decade, that we're not talking about 40%, 50% growth, that we've got a capability to living higher than that.

Speaker #5: In terms of meeting all the requirements for validated AI—so I know that's a bit of a waffle answer, and I apologize for that—but as we look across the broader market going forward, what we really want to do is build the capability so that as we roll into the later years of this decade, we're not talking about 40, 50 percent growth.

Speaker #5: That we've got a capability to live and hide in that.

Speaker #7: Understood. Thanks for taking my questions.

Daniel Rosenberg: Understood. Thanks for taking my questions.

Speaker #1: With no further questions, that concludes our Q&A session. I'll now turn the call over to James for closing remarks.

Operator: With no further questions, that concludes our Q&A session. I'll now turn the call over to James for closing remarks.

James Lee: Look, firstly, team, thanks for dialing in. Look, we really appreciate the support. We get a lot of value from the interactions with the industry, that helps shapes our thinking. Look, I know you always have lots to do, so appreciate your time and look forward to keeping in touch in the coming quarter. Thanks, guys.

Speaker #6: Firstly, Tim, thanks for dialing in. Look, we really appreciate the support. We get a lot of value from the interactions with the industry. It helps shape our thinking.

Speaker #6: So look, I know you always have lots to do, so I appreciate your time. And I look forward to keeping in touch and becoming quarter.

Speaker #6: Thanks, guys.

Operator: This concludes today's conference call. You may now disconnect.

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