Profound Medical Corp.

Good day and welcome to the Profound Medical fourth quarter and full year 2023 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Stephen Kilmer, Investor Relations. Please go ahead.

Thank you. Good afternoon, everyone. Let me start by pointing out that this conference call will include forward-looking statements within the meaning of applicable securities laws in the United States and Canada. All forward-looking statements are based on Profound's current beliefs, assumptions, and expectations, and relate to, among other things, expectations regarding the efficacy of the company's treatment technologies, results of future clinical trials, the ability to obtain coding and or reimbursement from third-party payers, anticipated financial performance, business prospects, strategies, regulatory developments, market acceptance, and future commitments. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements. No forward-looking statement can be guaranteed. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date of this conference call. Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law. Representing the company today are Dr. Arun Manawat, Profound's Chief Executive Officer, Rashed Duwan, the company's Chief Financial Officer, and Dr. Matthew Burtnick, Profound's Chief Operating Officer. With that said, I'll now turn the call over to Rochette.

Good afternoon, everyone, and welcome to our fourth quarter 2023 conference call. On behalf of the management team and everyone at Profound, I would like to thank you for your ongoing interest in our company. For those of you who are shareholders, we appreciate your continued interest and support. I will turn the call over to Matthew in a moment. to provide updates on Tulsa clinical publications, utilization trends, and the Captain clinical trial. However, before I do, I'd like to provide a brief summary of our fourth quarter 2023 financial results. To streamline things, all of the numbers I'll refer to have been rounded, so they are approximate. For the three-month period ended December 31, 2023, The company recorded revenue of $2 million with the full amount coming from recurring revenue. This was at the top of the range we provided when we announced preliminary fourth quarter revenue numbers at beginning of January. Fourth quarter 2023, revenue increased 60% from 1.3 million from the same period in 2022. Operating expenses in the 2023 fourth quarter, which consists of R&D, G&A, and selling and distribution expenses, were $9.8 million, an increase of 5%, compared with $9.4 million in the fourth quarter of 2022. Breaking that down further, expenditures for R&D increased 28%, on a year-over-year basis to $4 million. G&A expenses increased by 41% to $3 million, and selling and distribution expenses increased by 74% to $3 million. Net finance cost for the 2023 fourth quarter was $400,000 compared to $500,000 for the same three-month period of 2022. Overall, the company recorded a fourth quarter 2023 net loss of $8.9 million or 42 cents per common share, compared with a net loss of $9.5 million or 46 cents per common share for the same three-month period in 2022. As of December 31, 2023, Profound had cash of $26.2 million. That amount does not include aggregate gross proceeds from a public offering in the U.S. and a private placement of common shares in Canada completed subsequent to ERN. As a result of this financing, Profound had cash of $45.4 million as of January 31, 2024. With that, I will now turn the call over to Matthew.