Profound Medical Corp.

Good day, and thank you for standing by. Welcome to the Profound Medical First Quarter 2025 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 during the session, 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 first speaker today, Stephen Kilmer, Head of 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 current beliefs, assumptions, and expectations. and relate to, among other things, any expressed or implied statements regarding future financial performance and position and expectations regarding the efficacy of profound technologies in the treatment of prostate cancer, BPH, uterine fibroids, palliative pain treatment, and osteoid osteoma. 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 of 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 Dhawan, the company's Chief Financial Officer, Dr. Matthew Burtnick, Profound's president, and Tom Tamburino, our chief commercial officer. With that said, I'll now turn the call over to Rishabh.

Good afternoon, everyone, and welcome to our first quarter 2025 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 utilization trends, the CAPTAN clinical trial, and our upcoming Tulsa AI module for BPH. However, before I do, I would like to provide a brief summary of our first quarter 2025 financial results. To streamline things, all of the numbers I will refer to have been rounded, so they are approximate. For the three-month period ended March 31, 2025, the company recorded revenue of $2.6 million, with $1.8 million from recurring revenue and $820,000 from one-time sale of capital equipment. First quarter 2025 revenue increased 82% from $1.4 million from the same period in 2024. Growth margin in Q1 2025 was 71% compared to 60% in Q1 2024. Total operating expenses in the 2025 first quarter, which consists of R&D and SG&A expenses, were $13 million compared with $8.7 million in the first quarter of 2024. Overall, the company recorded a first quarter 2025 net loss of $10.7 million or $0.36 per common share compared to a net loss of $6.6 million or $0.27 per common share for the same three-month period in 2024. As of March 31, 2025, Profound had cash of $46.4 million. With that, I will now turn the call over to Matthew.