Profound Medical Corp.

Thank you for standing by. Welcome to Profound Medical Third Quarter 2026 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-1-1 on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star-1-1 again. Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your first speaker today, Stephen Kilmer, Investor Relations.

Thank you, operator, and good afternoon, everyone. Welcome to Profile Medical's third quarter 2026 conference call. Let me start by pointing out that this conference call will include forward linking statements within the meaning of applicable securities laws in the United States and Canada. All forward linking statements are based on profound current beliefs, assumptions, and expectations. They relate to, among other things, current or future financial performance and position, our revenue and gross margin outlook, commercialization activities, customer utilization, product development, leadership succession, and expectations regarding the efficacy of our technologies. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. No forward-looking statement can be guaranteed. Listeners are cautioned not to place undue reliance on these statements, which speak only as of today. Please review the risk factors described in our filings with the U.S. and Canadian securities regulators. Profound undertakes no obligation to publicly update or revise forward-looking statements except as required by law. Joining us today are Dr. Arun Menawat, Chief Executive Officer and Chairman, Mathieu Sobczyk, our Chief Financial Officer, Tom Tamberrino, Chief Commercial Officer, Mathieu Burtnyk, our Chief Technology Officer, and Richard Fabian, our current president and incoming CEO. We have lots to discuss today. Mathieu will begin with our financial results, followed by Rich on operational priorities and Tom on commercial progress. Arun will then provide a strategic update before we open the call to questions. Just a heads up in that regard, Arun is just getting over a bad cold, so his voice might break up a bit here and there. With that, I'll turn the call over to Matthew.

Good afternoon, everyone. On behalf of the management team and everyone at Profound, thank you for your continued interest and support. Before turning the call over to Rich for an operational update, I'll briefly review our third quarter 2026 financial results. For the three-month ended September 30th, 2026, Profound recorded total revenue of $9.8 million, up 86% from the third quarter of 2025. Revenue comprised $4.1 million of recurring non-capital revenue from single-use devices, and service associated with extended warranties and 5.7 million of capital equipment sales. Gross margin was 78% compared with 74% in the prior year quarter, reflecting a favorable product mix and continued strong price discipline. Operating expenses were 15.5 million, an increase of 21% year over year. The increase primarily reflected increased headcount, increased commission expense driven by our revenue growth, travel expenditures, and higher consulting expenditures due to spending on R&D initiatives to reduce product cost and improve efficiencies. These were partially offset by a reduction in the clinical trial costs due to the caption trial enrollment completion. Our net loss improved by 3% to approximately $7.7 million or 21 cents per common share compared with approximately $8 million or 26 cents per common share in the third quarter of 2025. Cash used in operating activities was $5 million. This was down 56% sequentially from $11.3 million in the second quarter of 2026 and down 48% from $9.6 million in the third quarter of last year. We ended September with approximately $33.3 million in cash. As of today, we have 36,626,844 common shares outstanding. Based on our results through September and our expectations for the remainder of the year, We are projecting our full 2026 revenue to be at least $25 million and gross margin to be 70% or higher. As we noted in today's press release, we expect existing cash and revenue from product and service sales to be sufficient to fund our operating and capital expenditure requirements for at least the next 12 months. While we have no immediate plans to raise capital, We will opportunistically evaluate both dilutive and non-dilutive financing opportunities that support our path to profitability while balancing our capital needs with shareholder dilution. Our capital allocation priorities are to support commercial execution, improve efficiencies, and strengthen the operating capabilities needed as the business grows. We will continue to assess those investments against our financial resources and our goal of building a profitable growth business. With that, I'll turn the call over to Rich.