Medical Facilities Corporation

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Good morning, everyone. Welcome to Medical Facilities Corporation's 2025 fourth quarter and year-end results earning call. After management's remarks, this call will include a question and answer session when qualified equity analysts may ask questions. Before turning the call over to management, listeners are reminded that today's call may contain forward-looking statements within the meaning of the safe harbor provisions of Canadian provincial securities laws. Forward-looking statements involve risks and uncertainties, and a due reliance should not be placed on such statements. Certain material, factors, or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. For additional information, please consult the MD&A for this quarter. the risk factors section of the annual information form and medical facilities, other filings with Canadian securities regulators. Medical facilities does not undertake to update any forward-looking statements except as required by law. Such statements speak only as of the date made. I would now like to turn the meeting over to Mr. Jason Redman, President and CEO of Medical Facilities. Please go ahead, Mr. Redman.

Good morning, everyone, and thank you for joining us. On the call with me is our Chief Financial Officer, David Watson. Earlier this morning, we reported our Q4 on year-end results. Our news release, financial statements, and MD&A are available on our website and have been filed on CDR+. Before we begin, I'd like to point out that the income statement variances David and I will be discussing this morning include the results from Oklahoma Spine Hospital and the Surgery Center of Newport Coast. but exclude government stimulus income, goodwill impairment, and non-controllable non-cash corporate-level charges related to share-based compensation plans. As usual, all dollar amounts are in U.S. dollars, unless otherwise specified. We closed out 2025 with a strong fourth quarter, resulting in growth in facility service revenue, income from operations, and adjusted EBITDA, both for the quarter and for the full year. For the year, our top line grew 3.2% to $342.2 million, including growth of 6.9% in the fourth quarter. Income from operations was up 6.1% to $58 million, including a 20.1% increase in Q4, while adjusted EBITDA increased 3.1% to $73.7 million, with 12% growth in the quarter. In addition to strong case volumes and favorable case and payer mixes, these results reflect disciplined execution and continued focus on operational efficiency. 2025 was also a year of meaningful shareholder returns. Following the sale of Black Hills Surgical Hospital in November of 2024, we completed a substantial issuer bid in March of 2025. That, combined with our ongoing normal course issuer bid, saw us return $61.8 million to shareholders to the repurchase of more than 5.1 million shares, reducing our share count by approximately 22% in the year. At the end of the year, we completed the sale of the Surgery Center of Newport Coast, receiving $1.5 million in cash proceeds for our 51% ownership interest. In parallel, negotiations were well underway to the sale of Oklahoma Spine Hospital, which subsequently closed on January 30, 2026. We received $46 million in cash proceeds for a 64% ownership interest. At year end, we held a corporate cash balance of $34.2 million, which included $1.5 million in proceeds from the sale of the surgery center of Newport Coast. The subsequent sale of Oklahoma Spine Hospital added a further $46 million to our corporate cash balance. In order to return capital to shareholders, in the most tax-efficient manner, we continue to explore the repurchase of shares under a normal course issuer bid, making a substantial issuer bid, and or making a special distribution to shareholders. Before turning the call over to David, I want to give a special shout-out to the team at Sioux Falls Specialty Hospital, as the hospital was recently named a Blue Distinction Center Plus for knee and hip replacement by Wellmark Blue Cross and Blue Shield, recognizing its superior outcomes, strong patient safety performance, and cost-efficient care. With that, I'll turn the call over to David to review our financial results in more detail. David?