Good afternoon, everyone, and welcome to today's Vitasora Health Investor webinar. I'm David Tasker from Chapter One Advisors, and joining me is Marjan Mikel, Vitasora's CEO and Managing Director. Today, we'll look at the company's September quarter and what it tells us about progress in its U.S. connected care business. The focus is on the changes to the operating model, the evidence of improved productivity, and how Vitasora plans to translate that progress into sustained revenue growth. Please submit your questions through the Q&A function as we go, and I will put them to Marjan at the end of today's presentation. Marjan, over to you. Thank you very much, David, and thank you everyone for joining us today. It's a really exciting time for the organization, and it's a pleasure to speak to all of you and share the work that the team's been doing. Quite simply put, we have built a model. We know it works. Now our sole purpose is to scale that model. This is no longer a story about Vitasora, what it might become. The operating model, as I said, management has built it. vCare, the investments we made in our platform, is doing exactly what we designed it to do. The new management team is introducing disciplines around executional excellence, and our patients are engaging with our model. The numbers you'll see through the rest of this presentation prove that the model's working. The patients are there, the revenue opportunity is there. Now all we need is to build our productive capacity. The job's pretty simple from here. We're adding care coordinators, they're our team that engages with patients, and putting more patients through the model, and growing the revenues per patient based on our abilities to be able to engage with those patients. To make it very clear, we're not building anymore. We're scaling a model that we know works. Quite simply put, the patients that we have are coming from our existing satisfied patient, our clients. Everyone we're enrolling at the moment, every patient is from existing clients, as we said they would come from. We've got a very rich pipeline, which I'll talk about in a moment, but the patients are already there. We know the model is working, and management is using the model to improve executional excellence and get our utilization rates. That is getting people that are delivering minutes of care to patients at 100% utilization. Growth is purely going to be based now on adding more productive capacity with our care coordinators. We currently have 32 productive care coordinators, 39 employed in total. We'll need about 48 in the next quarter to hit numbers beyond break even, and our target is 115 to hit the capacity that we need to hit to manage the forecast of new patients that are coming on board. That's what we'll need to do to basically meet the demand that we have, and we're in the place now to be able to put on those additional people. Really importantly, we had focused on delivering two reimbursement codes per patient. We've blown that out of the water and are now well on our way to 2.5. That means more revenue per patient. The vCare platform is doing exactly what we wanted it to do. We are working on being able to integrate more efficiently with our clients' EMRs, electronic medical record systems. Being able to work within our platform provides our staff with the flexibility of being able to deal with any patient from any client at any time for any length of period, which is a capacity we never had with our old systems. We know that what we do delivers clinical benefits to the patients, and it is one of the reasons our satisfied clients are giving us more patients to work with and why we are getting such a strong response from potential new clients, which we hope to be announcing over the next few weeks. As I said, the model is built, it is delivering. The exit rate for our fee-for-service business, which will be driving our task towards cash flow break even, is working very well. The exit in September saw us do fee-for-service at about $380,000. The quarter in real terms will end up at about $1.03 million. That is up about 24% on the June quarter. Very importantly, the daily average billing rates have increased significantly over the last quarter. The exit out of the last week of September was delivering about $17,500 a day in revenues, with highs approaching $19,000. The model is working. We have 32 productive care coordinators right now. As I said, utilization rates are above 90%. Management is managing this process really well. Our charter is now to grow that as quickly as we possibly can. As I said, we have already got 39 employed. Another six start training next week. Enrollment. We are hitting record enrollment numbers. In the month of September, we hit almost 800 enrollments. Remember, enrollments from existing clients. Utilization rates up 90%. Total billable minutes in the month of September were just shy of 340,000 units. That is 44% up on the June quarter. Revenues in financial year 2026 were at about AUD 4.3 million. We will significantly increase that number in this financial year, very significantly. So execution, as I said, now is real simple. We need to scale our productive capacity, and that means more people. Every care coordinator we put on board, when they are at full capacity, is doing about $600 a day. Our best performers are delivering over 800. So every headcount delivers that much more revenue every single day. Our engagement model is very successful. Our patients want to speak to us, so we are delivering more time. More time leads to more reimbursement codes. More reimbursement codes for our clients leads to more revenues per patient for us. We know that we are growing that, and we know we are good at doing it. Finally, we know that vCare is delivering on what it is we built it for. So the more patients we pull through that process and into that system, the more productive our people will become and the better results we will get. So very clearly, we are not building anything new anymore. We are leveraging the assets that we have created in systems, people, and management. Just to give you an example of where we are at. So with the 32, 33 care coordinators that we currently have, we exited September at about $17,500 in billings per day. We currently have 39 care coordinators employed, six commencing training next week. Training takes about four days. With that, and at 95% capacity, we will be delivering about AUD 23,500 a day. The numbers that we put to the market earlier this year to hit our break-even numbers as a part of the total revenue number were AUD 23,000. We anticipate breaking those numbers this month, the month of October. With 48 care coordinators planned for later in 2020, quarter four, we will be approaching about AUD 30,000 in revenues per day. This is fee-for-service revenues, not our call centers or anything like that. Purely our strategic numbers and strategic business. The ask is not great here. As I said, we have spent the last year building what it is we need to be to be very successful. Our job now is to get people into our company to deliver the care that we need to deliver to the patients we already have from our existing clients. As you can see, the model is working. We had a record September quarter at around just over $1 million in revenues, that is U.S. dollars, and that is up about 38% on the June quarter. If we look at the exit for September, the last month, the numbers that we exited the quarter with, and extrapolate those numbers, the September quarter would have been roughly $1.3 million. That is what we are starting the October, November, December quarter with. It is an exciting time. The numbers are telling us that what we are doing is working. We have got the patients that we need to scale the business. Now we need to put people in place to make sure that we deliver the numbers that we need to deliver to the patients that need our services. Remembering, these are existing, satisfied clients. I have not even started talking about the additional patients that we will be getting from new clients. Very exciting time for all of us. If we start looking at some of the parameters that are driving some of our KPIs, which the management team monitors religiously every day. As I said, in September, we had about 32, 33 productive care coordinators delivering the numbers that you just saw. At 95% utilization, each one of those care coordinators will deliver circa $560 a day. We have got 39 currently employed. We need to get to 48, and as you can see, in quarter one next year, I need to put in place 115 care coordinators to be able to deliver the volume of business that we need to deliver for the patients we anticipate having on our books from new and existing clients. Fundamentally, every care coordinator, every CC we put on board, results in about $600 of additional revenue capacity. We are delivering more billable minutes every single day. You can see vCare is doing exactly what we built it to do. It is driving us towards a more productive care model with the people that we have got. We have gone from just under 3,000 minutes a day in care coordination to over 8,000 on average. It is important to note, that is the average for September. There was a significant kick-up in the volume of care minutes that we were delivering at the end of September. Last week was about 10,500. Peak days, 11,000. We know the model is working. Really, as I said, we have the people, management, the systems, that are driving the results right now. Our job now is to make sure that we get the people on board, as I said previously, to deliver on a model that we know is working. Revenue per day. As I said, we're up almost 2.5 times where we were a year ago. You'll note over here, this is the launch of vCare. You can see that our revenue numbers for the month of September were at about just shy of AUD 14,000 a day. The exit was at about AUD 17,500 a day, with numbers in early October hitting AUD 20,000 a day. One swallow doesn't make a summer, but all indications are that our numbers continue to head in the right direction. October has started with a bang. September ended with a bang. Our job is to get more people that can deliver quality services to our patients into the organization, and we're having absolutely no problems finding those people with the new HR department that we've got in place and the systems that we've got for enrollment. Remember, this is all about adding more CCs into a model that is already working, and you can see, vCare launch, the impact it's had on daily billings, driven by daily engagement with patients. We modeled when we were doing our forecasting that we'd be at about two CPT codes this month in October. We've blown through. Our patient engagement model is so successful that in September, we're already at about 2.15. That's significantly a bit higher than we thought we'd be, and that's purely being driven by the quality of people and management that we have in place at the moment. Our motivational interviewing, which engages patients in a way that wants them to talk to us, is working, as is our patient activation models. Our clients are particularly impressed with the work that we're doing with their patients. Our goal is to get that number to three CPT codes by early next year, and we're very confident that we're going to be able to do that, particularly with the launch of more dual enrolled patients into both chronic care management, CCM, and also remote patient monitoring. Remembering every CPT code we deliver is more revenue. Every 20 minutes is more revenue. Every data code is more revenue. We're getting very good at being able to do that. As I said, the new system has allowed our care coordinators to be a lot more productive, a lot more flexible, and management and training has taken their skill set in engaging patients to another level, which is really another form of our own competitive advantage compared to our competitors. There aren't too many competitors who deliver this level of engagement with their patients. We're at record levels of enrollment, just shy of 800 in September. Again, I stress, these are patients that we are enrolling from lists of patients that have been given to us by satisfied existing clients. Not new clients, existing clients. We still haven't worked through all those. We're looking at what we can do to expedite that whole process, but we can't lose the quality of engagement. We will be adding new clients to our lists, and I'll be in a position to discuss those, I hope, in the next couple of weeks. There is no shortage of patients right now to deliver the numbers that we need to deliver to hit operational break even. So if you look at the month and take the month of September, we're almost at 2,400 enrollments using September as our baseline on a quarterly basis. That is a record by a long way. Our new management and vCare, our new system, have lifted utilization. Our new management team have introduced executional disciplines that have now taken our utilization rates, that's hitting our expectation of billable minutes per day, from about 50% to almost 100%. We are routinely well above 90% with utilization. So every person we've got still working the same amount of time, but delivering far more productively because they're engaging with the patients far better than they have been in the past. This gives me and the management team great confidence in building the team that we are and as quickly as we are. We've got the skill set, we've got the management, we've got the system. And we've got patients that'll need our care coordinators' expertise to engage with. It's a very, very exciting time for us. Really importantly, I've spoken a lot about our operational capabilities and how we're utilizing that to drive our abilities and scale with the patients we've got. But to be very honest with you, unless we are delivering clinical outcomes for the patients we're engaging with, all of this would be for naught. I would not have the problem of scaling because no one would use our services. We know that we make a difference. We don't just collect data. We just don't make phone calls. We act on it. These are real data just recently. This is looking at those patients with high blood pressure that we look after for one of our significant clients. We managed to reduce blood pressure in those patients that we engage with by 8.5 mm of mercury. Now, to put that into perspective, when you take a pharmaceutical to drop blood pressure, you drop it by 8.5, it's doing a fantastic job. Our team is dropping that without any additional pharmaceutical intervention, purely on the back of engaging with patient, making sure that they do what it is they're supposed to do, and making sure they make the right decisions. It happens quickly, and it's sustained, and it keeps falling. We know that what we do is valuable. Our clients know that it's valuable. Patients appreciate its value. To give you an example, that 8.5 mm of mercury reduction reduces stroke risk by a quarter, reduces major heart events by almost 20%, saves the public and private purses up to AUD 1,200 a year. And basically, on the modeling, this is not what I think, the modeling that's been put out there, for every dollar that they spend on our services, the healthcare systems will save somewhere between $3 and $8. This is a very powerful message that we use with our new clients, and also existing clients, to demonstrate the value of what it is we do and why it is that they are giving us more patients right now. A very timely moment to just reflect on the numbers I spoke about before. This slide are driven fundamentally by the value our people deliver to patients. Really, in closing, we have built it. It works. We need more people, and we are getting those people. They want to work for us. We have the model. We are scaling towards sustained operational break even, as we said we would. There are five things that we are really looking to do extremely well moving forward. We need more people. We are getting those people. They are being managed well. Our goal, it is not a goal, in fact, we are hitting 95% utilization on a regular basis. We want to make that the norm. In fact, we want to make 100% the norm. We are enrolling from existing clients, and there are still thousands of patients that we need to get through. We know our engagement is excellent, and we know that people want to speak to us, which means we get greater engagement, more minutes, more CPT codes, more revenue. Really importantly, you saw from the last slide, better health outcomes. UPEC, our call center service, there is a gap in revenues there. We have got a couple of options that we are looking at with some new clients that we are confident will fill that hole in revenues over the next couple of months. Please remember our fee-for-service, chronic care management, and remote patient monitoring are the strategic business units that will be driving us towards cash flow and operational break even. We have got everything we need. The numbers are being driven by a model that we know works. We are getting more quality people on board to live and breathe the model that we know works. We have the patients, and we are very, very confident of hitting those operational break even targets that we set ourselves earlier in the year in the very, very near future. October, November, we will be very close to doing what it is we need to do to hit that operational break even. With that, I really thank you for giving me your time today, and I will hand over to David. Thanks, Marjan. Great presentation. Clearly, a lot has been achieved in the last quarter, but even in the last four to six weeks, some big milestones hit. I would like to start with what has changed inside the business, then work through what the September performance means and what investors should watch next. As you mentioned, you have made significant changes to the management team and operating model. What has changed in the business, and what evidence do you now have that it is working? Yeah. Thanks for that, mate. I think, look, the people that we've got on board are veterans and experts in this space. The management team that we currently have at Vitasora have a pedigree to drive performance, a pedigree to drive the discipline necessary for executional excellence. On the back of the investments we also made in our vCare platform. The vCare platform allowed us the capacity to bring all of our different connected care services under one umbrella. As I said, the big difference is it allows our staff to work in our system and not in our client systems, which means we get greater flexibility, greater utilization. You saw the numbers, 95% utilization rates. Daily billing numbers are up. That's all based on the fact that we've got people who know what they're doing, are excellently trained, with a system now that works better than anything we've had in the past, and allows our people, any care coordinator to talk to any patient for any client at any time in any place, which is something we've never had in the past. It's given us greater transparency around the sorts of things and KPIs that I showed you today. We see these things in real time every single day. That's a big plus for us, David. Being able to monitor exactly what's happening and take remedial action if necessary quickly. For investors who are less familiar with vCare, what does it allow your team to do differently, and how does that translate into more productive care and revenue? Great question. vCare is our electronic medical record system. As far as we know it, we're the only organization in the business that we operate in that has its own EMR, electronic medical record system, which means we don't have to, with new clients, work in their systems, in their EMRs. What that typically means, because of the privacy acts and data security, HIPAA, and I won't go into the acronyms, but there's a lot of them, right? For us to work the old way, one of our staff would need a license to our client's EMR, and the only person who could use that license was that person. Straight away you can see the capacity constraints. With vCare, our staff work in our system. Our system talks to our client's system, which means that any one of our staff can talk to any patient from any client at any time if we choose to do it that way. That gives us greater flexibility, which is translating into those superior utilization rates. We've got utilization rates that went from 50% to 95% on the back of a better system, which is vCare. That's what an EMR does. As I said, we don't believe anybody else in our business or our marketplace has the same capabilities in that space. There's a question here about understanding September quarter exit rate a little bit more. What does the September exit rate tell us about the revenue capacity already sitting inside the business? We're going to hit the road running in October. Let's look at the end of September. We were going to hit the road running in October at about $18,000 a day in revenues. That's with existing number of CCs, care coordinators. I can tell you already we're well over $20,000 a day, and I know it's early in the month, but we're doing really, really well. The exit rate basically tells us that the end of September's performance. All of September was better than the rest of the year, but the end of September was even better than the whole month, which means we are scaling the business, getting better at what it is we're doing, and delivering more care minutes per day, per care coordinator, per patient, and that's translating into more dollars and cents. Question here on the conversion of recruitment into revenue. You've outlined plans to expand the care coordinator team. How quickly can a new recruit become productive, and what are the main challenges in adding capacity while maintaining care quality? That's another very good question. That doesn't keep me awake at night, but that is the fundamental issue that we're going to need to make sure that we get executional excellence around. Every new care coordinator is going to add about $600 in revenues per day, U.S. Our best performers, over $800. Training for our people takes, initial training, now these people keep getting ongoing development, of course, but initial training takes four days. From getting our client, we got an intake of six people starting on Monday this week, and those people will be completely trained, spend a bit of time with an experienced person by the end of next week, and will commence working with patients on Monday. So one week, they start their journey. Getting to capacity, well, that's another kettle of fish. What we're seeing at the moment, David, is that it's taking about two weeks for people to get to about 95% capacity when it comes to utilization. I can't tell you hand on heart if that's the norm or it's just that we've got some sensational people that we've employed, but we've put on board about 15 new people. Needless to say that there is a churn in the organization because the low performers get weeded out. We can't afford to have those on staff, and we certainly can't afford to have those people talking to patients. So that was a really long-winded way of saying five days to get trained, and at the moment, it's about two weeks to get to pretty close to where we want them to be when it comes to delivering against those 360 billable minutes every day. A billable minute is a minute that qualifies for a CPT reimbursement code. If the model's working, where does the next stage of growth come from, and what should investors expect to see next? The next stage of growth is basically people. We're going to put on another 6 staff. Those 6 staff will deliver another AUD 4,000 a day in revenues. The week after, there's another four. The week after that, another four. We've got a series of new patient lists coming from our existing clients in the next week. We've just received a couple from existing clients as well. They've seen the numbers that I showed you today, the outcomes. Those patients are coming. We're currently engaged in very advanced discussions with new clients. We're talking tens of thousands of new Medicare patients from those engagements and those new contracts. Watch this space. We will be getting new business, but to be clear, the new business isn't to get us to operational breakeven. It's not. The new business is to take us to the numbers that we hope to be hitting in the middle of next year, when we're well beyond the operational breakeven numbers. Please watch this space. There'll be new clients coming. We'll make sure that people know how well we're performing when it comes to our status quo business model. There's nothing particularly sexy about what we're doing anymore, David. It's about the rubber hitting the road. You distinguished operational breakeven in the U.S. business from group cash flow breakeven. Can you explain the difference, including the call center contract shortfall, and what still needs to happen to reach each? Well, operational breakeven is what it costs us to run the U.S. business, and none of the overhead here in Australia. We need to hit about AUD 650,000 a month. That's USD a month. It's probably a little less now, but it's around that number to be completely cash flow breakeven on a monthly basis. That's across the entire organization. At the moment, our fee-for-service or strategic business line is doing everything that we expect it to do. The call center or UPEC, Universal Patient Engagement Center, those revenues have fallen behind where we wanted them to be, and that's on the back of one of the contracts that we're pursuing, taking a little longer to bring to closure. Now, you don't have a deal until you've got a deal, but we're fairly confident of being able to bring that to fruition over the next month or so, which will close that gap as well. But I just want to make sure that everyone understands, and David, it's really important that the core business, remote patient monitoring and chronic care management, are the business lines that are going to set us aside and get us to the numbers that we need to hit. So AUD 650,000 is the number, and that's with a bit of fat in it as well. And we're currently running at about $450,000 a month exit rate. And that was the exit rate. Now, the early indications in October are very positive at this moment in time. But as I said, we're a couple of days in, so I will hope to see those numbers continue to grow on the back of new people as well. Now in closing, over the next three to six months, which two or three measures should investors watch to judge whether the strategy is delivering, and what is the biggest execution risk you still need to manage? The number. The number I know a number of shareholders are really looking towards, right? The first number is 23,000. That's the number of billing dollars that we generate on a daily basis. Working day, that is, right? Typically, there's somewhere between 20 and 22 days. That's the number that we said we'd achieve, and we will be announcing those numbers on a regular basis. Our goal, of course, as you saw from the presentation, is to get close to $30,000 a day in the next couple of months on the back of a model that works that the additional people we're putting on board. That's one of the numbers, the number of billable minutes that result in dollars and cents on a daily basis. Number two, the only way we're going to hit our numbers is not the risk is not the system. The risk is not management. That's not fair. The risk isn't management of the operations. The risk is not patient numbers. The risk is getting the right people and hitting that 115 CCMs, care coordinators, that we need. That's basically the number that we need to hit the forecast revenues. They're not forecasts. Our internal guides for the middle of next year. Each one of those people at capacity generates about $600. We need 115 of them to hit the numbers that we hope to hit. Those two things, really, David, are the things that shareholders should be looking at and investors should be diligently pursuing. I'll certainly make sure that we get those numbers out to people as well. Marjan, thanks for taking us through the update, answering all the questions. Thanks to everyone who's joined today. We look forward to following Vitasora's progress as it adds productive capacity and works towards sustained revenue growth and breakeven. Thanks for your time, and we'll see you all again soon. Thanks, David.