Thank you, Amanda, and of course thank you DBS for hosting us today. Today, welcome everyone for joining us in person, and for those folks joining us online, thank you for taking the time.

We have management here with us today: our CEO Ravi, Chief Operating Officer Declan sure whether you can see them on the camera—CFO Eamonn, as well as our Chief Commercial Officer Fidelma, who is joining us from Ireland on camera. I think without further ado, let me pass the stage to Ravi.

As Amanda said, we will do the presentation followed by a Q&A. Ravi?

Yes, sir.

Thanks, everybody, for joining. I'll just stand up.

It's much easier for me to see everybody. Sound check: can everybody hear me okay?

Yes.

Everybody online can hear me okay?

No problem. Great.

Thank you. Thank you taking the time meeting with us, and thank you DBS for hosting.

For a lot of folks in this room who have seen us before, thanks for supporting us all this time. Let's focus on getting the presentation out, and then we'll leave a significant amount of time for FAQs so you can ask anything you feel is appropriate.

There are certain things obviously we can answer, and certain things we'll try to shy away from, and that's just the nature of the business we are in. From a glance perspective, 2025 was an incredible year for UltraGreen.

Just to give you some context, in 2015 when we started this company, we started barely I think $3 million or $4 million in revenues and almost breakeven at that time. We grew the business from 20,000 vials that year, which is equivalent to 20,000 surgeries, to cumulative now having 6 million surgeries enabled with literally no adverse reactions.

It shows you the strength of the company, the product we build, and more importantly, the adoption by surgeons who are really our customers. Then patient benefits translate into what we actually do.

From a perspective of timing, last year we did our IPO. I'm sure you must have heard about it.

If you didn't, December 3rd is when we went IPO, raised US$150 million, and post that we have about $176.1 million in the bank. From a financial perspective, and Eamonn, our CFO, will go through this in more gory details, but we actually grew revenues by 24% year-over-year, 13% volume growth, and then we obviously had a very good ASP increase also.

I believe in volume growth and ASP as the two conjunctive products because vial growth is what drives our business and that's our adoption, and then ASP tells you how strong our competitive landscape is where we can actually build pricing models which people will actually be able to pay. Just to remember, almost everything we do in our business, we enable surgeries which cost anything from $5,000 to $20,000, these are very small numbers as far as surgeries are concerned.

A $200 product approximately in the market saving a huge amount of money in surgeries and creating patient benefits is a very small number. Core net profit after tax, which is what we measure our company as, except for the exceptional items which Eamonn will touch on—year-to-year was $63.8 million, which is about 45%.

We guide between 45% and 50%, and that's the number there. One thing we always do as a company, we always look at our portfolio of products we have and what we need to acquire and what we optimize.

We've been building a software platform for a while called UltraLink, which is now called UltraGreen Data System. To test that platform, we used to use ultrasound image processing.

It was always a non-core asset to UltraGreen, but our strategy was we had to have data to prove our platform. We kept building the platform, and last year we actually used that asset and sold off the non-core part of it.

We actually were processing ultrasound images which are not core to our business, and we actually sold it. It shows you the value of data, that $23.7 million we actually sold it for was about 45 times EBITDA on our data platform, actually.

It kind of shows you the value of what we create in terms of data. Then the second thing we did, as we go forward, we are looking at perfusion analysis.

If you remember, our product is used for perfusion analysis and perfusion visualization. We actually acquired the remaining interest in a company called Perfusion Works.

This is the company where we have a lot of patents related to how many green molecules are going through your blood. That's important when surgeons make very precise decisions on where to do incisions and stapling.

We acquired that company, and the benefit of that is essentially that we have filed for approvals in CE in Europe, and once we get that approval in place, which is sometime this year, then we'll file for FDA approval in US. That is essentially the starting point of our data strategy, because that allows us to now start adding additional value to what we do today, which is just vial and data systems.

One of the important things from our business is regulatory approvals. Because it's a pharmaceutical and everything we do is regulated by individual health authorities like FDA, CE, HSA, and every country has their own, the biggest part of our business is to focus on making sure we have approvals in almost every country we operate, not just for the product, but also for the indications we go after.

VERDYE and IC-Flow imaging system has now increased its presence in the market. We added a few more countries and Declan will go through that.

We also got formal approvals for our camera system in multiple geographies also. That now allows us to use our camera system to enable the market.

One of the things we always focus on from our business, if you don't have the green powder, as I call it, we don't have a business. The idea was how do you constantly make sure that your supply chain remains in sync with what we need?

It's good to know that we have actually qualified a second API and we have product from that. Now we have dual sourcing.

If our primary supplier, which is currently in Organica in Germany, if there was any issues, our secondary supplier kicks in and it's already been approved as a product in our manufacturing database. Our manufacturing capacity now has gone from maybe 1.5x to 2 to 3x of what we need, and we turn it on and off based on when we need it.

Historically, the way the product works, you make the powder. It takes about 6 months to make 1 kg.

We have the capacity to make up to 200 now between two sources. That equates to close to 3.5 to 4 million vials' worth of product.

Our use is about 1.2. Once the product is done, then you lyophilize it, which is freeze-drying the product to increase shelf life, so that's about 5 years.

That process is now two sources for API and multiple sources for lyophilization, including a source we are working with in US now to eliminate any tariff issues if we might have. That's how we have built the company.

At a glance, that's where we are. We jump to the next slide, Fidelma, please?

I guide our team towards how do you grow the business in fluorescent-guided surgery, but almost everybody believes we are a vial manufacturer. That's not true.

We are actually a platform. Why that's important is as you go forward, more and more surgeries are going to be done with robotics, and the surgeons are going to lose the sight and the touch, robots are doing all the work.

Robots also need to visualize what they are working on. Our goal always has been to look at market segments where we can actually go in, take our product, attach it to our data platform, and provide better precision.

In terms of expanding the global outreach, you can see how much we have grown. We have gone from 35 countries of approval to 40 countries now.

Now, approvals are important in our business for two reasons. One is you can sell the product.

The second, which is more important, is a competitive moat. For anybody else to enter that market, they actually have to do exactly what we have done to get an approval.

A typical approval process can take from 2.5 years to 6 years. If someone enters a market today, it's a long way before they actually get approved.

Having approval in 40 countries gives us a leg up in those countries for at least 2 to 4 years before any competition shows up, and that's very important to recognize. Singapore, for example, is a classic example.

We filed for approval sometime last year. We hope to get it this year.

Once we get the approval, our only competition in Singapore, which is a Japanese company, will have to leave the market unless they do exactly what we have done and file for the new technical dossier with HSA to get approved. Most companies don't do it because it takes a long time and its business is too small for them.

Our business is 100% fluorescent-guided surgery, and that's all we do, whereas other companies do other things and this ends up becoming a very small business for them. Another thing we did was we got a new indication for breast sentinel lymph node in Germany.

Germany is a very large market for us, so that now has expanded our sentinel lymph node indication to 17 countries. That means we had to file for safety data, clinical data to showcase that we meet the guidelines for detecting sentinel lymph nodes in breast cancer, which is one of the unique things because it prevents lymphedema and it actually helps you manage lymphedema better.

We have expanded the use from intravenous, which is typically what you do in a surgical theatre, and moved it to also what we call subcutaneous, it can be done by just doing a regular injection. Why that's important is because you can go from an operation theatre to what we call in-clinical application.

You could do the same surgery or same procedure in a smaller clinic without actually having to have very expensive cameras and surgical theatres. The second thing we did was launch new and complementary products.

Perfusion Works software, which is now going through its paces in EU through CE is number one. The second one is we've got our IC-Flow imaging system approved in India, Turkey, Philippines, and one more country, Indonesia, right?

Indonesia. It's already approved in US and Europe.

Now that we have a camera approved in these geographies, we can start launching the dye and related applications in these markets. We continuously, as I pointed out, expanded the supply chain and diversified it, two API suppliers, three facilities are approved for lyophilization, fourth is in progress right now, and then our annual capacity has gone to about 2x.

The right side, which is what Fidelma will focus on, is one of the unique things about our business is when we become a standard of care, the market actually takes off really fast, because in United States, if you're part of a surgical guidebook and you don't use the product, you can actually be sued, actually. The society which standardize these things is called SAGES—S-A-G-E-S—and there are different societies: US is SAGES, UK is NICE, and then Europe is ESSO.

They have now given a recommendation that for the four indications which are our largest penetration today, which is gallbladder, colorectal, ophthalmology, and breast SLN, that the product we have, which is ICG, should be used in these surgeries. With that, you will start seeing adoption by hospitals for that product, actually.

The second thing we did was, which is we've mentioned this in the prospectus also, is one of the unique applications of our product is going to be in diabetic foot ulcers. We are starting a large clinical trial in Netherlands with the pioneers in diabetic foot ulcers, and you can see that as a second bullet point: FluOptic diabetic foot ulcer trial starting this year.

Another thing we have done is, if you remember, our product is always looking for people to write clinical publications. Once these publications have published, they get presented in different conferences and it increases adoption.

Great to say that we now have more than 20,000-plus reviewed clinical publications which talk about the green product. Why that's important is 90% or more than 90% of all fluorescent-guided surgery actually uses the green dye.

Because we are the market leaders in that, it helps us actually take the value from the clinical publications and move it to the market and increase adoption for us. And 780-plus active clinical trials, of which some of them have actually been done, I think lung cancer is almost done, but you'll constantly see these new trials coming online which are related to oncology, foot ulcers, tissue perfusion, and different tumor analysis which are actually being done using ICG.

It's important to recognize that a clinical trial might or might not result in a great product or a great outcome. However, most clinical trials tend to be very, very expensive.

Our advantage is ICG is considered an extremely safe product, we never have to do any toxicology analysis, and clinical trials typically tend to be 20 or 30 patients. We don't actually pay for these.

All these trials have been conducted by surgeons who believe ICG helps them do better surgeries, they do the trials, and if they find good data sets, we get to see it because in more than 75% of all clinical trials, our product is being used in the United States, actually. If you get a chance, go to this website called clinicaltrials.gov, search for ICG, and you'll see the number of trials going on with the product.

As these trials start and the data comes out, we can then use the data and publish it in forums, and that's how you increase adoption. As a company, our focus is: increase the platform's breadth by identifying new applications, but at the same time create adoption and penetration by increasing the knowledge base at the different forums and for surgeons to access it.

That said, let's go to the next slide. Sorry, Fidelma.

All right. I'll have Declan walk you through our global outreach and how we are expanding, and then we'll hand it off to Eamon and Fidelma.

All right. Good morning, everyone.

As Ravi touched on, a key part of what we focus on as a business and as a team is our global expansion and our global reach. We've been very deliberate in this as we aligned up the IPO in all our communication, you'll see this in our prospectus.

We only IPO'd in early December, as Ravi mentioned, and what we're delighted to say, we have five more countries now approved for ICG. You can see that with that we have in place, Saudi Arabia, Kuwait, Colombia, Philippines, and Jordan.

Some of them are very, very key markets. The key thing here is what Ravi said: the regulatory strategy is very, very important.

We've a very talented and experienced regulatory team globally within our business. It does protect, as part of our moat, it helps create the protection as we grow the business.

Once you're registered within that region, you close the door for any competition. We've a very, very strong technical dossier with our clinical data and our clinical package to support that.

It makes it costly, and it creates a lot of time for other potential entrants into the market. At minimum, most of these markets can take 2, 3 years to get approval.

What's important is our dossier has been well tested in all of the key areas. One part of our broad strategy is Asia, as we detailed the growth strategy across Asia, and we're going to continue very aggressively expanding our regulatory reach and our global reach, but Philippines is a key part to that and obviously a big market and a big opportunity to support that.

Doing extremely well on our ICG and our core ICG business. Also, our IC-Flow camera system, which is our own camera system, and again, that has a key area as we move further outside the clinic to maybe the main hospital, large, complex surgeries, stepped-down care, it's a very, very good camera system within that space, and now we've 45 countries approved for that.

What's really important there is that helps us to drive adoption, we're not dependent on other camera manufacturers. As you can see, ours still continue to increase their install base, but we're not at their pace.

We can also go and accelerate, and that allows us to enable new parts, new applications for ICG. Really pleased where we are, and we're going to continue that strategy and continue to push ahead with a global expansion perspective.

Maybe next slide, Fidelma. As Ravi touched on when he mentioned clinicaltrials.gov, I think what's one great thing for us as a team and as a business running this business is we have the highest-purity molecule on the market.

It's a very, very safe product. Our history, you can see from when Ravi mentioned when we started the business and there was only 20,000 doses to where we are today, to 1 million and continue to grow beyond that.

We enabled more than 6 million surgeries when we started the business. Very, very safe molecule.

What also helps, if we look at, and Ravi mentioned this, the publications. Look at the growth of publications.

In reality, if you look at, this is one of the most studied molecules that's there, and surgeons are willing to try it in all different applications. What this really helps us, it goes to show we're not just in one clinical segment or procedure.

ICG has so many applications across so many clinical segments, and oncology, as Ravi touched on, with breast SLN, that's continued to expand that. We're going to continue to leverage that, support that, and we help endorse a lot of that papers.

In the majority of cases, it's our ICG that is used within the clinical studies. That really shows the confidence in our technology and the value that brings in our technology.

Obviously the trials, there's the publications, but then there's clinical trials, and again, there's significant clinical trials ongoing. We are, as Ravi mentioned, doing some our own trials, and as we mentioned, diabetic foot ulcer is a key area we're looking for in Leiden, and I know we're going to talk about other areas in diabetic foot ulcer, but also there's other key segments.

We're going to continue to expand not alone just expand registration in countries, but also expand the label, expand the use of our product. Again, that's a key part of our growth area, and that opens up the bigger TAM and the bigger opportunity, and helps drive adoption for our growth for our business.

I think we are the leaders in the space. We have renowned KOLs, and this was evident as we went listing, in relation to network we have.

We continue to increase that KOL base, and that's at a global level, both in the US, in Europe, and in Asia here as well. What's great is, actually, I think KOLs want to be part of the journey and they want to talk about it because it is such an effective technology in their procedures, they want to be able to help and support more on that, and that really helps us give endorsement for ourselves and continue to build our base.

I think, as I mentioned, very, very proud of a really good regulatory group with team and expertise in the business. That's significant 4x growth since we started in 2019 for expansion, and we're going to keep that going.

We have a lot of other markets that we're going to continue to expand in. Hopefully it gives you a flavor.

We're definitely working on what we communicated in continue to build and drive the global business, expand the global business, expand the reach, and definitely expanding across Asia, as you can see, is a key part of our strategy.

Yeah. Maybe next slide.

Fidelma is in Ireland right now, and she's going to walk you through some of the real savings and the standard of care guidelines as they're coming along and what's going on in that part of the business. Go ahead, Fidelma, please.

Thank you, Ravi.

Thank you.

As both Declan and Ravi have spoken about, it's all really about procedures that we are focusing on. Across just four core procedures, if we want to look at those: laparoscopic cholecystectomy, for you and I that's gallbladder removal, colorectal resections, breast sentinel lymph node biopsies, and breast reconstruction, we address over 10 million procedures annually worldwide.

Collectively, the avoidable hospital cost burden across these procedures exceeds $4 billion per year. These are not just niche indications, they are routine, high-volume surgeries performed each day.

To put that into context, lap choles account for approximately 8 million procedures annually. Even with a relatively low bile duct injury rate of 0.5%, that roughly translates to 40,000 serious injuries per year.

That represents up to $2.4 billion in potential avoidable costs if you could reduce the bile duct injury. If we move on to colorectal resections, that's removal of the bowel either for cancer or for inflammatory disease such as ulcerative colitis, that represents about 1.2 million procedures annually.

The feared complication of colon surgery is anastomotic leaks. Contemporary data shows ICG prevents one major leak for roughly every 22 patients treated, equating to approximately $1.4 billion in avoidable hospital costs globally.

If I move on to breast cancer, breast sentinel lymph node biopsy, which is used for staging cancer, and breast reconstruction following mastectomy, both demonstrate per-case savings of approximately $500, scaling to hundreds of millions in systemwide savings when applied in annual volumes. What is changing is simple: fluorescence guidance is moving into standard workflows.

Major surgical societies that Ravi mentioned—SAGES, which is the US society, European societies, EAES, ESSO, and ESGO—now support or recommend using ICG to their members. When guidelines shift, adoption moves from optional to expected.

This is no longer just about better visualization. It is about using ICG to prevent high-cost complications in large, recurring procedural markets.

For us, that means evidence-based, economically driven adoption and structural penetration as fluorescence becomes standard of care. For us, it's all about clinical engagement, and this is what I do every day.

I talk to surgeons, I talk to communities. In 2025, we strengthened our VERDYE IC-Green visibility across the EMEA and the US through a structured engagement model.

We participated in 17 major international conferences, including the annual meetings of ESSO, EAES, the American College of Surgeons, and ISFGS, which is the society dedicated to fluorescence-guided surgery. We ensured that fluorescence-guided surgery was embedded within the main scientific programs and presented by respected surgeons.

Surgeons adopt and surgeons present the data. Also, when we enter a new market and secure regulatory approval, as Ravi referenced, we activate a structured program that includes KOL identification and development, local surgical symposia and education events, scientific presentations within national societies, distributor training, and brand and clinical knowledge expansion within the surgical community.

A case in point: when we received approval in Switzerland about a year and a half ago, we turned on these activities, and within a year we saw our sales doubling. We also delivered ESSO peer-to-peer webinars with over 400 participants, distributor-led education programs, and hands-on surgical training across breast, HPB, general surgery, and emerging markets such as veterinary applications.

Ravi mentioned about guideline society momentum. Importantly, this engagement aligns with our surgical consensus.

SAGES, which is the Society of American Gastrointestinal and Endoscopic Surgeons, last year issued recommendation in favor of fluorescence-guided surgery with ICG for detection of non-regional metastases, intraoperative identification of primary cancers, lymph node identification, and assessment of anastomosis in colorectal surgery. As well as them, the EAES, which is the European equivalent, has strongly recommended ICG use in laparoscopic cholecystectomy, that's gallbladder removal, perfusion assessment in colorectal surgery, and sentinel lymph node detection in gynecological malignancies.

The large and expanding evidence has allowed these bodies to formally recommend ICG for improved anatomical definition and also reducing post-operative complications, which I mentioned earlier. These society recommendations are important because it's not just us saying that ICG is safer, better; it is key surgical societies and the peers.

In 2026, we will focus further on webinars and workshops, speaking slots at major scientific conferences, peer-to-peer education, and distributor-led training as well. Not only are we I suppose working with all these surgeons, but also we are building out broader applications and broader use.

Historically, surgical technologies diffuse outward from tertiary academic centers and they become embedded in routine practice. Fluorescence imaging has now reached sufficient maturity to scale beyond specialist hospitals into decentralized care settings, including ambulatory surgical centers and advanced clinics.

This evolution in site of care is precisely where IC-Flow, our camera, is positioned. Globally, surgical volumes are shifting from large tertiary centers to ambulatory and day-case environments.

In the US, approximately 80% of surgeries are performed in outpatient settings, meaning that more procedures are actually done in ambulatory surgical centers than there are in hospitals. Many high-volume procedures where there are ICG-relevant, including laparoscopic cholecystectomy and breast surgery, are increasingly done in day cases.

Recent UK and US data suggests that at least 60% of gallbladder removals are performed as same-day procedures. Similar decentralization trends are evident across India and parts of Asia Pacific, where surgical capacity is expanded too through a distributed low-cost facility rather than centralized tertiary centers.

Our IC-Flow aligns directly with this shift. It is designed for deployment across hospitals, ASCs, and clinic environments.

It's portable and suited for day-case workflows. It's optimized for cost-sensitive, distributed healthcare markets.

As you see here, it is recently approved in such markets as India, Turkey, and Malaysia. What I'm saying here is this is not just procedural growth, it is also site of care expansion.

Thanks, Fidelma. Let me just quickly recap.

Maybe, Fidelma, you can recap this slide and then we'll go straight to financial stuff the next slide.

Sure. Right then.

Perfect.

Just on this, why is adoption accelerating then? We see four key reinforcing drivers.

There's evidence, guidelines, outcomes, and scalability. The evidence, as we mentioned, there's 20,000 peer-reviewed publications, over 1,500 last year alone.

The guidelines that I talked, these are society endorsements moving from early adopters to mainstream practice. The outcomes, as I mentioned, clear improvements in high-impact procedures.

Also then scalability. As Ravi said, robotics is huge.

It's becoming so much more important for surgeons, and the amount of install base has doubled over the last few years. Beyond robotics, near-infrared imaging is integrated across major visualization platforms.

There's now an estimated 15 laparoscopic OR tower systems that are integrated using near-infrared and using ICG. Laparoscopy is now entrenched into surgeries: over 13 million procedures annually are done laparoscopically.

The infrastructure now is already in place. Fluorescence-guided surgery is not just early-stage adoption anymore.

It is transitioning into routine surgical practice supported by evidence, endorsed by societies, enabled by installed infrastructure, and driven by economics.

Thanks, Fidelma. Let's go to the financial overview, and for that we have Eamon, our CFO, on-site.

He'll walk you through everything.

Thanks, Ravi. Morning, everyone.

Thank you for joining. 2025 was a milestone year for the group.

I think everyone will agree that aligned with the IPO listing and then two other strategic merger and acquisition activities, we grew the business by 24% revenue to 142 million. That's primarily as a result, as Ravi mentioned earlier, of a 13% growth in the volume of vials shipped and also a 17% increase in the ASP.

Our gross margin remained steady at 85%. How we manage the business from an earnings and profitability perspective is excluding all the exceptional items and looking at the core business, which is our operating profit and our adjusted EBITDA.

Both of those were up 26% and 27% respectively, demonstrating a very strong financial performance. Our net profit after tax before exceptional items was plus 14% at 64 million.

Some of our exceptional items that we noted within the financial statements that totals to a gain of almost 12 million were the divestment of the non-core section of the UltraLink business, which yielded a gain of almost 24 million, an 8.5 million tax provision, and some other impairment charges, loss on disposal of non-core intangible assets, and other one-off non-recurring items of 3.4%. In summary, it's a really positive performance.

I think from my perspective, the key thing from a credibility and shareholder perspective was that we said and we performed financially what we said we were going to do as part of the IPO process. The fully diluted, then, EPS post-IPO is $0.07 per share.

The next slide is an overview of our revenue in 2025. As I mentioned, it increased 24% on the prior year.

Our US market up 24%, and our non-US market up 41%. As I mentioned, vials is a key contributor to that and it's a key variable in driving our P&L.

We grew the business from a vial perspective 13% to almost 990,000 vials. Our ASP increased by 17% in the 2024, and as most people in the room will know, we effected a price increase in the US market in Q3, and that contributed significantly to the growth in revenue across the group.

The data platform contributed almost 5 million in 2025, and part of that, the significant portion of that, was regarding the UltraLink divestment. The two graphs beneath, I think the key takeaway from those is that our revenue since 2022 has grown at a CAGR of almost 43%.

On the right-hand side, the number of vials that we have shipped has grown 12% year-on-year since 2022. The next slide, I won't spend too long on, it's just a quick overview.

For me, the key takeaway from this slide is that the number of vials that we sell is the key contributor to the profitability of this company. It's the driver of our gross margin and our EBITDA margins, and it flows down almost systematically.

We grew our gross margin by 25% to 121 million, which is aligned with our revenue growth. Our adjusted EBITDA grew by 26% to 89 million, again which is broadly in line with how we grew revenue.

Both very healthy margins and both are in line with what we had forecasted as part of the IPO process. From a balance sheet perspective, we had a very healthy net cash position obviously of 176, obviously following the listing on December 3rd.

Our total equity strengthened from a negative 26 million to a positive 311 million, and there were key three contributors to that: the IPO proceeds, and we had a debt-to-equity conversion of 143 million pre-IPO as part of the restructuring for the IPO, and then obviously the contribution of the net profit of 76 million to the group. We believe that this is a very healthy balance sheet position, give the group the financial flexibility to fund organic growth and also pursue disciplined M&A activities in 2026 and beyond.

2026, Ravi, you want to?

Sure. Yeah.

For 2026, we are forecasting revenues in the range of 170 to 190, and that translates into growth of about 19% to 33% year-on-year. How we get to this point is basically our underlying business is growing, so that includes elements from the data platform, the vial sales, and all the software elements we've put in place.

Most importantly is the penetration in the existing core four segments, which is lap chole, colorectal surgery, breast cancer, as well as ophthalmics, and some few emerging procedures. We expect continued operational and financial growth.

We are very focused on always being a profitable business. Eamonn's task is to make sure we accelerate, show profitability constantly, and even though we invest in certain market segments, we front-load them to make sure that we continuously grow the business in the markets we are establishing.

We have actually added a few people in our software team at UltraGreen Data Systems, which will actually start advancing our camera systems as well as our software technology. The key message here, if there was a takeaway, we are now building what we call a very unique fluorescent-guided ecosystem.

This ecosystem contains the enabler, which is the dye, cloud platform which encompasses the camera, and then a lot of software we develop which helps surgeons make precision decisions, and even for robotics. That's really what we're building.

We are an ecosystem which contains these three elements, and our whole strategy is increasing all of them together. I'll cap it at that, and then maybe take any questions.

Okay.

Thank you,

Ravi. Thank you.