Thank you. Good morning, everyone.

I'm joined today by Mark Bentler, our Chief Financial Officer. We appreciate you joining us.

I'm pleased to report that fiscal '26 closed with records across the board: record Q4 revenue of $50 million, record Q4 adjusted EBITDA of $6.7 million, and record full-year revenue of $193 million. SaaS grew 20% for the year, and adjusted EBITDA reached 10%, ahead of our guidance range.

These results reflect the continued strength of our Elite platform and our healthcare solutions, which remain the core of our business and the primary driver of SaaS ARR growth. Before Mark covers the financials, I want to share some of the highlights from the year.

In Q4, we added two significant new customers: Memorial Hermann Health System, an $8.3 billion patient revenue health system and one of the largest not-for-profit systems in Texas, selected Tecsys to power supply chain operations across their network; and Shepherd Center, one of the country's leading specialty hospitals for spinal cord and brain injury rehab, represents our first win in the rehab space. These wins cap a year that also brought in Memorial Sloan Kettering, UT Southwestern, and major names in life sciences and global distribution.

New logo bookings were up 33% year-over-year, reflecting both the breadth of demand and the quality of our pipeline. The regulatory tailwinds we described in Q3, DSCSA enforcement, 340B scrutiny, are driving increasing urgency around modernization, and we expect this to translate into accelerating investment as deal cycles mature.

As AI evaluation matures, we believe buyers are gravitating towards domain-specific partners over general-purpose platforms, precisely where Tecsys is positioned. Our intelligence engine, Tecsys IQ, became commercially available in our Q3, and in Q4, we released Tecsys IQ Image Capture, automating a time-sensitive, labor-intensive step in supply chain receiving workflows.

We are on track to continue to release additional agents in fiscal '27, with initial focus areas in point-of-use operations, pharmacy workflows, and administrative processes. Tecsys IQ is built to draw on healthcare-specific sources, such as the AccessGUDID database, FDA, and then combine that with our own real-time digital supply chain data, a data foundation that a horizontal vendor simply cannot replicate quickly.

It is one of the reasons the intelligence we deliver is operationally meaningful rather than just directionally interesting. Across fiscal '26, our team completed more than 30 customer go-lives, spanning health systems, distributors, and pharmaceutical operations across North America and Europe.

These completions matter because they are proof of execution. Live customers running critical supply chain operations on Tecsys don't evaluate alternatives; they expand.

By way of example, in Q4, we completed a WMS go-live at a clinical operations facility for one of the world's largest pharmaceutical companies. A new e-signature workflow was designed, built, and delivered in under three months and has since been incorporated into our latest Elite 2026.1 release as a standard capability.

Also in Q4, Parkland Health in Dallas, one of the largest public health systems in the United States, went live on our point of use; and UNC Health went live on the Tecsys pharmacy inventory management system, adding to the Tecsys point-of-use solution that was already running across the system. We hosted the 2026 Tecsys User Conference in Nashville from May 31st to June 3rd, our strongest yet, with registrations up 44% year-over-year.

Customer speakers included AdventHealth, Vanderbilt Health, St. Luke's, Wellstar Health, and Kirby Risk, among others, and our partnership sponsorships exceeded targets.

We continue to be recognized by the most influential analysts throughout fiscal '26. We were positioned again as a Challenger in the 2026 Gartner Magic Quadrant for Warehouse Management Systems, our 15th consecutive inclusion.

40% of the 2025 Gartner Healthcare Supply Chain Top 25, including two Masters, are Tecsys customers. We were recognized as a leader in the 2025 Nucleus Research WMS Technology Value Matrix for the second consecutive year.

Since quarter close, Tecsys has been designated FedRAMP Agency In Process, a meaningful milestone for any vendor operating in or adjacent to US federal healthcare environments, and a signal of the compliance infrastructure we are building as our customer base grows. Fiscal '26 was a year of records, new logos, and a platform that advanced meaningfully.

We enter fiscal '27 with a 30 31% larger SaaS pipeline, operational AI in the market, and customers who are expanding and engaged. I'll now turn it over to Mark to provide some additional financial details for the year and quarter, as well as financial guidance on several key metrics.

Thank you, Peter. As a reminder, our fourth quarter ended April 30th, 2026, and I'll focus on Q4 results and then follow that with brief highlights on full fiscal 2026 results.

Total SaaS revenue grew 17% in Q4, reaching $21.5 million. That was up from $18.4 million in Q4 last year.

That growth was about 18% on a constant currency basis. Elite SaaS revenue, our core product and the predominant contributor to total SaaS revenue, increased by 21% compared to the same period last year.

Total SaaS ARR was $86.8 million at April 30th, 2026. That was up 13% from $76.5 million at the same point last year.

On a constant currency basis, SaaS ARR growth was 15%. Our Elite SaaS ARR grew by 19% over the same period, representing 21% constant currency growth.

SaaS RPO was $243 million at April 30th. That was up 12% from a year ago or 14% on a constant currency basis.

As Peter mentioned, Q4 fiscal 2026 total revenue was $50 million, a new record for Tecsys, compared to $46.6 million in Q4 last year. Our Q4 total gross margin was 52% this year, compared to 51% in Q4 last year, and SaaS margin expansion was the key driver here.

Net loss in Q4 fiscal 2026 was $0.2 million or 2 cents per diluted share, compared to net profit of $1.7 million or 11 cents per diluted share in Q4 last year. The Q4 fiscal 2026 net loss reflects $3.4 million in after-tax restructuring costs.

Adjusted net profit, which excludes the impact of after-tax restructuring costs, was $3.2 million in Q4 this year, up significantly compared to $1.7 million in the same quarter last year. Adjusted EBITDA was $6.7 million in Q4 of fiscal 2026.

That was up 56% from $4.3 million in the same period last year. Turning briefly to our full-year highlights, SaaS revenue in fiscal 2026 was $80.4 million.

That was up 20% from $67.1 million last year. Elite SaaS revenue increased by 24% compared to the same period last year.

Total revenue was $193.1 million. That was up 9% from $176.5 million last year.

Adjusted net profit was $7.5 million for the year, up 67% compared to the prior year. Finally, adjusted EBITDA for the full year was $20 million.

That's up 50% year on year and represents, as Peter indicated, a 10% EBITDA margin, demonstrating continued operational scaling of our business. We ended the year with cash and short-term investments of $31.2 million and no debt.

During fiscal 2026, we purchased approximately 424,000 shares for approximately $13.2 million under our normal course issuer bid. That compares to about 172,000 shares for $6.9 million last year.

Finally, the board yesterday approved a quarterly dividend of 9 cents per share. Moving on now to fiscal 2027 guidance, our total revenue growth guidance reflects sustained SaaS revenue growth and our expectation for stable professional services and hardware revenue, with ongoing declines in legacy maintenance revenue, including the effects of SaaS migrations.

We also expect continued adjusted EBITDA margin expansion as the operating leverage of our business model continues to play out. Finally, to provide investors with greater visibility into the performance of our core growth engine, we are introducing guidance for Elite SaaS revenue growth.

Our guidance for fiscal 2027 is as follows: total revenue growth of between 2% and 4%, Elite SaaS revenue growth between 18% and 20%, total SaaS revenue growth between 13% and 15%, adjusted EBITDA margin between 11% and 13%. I'll now turn the call back to Peter.

Thank you, Mark. We are very pleased with our Q4 and full-year results, and I want to thank our investors and board, our partners and customers, and the entire team at Tecsys.

In summary, our key themes for Q4 and fiscal '26: record revenue, record adjusted EBITDA, ahead on adjusted EBITDA margin, new logo momentum and a 31% stronger pipeline, Tecsys IQ live and expanding, with purpose-built agents hitting the market this year, healthcare leadership reinforced through a record-breaking user conference and ongoing analyst validation, and FedRAMP In Process designation, expanding our compliance posture for federal healthcare. We enter fiscal '27 with a strong recurring revenue base, a differentiated position in healthcare and complex distribution, and a platform advancing in the direction that the market demands.

We are very confident in the opportunities ahead. With that, we will open the call for questions.

Thank you.

Thank you. Good morning, gentlemen.

I'll start with a question on the maintenance and support revenue. Some quick math suggests that if the services and hardware are flat, and with your SaaS growth, the maintenance and support would be declining almost 20% this year.

I guess I'll ask if there's something I'm missing there. As a follow-on to that, perhaps it's worth revisiting the SaaS conversion of the legacy maintenance stream and the migrations you're talking about, and the magnitude of that and how that's expected to run off and convert this year and into the future.

You want to take that one, Mark?

Sorry. Thanks, Doug.

Thanks for the question. I just took myself off mute there.

Couple of things to unpack in there. The trajectory of maintenance and support revenue, we're definitely expecting to decline there.

It's not the same level that you're triangulating into. It's going to be roughly kind of half that size in gross terms.

I think you said 20%. That number is declining, and what's causing that decline is primarily the tail of the migrations that are winding off and converting to SaaS.

That's point one. Number two, in terms of SaaS migrations and how that's played out, we saw big numbers of SaaS migration bookings in '24 and in '25.

In '26, we saw a very significant decline in SaaS migration bookings as we get to I would say the longer tail end of conversions. We expect that SaaS migrations will continue at the sort of 2026 level, a much less meaningful level going forward, and also expect that there's, from my point of view, there's quite a number of years of tail on what's left to convert.

Okay. Fair to assume then that of the SaaS growth that you anticipate, much of that is going to be net new customers and expansions and the conversion of your expanding pipeline you referenced versus the migration impact?

Exactly.

Okay.

That's exactly right.

Given the mix shift that is suggested as a part of that, would you expect the gross margin expansion here to be consistent with the EBITDA expansion versus the savings you're seeing in opex?

Yeah. The guidance that we're providing is around total adjusted EBITDA margin expansion, and we're sort of at 11% to 13% in that guidance range.

We do expect that SaaS margins are going to continue to expand. We've got a multi-year trajectory there, line of sight to 75%-plus over a number of years, but we certainly expect that SaaS margins are going to continue to expand in the current year.

For the maintenance and support, given the declining top line, do you expect any pressure on the margins as a result of that, or should those remain stable as that process continues?

That should remain relatively stable. I think there'll be a little bit of a drag as, over time, the mix of what's in that maintenance and support, there is some third-party maintenance in there, and it'll become slightly bigger part of the total bucket over time.

We're talking about a multi-year period of time as migrations kind of roll and things. We don't see near-term pressure on that maintenance and support margin.

Okay. I appreciate that clarification.

Last one for me, and I'll pass the line. The restructuring savings, I think you quoted them at $8.1 million.

Is that fully baked into the guidance, or is there any of that left to kind of scale over the course of the year and will have follow-on benefit in the years ahead?

That's that's that's baked into the guidance. It has it has, we have we we we've structured we've restructured that level of cost out of the business, and then as we as we mentioned, at the end of at the end of Q3 in our in our commentary and and and since then, our our our outlook includes, reinvesting in the business.

Not all the not all the not all the reinvestment has happened yet, but that's definitely fully baked into our into our adjusted EBITDA guidance.

Okay. I appreciate the answers.

I'll pass the line.

Thanks, Doug.

Thanks, Doug

Good morning, gents. First question, I wanted to touch on the US healthcare backdrop.

It sounds like you guys are seeing sustained traction there. Can you provide an update on the demand signals you're seeing there and how sales cycles are progressing today?

The demand seems very strong. We're continuing to see a very active pipeline.

The sales team's extremely busy. Even as we head into summer months here, we're seeing pretty strong action.

It's interesting. There's no question there's concern in the US healthcare market, the hospital market, about reimbursements.

They're talking about potentially 20% of the people, it's the latest number I heard, 20% of the people that were covered by the Affordable Care Act seem to be dropping coverage as fees go up. That said, the hospitals seem to be taking a long view of it.

They can't cut doctors' salaries, they can't cut nurses' salaries, and reimbursements are going down, they have to find efficiencies throughout their whole operating platform. That's where we come in.

We've recently looked at a mid-sized hospital network. It looks as though if they roll out our platform throughout their just their general supply space, they'll save $80-plus million after the full cost of our platform and the project and everything else over the next few years.

There's a lot of money to be saved by properly managing these supply chains, whether in general supplies or in pharmacy. We feel like the strong momentum is going to continue.

The user conference was really exciting. The place was packed.

We actually had to shut down registrations two weeks before the conference because we were just sold out. It was going to be standing room only.

A lot of those were hospital networks coming to talk, coming to figure out how to further expand on the platform. A number of prospects came to the conference to be able to sort of see the platform, but also be able to talk to other customers and hear how their experience had gone.

The momentum seems really strong in spite of a lot of distractions that you would think could slow it down, but they don't seem to be doing that.

Great. For my second question, I wanted to touch on ARR growth and the full-year SaaS guide.

You guys delivered on 13% ARR growth, and the full-year SaaS guide, you're calling for 13% to 15%. What are your assumptions underlying the strength here on the upper end of the guide?

Is that more a function of potential for lower churn or is there potential for stronger bookings activity or something that's more top-line accretive?

We have a

Yeah, we're

Oh, sorry. Go ahead, Mark.

No, please, Peter.

I was just going to say we have a legacy product, right, that's buried in our overall SaaS numbers, which is sort of slowly fading away. Last year it was about $8 million of SaaS, and this year it will probably be, I don't know, $4.5 million of SaaS or something like that that's going to sort of disappear over the next couple years.

That ends up pulling down that top-line overall SaaS growth number. That's why we're separately disclosing the Elite SaaS growth number, because that's really the go-forward platform.

That's where we're saying it's really remaining close to a 20% growth. You look at what's driving that, the churn on that platform almost couldn't go lower.

The churn on Elite right now averages less than 1.5% a year. It's very, very low.

Really, the growth number is being driven by new accounts and expansions. We see very strong new account activity for that platform.

We see a lot of expansion opportunity for the platform and a little bit still of migration revenue coming from old on-prem accounts migrating over. Most of that's done.

If I look at this year, I'd be surprised if we book more than $2 million of additional SaaS coming out of old on-prem accounts. The vast majority is going to be new accounts and expansions.

Okay. In terms of the SaaS growth trajectory, how do you expect that to play out over Q1 to Q4?

You want to take that one, Mark?

I, I think we're we're obviously, that will ramp up it'll ramp up as the year goes because, the the the effect of bookings is is cumulative on on revenue. That said, like we've we've got, as Peter said, we've got a very significant, significant pipeline that's that's really that's really quite active.

We we always, when we're planning our year, we're we're always we're always planning on, the the summer months to be, slightly slightly slower months, which covers which, which hits our our Q1 and Q2. We always have a little bit more, expectation, and if you look at the timing of our pipeline, it tends to be, deals tends to tends to deal closure tends to be higher in in the back half of our year.

That's kind of how we plan out the year and and and model it.

Gotcha, then. Then from a trajectory perspective, deal activity should pick up in the back half of the year and that should also be reflected in stronger ARR growth then over the course of the year.

Is that the right way to think of it?

That's what

we

That's what we would expect.

That's what we would expect. Then maybe just the last one for me, just on I guess more corporate development perspective.

You guys are getting to a more normalized EBITDA profile. That obviously signals stronger cash flow generation ahead.

Is M&A a priority for capital allocation over the near to midterm?

We don't really see a lot of M&A in the near term. Some of that is just the math of the marketplace right now.

Most M&A opportunities are private companies. Private company valuations right now remain significantly elevated compared to public company valuations.

It creates a bit of a complicated acquisition market for us. We know some companies are doing it anyway.

We continue to feel like our own shares are probably the best deal for capital allocation. I think as we go forward, it'll be a question of if the stock stays low, we probably continue with an NCIB approach.

If the stock rebounds to higher levels, perhaps we turn up the dividends. The problem is, in the private market, we've looked at companies that if we paid $30 million to buy them, the day we own them, they're going to be worth $15 million.

The math is not overly helpful for creating shareholder value. If we see something that's a good snap-in, and we continue to look for those, a small snap-in that would strengthen our moat in the healthcare space and there's some interesting possibilities there around procurement or bone and tissue or surgical instrument tray tracking or that kind of thing.

There's lots of sort of small pieces like that if we came across the right opportunity, we'd make a move, but they would not be significant.

Great. Then just conversely on the M&A discussion, given what looks like some elevated activity from a healthcare M&A perspective, do you see opportunity to maybe be acquired as part of your journey by a larger industry or strategic partner, or is really the opportunity here to remain independent and really focus on what looks like to be a pretty significant organic growth opportunity?

Our focus continues to be driving this company as its own force going forward. We see a huge total addressable market.

We're the leader in the healthcare space. Our win rate is typically north of 80%, sometimes north of 90% in that market.

There's really no direct competitor. For us, it's just all about execution.

Go, go, go. Let's get it done.

Great. Thanks for taking my questions.

I'll pass the line.

All right. Thanks.

Thanks, Suthan.

Good morning, gentlemen. This is Karim on behalf of Gavin.

Just have two questions. On OrderDynamics, we discussed in the past churn impacting that business through fiscal '26.

Can you discuss the timing of renewals and what type of headwind to ARR you're expecting in fiscal '27?

With respect to OrderDynamics?

Yes. Yeah.

That that story,

the big part of that ARR impact, remember SaaS ARR is the leading indicator, right? The the the way we measure that is we look at the ARR at a point in time, and we look how much contracted revenue we have for the next 12 months at that point in time.

It's a real leading indicator, and we assume it's going to renew unless we know it's it's the customer's leaving. It's a pretty good indicator of the, the the forward growth rate for for that revenue.

You saw the impact of the the the most significant part of the OrderDynamics attrition come through our SaaS ARR numbers in fiscal '26. That's why they didn't grow as fast as they would have otherwise grown.

In fiscal '27, you're going to see going forward, and you see it in our total SaaS revenue growth guidance, you're going to see the drag from that SaaS ARR actually flow through revenue in in fiscal '27. By the time we get to the end of fiscal '27, what's going to be left in OrderDynamics SaaS ARR is going to be at a level where we don't expect that it's going to be causing any kind of a real significant drag on revenue growth after fiscal '27.

I really expect that, '27's total SaaS revenue growth dip, which is exactly why we're highlighting this Elite SaaS revenue growth underneath, like that Elite SaaS revenue growth number is going to start to the the total SaaS revenue growth number is going to start gravitating towards that Elite SaaS revenue growth number, and you're going to see that play out pretty dramatically in in in fiscal '28.

Perfect, thank you for that. My second question is on professional services.

We've seen the backlog normalize where you exited in fiscal '24, but in your guidance you call for relatively flat PS. Fair to say we need to see the bookings picking up back to keep that business flat?

Can you discuss what you're seeing in the pipeline for professional services?

Yeah. There was definitely a decline in our opening backlog of professional services coming into this fiscal '27.

Our ending fiscal '26 backlog was quite a bit lower than the end of fiscal '25. I did indicate in the MD&A that we've got pretty good visibility on the near-term impact of that on revenue, and in Q1, we're pretty positive on the PS sequential number there.

We do expect it to be, as we said in the prepared remarks, sort of a stable revenue number, '26 compared to '27. The pipeline looks really good and very strong.

That's primarily because a lot of that pipeline comes through connected to SaaS ARR deals. You kind of look at the SaaS pipeline, which is up 31%, and think through that, well, all those deals come through with attached PS revenue and PS bookings, and you can sort of triangulate what that should do to continued backlog growth in the coming quarters.

We definitely need to book PS revenue to continue to build that backlog, but like we said, the pipeline does look pretty strong right now.

All right, that's it for me. Thank you.

I'll pass the line. Thanks.

Thanks, Karim.

Thank you, everyone, for joining us for these results and the discussion of the results. As always, if you have any questions, don't hesitate to reach out to Mark or I.

We will look forward to speaking to you in September with our Q1 results. Thanks.

Have a great day. Bye for now.

Thanks.