Profound Medical Corp. ($PRN)

Good morning, everyone, and thank you for standing by. My name is Gill, and I will be your operator for today. At this time, I would like to welcome each and every one of you to the Profound Medical 2026 Annual General Meeting Conference Call. [Operator Instructions]. I will now turn the call over to Dr. Arun Menawat, Chairman and CEO of Profound Medical, Inc. Please go ahead.

Thank you. Good morning, everyone. It's great to see everyone. I feel like I know everybody here. It is now 10:00 a.m., and I would like to ask that this meeting come to order. My name is Arun Menawat. I have the amazing honor of being the CEO of Profound Medical, and I will act as the Chair for today's meeting. On behalf of Profound Medical, I'm pleased to welcome you to this meeting of shareholders. Before we proceed with the formal business of today's meeting, I would like to introduce the nominees of the Board of Directors of Profound Medical, who are present in person or via conference call today. Brian Ellacott, Cynthia Lavoie, Murielle Lortie, Frank Baylis, Tom Wellner, Vafa Jamali and Arthur Rosenthal. Great to have most of you here. Some members of our management team are also present today, and I would like to introduce them as well. Rashed Dewan, our CFO; Mathieu Burtnyk, our Company's President; and Tom Tamberrino, our Chief Commercial Officer. For those shareholders listening to this broadcast by way of webcast or conference call, you need not take any action during the formal part of today's meeting, and we wish to thank you for submitting your proxies in advance of today's meeting. Your votes will be recorded as you have instructed. And again, you need not take any action during the formal part of the meeting. I'm pleased to advise that Profound Medical received proxies representing 70% of our outstanding shares. Shareholders listening to this broadcast will not be able to participate during the formal part of today's meeting. However, you will be able to ask questions after the formal part concludes. That said, to facilitate the timing -- to facilitate the timely completion of the formal business, arrangements have been made with those management shareholders physically present today to move and second the resolutions to be considered. I will call on such shareholders at the appropriate time. In accordance with the bylaws of Profound Medical, Rashed Dewan, Chief Financial Officer, will act as the Secretary for today's meeting, and I appoint Rosa Garofalo of the TSX Trust Company to act as the scrutineer. The notice calling this meeting, the information circular and the form proxy were mailed to all registered shareholders on record as of April 2, 2026. The declaration of mailing is available for inspection by any shareholder, and I ask that the secretary file copies of each with the minutes of the meeting. I've been advised by the secretary that quorum has been met for the meeting. The scrutineer's report is available for inspection by any shareholder, and I ask that the secretary file a copy of the report with the minutes of the meeting. With that said, I declare this meeting regularly called and properly constituted for the transaction of business today. All votes today will be conducted by way of show of hands, except for the vote regarding the approval of the corporation's unallocated restricted share units and deferred share units, which will be conducted by way of ballot. I remind those shareholders listening to this broadcast, you need not take any action during the formal part of the meeting. I will now proceed with the formal business of the meeting. The first item of business in the presentation of the 2025 -- sorry, the first item of business is the presentation of the 2025 audited financial statements of Profound Medical and the auditor's report thereon. The financial statements are available on our website at SEDAR+. No action needs to be taken by shareholders with respect to such statements. The next item of business is appointment of auditors of Profound Medical. May I have a motion for such business, please?

Mr. Chair, I move that PricewaterhouseCoopers LLP be appointed as the auditor of Profound Medical to hold office until the close of the next annual meeting or until its successor is duly appointed at such remuneration as may be determined by the Board of Directors.

Thank you, Mr. Tinaz. Is there a seconder?

Mr. Chair, I second the motion.

Thank you, Ms. Stratton. Any discussion, please? All those in favor of this resolution, please signify by raising your hand. I declare this motion carried. The next item of business is the election of directors of Profound Medical. Profound Medical has nominated 8 directors for election and did not receive any other nominees for shareholders in accordance with our bylaws. Accordingly, Mr. Tinaz, would you please nominate Profound Medical's director nominations?

Mr. Chair, I nominate the following: Arun Menawat, Brian Ellacott, Cynthia Lavoie, Murielle Lortie, Frank Baylis, Tom Wellner, Vafa Jamali and Arthur Rosenthal.

Thank you, Mr. Tinaz. May I have a motion to elect those nominated?

Mr. Chair, I move that the corporation's director nominees be elected as directors of Profound Medical to hold office until the close of the next annual meeting or until their successors are elected or appointed.

Thank you, Mr. tinaz. Is there a seconder, please?

Mr. Chair, I second the motion.

Thank you, Mr. Stratton. I have been advised by the Secretary that based on the proxies received in advance of this meeting, each director nominee has received at least 85% of the total votes in favor of their election. Accordingly, for purposes of today's meeting, we will forgo individual director voting and proceed with a vote on all director nominees. Is there any discussion, please? All those in favor of this resolution, please signify by raising your hand. Any contrary? I declare this motion carried. The last item of business is the approval of all unallocated restricted share units and deferred share units under the corporation's long-term incentive plan. May I please have a motion for such business?

Mr. Chair, I move that the resolution on Page 9 of the information circular be approved, approving the unallocated restricted share units and deferred share units issuable pursuant to the company's long-term incentive plan.

Thank you. Is there a seconder, please?

Mr. Chair, I second the motion.

Thank you, Mr. Stratton. Is there any discussion, please? As stated, we will proceed to vote by ballot. The scrutineer will deliver ballots forms to all registered shareholders and proxy holders. Would all persons entitled to vote in their own right or by proxy, please identify themselves to the scrutineer. The motion is the approval of all unallocated restricted share units and deferred share units under the corporation's long-term incentive plan. Please vote to make an x opposite for or against and complete your ballot. The scrutineer collect the ballots. The Secretary has received the scrutineer's report and has reported that the motion has been carried by the necessary majority of 63.988%. I declare the motion carried. That now concludes the formal business of this meeting. I declare the formal part of the meeting terminated, and thank you all for the meeting. Last year, at the end of this formal meeting, we requested one of our physician users to present to you their perspective on the TULSA technology. This year, I would like to ask Tom Tamberrino, our Chief Commercial Officer, to present our patient perspective. What do we hear from the patient? Tom?

Thank you, Arun, and good morning, everyone, and thank you for joining us today. At the center of every conversation about innovation, growth, reimbursement and clinical adoption is one person who matters most, the patient. For men facing prostate disease, the journey is often filled with fear, uncertainty and difficult trade-offs. They are not only asking, will this treatment work, they are also asking, will I still be myself afterward? Will I maintain my quality of life? Will I still be able to go to work, to exercise, to travel and to be present for my family. Historically, many prostate treatments force patients to choose between effective disease management and preserving quality of life. That is precisely why TULSA-PRO matters. TULSA-PRO represents a different philosophy of care, one centered on precision, personalization and preservation. For patients, the experience is not just about treating tissue. It is about maintaining dignity, confidence and control over their future. Using real-time MRI guidance and predictable thermal ablation, physicians can tailor treatment to the individual anatomy and disease characteristics of the patient. That level of precision is meaningful because every millimeter matters when preserving urinary and functional outcomes. What we continue to hear from patients is powerful. They talk about returning to normal life faster. They talk about having options, they talk about hope. And perhaps most importantly, they talk about feeling heard. That commitment to listening to patients is also reflected in our new Let's Huddle initiative, a growing community designed to encourage more open conversations around prostate health, early detection, treatment choices and quality of life after treatment. Too many men still delay seeking care because of stigma, fear or lack of awareness. Let's Huddle is intended to change that by creating a place where patients, families, physicians and advocates can come together to share experiences, learn from one another and better understand the full range of treatment options available today. We encourage everyone to learn more at letshuddle.org. In today's health care environment, patients are increasingly informed and engaged in their treatment decisions. They want therapies that align not only with clinical outcomes, but with lifestyle outcomes. TULSA-PRO is well positioned within that evolution of medicine. As we look ahead, our mission remains clear, to expand access, strengthen clinical evidence, support our physician partners and continue building awareness among patients seeking minimally invasive treatment alternatives. The opportunity before us is significant, but our purpose is even greater. Every new TULSA program, every physician trained, every patient treated represents another individual who may avoid more invasive procedures and preserve quality of life in ways that truly matter. To our shareholders, thank you for your continued confidence and support. to our physicians and health care partners, thank you for advancing patient care through innovation. And to the patients who place their trust in the TULSA-PRO technology, thank you for reminding us why this work is so important. We remain committed to delivering meaningful innovation that improves lives. Thank you.

Thank you, Tom. That's beautiful. Okay. If there are any questions among the audience, this is a good time. All right. If there are no other questions, this concludes today's meeting, and thank you for participation. Thank you all.

And that concludes today's call. Thank you all for joining. You may now all disconnect. Have a nice day ahead.