Financial Data and Key Metrics Changes - The company achieved annual revenue of $919.7 million in 2024, an increase of 19% compared to the prior year [22] - Adjusted EBITDA for 2024 was $46.7 million, down from $113.4 million in 2023, impacted by revenue deferrals [24] - Net income for 2024 was $29.1 million, representing a 75% year-over-year growth [26] - Free cash flow attributable to shareholders was $49.3 million, an increase of 16% compared to the prior year [27] Business Line Data and Key Metrics Changes - The Canadian business experienced a 30% year-over-year growth, with adjusted EBITDA growing 22% to $56 million [28] - Circle Medical's revenue was negatively impacted by a deferral of $56.6 million due to billing practices, expected to be recognized in 2025 [11][12] - CRH Medical faced a revenue deferral of approximately $24.5 million due to a cybersecurity attack, with recognition dependent on future collections [20] Market Data and Key Metrics Changes - Patient visits totaled 5.7 million in 2024, a 32% year-over-year increase, with Canadian visits growing by 35% [32] - Total care interactions increased by 37% to over 8.7 million, reflecting strong organic growth [33] Company Strategy and Development Direction - The company plans to focus on leveraging product and corporate synergies, particularly in Canada, where it sees the strongest returns [34] - Guidance for 2025 includes expected annual revenue of between $1.4 billion and $1.45 billion, with adjusted EBITDA guidance of $190 to $210 million [35] - The company is pursuing a spin-out of WellSTAR, expected to be a publicly listed entity by early 2026, which will enhance its growth potential [56][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record revenue, adjusted EBITDA, and free cash flow in 2025, despite challenges in the operating environment [89] - The company anticipates strong growth in its Canadian operations, targeting $800 million in revenues and $100 million in adjusted EBITDA by the end of next year [93] Other Important Information - The company has a strong balance sheet with cash and cash equivalents of $131.7 million as of December 31, 2024 [86] - The company is actively seeking strategic alternatives for Circle Medical and WISP, with ongoing discussions with prospective buyers [80] Q&A Session Summary Question: Can you describe the service obligation under IFRS that Circle Medical didn't meet? - Management indicated that the issue is administrative in nature, related to compliance with IFRS revenue recognition [103][104] Question: Can you provide some color on how you estimated the settlement amount related to the Circle Medical investigation? - Management stated that estimates were made with the help of advisors and were audited to ensure reasonableness [106][107] Question: Can you elaborate on the 70 plus opportunities and the deal value of $300 million? - Management clarified that the deal pipeline could range from $300 million to $500 million, depending on contract lengths and types of implementations [112][113] Question: Given the delayed revenue, have you made any changes to processes at Circle Medical? - Management does not anticipate long-term impacts but expects short-term growth to slow as compliance is reviewed [121][122] Question: What are the drivers behind the confidence in achieving your guidance? - Management highlighted elevated organic growth and a strong M&A pipeline as key drivers for confidence in achieving guidance [123][124] Question: Are there specific product sets at WellSTAR that scale better internationally? - Management believes that OceanMD has significant international potential due to its quality and product portfolio [127][128]