Pay my respects. Earlier today, we released the Appendix 4E and Annual Report, along with update of the business activities for the year. Before I get into that presentation, I would like to recommend that you take some time to look through at least the first half of the annual report, as it has some great information in it on the impact of our technology, and how it is impacting our customers and patients. The team has done an excellent job in pulling together a cross-section of case studies and thought leadership pieces that highlight our work. I thought I would draw your attention to that because I know that sometimes annual reports can be a bit of dry reading.
As we take you through the presentation, we will cover off key financial and commercial highlights for the year, followed by our thoughts and approach to the year ahead, and then we will open up the call for Q and A. All attendees will have an opportunity to ask questions at the conclusion of today's presentation. If you would like to ask a question, please use the Q and A button or function that is at the bottom of your screen, and we will aim to answer as many as we can. Note, given time constraints, we may group together similar questions, to avoid repetition. If we do run out of time or we are unable to answer a question for you, we welcome you following up by sending an email to investor@alcidion.com, and we will seek to address that as soon as we possibly can.
Just as a reminder as well, the webcast is being recorded, and it will be available on Alcidion's website later today. Just going to move through my slides. Before I get to the results though, sometimes we are joined by people on these calls that are new to the Alcidion story, and being a full year results call, I thought I would just take a brief moment to remind shareholders and people that are new and of interest to Alcidion, about the core problems we are solving with the types of solutions that we offer to our customers, which is leveraging the flagship platform of Alcidion, which is Miya Precision. Hospital and healthcare systems globally are facing a range of complex challenges, and they affect stakeholders at every level, from healthcare administrators and clinicians through to patients and their families.
Many of those challenges trace back to really a handful of fundamental problems. Administrative and clinical staff who lack real-time visibility of bed availability, and where a patient is in their hospital journey, right from an ambulance approaching a hospital to discharge, to hopefully home, or in some cases to aged care or rehabilitation facilities. Long-term patient history is often incomplete. It could be missing context or it has not transferred between care settings, or there is just so much information that it is hard to work out what is core and important to the decision-making process. We have disparate systems that do not talk to each other. Realistically, we have got hospital executives who have not got a real-time view of what is happening across the hospital from an operational perspective.
Underpinned by the fact that there is an ever-tightening fiscal environment, that's driving our customers to look at alternative models of care that allow us to treat more patients outside the walls of hospital. Miya Precision is a cloud-native modular platform that helps to address some of those problems. We ingest data from multiple systems, or in some cases, we act as the actual system as record, as we do when we deploy an electronic patient record. The consolidation of that data can then be analyzed, and presented back to our users in a way that's intuitive, that prioritizes the critical things they need to focus on, and helps to reduce that administrative burden on our frontline staff.
Because the way in which we construct the platform is modular in nature, it can be scaled up and down depending on the functionality and the budget of every customer. On this side is where you'll see several of our most common solutions in the pink bars. Patient flow solutions are core to our business and have been since our inception. That was recently bolstered obviously by the acquisition of the Kyra flow products. The integrated care record, relates predominantly to our work with Leidos and the Australian Defence Force, but increasingly is being looked at by other government bodies who want to consolidate data into a single patient record view. We have a comprehensive electronic patient record platform, which is a combination of all of our modules coming together.
Then we have an innovative operations center and virtual care capabilities, which we're really seeing an increasing demand for. We also have a selection of the customers who utilize some of those solutions here. Just to articulate that customers can use a combination of these. So Hume is a very good example where they use the operation centers command capability, as well as patient flow and remote patient monitoring. As most of you will know, we currently operate across three geographies, Australia, New Zealand, and the U.K. However, we are making progress into new geographies, with a particular emphasis at the moment and has been on Canada and the Middle East. Moving now to the full year results summary.
It was a milestone year for the business as we delivered our strongest financial performance to date, whilst also increasing the customer base, delivering a record number of go lives alongside the strategic acquisition of the Kyra products. Matt's going to talk in more detail about the numbers shortly. However, I thought I'd just touch on some of the headline numbers. We had full year FY 2026 revenue of AUD 51.6 million which we indicated to people at the quarterly. That is up 27% on the prior period, and it was driven by really strong contributions from expansion of the Leidos contract and the Northumbria contracts, and also new opportunities and contracts such as the Sussex Electronic Patient Record contract. But we also saw increasing sales and increased rate renewal across a number of our other contracts as well.
The annual recurring revenue, or ARR, as of the 30th of June, is AUD 38.3 million, which is up 34% compared to the same time period last year. Just noting that that figure also includes approximately AUD 3.6 million of ARR contribution from the Kyra products acquisition. During the year, we signed AUD 78.5 million in new TCV or Total Contract Values, which is a record for the business. Importantly, AUD 62.2 million of that represents new or upsell deals, as opposed to contract renewals. We delivered an EBITDA of AUD 6.2 million. After you exclude M&A transaction costs, share base payments, and other one-offs, the underlying EBITDA result we delivered was AUD 6.8 million, 34% up on the prior year. We generated positive operating cash flow of AUD 6.8 million, representing 100% cash flow conversion from underlying EBITDA. That does highlight the strength of our business model.
We finished the year with AUD 20 million of cash and no debt. That reflects a year of significant momentum. Continuing from that momentum that was evident through FY 2025, it is now carried into FY 2026. The operating leverage that sits within our business is being demonstrated now as we continue particularly to win and expand those long-term contracts. Before I get Matt to, sorry, I am just moving my slides. Before I get Matt to take you into in more detail, I will just give you some of the operational highlights for the year. We continued to build sales momentum whilst executing on strategic acquisition. That really allowed us to consolidate our position, particularly in the patient flow market. Some of the expanded contracts and new contracts we signed during the year was the extension of Northumbria for Mosaic document management solution.
As well, they extended the Smartpage contract they had to include non-clinical Smartpage. in November 2025, we expanded our contract with Leidos to support the ADF by adding additional Miya Precision capabilities and medications management capability from our partners at Better. In March 2026, we signed a new five-year contract with Gold Coast Health to deliver an end-to-end remote patient monitoring or virtual care solution. Very exciting for us as it was our first deployment of Miya Precision in Queensland. I am pleased to say that that is now live, indicating a fairly quick transition from contract signing to go live earlier this in July. In May 2026, we signed the milestone electronic patient record contract with University Hospitals Sussex, which I am sure most of you are aware of. As always, we continue to expand many of our long-standing customer relationships as well.
Several of the PCS PAS customers renewed for multi-year periods, including Harrogate and Northumbria. Western Health in Australia signed a four plus one year renewal for our patient flow capability. Really importantly, and very pleasingly, that is the fifth contract renewal with Western Health over the past 20 years for Miya Precision, really focused on flow and command. On the 20th of June, we completed the strategic acquisition of the Kyra Flow products from Telstra Health. It added 33 customers, of which 31 are new. Really helped to consolidate that leadership position that Alcidion has in the Australian patient flow market. That acquisition was immediately earnings accretive from day one, and forecast EBITDA of AUD 1.1 was what was indicated for the FY 2026 year, and we expect that to potentially improve into FY 2027.
I will come back to Kyra in a little bit more detail after Matt has gone through the financials. If I can get to his slide. Handing over to Matt now.
Thank you, Kate. Good morning, everyone. Thanks for joining us again today. Over the next few minutes, I will take you through the key financial highlights of the FY 2026 year, starting, of course, with the profit and loss. After delivering a maiden positive NPAT in FY 2025, we followed that up with a 38% increase in the NPAT in FY 2026 to AUD 2.3 million, as well as a AUD 1 million increase to the EBIT. As Kate highlighted earlier, we reported revenue of AUD 51.6 million at 27% year-on-year growth. That is the largest organic revenue growth rate the business has delivered to date. Really pleasingly, this growth came from both the ANZ and the U.K. regions, with the ANZ business delivering 26% year-on-year revenue growth and the U.K. business delivering 27% year-on-year revenue growth.
The FY 2026 annual recurring revenue, which I will refer to as ARR moving forward, increased 23% from AUD 26 million to AUD 31.9 million. As we enter 2027, the business has AUD 44.9 million of sold and renewal revenue on the books. AUD 38.3 million of that, as Kate mentioned, is ARR, and that is a 34% increase on the prior year. That contracted base alone represents a 20% increase on the FY 2026 ARR before any new sales are added in FY 2027. Looking at the services revenue, which includes a full year of the NCIC EPR, a full year of the Hywel Dda Miya implementation in the U.K., as well as the inclusion of the third Leidos expansion in ANZ, we see an increase in services revenue of AUD 3.5 million or 56%.
With Sussex signing quite late in May, the implementation from that deal is still to come, and we will see that starting to be recognized in FY 2027. The capital license revenue increased to AUD 9.8 million. This number includes primarily the University Hospitals Sussex NHS Foundation Trust EPR license signed in H2, as well as the NCIC Mosaic expansion that was reported in the H1 results. The FY 2026 by AUD 5.5 million, that is compared to a AUD 4.1 million increase that we delivered in FY 2025. The percentage margin moved from 88% to 80%. That is a result of the resale of third-party partner products during the year. In the absence of these, though, we expect to see the margin returning to the long-term average of around 85% in FY 2027. The staffing levels remaining pretty steady at around 140.
During the year, there was a modest increase in salaries and wages expenses of 3%, with the total operating expenditure, including staff, increasing just 6% on the prior year. With revenue and margin growth significantly outpacing expenditure growth, we are very pleased to report an underlying EBITDA of AUD 6.8 million, an increase of 34%, a result achieved despite a AUD 1.9 million swing in the unrealized FX expense year- on- year. Moving to the revenue dashboard, please, Kate. On the top left here, we see that Alcidion has now delivered three successive halves of record revenue. On the top right, we demonstrate the mix between ANZ and the U.K., which is unchanged year- on- year, with the U.K. contributing 63% in FY 2025 and FY 2026. Largely, this is underpinned by material capital license revenue in the U.K. in H2 of FY 2025 and FY 2026.
On the bottom left, I have talked about these numbers. This demonstrates or shows the solid growth in all three of our revenue streams. Then moving to the bottom right, the strong growth in services and capital license revenue in the year has seen the ARR moderate slightly as a percentage of total revenue. However, as I discussed on the previous slide, in dollar terms, it increased 23% in the year to AUD 31.9 million. Moving on to the revenue model. Here we are showing the onboarding of new customers and the progression of the revenue build through the implementation phase, where we typically see implementation revenue making up around 10%-15% of new TCV. Miya Flow implementations take three to six months. Larger EPR implementations take 12-24 months. Recognition of that revenue usually crosses over multiple financial periods.
Capital licenses, as we have discussed a lot, are a feature of U.K. contracts. As a rule, we do not see this structure in ANZ. Typically, these are paid up front for between five and ten years before rolling on to annual license subscriptions. For example, University Hospitals Sussex NHS Foundation Trust purchased a seven-year license in FY 2026, Northumbria Healthcare NHS Foundation Trust purchased a ten-year license in FY 2025. If you cast your memory back to 20 South Tees Hospitals NHS Foundation Trust purchased a five-year license that has since reverted to our rolling annual license subscription. Then moving to the right, all new contracts have a hosting component combined with ongoing annual licensing and support and maintenance. It is these revenue components that contribute to the steady build in the ARR that we are seeing in these numbers across the last few years.
All right. My favorite slide here.
Without a doubt, this is the strongest balance sheet we have delivered to date, providing us with the flexibility to pursue growth opportunities as we did this year with the Kyra acquisition that was funded 100% from cash reserves. With AUD 30 million of current assets, including around AUD 21 million of cash and excluding the unearned revenue, we have around AUD 20 million of working capital at our disposal now. The unearned revenue at AUD 14.4 million includes an increase of AUD 1.4 million that was acquired as part of the Kyra acquisition. Also related to the Kyra acquisition, we now have AUD 1 million of contingent consideration on the balance sheet, which we fully expect to settle in early FY 2028. The cash flow, which we have all seen already, this is consistent with the numbers we released and talked to in late July.
The business added AUD 2.9 million of net cash in the year, and that's after paying AUD 1.5 million for the Kyra acquisition in June. We end the year with AUD 20.6 million cash in the bank with no external borrowings. We're a capital light business with CapEx relatively immaterial at around AUD 200,000 for the current year. Consistent with the seasonal profile of our billing, where most customers pay either quarterly or annually in advance, the business delivered a record AUD 9.4 million of operating cash flow in the second half of the year, more than recovering the AUD 2.6 million outflow we reported at the half year. As a result, we end the year with operating cash flow of AUD 6.8 million, up 19% on the prior year. What I talked about then is largely a structural aspect of our business.
H2 receipts represent 70% of full year receipts, and Q4 alone contributed 44% of full year receipts in both FY 2025 and FY 2026. Lastly, on the cash flow side, we've now demonstrated two consecutive years of operating cash flow conversion of greater than 100% of reported EBITDA. That's what we really want to see when we're looking at the EBITDA and the operating cash flow. With that, I'll hand back to Kate to take you through the sales and operational highlights.
Thank you, Matt. This slide, whilst showing information already known to many of you, I think illustrates well the progress the business has made. Approximately AUD 150 million of new and renewal TCV has been won over the past two years, typically on contract terms between five and 10 years in terms of the initial contract. I think this slide also highlights our broad customer mix across both new electronic patient record deals, but patient flow wins, alongside consistent expansions and renewals across both Australia and the U.K. I talked a little bit about the new contract wins. Oh, gosh. Slides are going a bit crazy. Sorry about that. Sorry, I'll just go back to where we were. Wi-Fi's not going great. I'll stop touching things.
I don't want to go through, I won't labor these because I think people are familiar with them in terms of the new deals, in terms of expansions and the Sussex win and the North Cumbria. It's also worth pointing out that we had a number of other contract wins as well that don't meet materiality in terms of individual announcements. We're very excited by the progress of the emergency module. Hywel Dda added that to their contract during the year. South Tees added that to that. It is really a good indication of the relative newness of the Miya Emergency module and how quickly we can build these new modules and then commercialize them into contracts with our customers.
Further illustrating that point, whilst I, and I have, I know, presented this slide before, I think as time goes on, the relevance of this slide increases as we start to see that conversion and the land and expand opportunities really play out. Across several of our flagship customers, we have now established a track record of delivering material upside value, post that initial contract signing. Hywel Dda, North Cumbria, and South Tees are the most recent examples, but they do join an increasingly longer list. By way of example, if we look at North Cumbria, they started out with a core suite of EPR modules. Then they added Smartpage Clinical, and then they followed by adding NCIC Mosaic, and then more recently, Smartpage Non-Clinical. They still have not got all of the modules yet.
Over that 10-year period of the contract, the TCV is now just under AUD 50 million, having started closer to AUD 40 million initially. I think by now most of you, as shareholders, are across the signing of the third EPR contract with University Hospitals Sussex NHS Foundation Trust. It helps to underpin this growing reference ability we have in the U.K., particularly around being a supplier of modular EPRs. It is a flagship contract with a minimum total contract value of AUD 35 million for an initial seven-year period. Built into the contract are options to extend to 10 years, which would increase the overall TCV to over AUD 45 million. There are also opportunities to add modules such as ED and PAS over time. We have received an initial upfront component related to that license fee.
However, the contract will continue to generate just over AUD 3 million in ARR over each of the next seven years, and therefore it serves as one of our largest single ARR contributors just behind Hywel Dda. Not just behind Hywel Dda, as Hywel Dda is in the vicinity of AUD 6 million per annum. Our EPR selection followed a competitive tender process, and it sees us expand our longstanding relationship with Sussex, who have used our Miya Observations or Patientrack module for many years. So, a very significant win for us. We have commenced deployment. A project of this scale will take 18 months to two years to deliver, so that implementation will continue on into the FY 2028 year. We had a year of very successful deployments, and there were a lot of them. This just pulls out a few of them.
I think what is really important is to highlight that deployments are not necessarily the part of the business that often generates investor headlines, but it is one of Alcidion's great strengths and a competitive advantage that we have. Our in-house capability, implementation capability provides very deep technical expertise, and it helps to improve the customer's experience and support deployments of this nature and of this size at scale. The importance of that is that a seamless implementation experience builds trust, and it provides confidence to the customers, for them to expand into further deployments, but also to act as references for us, for customers who are going through their own tender processes. Just a little about patient flow, particularly. I just wanted to, I thought it was important to highlight this. There is a report.
Patient flow is such an important capability and need within healthcare systems worldwide, that there is a research report recently been released from OG Analysis about the patient flow market. Since Alcidion's inception, we've been at the forefront of creating digital solutions that address these critical challenges around flow within our aging population and difficulty in fiscally building new physical infrastructure or new hospitals. Of course, statistics that demonstrate that staying longer in hospital or being in a hospital in the first place actually can adversely affect patient outcomes. The value proposition for patient flow has never been greater than it is right now. This slide really validates many of those growth drivers with underlying data, that we've probably been talking about now for well over a decade.
According to this analysis, the global patient flow market is expected to grow at a compound annual growth rate of 18%, to a forecast AUD 10.4 billion in 2034. Our current two core markets are expected to grow at similar rates to that. If you look at the depth of this report, you will see this across all countries that are represented in the report. We are really focused on accelerating our penetration in the flow market, and particularly at this point in time. The acquisition of the Kyra flow products business in June was a way of helping us to achieve that, through the strategic means of acquisition, giving us a really clear leadership position in this part of the world. That acquisition ticked a lot of boxes for us in terms of the key criteria we consider when we're looking at acquisitions.
It was highly complementary to our core business. We've got deep industry expertise and product knowledge in this type of solution. For customers, it's created an element of trust because they know that we know what we're doing when it comes to patient flow. Certainly, the feedback we're getting from them already is that it's been a very positive transition. We have just moved all the customers over to logging calls directly with Alcidion. It also consolidates our leadership in flow across this region, and gives us meaningful scale in Queensland. It added 31 new customers, 33 in total, but 31 of them were new. Financially, the acquisition was earnings accretive.
If you look at from a financial perspective, we acquired the business on an upfront EBITDA multiple of approximately 2.7, and 3.6 x EBITDA, if you include the 12-month earn-out, which we fully expect to pay as customers are already looking to expand, to renew their contracts, and certainly the novation of contracts has been going well. Over time, of course, the strategy is around moving those customers to Miya Precision, at a time and place in the process that works for them. We remain focused on the growth pillars that we have talked about previously. In our core markets, we continue to scale, looking at opportunities across patient flow, virtual care, and the broader modular EPR offering, and increasing in interest in medicine aligned with Defence Force.
We are leveraging AI to shorten our product development cycles, whilst also building AI capability into our product so that we can better improve workflows for our customers. Miya Emergency and Miya Scribe, both really good examples of our ability to innovate and then commercialize that new functionality to go and get it to our customers. We are expanding into new geographies. The priority targets and discussions have been in Canada and the Middle East. The Middle East is obviously a little bit more challenging at the moment, but things are continuing there, but going well in Canada. And starting now to look at Southeast Asia as a potential market opportunity, although that's just still very much in the early days. We're actively progressing conversations in some of those markets and have some meaningful opportunities in the pipeline.
In addition to the above, we will continue to review potential M&A opportunities that will help to accelerate the growth profile. If we look forward, as we start FY 2027, the contracted and renewal revenue of AUD 44.9 million is up 32% on the starting point of FY 2026. That FY 2027 contracted revenue base provides really strong visibility and supports our expectation of further growth in both revenue and underlying EBITDA in FY 2027. That's even just the starting point of AUD 44.9 million before we have any additional sales in FY 2027. It really marks a very important milestone for Alcidion. It validates the strength of the business and the long-term sustainable nature of our operations when you start with that type of contracted revenue as you go into the new year. In terms of guidance, we expect FY 2027 revenue and underlying EBITDA to outperform FY 2026.
That outlook is underpinned by a qualified pipeline with active opportunities that sit across all areas of our product offerings, including multiple EPR procurements. Given our demonstrated track record of conversion of that pipeline into revenue over the last couple of years, combined with the sustained demand that we're seeing for modern digital health solutions, we're genuinely excited about the opportunities that lie ahead for us in FY 2027 and beyond. Before I move to questions, I would really like to thank, though, all of our staff at Alcidion and the senior leadership team for the incredible work they've done throughout this year. FY 2026 has been a record year for Alcidion across multiple measures, and that is as a direct result of their effort and commitment. So I think Matt and Nick are going to rejoin us. I will stop the sharing at this point. Let's move to questions.
Thanks, Kate. We've got a number of questions, so I'll jump straight in. The first one is, we've had a couple of these. As of the 30th of June 2026, you had circa AUD 20 million in cash. What are your plans for it?
Well, I think I just covered that off in some ways when I talked about the strategic pillars under which we are operating. We are obviously focused on growing the growth in our existing markets. We are moving into new markets, and we are continuing to invest in development, albeit judiciously, around particularly AI, but also new opportunities to support healthcare. Also, we keep an eye on strategic M&A opportunities that fit the sort of criteria that I covered.
Thanks. Next question. To achieve the guidance that you just referred to around FY 2027 and EBITDA growth, do you need to win another EPR contract?
Look, the construct of the deals that come through in any given year is generally made up of a number of different things. We are not banking on that to actually deliver that guidance. We believe that the pipeline is sufficiently broad and deep that we would not have to win an EPR contract of the same nature as Sussex in order to achieve guidance.
Thanks. Okay, the next one is around UHS Sussex. So how much revenue was recognized in FY 2026? I think we covered some of that. What do you mean by the comment that the recurring revenue from UHS Sussex EPR contract will commence in FY 2027 due to the timing of the contract execution? Did you expect this to be in FY 2026, and what was the quantum?
Yeah. We didn't expect it to be in FY 2026. The contract was signed towards the end. They pay an upfront component, but they haven't started paying. Well, they have now started paying the annually recurring component, which is a combination of support and maintenance and hosting. That kicks in in this financial year.
Question of a different manner. Can you elaborate on who our competitors are?
That's always a really interesting question, because we're a platform with a whole lot of modules. Those modules can be combined in different combinations that allow us to compete in more opportunities. It genuinely increases our total addressable market. So who our competitors are is going to depend on what the opportunity is that we are going forward. The competitors for electronic patient records in the sector that we tend to go for in the U.K. are companies like Nervecentre, Altera, System C. If we were going for virtual care in this market, I think there's companies maybe like CareMonitor that we come across. So it will depend very much on the geography we are in and what challenge we're trying to solve for the customer.
Thanks. Okay, the next one is ARR now covers the OpEx base. We can see that this usually carries a premium for HCIT companies. How does this change the impact focus on operational leverage expansion versus growth initiatives? Meaning, where you start to increase marketing spend to increase top line or keep costs stable at CPI inflation and modestly grow top line.
Yeah, great question, and obviously something that as we go into a new financial year, and we're in a position that gives us lots of options when you've got such a healthy balance sheet. I think we have made a decision to increase marketing spend a little as we move into FY 2027 to support greater revenue growth. Obviously, when you're looking at new geographies, we need to ensure that we are known in those geographies from a presence perspective. But we aren't spending it. We're looking at that spend judiciously, and really wanting to maintain that operating leverage at the same time as growing the top line. We think we're in a really good position to be able to keep that balance correct to demonstrate the ongoing growth and strength of the business.
Next one is around some of the numbers. Those salaries are approximately 52% of revenue. Industry benchmarks are around 45%. Can we explain why there's the difference between those?
Yeah.
Might be one for Matt.
Yeah. Look, I can answer that. Look, it's a good observation. It's a number that I certainly keep an eye on year to year. Last year, that number was 64%, and in the three or four years before that, it was hovering around the 70% mark. It's a marked improvement on last year, 12 basis points. As our revenue grows at the rate it's growing, our staff costs will not follow that. I expect that percent to improve year- on- year as it has for the last three.
Thanks, Matt. Direct costs, we've seen an increase. Why the rise is the next question.
We've touched on that in the presentation. We sold multiple third-party products during the year. In particular, in H1, there was a direct cost for the Mosaic implementation, which was offset against the almost AUD 1 million capital license we reported in H1. In H2, there was a very large component for the Better Meds solution, with the University Hospitals Sussex NHS Foundation Trust deal, which won't recur next year, which is why we're indicating that the margin return to the average of around 85% from 27, because we don't expect that to happen again this year.
Thanks, Matt. I think we've answered this one, but I just want to check. There's a question around breakdown of the AUD 9.4 million revenue recognized for in FY 2026 for University Hospitals Sussex NHS Foundation Trust. I think we covered most of it, but just in case.
It's just upfront license, where the customer prepays the annual license fee component. That reflects all of that seven years of the license component paid.
Thanks, Kate. Next one I think is an easy one. Just clarification whether we're blackout period for our for the moment.
They'll come out of blackout period one day after the release of these results. I don't know what day it is. Wednesday, maybe Friday.
Then the last question I've got here. Are there any notable renewals in FY 2027 which are worth highlighting?
I don't have those on the top of my head.
Yeah, there's nothing.
We have multiple renewals every year. Sometimes as many as 30 are done, of all different sorts and sizes. We just work our way through them, and as most people know, unless it's where the situation where Silverlink PCS was being replaced by another EPR provider, you would typically see those renewals roll over.
There's another couple that have just sneaked in while you were talking just then. I might just tackle one of these here. Where do you see the opportunity rising from the long-term growth outlook for Miya Flow, upselling existing customers or new customers?
No, new customers. As indicated by the information I presented on those graphs.
Yeah. Okay. They are the questions we have.
There might have been one just popped up.
Another one just dropped in.
I noticed that University Hospital Southampton announced that a business case for a single EPR is due to be considered by the trust. Is this something Alcidion is involved in? Our understanding is that the Hampshire and Isle of Wight hospitals will go to market for an electronic patient record sometime this calendar year. We will, of course, be responding to that.
Great. Thanks, Kate. Nothing coming.
Is that it? Okay. We have answered all of the questions that are there. That brings us to the conclusion of our Q and A session and the presentation today. As I said, this presentation or webinar will be available later in the day on our website. Again, I would really like to thank the staff of Alcidion for their hard work and commitment. My personal thanks to the senior leadership team of Alcidion and the board for the ongoing support they have provided to myself and the business over the last 12 months. And very importantly, I would like to thank all our shareholders who have remained supportive of Alcidion, and I really look forward, with optimism, to FY 2027. Thank you all for attending.