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North York Sleep & Diagnostic Centre is a physician-led healthcare organisation based in Toronto, Ontario. Founded in 2008 by two local physicians, the Centre was established to meet a growing need for accessible, high-quality sleep diagnostic services in the community.

From the beginning, the focus was clear. Provide professional sleep disorder testing and treatment. Do it with clinical rigour. And keep patient care at the centre of every decision. What started as a local diagnostic clinic gradually expanded to include clinical research trials.

“We were focused on doing the work properly from day one,” the leadership explains. “That meant licensed physicians, trained technologists, and clear standards.”

Today, the Centre is recognised for its depth of expertise in sleep medicine. All patients are assessed by ABSM licensed sleep physicians. Sleep studies are conducted by Registered Polysomnographic Technologists. This structure reflects a leadership philosophy built on credentials, accountability, and trust.

Growth has been steady but disciplined. Expansion is regulated by the licensing of Integrated Community Health Services Centres, which limits the number of beds. Rather than chasing scale, the Centre prioritises quality and patient outcomes.

“We operate at full capacity,” the team notes. “So our focus stays on excellence, not volume.”

During COVID, the Centre continued to operate under strict standards, ensuring continuity of care for patients who relied on its services.

After treating tens of thousands of patients, North York Sleep & Diagnostic Centre remains guided by professionalism, patient feedback, and a long-term commitment to community healthcare leadership.

Take us back to the beginning. How did North York Sleep & Diagnostic Centre start?

The Centre was founded in 2008 by two local physicians in Toronto. At the time, access to proper sleep diagnostics was limited for many patients. We saw a clear gap in community care. The original goal was straightforward. Provide professional diagnostic and therapeutic services for sleep disorders, led by licensed physicians, and make them accessible to the community.

What were the early years like as a new clinic?

The early years were very hands-on. We focused on building strong clinical processes and on earning the trust of referring physicians and patients. Initially, the work focused on sleep studies and treatment for conditions such as insomnia, snoring, and daytime fatigue. Over time, as our experience grew, we expanded into clinical research trials while keeping patient care as the foundation.

How did your scope of work evolve over time?

It evolved naturally. We started with diagnostics and therapeutic studies. As we treated more patients, we gained deeper insight into long-term sleep disorders. That experience allowed us to contribute to clinical research.

The Centre places strong emphasis on credentials. Why is that important in your field?

Sleep medicine is highly specialised and regulated. All our physicians are licensed in Sleep Medicine and Respirology. Our sleep studies are conducted by Registered Polysomnographic Technologists. That structure is essential. Patients deserve to know they are being assessed and treated by fully qualified professionals. There is no room for shortcuts in this industry.

How do regulations shape how you operate and grow?

Regulation plays a major role. The number of beds is licensed by the Integrated Community Health Services Centres. We operate at full capacity, but growth is limited by those licences. That reality forces discipline. Instead of focusing on expansion, we focus on efficiency, quality of care, and adherence to professional standards.

What defines leadership in sleep medicine from your perspective?

Leadership is consistency. It is maintaining standards year after year, even when conditions are challenging. It is staying compliant with licensing requirements and continually engaging with best practices. Leadership is also listening. Patient feedback informs how we improve our services and processes.

COVID was a major test for healthcare providers. How did it affect your Centre?

COVID was challenging on every level. Protocols changed frequently, staffing pressures increased, and safety requirements were strict. Despite that, we continued to provide services throughout the pandemic. Patients still needed answers about their sleep health. Our focus remained on providing excellent medical care despite those barriers.

How do you maintain quality while operating at full capacity?

Systems matter. Clear clinical workflows, proper staffing, and strong communication are key. Because we are constrained by the number of licensed beds, we must operate efficiently without compromising care. That means constant process review and close collaboration among physicians and technologists.

You have treated tens of thousands of patients over the years. What keeps the team motivated?

Impact. Sleep disorders affect every part of a person’s life. When patients improve, it is tangible. The team takes pride in knowing that providing excellent healthcare also contributes positively to our own well-being. That shared purpose keeps people engaged and committed.

Looking back, what has remained constant since 2008?

The mission. We were founded to provide sleep and diagnostic services to the community, and that remains our goal. We believe these services should be accessible to all patients. Professionalism, quality care, and adherence to standards have guided us from the beginning and continue to shape how we operate today.

How would you describe the Centre’s role in the industry today?

We see ourselves as a steady, trusted provider. Not driven by rapid growth, but by responsibility. Our name reflects where we are and who we serve. That local focus, combined with clinical rigour, defines our role in sleep medicine.

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L. Erika Penala
UBS Investment Bank, Research Division

All right. Good afternoon, everybody. So rounding off the corporate presentation today, we have KeyCorp. And we had Ken Gavrity. He is the Head of the Commercial Bank. And before he sits down with me for a fireside chat, he wanted to share a few slides. Ken, thank you for coming.

Ken Gavrity
Head of Commercial Banking

Perfect. Well, thanks for having me, Erika, pleased to be here, of course. So as Erika said, I lead Key’s Commercial Banking business, which includes our Middle Market business segment as well as our Commercial Payments platform, and as a reminder, we define the middle market segment as companies with annual revenue size from $10 million in revenue, up to as high as $1 billion in revenue. And our commercial payments organization serves a broader range of customers that goes all the way down from small business through middle market, up to our corporate and institutional clients as well.

So before I jump into the slides, I’ve been asked to read the following in the back of today’s presentation, which you can find in the Investor Relations section of key.com website. You’ll find our statements on forward-looking disclosures. These statements cover our presentation and related comments as well as the question-and-answer segment of today’s webcast.

Forward-looking statements speak only as of today, February 9, 2026. So with that, okay, I’m going to start on Slide 2, overview of the Commercial Bank. So from a size and scale perspective, you can see on the right-hand side of the page, it’s a significant portion of Key’s overall revenue and core

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