CMD 2025

Jul 30, 2025

Slides

Thank you all so much for coming. My name is Matt Sassone. I'm the Chief Executive of Tristel. As you've already met, we've got some very important people here today. At the back of the room, we have some of Tristel's senior leadership team. You've either had an opportunity to meet them now or at the end when we have some more refreshments, you'll get a chance to speak with them. We also have some members of the Tristel board here. You get an opportunity to meet Bruno and Caroline that are here. We also have a very great honor to have a guest, one of our customers from the U.S., join us as well. Tiffany, who will be speaking to you in a little bit. Let's get on with the presentation. I recognize the vast majority of this room know Tristel very well, but there's a few new faces. Just forgive me, I'll take a few moments just to explain who we are and what we do. We are essentially an infection prevention company. We're all about preventing the transmission of microbes from one person to another person or from a medical device to a person. What we do it with is our highly differentiated and unique proposition of our chemistry, which is essentially chlorine dioxide, is at the core of everything we do. How do we win and what are our products? Typically our products are split into two different groups. We have one set of products which are focused on the high-level disinfection of medical devices. We're talking about medical devices such as this. These typically are medical devices which are heat sensitive. They're typically non-lumen, but you can't sterilize them like in a normal fashion because they're made of plastic. An ultrasound probe, an intracavity ultrasound probe like this one, or an ENT device is where we have found this niche, this unmet need that we've been able to solve and address. You'll see that basically the high-level disinfection of medical devices attributes about 87% of our annual sales. On the other side, we have products again using our chemistry of chlorine dioxide, but we focus more on medical surfaces and the cleaning and disinfection of the medical environment. Where it differs slightly is it's a much larger market. We estimate about £5 billion, but we are focused and I'll talk more about it as we go through the presentation, but we're focused very much on the profitable niche element of this market. So, we focus on the sporocidal cleaning and disinfection of highly critical areas and segments. How do we win? Essentially, there are many reasons why we win, but convenience, being able to perform this high-level disinfection at the point of care, being able to do it manually, our compatibility, our compliance, being written in international guidelines. There's a wide rationale and reason as to why customers choose us. I think you hear a lot of that when Tiffany speaks in a little bit with regards to her experience. This morning, we gave a trading update for the financial year ending the 30th of June 2025. We're able to demonstrate we had another record year of significant growth. Revenues were up 11% for the full year to £46.5 million. Adjusted profits before tax increased 23% up to no less than £10.1 million. The company continues to be debt-free and cash generative. What does this mean? If you look over a 10-year period, we have a fantastic track record of delivering strong growth and a good legacy performance. As you look into a bit more details of what happened this year, the first half grew 8%. We were very pleased with our trajectory as in H2 on a constant currency basis. We grew at 15% year on year. What that meant is over this 10-year period, we have a CAGR of 11.6%, which a lot of other companies would be incredibly enviable of. From an EBITDA perspective, our performance here over a 10-year period demonstrates a strong sustained performance, one of profitable discipline and constant reinvestment in the business. We have a very strong foundation to deliver on our strategic ambition as we go forward. Finally, we also have a good legacy of giving back to our investors as well and a commitment to delivering shareholder return. As you can see here, our progressive year-on-year dividend policy continues to pay out. Not only are we a growth stock, we're also an income yield generating investment as well. That being said, what I'd like to do is focus a bit more on how we intend to continue this excellent historical performance and what we're doing to realize the opportunity that we have ahead of us. I'm going to touch on a little bit more detail about these five different areas, but let's start with geographic expansion. Our business has had a great history of expanding from our core UK market, our home market. Whilst in this presentation, I won't give details on our geographical split for the year just finished, what I can tell you is that 63% of our revenues were generated from geographies outside of the UK. Where we actually are now today is we're in a situation where we have 18 subsidiaries around the globe. We are employing over 267 people. We operate in a third of 35 countries through a number of distributors, and this geographic expansion has really been fueling our success. We continue to invest. When you look at Europe in the year just gone, we've gone direct into Spain, employing seven new full-time employees in that market on a sales and marketing basis and taking over the business from our distributor. We've done the same in Austria, where we've just gone direct. In other markets, we continue to make this investment. In India, in the year just finished, we decided to, in a very targeted way, both geographically and also with regards to our product segmentation, enter the Indian market. Originally, it's just with two headcounts. It's a very small, as I said, targeted fashion, but we can all understand how large the potential in India is. There are other large markets where we haven't entered yet. Take Japan, for example, the world's third largest medical device market. We haven't been present in that market. During this year, what we've been doing is investigating what our go-to-market strategy is and how we can penetrate this large, so far unrealized opportunity for Tristel. The same goes for Latin America. That's another market in an area of the world where, again, we've been making the necessary investments so that we can start to tap this market for us. We've been getting some great success in other markets where we just recently entered. The Middle East has been a tremendous success story for us. In the last couple of years, our business has tripled in regards to revenues that we're driving from that market now. North America, our largest opportunity, and I'll talk a little bit more about that when we get to discuss the U.S. What we do realize is basically our greatest opportunity for growth, our near-term opportunity, actually comes from existing markets where we're already present. Earlier I showed a slide that had our total addressable market. Yeah, and you can always put up big TAMs and people can get excited, but actually what's really core for a business is a focus on what is your obtainable market today? What is your serviceable, attainable market? When we look at our business and where we are, quite frankly, we are very underpenetrated. We have a long growth runway ahead of us just within our existing markets. If we were able to scale those markets in the same way we've been able to achieve success in the UK, we have some very large tangible numbers just ahead of us. What we're looking to do is essentially lift our performance across all of our portfolios in our existing markets. Whilst we recognize that there's some local dynamics, there are local competitors, local pricing pressures, local national guidelines, we truly believe that we have everything we need to be successful to realize these numbers that we have ahead of us. This thing we're very committed to, and we've had a track record of doing this. We have an exceptional sort of like company of talented people. Our foundations are there, but the investments we need to make are more in the commercially facing. That's something we continue to do. As you can see over the last year, we've put more headcount in. They've been commercially focused. As we go into the year ahead of us, we are committed to putting more commercially facing heads into our business to realize the opportunity that we've got. As I said, the one market which we are most excited about is the U.S. It's because after many years, we finally now have our FDA approval. In June this year, we just got the approval for our ophthalmology products. This is the first FDA-approved high-level disinfection product specifically for ophthalmology. We are addressing an unmet need today in the market. Now it's a slightly smaller market than the ultrasound. We accept that. What we're realizing as we're going and talking to customers, they don't have a solution today. The things that they've got to choose between are either a non-compliant alcohol-based wipe, and the hospital has to recognize that they are not meeting national guidelines or adhering to the high-level disinfection they should be doing, or they're using chemicals in a soaking bath, which are both not only very time constrained to take a long period of time, but also a resource and sort of people-heavy with regards to the workload. What we're offering them is a high-level disinfection process that takes two minutes and can be performed at the point of care. When we look at the ophthalmology market, whilst we acknowledge and we estimate it's 16 million procedures a year, and it has a price point that's slightly lower than ultrasound, the feedback we've been getting from customers has been truly exciting, very, very exciting with regards to how much of demand there is out there, because essentially, again, we are addressing an unmet need. Where are we? We got the approval in June. We've just done our first manufacturing run. That was actually Thursday and Friday last week. The product is now ready, and the team on the ground has eight, nine customers which are ready to trial in August and ready to get going. We have a pipeline beyond that of interested parties. Our route to market will be a mixed sales model. What do I mean by that? What I mean is that we will pick those customers which we want to sell directly, and we'll use our own resources, and we're committed to investing and scaling those resources as we get success. For the more mass market, we'll use specialized ophthalmology distributors that will help us address the rest of the demand. On the ultrasound side, where we've been present in the market now since late 2023, we've been working with our partner, Parker Laboratories Inc. For those of you who don't know, Parker Laboratories Inc. is synonymous with ultrasound. If you go into a U.S. hospital and you look at the gel they're using to provide that scan, it undoubtedly will be a Parker Laboratories Inc. gel that's there. We've partnered with Parker Laboratories Inc., who know the ultrasound market incredibly well. They are a local manufacturer, but we work on a royalty basis. We get 24% of what they sell. We estimate the market to be around 50 million procedures, high-level procedures, and that number is growing and getting larger. You can do the maths and look at the size of the opportunity for us. What I thought would be better than us as a company talking about how we're addressing the U.S. market with regards to ultrasound, I thought it'd be worthwhile in us actually having a U.S. customer come and talk to you today. You can actually hear firsthand what their experience is and why we feel so confident about the opportunity and the fact that we are providing something to the market, which they truly do need today. It gives me great pleasure and gratitude as well that Tiffany has flown all the way from Orlando to be here today to talk to you. I'm sure you're going to do this, but let me just do a little small introduction. Orlando Health is a not-for-profit private organization. To give you a sense of the sale size and scale, they employ 29,000 people. They are not only present in the state of Florida, but also beyond the state of Florida. They have basically been awarded best in class by U.S. News in many different categories. A well-recognized and well-known brand in the U.S. healthcare market. Please welcome Tiffany, who will talk to you for a few minutes about Tristel ULT. All right. Thank you everyone for having me. As Matt explained, I am here from Orlando Health, but I'm here to talk to you about a product that has significantly changed the impact of our ultrasound department. Before I dive into our Tristel journey, I just want to tell you a little bit about myself. I started my career with Orlando Health in the maternal fetal medicine and pediatric department back in 2000. I've had two decades of watching our growth and our innovation, our operational changes. A little bit about Orlando Health that Matt didn't touch on, even though he did say touch on a few things that I was going to hit point on. We're a large healthcare organization headquartered in Orlando, Florida, and we serve the southeastern part of the United States. We have over 4,000 beds across multiple hospital systems and hundreds of outpatient and specialty care offices. This is where this product has come really big for us. We started out in our outpatient facility. I was approached probably about a year and a half ago with this new product that I had not heard of, but we were searching for alternatives in our HLD, our high-level disinfectant for our probes. We were using what we considered was gold standard, which was Tropon units. We had transitioned into the Tropon II units, had brand new systems across all of our locations. We had 18 different locations, multiple systems, multiple sonographers. We noticed very shortly after implementing those Tropon systems that our probes were becoming damaged very quickly. The cords on the probe, and I'll just kind of show you here, so the cord on the probe in a Tropon system, you have to click it in and it hangs. We were having damage where it was disconnecting from the actual probe, but we were also having damage to the head of the probe where the crystals are. Liquids were leaking out. They're becoming unsafe for patient use. That was due to all of the heat exposure from the repetition of back and forth in the Tropon units. We had already begun a search for what else could we use. In the U.S., there wasn't a whole lot. We could go back to soaking solutions, the Sidex type solutions, but those had harsh chemical smells, extended downtimes for our probe, and we were already having some bottlenecking just from the seven-minute downtime for the Tropon systems. When I was approached with this new product, even though I was a little apprehensive on change, I was really interested to hear about the product and to see how it worked. Tristel sent an app. She came out. I think her name was Jesse. I'm terrible with names. Don't tell her. Jesse. She was wonderful. She came out. She brought all of the product. She set up. It was myself and our Infection Prevention team, and she demonstrated the product and the ease of use. Everybody just kept saying, "That's it. That's all we have to do." The downtime was only two minutes. We were just really, really excited to do some testing on the product. Orlando Health wasn't ready to jump right away. They wanted to do their own beta testing, make sure that the efficacy was there at their level, even though it had been passed. Orlando Health likes to do all of their own testing as well. We did a couple of months of beta testing, just a few locations. Got immediate feedback from our sonographers and the users. They absolutely loved the product. Even the ones who were really, you know, we've had some, some of them have been around with us for 20 years, and so they're very hesitant to change. When we first introduced the product, they were like, "Oh gosh, another change in our system." Everybody gave great feedback. They were really excited about the downtime being going from seven minutes to two minutes. That obviously improved our ability to see patients and our workflows. They were also very excited to and pleasantly surprised to find out there was no chemical smell associated with this. That was a big thing for them. They work in these small rooms. Patients come in. A lot of our patients are sick, pregnant, very sensitive to smells. We had no issues with that, with this product. The ease of use itself, you know, it's a wipe and foam system. There was no running back and forth out of rooms, putting probes into machines, waiting for one to be ready. It really, it kind of took off from there. After a few months, we rolled it out to the remaining sites. We had it in about 18 locations at the time. When we first started, we weren't using their Tristel 3T app. Everybody was like, "How much longer do we have to manually log these?" Once we rolled it out, we did download and start using the Tristel 3T app, which was within itself another game changer for us. You know, just from an administrative standpoint, the availability and ability to automatically log these and trace these cycles and not have to rely on anything manual, sonographers writing down, maybe misstepping. We can export the charts now. We don't have to keep logs for seven years, 10 years with big books full of Tropon logs. It's just really been the entire system from start to finish has been so kind of astonishingly easy to use and implement. We've had great buy-in from all of our sonographers. We've sat down with other teams in the hospital who are looking to use it, some of our interventional teams. My message to them has been like, "Why wouldn't you try it?" I do get it because being in healthcare, I know that change never comes easy. In all honesty, this product and its use is easy and smart. We're no longer spending $10,000 per probe to repair probes, multiple probes a year. We're not having to buy these big clunky Tropon systems for every location. With Orlando Health constantly building, spreading, and buying other locations and hospital systems, each time we do that, we were having to purchase these large systems and find places to put them. Now, we're really saving a ton of money not having to do that, but we're saving probes. We are improving our patient accessibility just because our downtime has decreased as well. Overall, honestly, I don't know what took you so long. Thanks for finally coming to the US. We are so extremely happy to be using this product to the point where we are now sharing it with just tons of companies and on local sites who are asking, "What are you guys doing? Has anybody noticed damage to the probe?" or all of these other questions. I think it's really going to pick up and spread in the US. It's just getting some of that word out there and convincing people to take that baby step of change because change is a little scary. Truly, this product is a game changer for us. There's not a lot more I can add to that. Thank you. Thank you, Tiffany. I think you get a sense and a feel as to why we feel super excited about our ability to be successful in the U.S. We recognize it's a large market. We recognize it takes time to address the concerns about change, but we know there's a need out there. We know from the initial customers that are using our product, the feedback is extremely positive. We know with Parker, we are working with someone who is well known and investing to help us be successful in that market. That for us makes us feel super bullish about the ultrasound and also super bullish about our ability to be successful in the ophthalmology market as well. Carrying on with our presentation and moving a little bit forward into some of the other strategic levers that we're looking to address as we go forward, another large opportunity for us is with regards to surface disinfection. This is shifting from medical devices to now the surfaces, a very large market, but typically the vast majority of this market is quite commoditized and quite low margin. That is not of interest to ourselves. What is of interest to us is where we can make a difference, where we're adding value, where we're providing not only return investment to the company, but also return investment to our customers, and they're willing to pay for the higher efficacy and what we're able to deliver with regards to our cleaning and superior clinical value in essentially those parts of the hospital that demand a higher infection control and a higher infection prevention. What I'm referring to is places like ICU, places like the neonatal departments, the dialysis centers, operating rooms. These are all areas. It brings the total addressable market down, but it's far more profitable for us. It operates at a higher gross margin and we can deliver more value to our customers. We are focused, and you can see some of the products we have here today and are addressing the needs of those customers. We will not be distracted by the pull from the larger market because this is where we know that we can get a better return for our investment. A key driver for us is clinical and national guidelines. Just to pivot back to the U.S. very quickly, it took us a year, and it was an accelerated process, but it took us a year to get into the American guidelines. That was a tremendous sort of step for us because when you go and talk to a customer, one of the first questions they ask is, you know, are you in the national guidelines? If I'm using your product, am I going to be compliant or non-compliant with what's out there? We recognize that this is a significant strategic lever and something we've got to invest more in. The team has been undertaking an exercise to look at all the clinical guidelines that are out there today. We've identified 126 guidelines across the globe where we are or we should be part of, chlorine dioxide should be part of that guideline. We're investing in basically ensuring that over time we are present, yeah, and we are endorsed as part of those guidelines. That's an investment. That's an investment that was not only our team, but it's an investment in key opinion leaders. It's an investment in clinical studies and expertise. That's something that we're committed to because we recognize that national guidelines alongside manufacturers' IFUs are things that can make an absolute step change to our business. Another example just to demonstrate how much of a step change it makes is in Germany, where for years we were never part of the guidelines. In fact, for years, the guidelines would actively push customers away from using our wipes and foams. Late 2024, after years of effort by the local team and investment, those guidelines were changed. Guess what's happened to our business? Our business locally has just also made a step change as well, and we're seeing significant growth. We already had got a good presence in the market because customers were using us despite the guidelines. Now we are looking to really invest further in the German market and exploit the fact that we are now part of the recommendations there. We're constantly looking for those next opportunities. Whilst over the years we have done a fantastic job of expanding our chlorine dioxide technology across many different applications and also being very intelligent with regards to how we position and price it, we're specifically looking at the clinical application and then addressing that clinical application. We're also still looking for other ideas and avenues where we can apply our chlorine dioxide. A near-term opportunity we have is around the cleaning. Why do we get excited about the cleaning? Essentially, this is about augmenting what we already have, the position we already have with customers. When a customer uses our Trio device, the first step is cleaning. In fact, when a customer does any high-level disinfection, the first and most important step is cleaning. Whether it's with us or whether it's with Tropon, our competitor, cleaning is a really important step. What do we want to do? We want to own that cleaning step. It's always a manual step. We are a company that understands manual processes and manual efficacy. It's better than any other. What we've done and what we're about to launch is the world's first visible verification cleaning methodology. You have a demonstration at the back. The product's called VisiClean. What we're using is a dye, so you can see on the device that you've appropriately cleaned it. When you use it with our chlorine dioxide, it actually reacts, so you're getting a visual verification that the chlorine dioxide is also working as well. Our initial feedback here has been very exciting. The site will be launching as we go forward in 2025 and beyond. Another area where we demonstrate leadership, and Tiffany made reference to this of how much of a game changer it made to her and her clinical staff, is with our 3T app. What is the 3T app? It enables our customers to not only sort of like train and as a training portal for them, but also to track and trace what they're doing and keeps all of those records that they have to keep those records digitally contained. We've invested a lot over the last few years, and we've got a sort of a good percentage of our customers which have made the transition already. What we're looking to do is add more value to what we're doing on the digital and, quite frankly, turn it from being part of our offering that we currently give to customers free of charge into a revenue stream in its own right. How do we do that? What we're looking to do is build on that platform. We're looking to add more features, and we're looking to add features that the customer's willing to pay for. We want to move to more of a SaaS model with our 3T platform. We're already making investments not only in the AI aspects, but also adding additional functionality with regards to internal auditing, like some other tactical software integrations into that platform so that we can, as I said, drive a longer-term adoption of 3T, but also make it revenue generating in its own right. As I've gone through the presentation, I hope you've been able to identify the fact we have some exciting opportunities ahead of ourselves. That leads us to the point where we feel like we're sort of looking to make our financial commitments for the years ahead. We're looking to build on what we've done before. Essentially, what we're looking to give to our investors is over the next few years, double-digit revenue growth, an EBITDA of greater than 25%, and a progressive year-on-year policy with regards to dividends. This is a continuation of our financial commitments we've made over the last few years and a commitment to you to take this business on its next growth trajectory. In conclusion, we are a business that has a strong market position in a wonderful, profitable niche with extremely high barriers to entry, whether that be our unique proposition of our chemistry, our compatibility, our testing, or the regulatory approvals we have. It's very scalable. I hope you've gotten a taste and a flavor for the opportunity we feel that we've got ahead of us, and we feel that we're only just getting started with regards to realizing that opportunity. We have a proven track record, not just of revenue growth, but also of profitability and giving back to our shareholders. We feel that we're very resilient and defensive in the infection prevention world within healthcare. That concludes the presentation. What I'll do now is just open up to any questions that you may have. Any questions from the floor? Wonderful. Hi, it's Seb Johnson with Premier Liberum. Tiffany, thank you for the presentation. Really helpful. I'm curious to understand, as you were starting to persuade people within the organization to use Tristel, who were the key stakeholders you needed to persuade, and where were the big hurdles you needed to get over in that process? I think part of the process involved just reaching out to the teams themselves and talking to them, because I can tell you as a Director, if I go to my teams and I get a hard, like, this is too much, we can't do this, we don't understand why we're changing our operational flows, and it's going to affect our efficiency, it's going to affect just our day-to-day life at work. I think part of it is reaching out and explaining to them, and the fact that Tristel sent the app out to show us and allow us to ask questions and see the ease of use was a huge game changer. Aside from that, really at a Director level, our VPs are who we have the biggest buy-in conversations with, those in our infection prevention team, because once we could get them on board and our infection prevention team says, yes, we're meeting the regulatory standards, so this is just a matter of, it's not a matter of if this is a good product, it's a matter of, is this the product for us? Once we did the investigation and brought it all back to our VPs, and I'm sure that they may have taken it higher, that's when we received the operational level of, yes, you can start beta testing, let's see how it goes. I think from there it flourished really, and it went from not just our imaging department, it's kind of pushed into our interventional departments who are interested in it, who also don't have the time to leave. They have one probe for an entire floor. While we have one probe per machine, they really don't have the availability to leave a probe somewhere and not be able to, we can bring this product right into the operating room, clean the probe right there and continue to use it if needed. I'm just curious as well, because obviously you're a Tropon user or were a Tropon user, so there's a lot of sunk cost in Tropon kit floating around the hospital. I'm curious as to whether for the kind of, you know, it's always quite a difficult sell to the finance function who've just invested a lot of money in that kit. What was selling it for them? Was it the fact that there's a lot of damage with the Tropon tools, or was it the fact of the operational improvement where it's kind of seven minutes instead of, or two minutes instead of seven minutes turnaround time? Yeah, I think it was actually a combination of both. We're buying these expensive machines, the continued price of operation. We were paying for the solutions and the chemicals on a daily basis, but also we're paying for yearly maintenance contracts. We're saving the money of purchasing the machines, the yearly contracts, which I don't know how much you know about Tropon, but those are not cheap either. That doesn't even include the downtime if one of the units broke, and now we have a system down that we're mailing back and waiting for them to mail us one. That was a huge push for us in the beginning, because while we knew that Tristel says it takes two minutes, we didn't know in the very beginning, okay, two minutes for the actual process, but like how long was it really going to take us to do this and get everything turned around for the next patient? While we started off with the financial aspect, it really did turn into we are also a much more efficient department. Our sonographers are happy. You know, healthcare sort of feels like a numbers game sometimes. When you can give them something that helps them out without taking something from them, it really is a big game changer for the team and their attitude and their feeling of they matter and their voice matters. Thank you. One last slightly cheeky question. You're using the Tristel 3T app for free now. How do you feel about being asked to pay to use it? I do have a huge, large department and I do have to do the monthly audits. He mentioned that there was an automated process. If there was, believe me, I will be on that as soon as we can, as soon as I can get financial buy-in from our departments and CFOs. I think that you pay for what you get sometimes, right? The product is great right now. There were a few little hiccups in the beginning, but it wasn't necessarily product-related. Some of it was user-related. The one thing I can say is this team has great customer service and they were available every time we needed something. They would hop on calls, they would help. You really do get that support from them as well. If they can make this product do some of that manual work and take that off of me and the time that I'm spending doing it, and I can use that time to do other things that will bring in revenue, I think that that would be great. I would definitely pay for that. Thank you very much. Sure. Any other questions? Sorry if I was passing behind. Just a moment. Thank you so much. Peter with SFisk. I realize that this is not an antibiotic in the traditional sense, but has there been any likelihood or any indication that resistance builds up against chlorine dioxide? No, in actual fact, that's one of our sort of key things is that where some of our competitor products would create an antimicrobial resistance, we don't do that. Our action and our methodology means that that is not the case. There's a, the ends of the... Yes, Jens Lindqvist, Investech. Just another one for Tiffany, I'm afraid. Sure. Following on from Seb's question. I promise I said to her that there won't be many questions. She's like, "There's a question for the company for you. Just one in relation to Seb's question. Is there still a valid use case for Tropon in some settings within Orlando Health? If so, what are they and what volumes do those represent? Could ULT potentially get 100% share volumes? I think as the units continue to break down in the departments, I can tell you all of the units at all of my departments were kind of refocused to some of our other areas within Orlando Health, even at other hospitals. Some of those were moved down to our Tampa hospitals and some were moved to our East Coast hospitals, hours away. I think as they're starting to break down these machines, there's going to be a big question of why are we paying to replace these? Why are we buying new machines? Why would we not just use this product? I think they're being used where they're still functioning, but I don't think that moving forward, Orlando Health will continue to use them. Thank you. We have a question at the front, just here. Thank you. Since you've flown so far, we might as well take advantage of that. Thank you for that, Tiffany. Currently, is the hospital using both systems? We currently do have in all of our hospitals a little bit of both. I think that where it took off initially, and it's such a big fast pace, was our women's health because we're using these probes. These endocavity probes are being used turnaround constantly. Every patient is, you know, a female patient in our women's health. They're here for women's health exams of some sort, so we're using this probe back to back. We were really having that high-end damage from consistent use and the downtime and the bottlenecking from the time it was taking for the Tropon units. I think it really took off quickly there. I know our peds department is now using the Tristel, and I know that we had a couple of MFM departments that were still using Tropon units. However, just last week before I left to come, I got a couple of emails saying, "Hey, are there logs for this Tristel or something because our Tropon unit is down and we don't have anything else to use?" Luckily for them, we order so much of the product because we have a big, you know, department using it that we were able to bring them over some of the product. We did bring them some, we want them to suffer a little bit because they didn't listen to us in the beginning. We brought them the hand logs so they can manually write it, but we did let them know that there is an app available if they want to switch over to it. In terms of, I get the use of it and there, but in terms of cost per round of disinfecting, how do you compare the two costs? You know, a dollar versus $10? I mean, what are we looking at? Yeah, I mean, I know it was a significant cost savings just in the supplies. I want to say it was about a third of the cost of the chemicals that we were purchasing monthly. You mean the chemicals? Just chemicals alone, excluding the price of the unit and the maintenance. The maintenance contracts were huge, but that doesn't even include when the system breaks down and you have to pay for repairs. Buy Tristel, sell GE. Okay. What I should add is, you know, Orlando Health isn't the only U.S. customer we've had success with. In the vast majority of cases, what we do find is we co-habit with essentially the Tropon devices to begin with. It is just that ease, that convenience, the improvement, the efficiency to sort of turnaround times and the workforce, and we start to push them out. Obviously, you're right to point out they've made a significant capital investment. It's difficult to walk away from that. We just end up living alongside them and eventually overtaking and being the vast majority of the use. Thank you very much. There's a Chris. Hi, Chris Glassman from Singers. Could you focus a bit more on the surface disinfection or the Cache range? Obviously, you've introduced some new products there and you've identified niches that you're going after. It's a very large market and it's a very small part of your business at the moment. I'm just really wondering how you're going to leverage your existing commercial infrastructure or whether you need to invest in new teams, new focus to drive that. It's a great question. We do see it's a large opportunity and we have that challenge, which is we've got so much addressable market to go after on the medical devices and so much addressable market to go on the services as well. It's getting that balance. What I can say is that we made the decision that it's best to leverage our existing resources. You have that common decision maker for both portfolios, which tends to be the Infection Prevention lead. We have those existing relationships. Really, it's about upselling the customer. That's where we've had the success in the UK. When we look at the UK, virtually every hospital now in the UK is using a Tristel product, one sort of type of product. Where we've been able to get success is by just going to those existing customers and making them aware of our offering and then working with the clinical users in those departments and getting them to understand what we bring and then upselling that particular customer. The same goes for whether we're talking about Germany, whether we're talking about France or other markets around the world. We need to exploit that common Infection Prevention lead and upsell that customer. Essentially, this is all about, this is a fantastic thing about our business. It's about the commercial execution. It's about making the right investments in the right geographies. We continue to do that. Yeah. That's our approach. Is it the same approach with the new VisiClean range? It would be the same with the VisiClean. I didn't mention it verbally, but it was on the slide. You know, if we were just to take our Duo uses, yeah, and get all of those to use the VisiClean product, that'd be another 14 million procedures. Currently, within the medical devices, yeah, we do about 25 million procedures a year. Revenues are generated from about 25 million procedures. With the VisiClean, we could add another 14, but that's with just our own products there. There's a tremendous opportunity there. As hopefully you've taken away from today, you know, we are not short of opportunities, whether that be geography-wise or different new products or applications. For us, it's all about that commercial execution and just realizing the opportunities we've got ahead of ourselves. Couple more questions. Thanks very much. Yeah, Adam McArthur from Cavendish. Yeah, Matt, just following on from that sort of commercial rollout, you talked about wanting to get into growing and getting a more commercially facing heads. Just those types of individuals, are they easy to come by in the job market with the expertise that you're looking for and the networks that they have? Are those recruitment processes harder when they, Adam, want to ramp up in terms of getting them up to speed and kind of fully functioning in the field? Yeah, we're pretty choosy when it comes to who we like to recruit. There are certain types of individuals. They don't necessarily always come from our competitors or have experience in the market. What we're looking for is more of the characteristics. Tristel has had tremendous success with regards to that entrepreneurial flair. That's something we really look for as well. We're always looking for the right individuals to join the business. It's about where we're deploying them and which markets we're going after, just making sure we're making the right investments in the right places. Yeah, great. Thank you. Bruce has got a question. A question for Tiffany. Thank you very much. Fantastic. Yeah, ambassador for the business. I was just wondering about the size of the opportunity left in Orlando Health for Tristel. To what degree is Tristel already penetrated within the system that Orlando Health is providing? How much further can they go? Yep. Currently, Tristel is being used across our downtown campuses and slowly spreading its way out. What I will say is we are buying hospital systems and flipping, you know, making them, giving them the Orlando Health culture and reviving these hospital systems as well as offices on, you know, multiple years is what we're doing right now. We are even outside of Florida. I feel like as we are purchasing these systems and as we are growing, we're continually moving that transition away from some of these don't even have Tropon units. It's not even a financial investment. A lot of them are still using the old Sidex and soaking solutions. For them, this is a huge game changer as well because they don't have to have specific rooms for all of these chemicals. They don't have to worry about the probe going back and forth and damage from dropping it. I think the growth opportunity is huge because as we continue to grow, this product will continue to grow within our company. I'm sorry, Bruce, to just jump in there. Basically, we're well penetrated within the outpatient side of things, but within the actual main campus, there's still a few departments where we need to go. As Tiffany said, Orlando Health has many more satellites that we're expanding. The other thing that makes us very excited is obviously within Florida, Orlando Health is our first customer. What we're seeing is geographically, whether it be within the Orlando city or even Miami and other cities within Florida, we're now getting customers come to us because they've heard what Orlando Health is doing and that is spreading. We're getting that pull from the market rather than us having to do the push. Any other questions? Let's go to Orlando. Wonderful. Thank you ever so much. You now have the chance to get some refreshments and also meet with the Senior Team. Please ask any questions you may have to them directly. Thank you for coming.