Good morning. I'm David Adlington. I head up the research team for MedTech for J.P. Morgan in London. It's my pleasure to introduce Britt Meelby Jensen, CEO of Ambu, and there'll be Q&A afterwards. Britt, over to you.
Thank you, David, and good morning, everyone. I've been looking forward to presenting at this year's J.P. Morgan conference. For those of you who remember last year, I was excited last year to present double-digit growth and strong progress on our Zoom In turnaround strategy. This year, I'm even more excited to present another year of strong double-digit growth and also what has led into our new strategy, where we basically have an ambition to advance our single-use global leadership position towards global endoscopy leadership. So many of you may know, but we are a Danish-based company founded almost 90 years ago. Our focus has really been doing groundbreaking innovation within medical devices and technology. 70 years ago, we were the first to innovate a resuscitator, changing the world of that, and today we're still selling millions of that.
50 years ago, we invented cardio sensors, which is also a product we're selling a lot of, and all of this represents our legacy portfolio, anesthesia and patient monitoring, which last year grew almost 10%, which is higher than what we normally expect of 3% to 5%, and the higher growth is basically driven by strong commercial execution and price increases, so I'm not going to talk more about this area today because what we are really excited about in Ambu is our endoscopy business. This business, we grew over 15% last year organically. It now represents around 60% of our global total revenue in Ambu, and this is where we have our focus towards global endoscopy leadership, investing in groundbreaking innovation. We have scalable manufacturing and strong commercial execution.
So if we look at the growth and if we compare ourselves to the MedTech average growth, we are actually and have for the past number of years been growing more than the MedTech average company, which is 6%, and our growth has been 14%. And even if we compare among the top-tier medical device companies, their growth is 11%, so still below our growth. If we then look at the last period, we have also had a bump on the road, and this is where I joined the company three and a half years ago, where we basically faced a situation with declining growth, declining profitability, negative cash flow, and a high debt. We launched a Zoom In focus strategy to turn this situation around, and I'm happy to report that this has been successful. So we now have had two years of solid double-digit growth.
What happened for us basically was that we over-invested into the most complex segment of GI, where we in the first round were not successful, so this is where we took some measures and took a step back from that area, which I'll come back to, and basically focused on the other endoscopy areas where we could see a strong potential. If we then look at what I'll talk about today, there are basically three themes that I want to cover today. First, starting with the market, how we have a strong leadership position in a high-growth market with the single-use endoscopy. Our Zoom In strategy, where we are really moving towards global endoscopy leadership, and then also I'll end by showing how we have a clear path with strong double-digit growth towards 2030.
So if we start with the market, basically at full penetration, the single-use endoscopy market is large, representing in .U.S. dollars around $30 billion. What you see here is our local currency, DKK. It's also a market that is growing and expected until 2030 to grow over 20%. Some of that growth, the 5%, is coming from an underlying growth of endoscopy with aging population, increase in minimal invasive procedures, and so on. But most of the market growth is coming from an increased single-use endoscopy penetration. So if you look at the middle here, you can see across the different areas, there is large variation in terms of the single-use penetration. And if we look at the largest market, GI, this is where it's the lowest penetration, and this is also where we are focusing the least.
But there are good reasons to believe that this market is going to convert much more. And when you look at the market, it's basically a total today of 3%-4% single-use penetration out of the total endoscopy market. So basically, there's a lot of white space. And let me talk about why I think this market is changing and what I base this on. So on the next slide here, I have two points to make. The first one is on the left side here. If we look at the different business areas, you can basically see that the penetration, and this is a U.S. example, varies across the areas. So we were the first to come out with a single-use endoscope, and that was the bronchoscope back in 2009.
This is also the segment that you see has the highest penetration today of 25% in the U.S., slightly lower elsewhere. We came out in 2018 with an ENT scope, now 5% of the penetration in the U.S. We were successful with a cystoscope that we launched some five years ago that now has a penetration of 15%. The real interesting part on this slide is basically that when we earlier this year asked physicians in these areas, "How much do you think you can use a single-use endoscope in your daily practice?" They basically said that they believe that 70% of the procedures that they do are applicable for a single-use scope. This again talks about a very strong potential.
If I then try to take that number back to the total market that I talked to you about before, let's then, and this excludes GI, but let's say that we get to the 70% that the doctors are telling us, that corresponds basically to a market that is DKK 50 million or just over $8 billion. If we look at where we are today, the market is basically around $1 billion today. If we then apply the growth rate of 20% CAGR that I talked about before, that will bring us in 2030 to a market of DKK 15 billion or $2.3 billion. That should be put into perspective that when we also add GI and talk about the full penetration, this is what gets us to the DKK 190 billion or $30 billion.
Again, this illustrates a huge opportunity that we see. What is basically driving the penetration among the doctors that we serve or the hospitals? It's basically three things. The vast underlying driver of why they choose to use our scope is basically efficiency at the hospitals because they can basically see that at lower cost, they can treat many more patients with fewer resources. I have a quote up here from Dr. Kennelly from North Carolina, basically saying that when he switched to our aScope 4 Cysto, he was able to treat twice as many patients because he could go and take down from the rack a single-use cystoscope as many as he needed without having to worry about the reprocessing. He could also be comfortable that he would use a fully sterile cystoscope every time.
The economics also play a role, and this is where we hear from doctors when they do their budget models that they actually can save money by converting to single-use. And then lastly, we are actually also at a situation where we look at the total solution where one key quality driver is image quality that we with our latest solution, aScope 5 Broncho as an example, have been tested to be on par and with other parameters even better than the reusable scope. So we are at a level now where we actually are able to match that image quality. And I'm going to come back and talk about that because that's really also where technology evolution around us is really helping us improve our offerings.
So it's also based on all this exciting stuff and our progress that we earlier this year launched our new strategy, our Zoom In growth strategy. So this was basically after a fast turnaround. We launched a strategy on how we are moving towards global endoscopy leadership. It's about some strategic choices that we have made, and then we have a couple of strategic themes. And if I start by talking about some of the strategic choices here, we have basically learned, and I think many of you can subscribe to that, that focus is key if you want to drive progress. So we have made a conscious choice that the two areas that are the most important for us right now are to win in respiratory and to win in urology.
Then we are continuing to grow in ENT, where we also have a new solution in development and where we see great potential. And then we are very excited also about gastroenterology, but we see that as a more long-term play, and I'm going to come back to that. All of this is going to happen through our EndoIntelligence platform, basically the technology that supports our solutions. And before I go into these different areas, let me just talk about EndoIntelligence and the benefits that we have, which are more appealing than when you look at some other companies.
So basically, when we developed our endoscopes, not only do we have the broadest platform out there of single-use endoscopes, but we have developed all of our scopes on one software platform, which not only is a benefit when we sell into hospitals because we only need to be approved by the hospital IT department one place, then they can use our systems across, but also it brings great benefits that you can basically, in terms of innovation, innovate and leverage that across the different areas, and you can also use our monitors and software across the different therapy areas if you run out of some in one part of the hospital, so let me talk about respiratory, urology, and GI and give you a sense of how we are thinking specifically about those three areas, starting with respiratory.
So basically, this is where we all started, and we now have our fourth and fifth generation of bronchoscopes in the market. They come in very different sizes and with some accessories. And we do, as I alluded to before, have a very high quality in terms of image and other features on our aScope 5 bronchoscope. We have our next generation in development as well because innovation is on the core of what we do. But what we are very excited about as well is that we broadened our portfolio in respiratory last year with the launch of a video laryngoscope. So this is an attractive market as intubation with laryngoscopes is more and more moving towards from direct laryngoscopes to video laryngoscopes, so with a camera in the end, which is at the core of some of what we are good at.
On top of that, you can actually use it on the same software system and monitor, and in many procedures, you actually both use a video laryngoscope for intubation and then the bronchoscope when you are to go further into the lungs for inspection, so we have had a strong reception of this product in terms of doctors adopting that. It's still early days, and what we are excited about is that we are right now also moving into the launch of a mobile version where you basically use the same blades, but you don't connect it to our system, but you have a small screen on the laryngoscope, which is very convenient for emergency care and so on, so we are very excited about our leadership position in bronchoscopy and continue to innovate in this area, then we come to urology.
So this is an area that we were not present in five years ago. We have had a very strong uptake with the first generation of our aScope 4 cystoscope. We have seen hospitals not only using it for some procedures, but many switching to that because they can basically use it for all of their bladder cancer screenings, which is how the cystoscope is used the most. So we have launched an advanced version, an aScope 5 version of the cystoscope as well. But then we have also last year launched a ureteroscope single-use in order to have the full portfolio in urology.
And this is actually a product where it's the first time that we are not the first with a ureteral single-use solution, but we are seeing both a very high quality, which is testament to the knowledge and innovation quality that we have, but also the combined portfolio being very appealing. So we are off to a very strong start when it comes to our ureteroscope. And we are continuing also to be focused on broadening our portfolio in urology. Now, let me then talk about GI because this is, as you saw before, by far the biggest total addressable market, but it's also a market that is slightly different than the other markets, as we learned the hard way some years back. We still believe there's a unique opportunity to unlock this market.
And as I alluded to before, technology is really advancing rapidly, and costs are coming down on the costly component of our scopes, which is the camera and the sensors. Just think about your own mobile phones, how the quality of the camera is continuing to be better, so this is actually also why we strongly believe that this market is eventually going to convert because we see some of the same needs and challenges that doctors have in other areas. Doctors within GI have the same challenges of not having efficiency, having the reusable scopes being out for repair, having the reprocessing, and so on, so we believe by far we are the best position to win in this market.
But what we also did a couple of years ago was that we took a step back and we deployed most of our commercial resources into the other business areas where we could see a more short-term immediate uptake. Then we had our aScope Gastro that we have launched very selectively, primarily into the ORs in the hospital with limited commercial resources, simply also with the objective of learning and gradually expanding that before we have a solution that can address the bigger market, which is what we believe is the future and also which represents a huge potential. So all of this is brought together and also enabled by our EndoIntelligence. So it's basically, I mean, our hardware platform, the strong software we have, which can also connect into the hospital systems, and then the AI applications that we have as well.
All of this basically helping clinicians before the procedures with training, preparing for the procedures, and so on. During the procedures, obviously, you would imagine AI having a lot of benefits in being better at detecting cancer, knowing that there are studies showing that 20% of bladder tumors, as an example, are not seen during a procedure. And then also after the procedure, where there's a lot of documentation attaching the pictures and the videos from the endoscope onto the patient files that the doctors will benefit from. So this is where we are investing a lot, and we have made investments in the past years, bringing strong capabilities into Ambu in terms of software and AI because we believe this is very much the future. So let me talk about briefly the other side of our strategy, the strategic themes. And we have four themes here.
We have customer centricity. I mean, it's all about not only understanding what we are solving for the customers, but actually what we are also doing and have done since we were started is to partner with the doctors when we develop our solutions. It's about the innovation where I talk about the disruptive technologies, how we apply them. But also the new thing in our strategy here is that we are not necessarily going forward looking at this as something we do ourselves alone, but basically we also look to partnerships because there are some things where it simply makes more sense for us to partner than doing it ourselves. Then we are very focused on our platform, our business platform, having a scalable operations that can help us scale. I'll come briefly back to this.
Then at the end of the day, we are not able to achieve anything if it wasn't for our people. So what we have been doing in the past couple of years has been investing a lot in transforming our culture, making sure that we are a nimble organization that has the right capabilities, but that can also make fast decisions so we can advance in the market. Last year, we also brought new talent into our leadership team here in the U.S., recruited a new strong president, and this is half of our market. So this is an important position and also brought in a very experienced, seasoned global commercial profile. So if I just put a few words here before going to the financials on the innovation and the business platform.
So on innovation, just to give you a little flavor of how we are thinking about disruptive technology and what it is we are working on to basically make sure that even for the complex procedures, we can provide affordable, high-quality scopes that can meet the reimbursement levels that we see out there. So basically on the camera side, I alluded to that before. A lot of things are happening technology-wise that we are bringing into our endoscopes. On the software platform, we actually also see opportunities and are working with opportunities to enhance the image quality, not only by an expensive camera, but also through the software, lighting, and so on. And then we are working on some different AI applications. The example here is a bronch simulator where you can basically see which parts of the 37 parts of the lungs have I inspected.
And that doctors very much like, because they know that sometimes, even though they say they're very experienced, that they can miss one or more of the parts of the lung. So this is where we are continuing really both to bring in talent, advance our own expertise, and also we in partnership discussions because this can help improve our solutions. When it comes to our scalable platform, there's basically two messages that I want to give here. One is that with our manufacturing footprint that we have right now, where we have, a couple of years ago, opened a big facility in Mexico where we are now producing a big part of our scopes for the U.S. market. We have ample capacity here. So we basically have a scalable setup that is also able to meet the geopolitical situation and the changing world that we are in now.
And then secondly, I'll also say that we have, compared to everyone else out there, we have documented that because of our scale and long history of making single-use endoscopes, we are actually also the most cost-efficient in our industry, which is also an important parameter because we are at the same time delivering the high quality. So let me now, before I hand over to you for questions, David, look at some of our financials, starting with our revenue, because you should look at Ambu, where I started as a high-growth MedTech company. In October, when we had our capital market day, we also announced our long-term ambition.
We believe that overall, as a company taking both endoscopy and the legacy businesses, we will, over the next five years, deliver a CAGR, a revenue growth organically of 11%-13%, and then it will be slightly higher on the endoscopy business. It's mainly in these numbers when we talk endoscopy. It's the respiratory and urology areas that I talked about before that are bringing most of the revenue in. What is not factored into this. It's two important things. One is the M&A agenda, and the other thing is, I mean, the strong, more aggressive growth in GI. On the M&A agenda, I should maybe say that this is something that we are actively exploring right now, very much aligned with how we can advance and accelerate our current strategy execution. It's within the areas that we are already in.
And with a strong balance sheet and no debt and being cash generating, we believe that this is the only right thing for us to do. Then if I look at our margins, what we are also expecting when it comes to margins, I mean, we have done a huge uplift in our margins where we are now at 13%. We are expecting to go in the next five years towards 20% and slightly above. One third of this is coming from gross margin improvements and two thirds of this from operating leverage. When we launched our strategy three years ago, the former strategy, we also launched a transformation program, and we still have a number of the efficiency programs from then that we haven't delivered on. And this is because we are continuing to balance that we are a growth company. So this is not saving ourselves to success.
We are continuing very much to invest also into growing. In these margins, you should look at it that we are both investing into commercial resources that we are continuing, and as well, we are making strong investments into innovation. For this year, and our fiscal year starts October 1st, we are guiding a revenue growth of 10%-13%. That's if we look at it on the endoscopy side, more than 15%, and then anesthesia patient monitoring coming down to the normalized levels with mid-single digit. The EBIT margin where we have, in particular in the beginning of the year, some tariff impact that we have a plan to mitigate. We are guiding 12%-14%.
And then, because last year we had a very strong first half, the growth percent, the percentage growth in our case will be higher in our second half of the year than in the first half of the year. And then also again, a strong cash conversion. So I think that concludes my presentation, and I think a good summary will be that we are really in a unique high-growth market, growing more than 20%. We are today the number one single-use endoscopy player. We believe that we can leverage that position and grow much more as we take more market share from the reusable market. This is very much done by our strong innovation. I talked about how we are leveraging technology more and more to increase our position, our strong scalable growth platform, and then strong, obviously, commercial execution with our customers.
So this is our path towards value creation, not only internally, but ultimately also to create value for our shareholders. So that concludes my presentation. I will hand over to you to run the questions, David. Great. Thanks, Britt. Maybe as a sort of bigger picture question, as you think about the growth in endoscopy, that double-digit growth that you're seeing in the market, but also for you guys, from your perspective, the first question is, how much of that growth comes from increasing penetration of areas you're already in, and how much comes from new products? Yeah, so I think we are, that's a super good question, and we are not guiding specifically on that.
But I think an important point and thing to have in mind here is that when we look at our, and you can see that when you also look back on previous launches, when we look at our new product launches, we are not in a business where we have like a hockey stick growth when we immediately launch a product. Our launch curves are more flat and then continuing out for a long time. Like we see that the growth that we are delivering in urology, that's basically most of that. Now we have the ureteroscope, but most of that has been a continued strong growth from the product that we basically launched five, six years ago. So that's also why we feel quite comfortable that our growth cycle is longer for our solutions, and then when we add new products, I mean, that will help drive growth.
So it will also, I mean, you should expect to continue to see significant growth from the existing solutions. And then we are, of course, also bringing next generations to the market. Both, I mentioned ENT, we have a next generation bronchoscope in development, the same for our cystoscope. So we are continuing to improve our innovation. Perfect. And obviously, it's an attractive market given how fast it's growing. We should expect some competition, some more competition. How are you feeling about the competitive pressures and the impact on price in particular? Yeah, so I think, I mean, I think when you come in and you create an attractive market, I think there are a few markets out there where there's only one player. So then, I mean, it is fair that, I mean, when you have an attractive category, you attract competition.
In our case, I think you should never underestimate the competition. What we see now is that competition in our case, with the exception of one competitor in bronchoscopy in the U.S., it's basically Chinese players that are entering the market. I think they have a different business model. They are not required, I mean, we know that we have lower manufacturing costs. From a price perspective, you can say we are well positioned here, but we also know they operate with a different, more long-term model. We do see very selectively a pressure on price, for example, in tenders. That's where you can say, I think few industries are generated where companies win on price.
Our focus is really on the differentiation, and that's where we benefit a lot from the EndoIntelligence platform and the superior performance on our scopes because a lot of the needs are basically also fulfilled and through the software, and that's how it's continuing. I think it's fair to assume that they will have a place, but it's also an important note that they're also helping accelerate the single-use category because we cannot, with the size of our company, be the only voice and the only one driving single-use conversion. We, to some extent, very much welcome competition that helps expand that category. Then it's our job to continue to differentiate to be the best. We think we are very well positioned to do that.
And perhaps if I can add, so if you look at how we then constructed our long-term guidance, you can say we estimate the total single-use market to grow +20%, but are guiding. I'm not going to say only, but still only 15%-20% for our own business, thereby also taking into account that we will lose some market share in some areas. And the vast, vast majority of our growth, therefore, is really still coming off reusable procedures converting to single-use. Perfect. And then you mentioned that innovation in terms of new versions of current products. What additional features do they bring and how are you able to extract price through that innovation?
Yeah, so and I think I cannot go too much, it's a great question.
I'll not go too much into detail for competitive reasons, but we are obviously, as I talked about, leveraging new technology to continue to improve on existing features such as image quality and a number of other features, and then we are also, I mean, based on all the experience that we have from working with customers, seeing some additional features that make sense for us to develop, so we are making better endoscopes continuously, and also we will have a broader range. The example that we have in bronchoscopy where we are selling a lot of aScope 4, which, I mean, came out seven, eight years ago now, that has a lot of basic functionality that works well for most of the procedures, but then we have our aScope 5 in parallel, which is premium priced and can be used for some of the more advanced procedures.
So that's also how, as we are advancing in this area, that we have a portfolio play where those that are not able to pay, I mean, we will have different solutions compared to those where they can pay. And we have, and I would say in particular in the U.S., we have seen a very strong uptake of our aScope 5 Broncho, so the most advanced version. And that also illustrates the ability to pay is slightly different than if you compare to some of the tenders in Europe as an example. Yeah. And just going back to pricing, on a like-for-like basis, you're able to get any pricing uplift or are you seeing some flat down pricing? Yeah, because the way that we sell is very much contracts.
You can say we do see with competition coming in, and again, back to the tactics that we see from the kind of competition we have. They will come in and offer a very low price. So we are, of course, in some of these case-by-case looking at, okay, what is a meaningful price for us to give. And sometimes we may offer a slightly lower price than in other cases. And then in other cases, the price will be higher. So it's really a mix. But I think it's very important also to say that, I mean, even customers tend, for good reasons, because hospitals are under pressure to focus on price. But we also see that at the end of the day, it's about the quality.
So we have several examples where they have bought a lower price scope, and then they come back to us because they cannot deliver the results they need. So it's very different dynamics, and they're different in the different parts of the world and in the different business areas that we operate in. Perfect. And then most of the scopes you've launched, you've been kind of the first guys to market. The ureteroscope is slightly different. You were the second guy to market. How has that impacted how you've launched the product and the adoption? Yeah, so I think that has been, I mean, internally, there has been some great both discussions and learnings from that.
It is, of course, you can say we are launching into a market where, I mean, the first was Boston Scientific who launched their LithoVue eight, nine years ago, basically at a very high price. So I think if you look at that market, the price point is quite high. At the same time, then we see a number of that this market is getting more crowded with a number of competitors. Actually, I think all of them outside Boston coming from China, and they are much more aggressive on the pricing. What we have seen is that, I mean, they're taking share from reusable that is still a big part of this segment. They're taking share from Boston because their technology being eight, nine years in the market is from a past generation.
And then we are, of course, seeing that. I mean, we have to learn how is it we play our benefits and our differentiation in that market. Where we do see the most obvious difference, I should mention, is that the evaluation time in the hospitals is getting longer because where they before, and in our case, they had to test or evaluate one scope that was ours because it was the only one out there. Now there are several scopes out there that they are evaluating, and that's, of course, prolonging that evaluation time. So that's really one of the learnings that we have had so far that that postpones that decision-making ultimately. Perfect. And then maybe switching across to some of the more financials, a lot of moving parts from particularly on the margin, your balance between investing for growth and margin.
Maybe you could just talk a little bit to that.
Yeah. So I think, again, I mean, when I came in, I mean, we finished the year with 2.7% EBIT, which is far below where we need to be. So in two years, we were actually able to grow our EBIT margin with more than 9 percentage points to 12%. So that's, of course, and again, as I mentioned before, we launched like a transformation program, but we could see that some of the initiatives to improve our efficiency would take longer. So those are still running, and that's very much because we need, I mean, as we scale and as we grow, we believe that you can only grow the best if you have a very simple, efficient, scalable setup. So that's really, I mean, where that makes a lot of sense.
Now we are not. I mean, with the growth potential that I just shared, we are a company that should not starve ourselves to success. We should invest for success. So that's also really how we are balancing, and as soon as we could see that our margin was on the right track, that our transformation initiatives worked, that's when, and that was around the time Henrik joined, that we started to invest in growth because this is, I mean, really a growth story, and you're only growing even we have great products, but you need the commercial muscle to be able to also sell them to the customer. So that's the balance we will continue to do.
When we talked about our 20% EBIT margin a couple of years back, also for 2027, 2028, we talked about and we continue to talk about that balance with growth opportunities because we should not try and save the last money to meet the EBIT margin if there's a great growth opportunity. But at the same time, that growth opportunity also needs to be there, and we need to have a good feeling that this is actually also there before we invest. So that's really how we run the business. It's very much around growth and a scalable setup. And in terms of that investment, is that into both R&D and into the SG&A side? And on the SG&A side, do you have dedicated sales forces by product? Yeah, so I mean, we are continuing to invest into innovation because it's all about the innovation.
So that remains a key driver. But on the SG&A side, it is very much then on the commercial side, I mean, having more feet out in the clinics and hospitals. And we are not, I mean, that open about how many and how our structure is. But we do, in the bigger markets like the U.S., we do have a split. So it's not the same person that goes to all specialties. But we also have a structure where, because the hospital administration are making more and more of the systems, that we also leverage the broad portfolio. And we can see that's actually working quite well. And if I may add, this is also where we see a lot of the scale going forward. So in our respiratory portfolio, as Britt explained, we launched the video laryngoscope solution.
Obviously, that is being driven to market by the same sales force that sells the A-Scope 4 and A-Scope 5. So to a larger and larger extent, the new innovation will also be able to be channeled to market through the existing sales force. And once that's matured and established, it requires less and less investment. I think as we go forward, coming back again to the balance between growth and scale and investments, I think really one of the things we're looking at, of course, is for some of the newer areas that are around our business today, GI as a very concrete example, what is the speed by which we want to invest further in that? Because that will initially be a drag on OpEx versus what is the opportunity we see on the mid to long term.
And that's still the balancing, you say, between organic growth and EBIT margin that we're trying to strike, right. And then just touching on M&A, which you mentioned obviously as an additional potential source of growth, I wonder if you can add some color in terms of the areas you're potentially looking at, whether you'd be willing to take on some dilution to your margins in order to be able to, in terms of what you acquire.
Yeah, I think that's a little premature to answer that now, but we are very conscious on not only that it fits with our strategy and our focus, but also that we, I mean, are not taking something on that is margin dilutive overall.
Then you can say there's something about, depending on what it is and what stage, that there may be some short-term dilution to get to a longer-term mid or mid- to long-term higher potential. So that's how we need to balance. But I think it's fair to say that we are looking across the areas. I mean, what is it that can complement or strengthen our offering in the areas that we are already in? And that can both be on the device side, but also very much on the technology side.
And then finally, I want to wrap up. The other side of M&A, potential divestment: we didn't talk very much about anesthesia and patient monitoring today. It's a decent business, a very different business to endoscopy. Is that a long-term part of the business?
Yeah, I mean, and I think that's a good question that we get a lot. And you can say right now we believe, I mean, it's still 40% of our revenue. And I mean, we made the decision, let's see without adding resources if we can improve our efficiency. And that's, I mean, you saw the results. We managed to grow 10% last year. It's two very different areas. Anesthesia has slightly more synergies with our endoscopy and respiratory portfolio than patient monitoring. But we are, I mean, right now we believe we are the right owners because we can manage with the setup that we have. But we are, of course, we'll have to going forward as this is becoming a smaller and smaller share of our total business. We will, of course, continue continuously evaluate whether we think we are the right owners.
But that's not. I mean, the direction for now is that we believe we are now. And we also believe that the distraction of going through a divestment when we're able to deliver strong results may not be the right time for now. Perfect.
Great. Well, we'll wrap it up there. Thank you very much, guys. Thank you.