Good afternoon and welcome to the half-y ear results of Nightingale Health. My name is Teemu Suna. I'm CEO and Founder of Nightingale Health. In today's presentation, we will be talking about, of course, Nightingale. I will give a brief update of our business. We move to the business targets. After the business targets, we go to key achievements in this half-year period. We have the financial review and then a Q&A. You can post your questions, and we will go them through in the end. The same agenda as usual. Let's start. What we are doing at Nightingale, our mission is to build sustainable healthcare and reduce health inequalities. Why do we need a more sustainable healthcare system? The current healthcare system is not equal. The current healthcare system is overburdened with too many sick people with chronic diseases.
Importantly, chronic diseases that could have been prevented. How is the healthcare system addressing this problem? We have the primary healthcare system. The purpose of the primary healthcare system is to promote health and prevent diseases. We have the system to manage the problem of chronic diseases, but it's not working. It's not working because primary care doesn't have the right tools to do preventative healthcare. The problem we are talking about here, this is the biggest healthcare problem in the world. 90% of healthcare costs come from chronic diseases. Out of that, four out of five of the diseases could have been prevented. When we talk about solving healthcare challenges, what we need to talk about, we need to talk about managing, preventing the onset of chronic diseases. We need a change. What can we do?
The answer actually is very simple. We often see when we talk about healthcare and when we read from the news about healthcare, we often hear that it's very complicated. Actually, it's not that complicated. We just need better tools to do prevention. Why it is not very complicated, it's actually we know what to do to prevent the disease onsets. We know what to do. We just don't have the tools to create a healthcare system that can do prevention. If we look at the, what can we get when we have the better tools for prevention? We have the current primary care system, and then we have the primary care system with better tools. When we can start in a systemic way to prevent diseases, we have several very important outcomes from that. We can reduce the number of sick people.
When we reduce the number of sick people, we can save costs. We create more sustainability and equality when we can have less sick people. We are increasing the quality of life. I would say those three things are the most important factors, the most important outcomes that we want to achieve in healthcare. What Nightingale does, we make this possible. We make preventative healthcare possible. Our Health Check is an efficient and effective tool for large-scale prevention. Let's have a look at how it works. We have a comparison here. We compare the current tools in healthcare for risk detection, and then we compare that to the Nightingale Health Check. Why detecting the disease risks is important? If you think about preventative healthcare, how do you do prevention?
First you have to find the people out of the population who have a risk of developing a disease in the future. What this means is that actually the preventative healthcare system is not targeted to people who are sick already. This is a healthcare system that is targeted to people who are healthy. The purpose is to keep the ones who are healthy, we want to keep them that way. That is why detecting the risk of developing a disease, it's, I would say, that's the most crucial asset in preventative healthcare. Without that, you do not have preventative healthcare because you do not know who are the individuals you kind of need to target your preventative actions. Okay, a bit long intro, but anyway, let's have a look at the comparison with the current tools to detect the risk and the Nightingale Health Check.
With the current risk assessment tools, they offer good performance in risk detection capability. The problem is that they require a lot of different inputs to do the risk assessment. For example, they need blood pressure measurement, they need Body Mass Index measurement, they need family history, they may need different kinds of other questionnaires. A lot of input is required. Who collects that input? It's the healthcare professionals. It's a burden to do the risk evaluation with the current tools. The current tools also evaluate one risk at a time. If you are being evaluated with your cardiovascular disease risk, you are not being evaluated with your type 2 diabetes risk, or kidney disease risk, or liver disease risk.
This leads into a situation that the current tools, they are inefficient, they require a lot of resources, they consume a lot of time. In other words, they do not scale very well. To put this into context, as I said, preventative healthcare is that you detect the risks from the healthy population, which means that you do the risk detection for everyone. How would you use the current tools to do the risk detection for everyone? You cannot. Now let's compare to the Nightingale Health Check. The risk detection capability, we offer equal or superior performance against the gold standard in healthcare today. The input required, we require a single blood sample, age, and sex. Basically, it is the blood sample and your Personal Identification Number.
You don't need to collect, you don't need the healthcare professionals to collect your blood pressure and BMI and questionnaires, etc. When we use our technology, instead of one disease risk at a time, we can detect multiple disease risks from every test we run. It is efficient, it requires minimal resources from healthcare professionals. This can be done for everyone in a nation. This is why I said that the kind of capability to detect the disease risks is critical. This is why we are saying that the primary healthcare needs better tools. This is the tool. This is the tool that allows us to detect the disease risks from an entire population. That is how you do preventative healthcare. I wanted to also mention briefly about the performance of this technology in risk detection. This is, of course, often something that people ask us.
How can you do it from just a single blood sample and not needing the clinical parameters? Can the performance be equal or better than the current tools? We made this comparison. We do the comparison using a metric area under curve, which is the AUC. That is the most typical way of evaluating performance of risk detection. Your AUC number is between 0.5 and 1. 1 is like perfect risk detection. Now when we look at the, we have a list here of different diseases that we detect: CVD, MI, stroke, type 2 diabetes, chronic kidney disease, etc. We have in one column, we have the current clinical tool, AUC, which is the tool that is being used in the clinic all the time. In the world, hundreds of millions of these tests are being run routinely all the time in healthcare.
There you see the comparison. Indeed, we either match, we have equal performance, or we are better than the current clinical tools. It is important to remember that we do this every time. We can do all of the diseases every time. We do not require the complicated or time-consuming clinical parameters to do the risk assessment. What does it mean if we put this into the, we take a step towards business and we think about, like, what are we actually doing? Because we can detect the risks from the single sample, it changes the value chain in healthcare. Traditionally, in order to detect disease risks, what do you need? You need a medical device manufacturer who builds a machine that can analyze blood sample.
This machine is sold to a diagnostic company that is offering the blood analysis as a service to healthcare providers. The healthcare provider is the one who has the customer or the patient. They draw the blood sample and they collect the clinical data. In the kind of the traditional way of thinking, you need these three different companies or parts of the value chain. Having these three parts makes it quite expensive. There is no way around it. What is the breakthrough if we look at this, what I was telling about the risk detection capability? If we look at this from the business point of view, what is the breakthrough? The breakthrough is that we vertically integrate the traditional parts of healthcare value chain into one single solution. It is superior efficiency, superior price point, superior quality.
It's just better because we can manage the whole value chain end to end. It naturally takes time to build this kind of a change. This is quite a massive change. You can compare it to any industry when doing these kinds of changes. I think we are making good progress and I think the end result will be better for everyone. This technology is available today for healthcare use. You can provide the sample in a traditional way at a laboratory, or we allow also remote collection, which is then also changing the value chain in a way that you don't need the old way of collecting blood samples. You can actually enable blood sample collection directly by people themselves, but imagine you can draw the blood sample in a pharmacy. You can draw it basically anywhere.
You can even use this remote collection technology of ours. You can even use it to collect and transport a venous sample. Because many times with venous samples, the problem is that you need a 24-hour cold chain and you need very rapid spinning of the sample to separate the cells and the plasma. With our device, you actually do not need the cold chain. If you put the venous sample into the remote collection device, you have three weeks' stability for the sample. You can build completely different kinds of logistics to transport the sample. No need for a 24-hour cold chain. I believe that this will also change the way how healthcare operates in the future. It takes time to do this kind of transformation, but I think it is coming because the value is just better.
As I mentioned, this technology is in healthcare use. We are actually running this nationwide in Finland and covering 30% of Finland's workforce. I think the concept of how we have demonstrated that is this risk detection, can it yield value for the clinical workflows? Can you do it large scale? We have basically shown that here in Finland. I think this implementation is a great example of how we can actually make healthcare better. All right, that was the brief intro to our technology. Let's talk a bit about the business targets for the ongoing financial year. We have three targets: winning new large international deals, increasing revenue, improving efficiency. I don't go now in very much detail into this.
I think the only key point to mention here is that, as I said, making this transformation happen around the world, building a better healthcare system, a better primary healthcare system, solving the world's largest healthcare problem. It takes time. It's quite difficult. We approach it by aiming to win new large international deals. When we win the deals, it demonstrates that this technology is yielding value in the healthcare settings. Like how we have done now in Finland together with Terveystalo, we are now aiming to win kind of the next large deals. With that, demonstrate the power of this technology. Our thinking around this is that the value that we can create is so obvious that when we can win more of these demonstrations, we believe that the demand will increase after that. That's why we focus on winning the deals at the moment.
Of course, increasing revenue is important. We are building also that. I would say that for us, the more important KPI is to win the large international deals. We are very focused on improving efficiency. Our CFO, Tuukka, will talk more about this. This is very important because we need the timeline to build the business, to make the change in healthcare. That needs time. To have the time, we need the money. A big part of that story is how we are improving the efficiency. Our midterm business targets, long-term business targets remain the same. I think no further comments about this. We go to key achievements over the past half. I will go through each of these regions. I will provide the highlights when we get there.
What I can say about the global, if looking at the kind of the global progress, we are making strong progress everywhere. We are a small company, but our strategy has been for a long time, like a commercial strategy, that we work in a very targeted fashion everywhere we go. When we work in a very targeted fashion, we can run a global operation with a small team and kind of keeping the high efficiency. Like with a small team, the benefit is that you can make it much more efficient than a very large team. Let's go through all these. In Finland, Terveystalo is the flagship case here. I think the most important point in this slide is that more than 100,000 health checks were performed by December 2024. The volumes are increasing. The business is going to the right direction.
I think the important point here is that, of course, we think about the revenue, but I think like if you look at the Nightingale story in the bigger picture, there are more than 1,000 healthcare professionals using the technology in their daily work. Getting the technology to be used by people in healthcare, getting something new rolled out in healthcare, it's just when you actually get it to the hands of the people, it's a great achievement. It's not like selling plastic buckets. It's difficult. It's something new. It's something that requires people who are using the technology to adapt the technology and then getting some benefits to their work. I think that the fact that the volumes are increasing, I think sends the message that we are creating value for our customer. That's what we try to do. That's in the center of everything.
In Japan, last time we talked about the acquisition of Welltus Inc. We have now completed the process. The key target with the acquisition was to get a better position in the value chain. This position is now achieved. We are fully managing the customer accounts of Welltus. We are fully running now the operation that Welltus was running before, but now it runs under Nightingale. Now, because we are in a better position in the value chain, we are exploring multiple new commercial discussions in public and private healthcare sectors in Japan. That work is ongoing. It takes still some time, but I think we are now well positioned and where we want to be. In Singapore, there's been a huge amount of development. We have had two key implementation projects running in parallel in the previous half.
One has been Singapore, and the other one has been Boston Heart Diagnostics in the United States. The progress in Singapore, the starting point was that we made a partnership with Innoquest Diagnostics in Singapore. They are the biggest clinical laboratory in Singapore, and it is part of Pathology Asia. We are working, the partnership agreement is with them, and we are working with them then later on to expand our technology also beyond Singapore. Now the focus has been purely to implement it, to make it operational in Singapore. Singapore acts as a kind of a reference for the region, I think it is a very important step that we have now achieved in the Singapore implementation. The laboratory is established, and it was production ready in December.
Once the lab is production ready, the next step is to ramp up the commercial operations, and the commercial availability will be very soon, in March. We are targeting with this new joint product between Nightingale Health and Innoquest. We call it HealthIQ. We are targeting with the HealthIQ portfolio, the health screening providers in Singapore. To make this all happen, we also managed to get the regulatory approvals in Singapore. Maybe good to mention Singapore is one of the most strict regulations in the world, so they really made a very detailed evaluation. Once again, the Nightingale team made a great job in getting the approvals in a relatively short time. The position is great. We ticked the boxes. We have the lab. We have the commercial launch.
It will be very exciting over the ongoing year and a half to see the initial reactions also from the market. In the U.K., I think the position we are having is good because we have the lab in there. The lab is fully staffed. Production is ongoing. We have done the 500,000 UK Biobank samples in the U.K., which is, I mean, we have it here in the list because it is a very significant reference in the U.K. It's a significant reference to promote discussions with public and private healthcare sectors. That is what we are doing at the moment. In the United States, we have several very strong customers in the U.S. We also announced a regulatory plan in the U.S., so there was a change by the FDA in their ruling. It was maybe the biggest change in several decades.
With that new ruling, I think we are in a better position, and I think the rulebook is more clear than it used to be. If you read our press release about the regulatory plan, it may seem like it's not that clear, but I can assure that that's quite a clear approach how to go to the market in comparison to the earlier situation. Regulation is always very complicated and, of course, requires a lot of very detailed expertise. We have a new laboratory to be opened in the state of New York. We are in New York. Maybe the key reason is that the regulatory environment in New York, because in the United States, each of the states has their own rulings also regarding the regulation. New York is a favorable place for us to put the laboratory.
In the commercial side, I think we have made also very strong progress. We've been working mostly with Boston Heart Diagnostics. We've been working to launch the joint offering to the U.S. market. That project is also going well forward. We are going to provide more information about that when we move forward before summer. Strong progress also with that account. Other markets. The main markets that we have: Finland, Japan, Singapore, U.K., U.S. We have labs now or lab building in all of those. We are also actively exploring opportunities in other markets. If you think about the remote health check, it does not, the kind of geographical limitations are very small, so we can actually operate pretty well worldwide.
There has been a lot of discussions and a lot of interest towards Nightingale's technology from the Middle East region. We announced we signed an agreement with Enigma Genomics. They are very keen to integrate Nightingale's technology as a part of their product portfolio that they are offering in Saudi Arabia and other countries in the region. I think it is also exciting to move into the new markets. The operational efficiency, we can maintain that at a good level by being very targeted with the customer cases. Working with Enigma, we believe it is a very good match between the two companies. When we work with the remote health check, that also gives quite a bit of flexibility in how we deliver, how we manage, how we do things, how we maintain the efficiency while increasing the business opportunities.
This kind of exploration is happening in several markets, also outside of the Middle East, but we are very critical into which initiatives to engage with because we have to take good care of the growth and the efficiency. Outside of the business initiatives, we also announced that we are aiming to transfer our listing from the First North Helsinki into the main list in Nasdaq Helsinki. Also, we are looking to list our shares through the OTCQX market in the United States. Why are we doing this? Nightingale is a very global company. We operate basically almost everywhere. We get a lot of, we have a lot of discussions also with investors around the world. We feel that it's a very natural part for the company to also improve the visibility in the international capital markets.
This is the, after the First North listing, this is the first step that we are doing. This is the first step that we are doing to increase the visibility and make it easier for potential investors to invest also in the Nightingale's growth story. That's it about the business side and the milestones. Next, we'll go to the financial review. Our CFO, Tuukka Paavola, will join me on stage. Let's look at the numbers.
Thank you, Teemu. Great to be here again. Talking about the numbers. Let's start from the cost side and the kind of cash situation. We have managed to accomplish all the great things Teemu was explaining now in the first half of this financial year. We have actually done that with tremendous financial efficiency. The change in liquid funds in the first half was EUR 6 million.
The trailing 12-month burn rate has been EUR 13 million. Of course, why we can do this, or be this efficient whilst achieving these great things, is that we have actually built this company to be really scalable. Now that we have set up new laboratories in a couple of geographies, we have a strong playbook how to do it, how to go about doing it. We can actually manage to do that in a rather financially efficient way. The liquid funds balance of EUR 60 million at the end of December last year gives us, of course, a strong financial position to continue the execution of our global growth plan. It gives us, even with the current burn rate, multiple years of runway. All good from that point of view.
Looking at the revenue, our revenue in the first half of this financial year was 35% higher than in the first half of the previous financial year. The slight decrease from the second half was due to normal seasonal fluctuation in the research business. The healthcare business and the revenue from healthcare business is actually on a rather stable track, which we get both from Finland and from Japan. I also like to emphasize what Teemu was also talking about earlier, the long sales cycles also in the healthcare business side. It can take up to 24 months from the starting of a pilot with a new customer to actually starting to receive stable revenues like we now do with Terveystalo. That is, of course, explained by the fact that we want to fully integrate our solution to our partners' processes and ways of working.
Since we are talking about healthcare here, we, of course, want to be really, really certain that it is of utmost importance that everything is actually working really smoothly. It takes a lot of time and effort from us and also from our partners to make sure everything is working well. In addition, I also want to highlight that we do have a strong sales pipeline with cases that we have been communicating and pilots that we have communicated already. In addition, a lot of other potential cases, which we, of course, expect to convert into revenue in the future. Just to summarize the H1 numbers, revenue at EUR 2.3 million plus 35% year-over-year growth. Improved profitability across the board. EBITDA, operating profit and net income all improved vis-à-vis the H1 of the previous financial year. Continued financial efficiency.
The 12-month net cash change was at EUR -11 million, which gives us the net cash position of EUR 58 million at the end of December. I'm repeating myself maybe here, but giving us a really strong financial position to continue full-speed execution of our global growth plan. Thank you. That's it from the numbers. Back to you, Teemu.
How about Q&A?
Fantastic.
Yes. This time we have a new person to help us with the Q&A. We have Janna Ranta. Janna is leading our strategic partnerships and working very closely with me in several of the projects that were also I mentioned in the milestone. Welcome, Janna.
Thank you. Hello, viewers online. Tuukka and Teemu, are you ready to start our Q&A sessions? Yes.
I thought that we would have a sort of a trip around the world to go to the markets we are active in, but there's a very nice question that I would like to start with. A summary of the last period, what were you satisfied with and what could have gone better?
All right. It's always difficult to kind of put everything together because I think on the positive side, what I'm very proud about is how we can run a global company and having so many different things running in parallel. I think it's quite amazing how we can kind of make it happen. I think that's kind of the superpower of Nightingale.
There are, of course, like I can, of course, mention the progress we have made in Singapore and with Boston Heart Diagnostics because they have been the key commercial projects that we've been working with. For me, it's kind of seeing how we can execute in the global game. On the negative side, or what we could do better, it's always a learning process. You always find out something that was not optimal. You can kind of highlight and say, "Okay, this process could have been better." We do it better next time. How about Tuukka?
Maybe to kind of piggyback on what you said from the numbers side. Of course, our cost level is really low compared to many global peers that we have. What we have achieved with that cost level is, I think it's world-class, definitely.
As a CFO, I'm really happy with that.
Good. Happy to hear that. Now we're ready to start our trip around the world. Buckle up. First, we're going to Asia and Singapore. The lab has been opened now, and the first samples are soon coming in, I suppose. What steps will be taken to scale up the operations?
I think the most important, like building up these operations, the kind of complicated thing is that first you need to establish the partnership. Then you need to, when we are building, if we are building a lab, you need to build the laboratory. You have a lot of different physical elements and different things that you actually have to do. Like in the physical world, it's not like software.
Once you have the lab running, you have the technical capability, then you start doing the commercial stuff. You have the commercial launch. Once you have the commercial launch, typically the sales effort starts with the partner. We are in the phase where we are starting the commercial efforts. Of course, we are now following very closely what is happening, what is the feedback from the market. We have, of course, done already some pre-marketing, and the feedback has been very positive. We continue with that kind of the commercial side and try to learn from the feedback. I think that also the next step that we will do in Singapore is that we will start looking at the other countries in the region. We have a great partner, Pathology Asia. They are the biggest player in the region.
I think the next natural step beyond Singapore is then to look at other countries. I cannot say more about that. That's definitely the next thing.
Okay, good to hear that. Tuukka, you mentioned also that the sales cycles can be 12-24 months. Could you elaborate a bit more what this really means?
Maybe just repeating myself here. Of course, getting to the stage where we start a pilot with the customer takes a long time. There's a lot of negotiations, and we might need to set up local laboratories for which we might need regulatory approvals, etc., etc. A lot of work might need to be done, or typically needs to be done before we get the pilot phase in the first place.
When we start a pilot with the customer, working in the healthcare space, we need to be really certain that everything flows smoothly, all the customers receive their results. We, of course, want to integrate our ways of working with our partners' ways of working and their processes and their user interfaces and whatnot. There is a lot of work that needs to be done that we do together with the partners so that when we actually go live with the product, it is working super smoothly, like now with Terveystalo. We can actually deliver the value to the end customers that we want and can.
Okay.
Yeah, I think it's like maybe some of the investors and some people when hearing us talking here and saying like, "Well, it just takes time and it's a long sales cycle," and it may feel a bit frustrating. Let's put it this way. It's not easier for anyone. It's just not easy. If you on when we do it, it also builds like massive competitive advantage because it's also protecting the position that we then have earned. Kind of keeping on building this, I think it's the right strategy. This efficiency, the faster we can do it, the better because then the quicker we get into the commercial activities. I just wanted to say that there are like two sides of the coin also here.
Okay, thank you for that. Let's move on to the U.S.
A lot of questions about Boston Heart. After the pilot, you have now announced the partnership. How has the operation taken off with Boston Heart?
Yeah. After the pilot, we got very good feedback from the pilot. Then we agreed that we move into building the kind of the production states. Very similar story as in Singapore. With Boston, we are not, of course, building a separate laboratory for Boston. There is a lot of building the software integrations and making everything work, building the integrating our product into the commercial portfolio of Boston Heart. All of that work has been done. Now we are also nearing the moment when the commercial launch happens. Just to clarify, the Boston Heart launches the product that utilizes Nightingale's technology to the U.S. market. We are nearing that moment.
We will update the market. I believe we will have an update before summer.
Okay, good to hear that. There are questions about the regulatory roadmap that you announced in the U.S. How do the local operations in the U.S. function before obtaining the CLIA license? How does the absence of the license practically affect the company?
Yeah, there is a very complicated answer to this. I try to stay at a very simple level here. The important point is that now when we are building the laboratory, what we can do, of course, immediately when the laboratory is up and running, we can serve the research customers. We are also starting the CLIA process immediately. It's very hard to say the kind of the timing, how long that will take.
I think the difference to previous rulings by the FDA, I think now with this CLIA process, I think there is when you go into the details, it's much more clear what is required and what is the process to have it. I think we are now operating in the U.S. market. We have the remote health check. We can utilize that. We have partnerships that we can move forward as we have already demonstrated on that side. We have the laboratory building up in New York. Once that process goes forward, some of the collaborations we are now doing with remote checks and using other laboratories globally to analyze the samples, we can bring those volumes back to New York.
I mean, I feel that we are now commercially in a rather good position to also push commercially in the United States because there are different ways to solve this question. It's not that like black and white that now you need to have some specific things before you can do anything. It's not like that. Going into more detail, like how it actually goes and all the kind of the detailed questions, it would get very complicated. Brief answer, we are moving forward in the U.S. commercially. I believe we have ways to deliver, we have ways to build the customer relationships, and we have the New York lab coming up. I believe it will be there on time.
Okay. Thank you for sharing that very exciting news.
I think it's time now to move forward from the U.S. to a new market that you have opened. You started the collaboration with Enigma Genomics in the Middle East. In the short term, is there other new clients in the pipeline, or are you focusing on the ramp-up of current accounts?
Yes. I think like when I've been looking at the pipeline of this. For me, one of the KPIs that I'm looking very closely is the pipeline. Because given the long sales cycle, when you look at the revenue, you are looking to ancient history in a way. I have my eyes on the pipeline. The way how I look at the pipeline is I ask the question, is the pipeline improving? Is it better? Are we getting cases to pipeline that tick the boxes that they are substantial in size?
If we win them, they can move the needle for the company. They work as references. There is significant volumes to build up the revenue. The price point is right. When I'm evaluating these questions, what I'm seeing is that the pipeline is getting better all the time. That's my KPI. The answer, do we have other stuff in the pipeline? Oh yes, of course. It's a balance. If we would go now, I think we are commercially in a situation. If we would go now to some of the big markets that we are operating, and we would try to get as many new sales cases and pilots as we can, it would, this is like my personal view, it would kill the company. There are too many of them. We cannot do it.
The question is, does it make sense to do it? I think the point in healthcare is that you play with the best. You play with the best, you win the deals, you make the references. Once you have done that, you kind of, then you can scale it out. It is a delicate balance between the pipeline, new deals, and the existing deals and delivering those. I think we are very well aware of the situation. We keep very good care of that because that is how we then maintain the efficiency, manage the runway and all that. It is a very good question. There is a lot of stuff under it.
Yes, maybe we will ask the CFO of the company the same question from different angles. You are a fairly small team and you are working globally.
Are the company's finances and resources sufficient to expand to new markets?
Yes. Maybe again, repeating a little bit what I said earlier is that now that we have expanded to a couple of new markets already, we have a lab in the U.K. up and running, Singapore up and running, U.S. coming. We have a really experienced team. We have a good playbook how to go about setting up new country operations, new laboratories. Actually, we should rewind back 10 years and thank that the way the technology has been developed from the start is that it is really meant to be really easily scalable and to operate in many different kinds of implementations. Everything has been from the start built from the point of view that this can and will be scaled globally. We can actually do it now really efficiently.
We have done it a few times. We know how to do it, how to go about it. Of course, when we set up new labs, we need to invest in CapEx. It is not that much that we need to invest in. We need to hire maybe a few people there to run the lab. With rather small investments, we can actually set up these new country operations. I think the runway we still have remaining with these EUR 60 million of liquid funds that we have is well sufficient for executing our global strategy.
Yeah, I think like 10 years ago, we did it, but many people thought that it was a kind of a joke that we will go to the healthcare and aim to replace all this routine testing in kind of in preventative healthcare.
It's been like a very, like we took kind of a leap of faith back in the days and took a very brave vision. Now these projects that are actually implementing, it's of course very exciting times, but it's absolutely right that taking those decisions usually you do very early on that do you focus in scalability and do you try to go into these large volume cases. I think, great point because one of the reasons why it's quite exciting times for many of us.
Okay, that's great to hear. I think the time is running fast when you're having fun. Now it's time to fly back to Finland and ask about Terveystalo. What lessons have you learned from the successfully initiated collaboration with Terveystalo?
Yeah, I think that one of the things that we have learned is that when you look at healthcare, there are many, many different layers. I saw this slide where we had these medical device manufacturers, we had the diagnostic companies, we had the healthcare providers. There are much more of these layers in healthcare. You may have a great technology that can detect the risks, but you need to be able to integrate it to the workflow that is being operated by the healthcare professional on a daily basis. The point of view, it may not be enough that it just makes a kind of a technical magic trick. You really have to go and try to understand how you help the actual real-world workflow that the healthcare professional is implementing. If you can contribute to that, that's when you build value.
I think working together with Terveystalo, it has opened a unique possibility for us to grow also from just being a technology company to really understand how we can help the clinical workflows to do better, how we can help the healthcare professionals to make their work easier, make it more efficient, help them to do some real-world things better. I think that's one of the highlights that we have learned a lot.
Yes, it's always good to learn stuff and then you can take them forward to the next cases you're working with. A very interesting question, and maybe this is more to Tuukka. You announced the transfer of your shares to the main market and then also adding the OTCQX market as an additional trading venue in the U.S.
I think the main market is probably more familiar for our shareholders, but could you educate us a little bit about what the OTCQX is about?
Yeah, yeah, sure. Maybe just to elaborate, we are investigating the possible transfer to main listing, the possible listing of our share in the OTCQX. Like maybe many of you listeners know or the viewers that you have, like in the U.S., we have these regulatory stock exchanges like Nasdaq and New York Stock Exchange. You also have these what you call the party-to-party networks for trading equities, of which the OTC markets is by far the largest one. Even in the OTC markets, they have different tiers of which the OTCQX, which we are now investigating, is of the highest quality. There are roughly 630 companies listed in the OTCQX.
The good thing about that is that it's not SEC regulated, but it's SEC recognized. So the companies don't need to file or do the SEC filings, or they don't need to adhere to Sarbanes-Oxley, for instance, which makes it easier, less burdensome, and of course less costly for the companies to be listed on the OTCQX, whilst getting also then at the same time the investor access to U.S. in a different way than only be listed in Europe. There are big European companies such as HEINEKEN or Adidas or like Stora Enso from Finland who are actually listed in the OTCQX to get the U.S. access without the burden and the costs from being listed in Nasdaq or New York Stock Exchange.
That is also kind of the thinking behind, and like Teemu was saying, that is now in a way the next step in our capital market story that we are now investigating. Of course, we will be communicating more about the decisions and next steps during the first half of this calendar year.
I think like how Tuukka put it, it is the way how we evaluate different many things, like when we see that something could be beneficial for us. As I said, like increasing the kind of the access, improving the access to shareholders. Then we started to investigate these options. The way how we think about it is like, okay, how can we get the advantage that we are looking, how can we reach the goal and do it in a way that it is manageable and it is not like crazy expensive?
You kind of keep it together. All of the decisions, whether it's a business decision or it's a financial decision, we try to maintain still the key theme is to keep the efficient team together, like capitalize the superpower that we have built. That's why then OTCQX was kind of the, that's why we started to investigate that because we feel that it ticks the boxes. It's a completely different ballgame than to go into these regulated US markets. Maybe they will come, who knows? I mean, now it's important to focus doing the things our way and where we can get good results.
Yes. Okay. I think now we are running actually out of time. I want to ask this last question for both of you. What is the company focusing on in 2025?
I try to keep this brief, which is not my main talent, but I think we are focusing in winning the deals, winning the deals and winning deals that really move the needle in our mission. I stop here, Tuukka.
I go with this three-point strategy. Winning deals, increase revenue, improving profitability. I think the targets for this financial year will also be applicable for the whole calendar year, definitely.
Thank you. That sounds like good priorities for the rest of the fiscal year. I'm happy to end this Q&A session now. Thank you, Tuukka. Thank you, Teemu.
All right.
Final words.
All right. I think final words. I think that's it for today. Thank you for your time and see you next time. Have a nice day.